8dcc39866ed53c2
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
811-22519
First Trust Exchange-Traded AlphaDEX® Fund II
(Exact name of registrant as specified in charter)
120 East Liberty Drive, Suite 400
Wheaton, IL 60187
(Address of principal executive offices) (Zip code)
W. Scott Jardine, Esq.
First Trust Portfolios L.P.
120 East Liberty Drive, Suite 400
Wheaton, IL 60187
(Name and address of agent for service)
Registrant's telephone number, including area code:
(630) 765-8000
Date of fiscal year end:
December 31
Date of reporting period:
June 30, 2024
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Shareholders.
(a) Following is a copy of the semi-annual reports transmitted to shareholders pursuant to Rule 30e-1 under the Act.
First Trust Asia Pacific
ex-Japan AlphaDEX® Fund
FPA | NASDAQ, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
TSR - First Trust Fund Logo
This semi-annual shareholder report contains important information about the First Trust Asia Pacific ex-Japan AlphaDEX® Fund (the “Fund”) for the period of January 1, 2024 to June 30, 2024 (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 info@ftportfolios.com.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Asia Pacific ex-Japan AlphaDEX® Fund $41 0.80%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2024)
Fund net assets $14,098,428%
Total number of portfolio holdings $102%
Portfolio turnover rate $35%
WHAT DID THE FUND INVEST IN? (As of June 30, 2024)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
HD Hyundai Electric Co., Ltd. 2.7%
Alteogen, Inc. 2.1%
Yancoal Australia Ltd. 2.1%
Hyundai Motor Co. 2.0%
Hyundai Glovis Co., Ltd. 1.9%
Hanwha Aerospace Co., Ltd. 1.9%
Kia Corp. 1.8%
Jardine Cycle & Carriage Ltd. 1.8%
KB Financial Group, Inc. 1.8%
Swire Pacific Ltd., Class A 1.7%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FPA to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
First Trust Europe AlphaDEX® Fund
FEP | NASDAQ, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
TSR - First Trust Fund Logo
This semi-annual shareholder report contains important information about the First Trust Europe AlphaDEX® Fund (the “Fund”) for the period of January 1, 2024 to June 30, 2024 (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 info@ftportfolios.com.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Europe AlphaDEX® Fund $41 0.80%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2024)
Fund net assets $206,247,009%
Total number of portfolio holdings $204%
Portfolio turnover rate $43%
WHAT DID THE FUND INVEST IN? (As of June 30, 2024)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
A.P. Moller - Maersk A/S, Class B 1.2%
Banco de Sabadell S.A. 1.0%
Kongsberg Gruppen ASA 1.0%
Schibsted ASA, Class A 1.0%
Cargotec Oyj, Class B 1.0%
3i Group PLC 0.9%
Equinor ASA 0.9%
Konecranes Oyj 0.9%
Investor AB, Class B 0.9%
Rolls-Royce Holdings PLC 0.9%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FEP to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
First Trust Latin America AlphaDEX® Fund
FLN | NASDAQ, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
TSR - First Trust Fund Logo
This semi-annual shareholder report contains important information about the First Trust Latin America AlphaDEX® Fund (the “Fund”) for the period of January 1, 2024 to June 30, 2024 (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 info@ftportfolios.com.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Latin America AlphaDEX® Fund $37 0.80%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2024)
Fund net assets $21,127,180%
Total number of portfolio holdings $50%
Portfolio turnover rate $40%
WHAT DID THE FUND INVEST IN? (As of June 30, 2024)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
NU Holdings Ltd., Class A 4.2%
BRF S.A. 3.8%
Embraer S.A. 3.7%
Petroleo Brasileiro S.A. 3.7%
Cia Energetica de Minas Gerais 3.5%
Gerdau S.A. 3.4%
Coca-Cola Femsa S.A.B. de C.V. 3.4%
Qualitas Controladora S.A.B. de C.V. 3.4%
El Puerto de Liverpool S.A.B. de C.V. 3.2%
Banco de Credito e Inversiones S.A. 3.0%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FLN to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
First Trust Brazil AlphaDEX® Fund
FBZ | NASDAQ, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
TSR - First Trust Fund Logo
This semi-annual shareholder report contains important information about the First Trust Brazil AlphaDEX® Fund (the “Fund”) for the period of January 1, 2024 to June 30, 2024 (the “Period”). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FBZ. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Brazil AlphaDEX® Fund $37 0.80%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2024)
Fund net assets $5,755,553%
Total number of portfolio holdings $50%
Portfolio turnover rate $30%
WHAT DID THE FUND INVEST IN? (As of June 30, 2024)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Embraer S.A. 5.5%
BRF S.A. 4.5%
Inter & Co., Inc., Class A 4.3%
Cia Energetica de Minas Gerais 3.8%
Petroleo Brasileiro S.A. 3.6%
Metalurgica Gerdau S.A. 3.3%
Gerdau S.A. 3.2%
Pagseguro Digital Ltd., Class A 2.9%
Suzano S.A. 2.8%
Ultrapar Participacoes S.A. 2.8%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FBZ to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
First Trust China AlphaDEX® Fund
FCA | NASDAQ, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
TSR - First Trust Fund Logo
This semi-annual shareholder report contains important information about the First Trust China AlphaDEX® Fund (the “Fund”) for the period of January 1, 2024 to June 30, 2024 (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 info@ftportfolios.com.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust China AlphaDEX® Fund $42 0.80%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2024)
Fund net assets $5,063,039%
Total number of portfolio holdings $51%
Portfolio turnover rate $52%
WHAT DID THE FUND INVEST IN? (As of June 30, 2024)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
COSCO SHIPPING Holdings Co., Ltd., Class H 5.1%
Mizuho Financial Group, Inc. 3.8%
PetroChina Co., Ltd., Class H 3.6%
Inner Mongolia Yitai Coal Co., Ltd., Class B 3.4%
Orient Overseas International Ltd. 3.4%
Kunlun Energy Co., Ltd. 3.4%
Weichai Power Co., Ltd., Class H 3.4%
New Oriental Education & Technology Group, Inc. 3.2%
BYD Electronic International Co., Ltd. 3.1%
Sinotruk Hong Kong Ltd. 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/FCA to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
First Trust Japan AlphaDEX® Fund
FJP | Nasdaq, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
TSR - First Trust Fund Logo
This semi-annual shareholder report contains important information about the First Trust Japan AlphaDEX® Fund (the “Fund”) for the period of January 1, 2024 to June 30, 2024 (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 info@ftportfolios.com.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Japan AlphaDEX® Fund $40 0.80%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2024)
Fund net assets $189,687,057%
Total number of portfolio holdings $104%
Portfolio turnover rate $38%
WHAT DID THE FUND INVEST IN? (As of June 30, 2024)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Ebara Corp. 2.1%
Nomura Holdings, Inc. 2.0%
Lawson, Inc. 2.0%
Subaru Corp. 1.9%
Daiwa Securities Group, Inc. 1.8%
NEC Corp. 1.8%
Inpex Corp. 1.7%
Osaka Gas Co., Ltd. 1.7%
Tokyo Electric Power Company Holdings, Inc. 1.7%
Kawasaki Kisen Kaisha Ltd. 1.6%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FJP to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
First Trust Developed Markets
ex-US AlphaDEX® Fund
FDT | NASDAQ, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
TSR - First Trust Fund Logo
This semi-annual shareholder report contains important information about the First Trust Developed Markets ex-US AlphaDEX® Fund (the “Fund”) for the period of January 1, 2024 to June 30, 2024 (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 info@ftportfolios.com.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Developed Markets ex-US AlphaDEX® Fund $41 0.80%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2024)
Fund net assets $409,288,893%
Total number of portfolio holdings $303%
Portfolio turnover rate $44%
WHAT DID THE FUND INVEST IN? (As of June 30, 2024)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
HD Hyundai Electric Co., Ltd. 0.9%
A.P. Moller - Maersk A/S, Class B 0.8%
Yancoal Australia Ltd. 0.7%
Celestica, Inc. 0.7%
MS&AD Insurance Group Holdings, Inc. 0.7%
Banco de Sabadell S.A. 0.7%
Mitsubishi Heavy Industries Ltd. 0.7%
Hyundai Glovis Co., Ltd. 0.7%
Kansai Electric Power (The) Co., Inc. 0.7%
Hanwha Aerospace Co., Ltd. 0.6%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FDT to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
First Trust Emerging Markets
AlphaDEX® Fund
FEM | NASDAQ, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
TSR - First Trust Fund Logo
This semi-annual shareholder report contains important information about the First Trust Emerging Markets AlphaDEX® Fund (the “Fund”) for the period of January 1, 2024 to June 30, 2024 (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 info@ftportfolios.com.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Emerging Markets AlphaDEX® Fund $42 0.80%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2024)
Fund net assets $446,199,959%
Total number of portfolio holdings $157%
Portfolio turnover rate $44%
WHAT DID THE FUND INVEST IN? (As of June 30, 2024)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
BIM Birlesik Magazalar A/S 1.6%
Turkcell Iletisim Hizmetleri A/S 1.5%
Orient Overseas International Ltd. 1.4%
Akbank T.A.S. 1.4%
COSCO SHIPPING Holdings Co., Ltd., Class H 1.4%
YTL Corp. Bhd 1.4%
Samvardhana Motherson International Ltd. 1.4%
YTL Power International Bhd 1.3%
Yapi ve Kredi Bankasi A/S 1.3%
Coca-Cola Icecek A/S 1.2%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FEM to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
First Trust Germany AlphaDEX® Fund
FGM | NASDAQ, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
TSR - First Trust Fund Logo
This semi-annual shareholder report contains important information about the First Trust Germany AlphaDEX® Fund (the “Fund”) for the period of January 1, 2024 to June 30, 2024 (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 info@ftportfolios.com.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Germany AlphaDEX® Fund $39 0.80%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2024)
Fund net assets $9,225,582%
Total number of portfolio holdings $41%
Portfolio turnover rate $54%
WHAT DID THE FUND INVEST IN? (As of June 30, 2024)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Rheinmetall AG 7.1%
Deutsche Bank AG 5.2%
HOCHTIEF AG 4.5%
Mercedes-Benz Group AG 4.4%
Volkswagen AG 4.0%
Talanx AG 3.9%
Porsche Automobil Holding SE 3.9%
Bayerische Motoren Werke AG 3.8%
Deutsche Telekom AG 3.7%
Schaeffler AG 3.3%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FGM to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
First Trust United Kingdom AlphaDEX® Fund
FKU | NASDAQ, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
TSR - First Trust Fund Logo
This semi-annual shareholder report contains important information about the First Trust United Kingdom AlphaDEX® Fund (the “Fund”) for the period of January 1, 2024 to June 30, 2024 (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 info@ftportfolios.com.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust United Kingdom AlphaDEX® Fund $41 0.80%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2024)
Fund net assets $66,657,748%
Total number of portfolio holdings $77%
Portfolio turnover rate $12%
WHAT DID THE FUND INVEST IN? (As of June 30, 2024)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Rolls-Royce Holdings PLC 3.2%
3i Group PLC 2.7%
NatWest Group PLC 2.4%
BT Group PLC 2.4%
Shell PLC 2.3%
DS Smith PLC 2.3%
Barclays PLC 2.3%
British American Tobacco PLC 2.3%
Marks & Spencer Group PLC 2.2%
Associated British Foods PLC 2.2%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FKU to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
First Trust India NIFTY 50
Equal Weight ETF
NFTY | NASDAQ, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
TSR - First Trust Fund Logo
This semi-annual shareholder report contains important information about the First Trust India NIFTY 50 Equal Weight ETF (the “Fund”) for the period of January 1, 2024 to June 30, 2024 (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 info@ftportfolios.com.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust India NIFTY 50 Equal Weight ETF $42 0.80%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2024)
Fund net assets $243,074,644%
Total number of portfolio holdings $50%
Portfolio turnover rate $15%
WHAT DID THE FUND INVEST IN? (As of June 30, 2024)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Reliance Industries Ltd. 2.1%
UltraTech Cement Ltd. 2.1%
Grasim Industries Ltd. 2.1%
Dr. Reddy’s Laboratories Ltd. 2.1%
LTIMindtree Ltd. 2.1%
NTPC Ltd. 2.1%
Tata Motors Ltd. 2.0%
Wipro Ltd. 2.0%
Oil & Natural Gas Corp., Ltd. 2.0%
Bharat Petroleum Corp., Ltd. 2.0%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/NFTY to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
OTHER INFORMATION
The First Trust India NIFTY 50 Equal Weight ETF (the “Product”) offered by First Trust is not sponsored, endorsed, sold or promoted by NSE INDICES LIMITED (formerly known as India Index Services & Products Limited (IISL)). NSE INDICES LIMITED does not make any representation or warranty, express or implied (including warranties of merchantability or fitness for particular purpose or use) and disclaims all liability to the owners of the Product or any member of the public regarding the advisability of investing in securities generally or in the Product linked to the NIFTY 50 Equal WeightTM Index or particularly in the ability of the NIFTY 50 Equal WeightTM Index to track general stock market performance in India. Please read the full Disclaimers in relation to the NIFTY 50 Equal WeightTM Index in the Prospectus and Statement of Additional Information.
First Trust Switzerland AlphaDEX® Fund
FSZ | NASDAQ, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
TSR - First Trust Fund Logo
This semi-annual shareholder report contains important information about the First Trust Switzerland AlphaDEX® Fund (the “Fund”) for the period of January 1, 2024 to June 30, 2024 (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 info@ftportfolios.com.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Switzerland AlphaDEX® Fund $40 0.80%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2024)
Fund net assets $83,499,124%
Total number of portfolio holdings $41%
Portfolio turnover rate $35%
WHAT DID THE FUND INVEST IN? (As of June 30, 2024)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
ABB Ltd. 5.3%
EFG International AG 4.8%
Holcim AG 4.8%
Bucher Industries AG 4.0%
UBS Group AG 4.0%
BKW AG 3.8%
SFS Group AG 3.6%
Logitech International S.A. 3.4%
Siegfried Holding AG 3.4%
Julius Baer Group Ltd. 3.4%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FSZ to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
First Trust Developed Markets
ex-US Small Cap AlphaDEX® Fund
FDTS | NASDAQ, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
TSR - First Trust Fund Logo
This semi-annual shareholder report contains important information about the First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (the “Fund”) for the period of January 1, 2024 to June 30, 2024 (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 info@ftportfolios.com.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund $40 0.80%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2024)
Fund net assets $8,249,753%
Total number of portfolio holdings $404%
Portfolio turnover rate $55%
WHAT DID THE FUND INVEST IN? (As of June 30, 2024)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Mizuho Financial Group, Inc. 1.3%
Future PLC 0.7%
BW LPG Ltd. 0.7%
Bird Construction, Inc. 0.6%
Doosan Co., Ltd. 0.6%
Greencore Group PLC 0.6%
Hoegh Autoliners ASA 0.6%
SL Corp. 0.6%
Hokkaido Electric Power Co., Inc. 0.6%
LS Electric Co., Ltd. 0.6%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FDTS to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
First Trust Emerging Markets
Small Cap AlphaDEX® Fund
FEMS | NASDAQ, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
TSR - First Trust Fund Logo
This semi-annual shareholder report contains important information about the First Trust Emerging Markets Small Cap AlphaDEX® Fund (the “Fund”) for the period of January 1, 2024 to June 30, 2024 (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 info@ftportfolios.com.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Emerging Markets Small Cap AlphaDEX® Fund $41 0.80%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2024)
Fund net assets $328,840,151%
Total number of portfolio holdings $212%
Portfolio turnover rate $48%
WHAT DID THE FUND INVEST IN? (As of June 30, 2024)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Mavi Giyim Sanayi Ve Ticaret A/S, Class B 1.3%
Ulker Biskuvi Sanayi A/S 1.2%
Anadolu Efes Biracilik Ve Malt Sanayii A/S 1.2%
Anadolu Anonim Turk Sigorta Sirketi 1.2%
MLP Saglik Hizmetleri A/S 1.1%
Mizuho Financial Group, Inc. 1.1%
Daiwa Capital Markets America, Inc. 1.1%
TAV Havalimanlari Holding A/S 1.1%
Mah Sing Group Bhd 1.1%
NCC Ltd. 1.0%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FEMS to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
First Trust Eurozone AlphaDEX® ETF
FEUZ | NASDAQ, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
TSR - First Trust Fund Logo
This semi-annual shareholder report contains important information about the First Trust Eurozone AlphaDEX® ETF (the “Fund”) for the period of January 1, 2024 to June 30, 2024 (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 info@ftportfolios.com.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Eurozone AlphaDEX® ETF $40 0.80%(1)
​(1)
Annualized.
KEY FUND STATISTICS (As of June 30, 2024)
Fund net assets $53,793,903%
Total number of portfolio holdings $152%
Portfolio turnover rate $29%
WHAT DID THE FUND INVEST IN? (As of June 30, 2024)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Banco de Sabadell S.A. 1.4%
Cargotec Oyj, Class B 1.3%
Konecranes Oyj 1.2%
Teleperformance SE 1.2%
BPER Banca S.p.A. 1.2%
Saipem S.p.A. 1.2%
Banca Monte dei Paschi di Siena S.p.A. 1.2%
Colruyt Group N.V. 1.2%
Buzzi S.p.A. 1.2%
Deutsche Bank AG 1.2%
Sector Allocation
Graphical Representation - Allocation 2 Chart
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FEUZ to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.
 
 

 

(b)       Not applicable.

Item 2. Code of Ethics.

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

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

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

Item 5. Audit Committee of Listed Registrants.

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

Item 6. Investments.

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

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

(a) Following is a copy of the semi-annual financial statements required, and for the periods specified, by Regulation S-X.
 
 
 
First Trust Exchange-Traded AlphaDEX® Fund II
Semi-Annual Financial Statements and Other Information
For the Six Months Ended June 30, 2024
 
First Trust Asia Pacific ex-Japan AlphaDEX® Fund (FPA)
First Trust Europe AlphaDEX® Fund (FEP)
First Trust Latin America AlphaDEX® Fund (FLN)
First Trust Brazil AlphaDEX® Fund (FBZ)
First Trust China AlphaDEX® Fund (FCA)
First Trust Japan AlphaDEX® Fund (FJP)
First Trust Developed Markets ex-US AlphaDEX® Fund (FDT)
First Trust Emerging Markets AlphaDEX® Fund (FEM)
First Trust Germany AlphaDEX® Fund (FGM)
First Trust United Kingdom AlphaDEX® Fund (FKU)
First Trust India NIFTY 50 Equal Weight ETF (NFTY)
First Trust Switzerland AlphaDEX® Fund (FSZ)
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (FDTS)
First Trust Emerging Markets Small Cap AlphaDEX® Fund (FEMS)
First Trust Eurozone AlphaDEX® ETF (FEUZ)
 
AlphaDEX® is a registered trademark of First Trust Portfolios L.P.
Table of Contents 
First Trust Exchange-Traded AlphaDEX® Fund II
Semi-Annual Financial Statements and Other Information
June 30, 2024 
1
4
9
11
13
16
20
27
32
34
37
39
41
49
55
60
64
68
74
89
100
Performance and Risk Disclosure
There is no assurance that any series of First Trust Exchange-Traded AlphaDEX® Fund II (the “Trust”) described in this report (each such series is referred to as a “Fund” and collectively, as the “Funds”) will achieve its investment objective. Each Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund’s shares may therefore be less than what you paid for them. Accordingly, you can lose money by investing in a Fund.
Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit www.ftportfolios.com or speak with your financial advisor. Investment returns, net asset value and share price will fluctuate and Fund shares, when sold, may be worth more or less than their original cost.
First Trust Advisors L.P., the Funds’ advisor, may also periodically provide additional information on Fund performance on each Fund’s webpage at www.ftportfolios.com.
How to Read This Report
This report contains information that may help you evaluate your investment. It includes details about each Fund and presents data that provides insight into each Fund’s performance and investment approach.
The material risks of investing in each Fund are spelled out in its prospectus, statement of additional information, and other Fund regulatory filings.
First Trust Asia Pacific ex-Japan AlphaDEX® Fund (FPA)
Portfolio of Investments
June 30, 2024 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) (b) — 99.8%
Australia — 29.2%
3,500
Ampol Ltd. (AUD)
$75,509
7,105
ANZ Group Holdings Ltd.
(AUD)
133,850
8,279
APA Group (AUD)
44,128
17,406
Aurizon Holdings Ltd. (AUD)
42,382
11,677
BlueScope Steel Ltd. (AUD)
159,144
4,311
Brambles Ltd. (AUD)
41,786
5,789
CAR Group Ltd. (AUD)
136,130
413
Cochlear Ltd. (AUD)
91,511
1,157
Commonwealth Bank of
Australia (AUD)
98,316
8,127
Fortescue Ltd. (AUD)
116,075
2,059
Goodman Group (AUD)
47,731
27,039
Harvey Norman Holdings Ltd.
(AUD)
75,217
43,516
Insurance Australia Group Ltd.
(AUD)
207,270
4,335
JB Hi-Fi Ltd. (AUD)
177,011
697
Macquarie Group Ltd. (AUD)
95,174
29,502
Mirvac Group (AUD)
36,803
6,030
National Australia Bank Ltd.
(AUD)
145,739
11,741
NEXTDC Ltd. (AUD) (c)
138,085
4,812
Northern Star Resources Ltd.
(AUD)
41,731
7,626
Orica Ltd. (AUD)
90,910
22,704
Origin Energy Ltd. (AUD)
164,483
36,358
Pilbara Minerals Ltd. (AUD)
74,461
1,342
Pro Medicus Ltd. (AUD)
128,253
15,361
QBE Insurance Group Ltd.
(AUD)
178,200
9,911
Reece Ltd. (AUD)
166,414
1,715
Rio Tinto Ltd. (AUD)
136,145
35,936
Santos Ltd. (AUD)
183,632
6,831
Seven Group Holdings Ltd.
(AUD)
171,706
12,752
Suncorp Group Ltd. (AUD)
148,104
3,054
Wesfarmers Ltd. (AUD)
132,792
8,065
Westpac Banking Corp. (AUD)
146,501
2,223
WiseTech Global Ltd. (AUD)
148,741
2,283
Woodside Energy Group Ltd.
(AUD)
42,963
66,436
Yancoal Australia Ltd.
(AUD) (d)
293,394
 
4,110,291
Cayman Islands — 6.7%
3,600
ASMPT Ltd. (HKD)
50,203
55,332
CK Asset Holdings Ltd. (HKD)
207,254
46,991
CK Hutchison Holdings Ltd.
(HKD)
225,055
Shares
Description
Value
 
Cayman Islands (Continued)
108,638
MGM China Holdings Ltd.
(HKD)
$169,168
74,522
SITC International Holdings Co.,
Ltd. (HKD)
202,312
137,720
WH Group Ltd. (HKD) (e) (f)
90,649
 
944,641
Hong Kong — 5.4%
132,776
Hang Lung Properties Ltd.
(HKD)
113,239
15,545
Henderson Land Development
Co., Ltd. (HKD)
41,704
86,931
Sino Land Co., Ltd. (HKD)
89,613
18,925
Sun Hung Kai Properties Ltd.
(HKD)
163,705
27,851
Swire Pacific Ltd., Class A
(HKD)
246,089
6,500
Techtronic Industries Co., Ltd.
(HKD)
74,247
14,000
Wharf Holdings (The) Ltd.
(HKD)
39,352
 
767,949
Luxembourg — 0.5%
24,053
Samsonite International S.A.
(HKD) (e) (f)
71,767
New Zealand — 2.4%
34,867
Infratil Ltd. (NZD)
237,859
1,044
Xero Ltd. (AUD) (c)
94,996
 
332,855
Singapore — 9.6%
138,500
Genting Singapore Ltd. (SGD)
88,350
12,700
Jardine Cycle & Carriage Ltd.
(SGD)
249,130
41,800
Keppel Ltd. (SGD)
199,444
47,900
Mapletree Pan Asia Commercial
Trust (SGD)
43,096
22,700
Sembcorp Industries Ltd. (SGD)
80,522
38,300
Singapore Airlines Ltd. (SGD)
194,889
72,700
Singapore Telecommunications
Ltd. (SGD)
147,437
53,600
Wilmar International Ltd. (SGD)
122,537
128,400
Yangzijiang Shipbuilding
Holdings Ltd. (SGD)
232,938
 
1,358,343
South Korea — 46.0%
1,474
Alteogen, Inc. (KRW) (c)
300,368
2,540
DB Insurance Co., Ltd. (KRW)
211,282
5,191
Hana Financial Group, Inc.
(KRW)
228,909
5,652
Hankook Tire & Technology
Co., Ltd. (KRW)
185,594
See Notes to Financial Statements
Page 1
First Trust Asia Pacific ex-Japan AlphaDEX® Fund (FPA)
Portfolio of Investments (Continued)
June 30, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
South Korea (Continued)
1,474
Hanwha Aerospace Co., Ltd.
(KRW)
$267,172
1,711
HD Hyundai Electric Co., Ltd.
(KRW)
385,332
1,526
HD Korea Shipbuilding &
Offshore Engineering Co.,
Ltd. (KRW) (c)
176,047
15,531
HMM Co., Ltd. (KRW)
221,485
1,693
Hyundai Glovis Co., Ltd.
(KRW)
269,355
1,169
Hyundai Mobis Co., Ltd. (KRW)
213,588
1,290
Hyundai Motor Co. (KRW)
276,462
21,918
Industrial Bank of Korea (KRW)
223,240
4,349
KB Financial Group, Inc.
(KRW)
248,018
2,730
Kia Corp. (KRW)
256,439
13,835
Korea Electric Power Corp.
(KRW) (c)
196,695
135
Korea Zinc Co., Ltd. (KRW)
50,509
11,272
Korean Air Lines Co., Ltd.
(KRW)
190,391
489
Krafton, Inc. (KRW) (c)
100,003
6,446
KT Corp. (KRW)
175,140
1,305
KT&G Corp. (KRW)
83,619
139
LG Chem Ltd. (KRW)
34,889
2,094
LG Corp. (KRW)
122,613
1,263
LG Electronics, Inc. (KRW)
101,756
2,245
Meritz Financial Group, Inc.
(KRW)
129,008
436
POSCO Holdings, Inc. (KRW)
114,979
1,149
Posco International Corp.
(KRW)
54,591
1,528
Samsung C&T Corp. (KRW)
157,629
396
Samsung Fire & Marine
Insurance Co., Ltd. (KRW)
111,910
28,377
Samsung Heavy Industries Co.,
Ltd. (KRW) (c)
192,753
1,921
Samsung Life Insurance Co.,
Ltd. (KRW)
123,508
128
Samsung SDI Co., Ltd. (KRW)
32,918
374
Samsung SDS Co., Ltd. (KRW)
40,348
6,478
Shinhan Financial Group Co.,
Ltd. (KRW)
226,601
343
SK Hynix, Inc. (KRW)
58,932
516
SK Innovation Co., Ltd.
(KRW) (c)
43,522
778
SK Square Co., Ltd. (KRW) (c)
56,520
4,589
SK Telecom Co., Ltd. (KRW)
171,692
670
SK, Inc. (KRW)
77,051
3,140
S-Oil Corp. (KRW)
151,696
Shares
Description
Value
 
South Korea (Continued)
16,765
Woori Financial Group, Inc.
(KRW)
$178,916
790
Yuhan Corp. (KRW)
46,430
 
6,487,910
Total Common Stocks
14,073,756
(Cost $12,061,060)
MONEY MARKET FUNDS — 0.0%
4,696
Dreyfus Government Cash
Management Fund,
Institutional Shares -
5.19% (g)
4,696
(Cost $4,696)
 
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 0.2%
$21,150
Mizuho Financial Group, Inc.,
5.32% (g), dated 06/28/24,
due 07/01/24, with a maturity
value of $21,159.
Collateralized by
U.S. Treasury Securities,
interest rates of 0.50% to
5.00%, due 07/31/24 to
09/30/29. The value of the
collateral including accrued
interest is $21,573. (h)
21,150
(Cost $21,150)
Total Investments — 100.0%
14,099,602
(Cost $12,086,906)
Net Other Assets and
Liabilities — (0.0)%
(1,174
)
Net Assets — 100.0%
$14,098,428
 
(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, including those sold and pending
settlement, is $19,974 and the total value of the collateral
held by the Fund is $21,150.
See Notes to Financial Statements
Page 2
First Trust Asia Pacific ex-Japan AlphaDEX® Fund (FPA)
Portfolio of Investments (Continued)
June 30, 2024 (Unaudited)
(e)
This security is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the
“1933 Act”) and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. This
security is not restricted on the foreign exchange where it
trades freely without any additional registration.
(f)
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
(g)
Rate shown reflects yield as of June 30, 2024.
(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
NZD
–  New Zealand Dollar
SGD
–  Singapore Dollar
USD
–  United States Dollar
 
Currency Exposure Diversification
% of Total
Investments
KRW
46.0%
AUD
29.8
HKD
12.7
SGD
9.6
NZD
1.7
USD
0.2
Total
100.0%
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2024 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2024
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$ 14,073,756
$ 14,073,756
$ —
$ —
Money Market Funds
 4,696
 4,696
 —
 —
Repurchase
Agreements
 21,150
 —
 21,150
 —
Total Investments
$14,099,602
$14,078,452
$21,150
$—
 
*
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)
$19,974
Non-cash Collateral(2)
(19,974
)
Net Amount
$—
 
(1)
The amount presented on the Statements of Assets and
Liabilities, which is included in “Investments, at value,” is not
offset and is shown on a gross basis.
(2)
At June 30, 2024, the value of the collateral received from
each borrower exceeded the value of the related securities
loaned. This amount is disclosed on the Portfolio of
Investments.
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
 
Repurchase Agreements
Total gross amount presented on the Statements
of Assets and Liabilities(3)
$21,150
Non-cash Collateral(4)
(21,150
)
Net Amount
$—
 
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At June 30, 2024, the value of the collateral received from
each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements
Page 3
First Trust Europe AlphaDEX® Fund (FEP)
Portfolio of Investments
June 30, 2024 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) (b) — 98.8%
Austria — 3.9%
27,203
BAWAG Group AG
(EUR) (c) (d)
$1,721,764
30,931
Erste Group Bank AG (EUR)
1,465,475
30,547
OMV AG (EUR)
1,330,164
69,200
Raiffeisen Bank International
AG (EUR)
1,202,061
9,523
Verbund AG (EUR)
751,131
61,415
voestalpine AG (EUR)
1,658,781
 
8,129,376
Belgium — 2.1%
37,291
Colruyt Group N.V. (EUR)
1,780,383
4,660
D’ieteren Group (EUR)
988,644
9,117
Groupe Bruxelles Lambert N.V.
(EUR)
650,761
9,297
KBC Group N.V. (EUR)
656,142
15,972
Umicore S.A. (EUR)
239,986
 
4,315,916
Bermuda — 0.5%
66,056
Hiscox Ltd. (GBP)
960,262
Denmark — 5.4%
1,387
A.P. Moller - Maersk A/S,
Class B (DKK)
2,410,953
46,120
Danske Bank A/S (DKK)
1,374,216
143,414
H Lundbeck A/S (DKK)
800,280
8,177
Jyske Bank A/S (DKK)
650,506
16,717
NKT A/S (DKK) (e)
1,463,119
8,109
Novo Nordisk A/S, Class B
(DKK)
1,170,954
6,412
Pandora A/S (DKK)
967,707
1,050
ROCKWOOL A/S, Class B
(DKK)
426,097
13,982
Zealand Pharma A/S (DKK) (e)
1,791,946
 
11,055,778
Finland — 2.3%
24,737
Cargotec Oyj, Class B (EUR)
1,985,583
33,190
Konecranes Oyj (EUR)
1,882,100
25,447
Neste Oyj (EUR)
453,072
22,666
Wartsila Oyj Abp (EUR)
436,935
 
4,757,690
France — 10.7%
29,502
Accor S.A. (EUR)
1,210,095
3,274
Arkema S.A. (EUR)
284,536
4,849
BNP Paribas S.A. (EUR)
309,142
25,326
Bouygues S.A. (EUR)
812,873
80,468
Carrefour S.A. (EUR)
1,137,540
4,440
Cie de Saint-Gobain S.A. (EUR)
345,310
26,973
Cie Generale des Etablissements
Michelin S.C.A. (EUR)
1,043,100
92,461
Credit Agricole S.A. (EUR)
1,261,530
Shares
Description
Value
 
France (Continued)
3,037
Eiffage S.A. (EUR)
$278,932
30,329
Elis S.A. (EUR)
656,763
19,653
Eurazeo SE (EUR)
1,564,873
136
Hermes International S.C.A.
(EUR)
311,689
2,895
Ipsen S.A. (EUR)
354,996
87,994
Orange S.A. (EUR)
881,495
6,321
Publicis Groupe S.A. (EUR)
672,751
27,299
Renault S.A. (EUR)
1,398,644
38,277
Rexel S.A. (EUR)
990,385
6,081
Safran S.A. (EUR)
1,285,558
29,875
SCOR SE (EUR)
756,993
38,617
Societe Generale S.A. (EUR)
906,543
1,423
Sopra Steria Group (EUR)
275,990
27,515
SPIE S.A. (EUR)
995,402
14,181
Teleperformance SE (EUR)
1,493,504
20,127
TotalEnergies SE (EUR)
1,343,524
74,270
Vallourec SACA (EUR) (e)
1,164,856
8,861
Verallia S.A. (EUR) (c) (d)
321,511
 
22,058,535
Germany — 12.6%
14,929
Bayerische Motoren Werke AG
(EUR)
1,413,039
100,349
Commerzbank AG (EUR)
1,524,445
19,095
Continental AG (EUR)
1,081,794
15,494
CTS Eventim AG & Co. KGaA
(EUR)
1,292,619
34,003
Daimler Truck Holding AG
(EUR)
1,353,565
109,505
Deutsche Bank AG (EUR)
1,748,327
175,448
Deutsche Lufthansa AG (EUR)
1,072,887
8,001
Deutsche Post AG (EUR)
323,810
56,775
Deutsche Telekom AG (EUR)
1,427,659
13,073
Fraport AG Frankfurt Airport
Services Worldwide (EUR) (e)
674,826
17,916
Fresenius Medical Care AG
(EUR)
686,132
12,530
Heidelberg Materials AG (EUR)
1,299,229
7,352
Hensoldt AG (EUR)
270,380
2,965
HOCHTIEF AG (EUR)
337,224
10,133
Infineon Technologies AG
(EUR)
372,276
26,188
KION Group AG (EUR)
1,096,320
2,603
Krones AG (EUR)
326,717
21,634
Mercedes-Benz Group AG
(EUR)
1,496,019
32,508
Porsche Automobil Holding SE
(Preference Shares) (EUR)
1,469,518
2,452
Rheinmetall AG (EUR)
1,249,174
30,454
RWE AG (EUR)
1,042,040
1,770
SAP SE (EUR)
359,251
See Notes to Financial Statements
Page 4
First Trust Europe AlphaDEX® Fund (FEP)
Portfolio of Investments (Continued)
June 30, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Germany (Continued)
153,293
Schaeffler AG (Preference
Shares) (EUR)
$882,410
8,702
Talanx AG (EUR)
694,762
45,929
United Internet AG (EUR)
989,656
10,399
Volkswagen AG (Preference
Shares) (EUR)
1,173,820
3,055
Wacker Chemie AG (EUR)
333,065
 
25,990,964
Greece — 3.7%
587,778
Alpha Services and Holdings
S.A. (EUR) (e)
959,014
358,428
Eurobank Ergasias Services and
Holdings S.A. (EUR) (e)
775,778
70,086
Hellenic Telecommunications
Organization S.A. (EUR)
1,008,788
26,792
Metlen Energy & Metals S.A.
(EUR)
1,000,235
176,053
National Bank of Greece S.A.
(EUR) (e)
1,467,627
411,971
Piraeus Financial Holdings S.A.
(EUR) (e)
1,502,729
82,380
Public Power Corp. S.A.
(EUR) (e)
991,648
 
7,705,819
Ireland — 1.6%
135,782
AIB Group PLC (EUR)
717,772
33,795
Bank of Ireland Group PLC
(EUR)
353,531
19,994
CRH PLC (GBP)
1,490,173
6,074
Ryanair Holdings PLC, ADR
707,257
 
3,268,733
Italy — 10.0%
190,833
A2A S.p.A. (EUR)
380,031
13,613
Assicurazioni Generali S.p.A.
(EUR)
339,541
304,152
Banca Monte dei Paschi di Siena
S.p.A. (EUR)
1,428,334
258,884
Banco BPM S.p.A. (EUR)
1,667,393
364,566
BPER Banca S.p.A. (EUR)
1,843,230
6,026
Brunello Cucinelli S.p.A. (EUR)
603,407
43,868
Buzzi S.p.A. (EUR)
1,765,526
87,209
Eni S.p.A. (EUR)
1,340,614
379,851
Intesa Sanpaolo S.p.A. (EUR)
1,412,008
59,141
Italgas S.p.A. (EUR)
291,477
68,591
Leonardo S.p.A. (EUR)
1,592,560
46,251
Mediobanca Banca di Credito
Finanziario S.p.A. (EUR)
678,100
168,795
Pirelli & C S.p.A. (EUR) (c) (d)
1,005,087
2,434
Reply S.p.A. (EUR)
359,202
705,923
Saipem S.p.A. (EUR) (e)
1,808,373
Shares
Description
Value
 
Italy (Continued)
2,837,490
Telecom Italia S.p.A.
(EUR) (e) (f)
$679,174
45,396
UniCredit S.p.A. (EUR)
1,682,387
164,491
Unipol Gruppo S.p.A. (EUR)
1,634,781
 
20,511,225
Jersey — 0.2%
62,723
Glencore PLC (GBP)
357,667
Luxembourg — 1.3%
25,092
ArcelorMittal S.A. (EUR)
574,261
43,370
Subsea 7 S.A. (NOK)
815,650
87,185
Tenaris S.A. (EUR)
1,339,871
 
2,729,782
Netherlands — 6.8%
40,298
ABN AMRO Bank N.V.
(EUR) (c) (d)
662,462
3,764
Airbus SE (EUR)
517,023
22,510
Arcadis N.V. (EUR)
1,425,935
564
ASM International N.V. (EUR)
429,939
1,074
ASML Holding N.V. (EUR)
1,109,024
21,108
ASR Nederland N.V. (EUR)
1,006,176
53,810
Brembo N.V. (EUR)
590,916
41,894
ING Groep N.V. (EUR)
716,157
115,710
Iveco Group N.V. (EUR)
1,297,439
23,042
Koninklijke Ahold Delhaize
N.V. (EUR)
680,834
35,752
Koninklijke Vopak N.V. (EUR)
1,484,067
37,291
NN Group N.V. (EUR)
1,735,255
32,952
Prosus N.V. (EUR)
1,173,744
32,000
STMicroelectronics N.V. (EUR)
1,263,379
 
14,092,350
Norway — 4.5%
41,606
Aker BP ASA (NOK)
1,060,706
66,134
Equinor ASA (NOK)
1,882,685
24,962
Kongsberg Gruppen ASA
(NOK)
2,033,993
20,921
Salmar ASA (NOK)
1,101,208
68,235
Schibsted ASA, Class A (NOK)
2,014,393
112,253
Storebrand ASA (NOK)
1,145,975
 
9,238,960
Portugal — 1.3%
4,086,494
Banco Comercial Portugues
S.A., Class R (EUR)
1,473,107
88,465
EDP - Energias de Portugal S.A.
(EUR)
331,501
41,705
Galp Energia SGPS S.A. (EUR)
880,774
 
2,685,382
Spain — 6.6%
5,660
Acciona S.A. (EUR) (f)
668,592
144,638
Banco Bilbao Vizcaya
Argentaria S.A. (EUR)
1,448,626
See Notes to Financial Statements
Page 5
First Trust Europe AlphaDEX® Fund (FEP)
Portfolio of Investments (Continued)
June 30, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Spain (Continued)
1,097,455
Banco de Sabadell S.A. (EUR)
$2,116,163
353,157
Banco Santander S.A. (EUR)
1,637,854
94,179
Bankinter S.A. (EUR)
769,166
213,238
CaixaBank S.A. (EUR)
1,128,820
13,686
Industria de Diseno Textil S.A.
(EUR)
679,500
463,421
International Consolidated
Airlines Group S.A. (GBP) (e)
950,473
7,895
Laboratorios Farmaceuticos Rovi
S.A. (EUR)
740,249
681,809
Mapfre S.A. (EUR)
1,572,816
20,206
Redeia Corp. S.A. (EUR) (f)
353,159
103,420
Repsol S.A. (EUR) (f)
1,632,015
 
13,697,433
Sweden — 6.7%
15,127
AddTech AB, Class B (SEK)
375,927
23,702
Axfood AB (SEK)
622,572
37,221
Boliden AB (SEK)
1,190,833
32,675
EQT AB (SEK)
965,545
46,873
Fastighets AB Balder, Class B
(SEK) (e)
321,154
50,095
Industrivarden AB, Class C
(SEK)
1,690,157
25,269
Indutrade AB (SEK)
647,520
68,639
Investor AB, Class B (SEK)
1,879,332
61,983
Saab AB, Class B (SEK)
1,491,241
100,262
Securitas AB, Class B (SEK)
995,147
233,711
SSAB AB, Class B (SEK)
1,269,214
34,069
Svenska Handelsbanken AB,
Class A (SEK)
324,490
28,895
Trelleborg AB, Class B (SEK)
1,124,285
38,138
Volvo AB, Class B (SEK)
975,489
 
13,872,906
Switzerland — 2.8%
1,566
Bucher Industries AG (CHF)
630,967
3,804
Holcim AG (CHF)
337,108
5,664
Sulzer AG (CHF)
782,980
5,934
Swatch Group (The) AG (CHF)
1,215,596
5,358
Swiss Re AG (CHF)
664,942
3,681
Swissquote Group Holding, S.A.
(CHF)
1,161,925
22,398
UBS Group AG (CHF)
659,388
639
Zurich Insurance Group AG
(CHF)
340,748
 
5,793,654
United Kingdom — 15.4%
48,600
3i Group PLC (GBP)
1,883,597
9,682
Admiral Group PLC (GBP)
320,049
13,391
Antofagasta PLC (GBP)
357,170
Shares
Description
Value
 
United Kingdom (Continued)
10,930
Associated British Foods PLC
(GBP)
$341,822
60,696
BAE Systems PLC (GBP)
1,012,776
149,035
Barclays PLC (GBP)
393,556
205,133
Beazley PLC (GBP)
1,835,897
5,738
Berkeley Group Holdings PLC
(GBP)
332,785
220,321
BP PLC (GBP)
1,323,463
996,015
BT Group PLC (GBP)
1,767,087
45,018
Burberry Group PLC (GBP)
499,530
1,069,457
Centrica PLC (GBP)
1,823,706
206,478
DS Smith PLC (GBP)
1,098,843
143,500
easyJet PLC (GBP)
830,257
114,619
Evraz PLC (GBP) (e) (g) (h) (i)
0
134,665
Frasers Group PLC (GBP) (e)
1,502,274
174,313
Fresnillo PLC (GBP)
1,238,357
30,851
Imperial Brands PLC (GBP)
789,331
9,938
InterContinental Hotels
Group PLC (GBP)
1,045,960
26,585
Intermediate Capital Group PLC
(GBP)
733,282
437,903
Kingfisher PLC (GBP)
1,377,234
102,992
Marks & Spencer Group PLC
(GBP)
372,999
58,696
Mondi PLC (GBP)
1,126,686
128,064
National Grid PLC (GBP)
1,428,797
205,674
NatWest Group PLC (GBP)
810,653
16,327
Rio Tinto PLC (GBP)
1,073,428
319,935
Rolls-Royce Holdings PLC
(GBP) (e)
1,847,428
41,605
Shell PLC (GBP)
1,490,476
40,666
Standard Chartered PLC (GBP)
368,065
44,395
Vistry Group PLC (GBP) (e)
663,893
1,937,500
Vodafone Group PLC (GBP)
1,708,550
29,403
Wise PLC, Class A (GBP) (e)
253,301
 
31,651,252
United States — 0.4%
8,580
Autoliv, Inc., SDR (SEK)
914,747
Total Common Stocks
203,788,431
(Cost $187,522,037)
MONEY MARKET FUNDS — 0.0%
127,300
Dreyfus Government Cash
Management Fund,
Institutional Shares - 5.19% (j)
127,300
(Cost $127,300)
 
See Notes to Financial Statements
Page 6
First Trust Europe AlphaDEX® Fund (FEP)
Portfolio of Investments (Continued)
June 30, 2024 (Unaudited)
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 0.8%
$583,593
Bank of America Corp.,
5.31% (j), dated 06/28/24, due
07/01/24, with a maturity
value of $583,851.
Collateralized by
U.S. Treasury Securities,
interest rates of 0.00% to
4.63%, due 08/15/24 to
11/15/47. The value of the
collateral including accrued
interest is $595,265. (k)
$583,593
1,000,000
Mizuho Financial Group, Inc.,
5.32% (j), dated 06/28/24, due
07/01/24, with a maturity
value of $1,000,443.
Collateralized by
U.S. Treasury Securities,
interest rates of 0.50% to
5.00%, due 07/31/24 to
09/30/29. The value of the
collateral including accrued
interest is $1,020,000. (k)
1,000,000
Total Repurchase Agreements
1,583,593
(Cost $1,583,593)
Total Investments — 99.6%
205,499,324
(Cost $189,232,930)
Net Other Assets and
Liabilities — 0.4%
747,685
Net Assets — 100.0%
$206,247,009
 
(a)
Portfolio securities are categorized based upon their country
of incorporation, which can be different from the country
categorization of the Fund’s underlying index.
(b)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(c)
This security is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the
“1933 Act”) and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. This
security is not restricted on the foreign exchange where it
trades freely without any additional registration.
(d)
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
(e)
Non-income producing security.
(f)
All or a portion of this security is on loan (see Note 2E -
Securities Lending in the Notes to Financial Statements). The
remaining contractual maturity of all of the securities lending
transactions is overnight and continuous. The aggregate
value of such securities, including those sold and pending
settlement, is $1,460,340 and the total value of the collateral
held by the Fund is $1,583,593.
(g)
Pursuant to procedures adopted by the Trust’s Board of
Trustees, this security has been determined to be illiquid by
First Trust Advisors L.P., the Fund’s advisor.
(h)
This security is fair valued by the Advisor’s Pricing
Committee in accordance with procedures approved by the
Trust’s Board of Trustees, and in accordance with provisions
of the Investment Company Act of 1940 and rules
thereunder, as amended. At June 30, 2024, securities noted as
such are valued at $0 or 0.0% of net assets.
(i)
This security’s value was determined using significant
unobservable inputs (see Note 2A - Portfolio Valuation in the
Notes to Financial Statements).
(j)
Rate shown reflects yield as of June 30, 2024.
(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
 
Currency Exposure Diversification
% of Total
Investments
EUR
61.3%
GBP
17.2
SEK
7.2
DKK
5.4
NOK
4.9
CHF
2.8
USD
1.2
Total
100.0%
See Notes to Financial Statements
Page 7
First Trust Europe AlphaDEX® Fund (FEP)
Portfolio of Investments (Continued)
June 30, 2024 (Unaudited)
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2024 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2024
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks:
United Kingdom
$ 31,651,252
$ 31,651,252
$ —
$ —**
Other Country
Categories*
 172,137,179
 172,137,179
 —
 —
Money Market
Funds
 127,300
 127,300
 —
 —
Repurchase
Agreements
 1,583,593
 —
 1,583,593
 —
Total Investments
$205,499,324
$203,915,731
$1,583,593
$—**
 
*
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.
Offsetting Assets and Liabilities
Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
 
Securities Lending Agency Agreement
Total gross amount presented on the Statements
of Assets and Liabilities(1)
$1,460,340
Non-cash Collateral(2)
(1,460,340
)
Net Amount
$—
 
(1)
The amount presented on the Statements of Assets and
Liabilities, which is included in “Investments, at value,” is not
offset and is shown on a gross basis.
(2)
At June 30, 2024, the value of the collateral received from
each borrower exceeded the value of the related securities
loaned. This amount is disclosed on the Portfolio of
Investments.
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
 
Repurchase Agreements
Total gross amount presented on the Statements
of Assets and Liabilities(3)
$1,583,593
Non-cash Collateral(4)
(1,583,593
)
Net Amount
$—
 
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At June 30, 2024, the value of the collateral received from
each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements
Page 8
First Trust Latin America AlphaDEX® Fund (FLN)
Portfolio of Investments
June 30, 2024 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) (b) — 100.1%
Bermuda — 1.5%
1,916
Credicorp Ltd.
$309,108
Brazil — 46.4%
119,412
Atacadao S.A. (BRL) (c)
192,679
57,061
Banco Bradesco S.A. (Preference
Shares) (BRL)
126,369
86,255
Banco do Brasil S.A. (BRL)
412,134
61,651
Braskem S.A., Class A
(Preference Shares) (BRL) (c)
196,971
199,477
BRF S.A. (BRL) (c)
808,956
28,828
Cia de Saneamento Basico do
Estado de Sao Paulo SABESP
(BRL)
386,618
421,160
Cia Energetica de Minas Gerais
(Preference Shares) (BRL)
745,116
169,201
Cia Paranaense de Energia -
Copel, Class B (Preference
Shares) (BRL)
281,492
122,140
Embraer S.A. (BRL) (c)
789,854
219,947
Gerdau S.A. (Preference Shares)
(BRL)
723,176
70,483
Itau Unibanco Holding S.A.
(Preference Shares) (BRL)
408,643
310,024
Itausa S.A. (Preference Shares)
(BRL)
544,612
37,838
JBS S.A. (BRL)
218,427
113,645
Petroleo Brasileiro S.A.
(Preference Shares) (BRL)
773,545
33,384
PRIO S.A. (BRL)
261,334
459,781
Raizen S.A. (Preference Shares)
(BRL)
242,635
38,145
Suzano S.A. (BRL)
389,017
48,248
Telefonica Brasil S.A. (BRL)
391,328
137,157
TIM S.A. (BRL)
389,627
114,339
Ultrapar Participacoes S.A.
(BRL)
441,803
53,509
Vale S.A. (BRL)
595,576
130,150
Vibra Energia S.A. (BRL)
486,599
 
9,806,511
Cayman Islands — 7.2%
68,156
NU Holdings Ltd., Class A (c)
878,531
45,533
Pagseguro Digital Ltd.,
Class A (c)
532,281
9,774
StoneCo Ltd., Class A (c)
117,190
 
1,528,002
Chile — 14.2%
22,773
Banco de Credito e Inversiones
S.A. (CLP)
640,804
93,830
Cencosud S.A. (CLP)
176,981
320,364
Empresas CMPC S.A. (CLP)
602,566
22,656
Empresas Copec S.A. (CLP)
174,545
10,829,624
Enel Chile S.A. (CLP)
611,076
Shares
Description
Value
 
Chile (Continued)
123,968
Falabella S.A. (CLP) (c)
$382,160
10,023
Sociedad Quimica y Minera de
Chile S.A., Class B
(Preference Shares) (CLP)
405,021
 
2,993,153
Colombia — 3.5%
57,337
Bancolombia S.A. (Preference
Shares) (COP)
470,766
63,522
Interconexion Electrica S.A. ESP
(COP)
278,527
 
749,293
Mexico — 27.3%
173,449
America Movil S.A.B. de C.V.,
Series B (MXN)
147,614
41,704
Banco del Bajio S.A.
(MXN) (d) (e)
126,537
921,035
Cemex S.A.B. de C.V.,
Series CPO (MXN)
589,523
84,233
Coca-Cola Femsa S.A.B. de
C.V. (MXN)
722,253
93,688
El Puerto de Liverpool S.A.B. de
C.V., Series C1 (MXN)
671,563
391,511
Fibra Uno Administracion S.A.
de C.V. (MXN)
481,069
37,730
Fomento Economico Mexicano
S.A.B. de C.V., Series UBD
(MXN)
405,925
60,641
Grupo Comercial Chedraui S.A.
de C.V. (MXN)
421,189
30,638
Grupo Financiero Banorte
S.A.B. de C.V., Class O
(MXN)
238,740
105,709
Grupo Financiero Inbursa S.A.B.
de C.V., Class O (MXN) (c)
251,171
11,495
Industrias Penoles S.A.B. de
C.V. (MXN) (c)
149,381
77,817
Orbia Advance Corp. S.A.B. de
C.V. (MXN)
108,591
185,722
Prologis Property Mexico S.A.
de C.V. (MXN)
606,858
15,362
Promotora y Operadora de
Infraestructura S.A.B. de C.V.
(MXN)
142,125
69,862
Qualitas Controladora S.A.B. de
C.V. (MXN)
710,038
 
5,772,577
Total Investments — 100.1%
21,158,644
(Cost $20,597,571)
Net Other Assets and
Liabilities — (0.1)%
(31,464
)
Net Assets — 100.0%
$21,127,180
 
See Notes to Financial Statements
Page 9
First Trust Latin America AlphaDEX® Fund (FLN)
Portfolio of Investments (Continued)
June 30, 2024 (Unaudited)
(a)
Portfolio securities are categorized based upon their country
of incorporation, which can be different from the country
categorization of the Fund’s underlying index.
(b)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(c)
Non-income producing security.
(d)
This security is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the
“1933 Act”) and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. This
security is not restricted on the foreign exchange where it
trades freely without any additional registration.
(e)
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
 
Abbreviations throughout the Portfolio of Investments:
BRL
–  Brazilian Real
CLP
–  Chilean Peso
COP
–  Colombian Peso
MXN
–  Mexican Peso
USD
–  United States Dollar
 
Currency Exposure Diversification
% of Total
Investments
BRL
46.4%
MXN
27.3
CLP
14.1
USD
8.7
COP
3.5
Total
100.0%
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2024 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2024
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$ 21,158,644
$ 21,158,644
$ —
$ —
 
*
See Portfolio of Investments for country breakout.
See Notes to Financial Statements
Page 10
First Trust Brazil AlphaDEX® Fund (FBZ)
Portfolio of Investments
June 30, 2024 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) — 99.2%
Aerospace & Defense — 5.5%
48,568
Embraer S.A. (BRL) (b)
$314,079
Banks — 14.8%
25,452
Banco Bradesco S.A. (Preference
Shares) (BRL)
56,367
31,412
Banco do Brasil S.A. (BRL)
150,089
6,733
Banco Santander Brasil S.A.
(BRL)
33,074
40,263
Inter & Co., Inc., Class A
247,618
25,609
Itau Unibanco Holding S.A.
(Preference Shares) (BRL)
148,475
83,891
Itausa S.A. (Preference Shares)
(BRL)
147,369
5,375
NU Holdings Ltd., Class A (b)
69,284
 
852,276
Beverages — 0.6%
15,840
Ambev S.A. (BRL)
32,331
Capital Markets — 2.2%
17,348
Banco BTG Pactual S.A. (BRL)
95,924
1,717
XP, Inc., Class A
30,202
 
126,126
Commercial Services &
Supplies — 1.2%
23,076
GPS Participacoes e
Empreendimentos S.A.
(BRL) (c)
71,167
Consumer Staples Distribution
& Retail — 1.0%
34,938
Atacadao S.A. (BRL) (b)
56,375
Containers & Packaging —
1.4%
21,533
Klabin S.A. (BRL)
82,587
Diversified Telecommunication
Services — 1.7%
12,209
Telefonica Brasil S.A. (BRL)
99,024
Electric Utilities — 11.7%
32,828
Cia de Transmissao de Energia
Eletrica Paulista (Preference
Shares) (BRL)
154,212
123,143
Cia Energetica de Minas Gerais
(Preference Shares) (BRL)
217,864
62,979
Cia Paranaense de Energia -
Copel, Class B (Preference
Shares) (BRL)
104,775
16,161
Energisa S.A. (BRL)
131,888
12,184
Equatorial Energia S.A. (BRL)
66,891
 
675,630
Financial Services — 7.9%
139,118
Cielo S.A. (BRL)
140,111
Shares
Description
Value
 
Financial Services (Continued)
14,362
Pagseguro Digital Ltd.,
Class A (b)
$167,892
12,416
StoneCo Ltd., Class A (b)
148,868
 
456,871
Food Products — 7.1%
62,994
BRF S.A. (BRL) (b)
255,465
26,193
JBS S.A. (BRL)
151,204
 
406,669
Hotels, Restaurants & Leisure
— 2.3%
33,421
Smartfit Escola de Ginastica e
Danca S.A. (BRL)
129,138
Independent Power and
Renewable Electricity
Producers — 3.8%
65,361
Auren Energia S.A. (BRL)
144,283
15,980
Eneva S.A. (BRL) (b)
36,304
4,798
Engie Brasil Energia S.A. (BRL)
38,014
 
218,601
Insurance — 3.6%
6,463
BB Seguridade Participacoes
S.A. (BRL)
38,072
33,719
Caixa Seguridade Participacoes
S.A. (BRL)
86,317
15,135
Porto Seguro S.A. (BRL)
83,796
 
208,185
Metals & Mining — 12.0%
55,312
Cia Siderurgica Nacional S.A.
(BRL)
127,739
54,922
Gerdau S.A. (Preference Shares)
(BRL)
180,580
100,133
Metalurgica Gerdau S.A.
(Preference Shares) (BRL)
190,769
70,233
Usinas Siderurgicas de Minas
Gerais S.A.Usiminas, Class A
(Preference Shares) (BRL)
99,380
8,452
Vale S.A. (BRL)
94,074
 
692,542
Oil, Gas & Consumable Fuels
— 8.1%
11,234
Cosan S.A. (BRL)
27,210
30,470
Petroleo Brasileiro S.A.
(Preference Shares) (BRL)
207,399
9,446
PRIO S.A. (BRL)
73,945
41,020
Ultrapar Participacoes S.A.
(BRL)
158,500
 
467,054
Paper & Forest Products —
2.8%
15,638
Suzano S.A. (BRL)
159,482
See Notes to Financial Statements
Page 11
First Trust Brazil AlphaDEX® Fund (FBZ)
Portfolio of Investments (Continued)
June 30, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (Continued)
Pharmaceuticals — 0.6%
6,084
Hypera S.A. (BRL)
$31,236
Real Estate Management &
Development — 2.7%
40,958
Allos S.A. (BRL)
154,744
Software — 0.6%
6,456
TOTVS S.A. (BRL)
35,144
Specialty Retail — 3.8%
24,970
Lojas Renner S.A. (BRL)
55,746
107,935
Raizen S.A. (Preference Shares)
(BRL)
56,959
28,667
Vibra Energia S.A. (BRL)
107,179
 
219,884
Water Utilities — 2.0%
8,657
Cia de Saneamento Basico do
Estado de Sao Paulo SABESP
(BRL)
116,101
Wireless Telecommunication
Services — 1.8%
36,390
TIM S.A. (BRL)
103,374
Total Investments — 99.2%
5,708,620
(Cost $5,192,853)
Net Other Assets and
Liabilities — 0.8%
46,933
Net Assets — 100.0%
$5,755,553
 
(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.
 
Abbreviations throughout the Portfolio of Investments:
BRL
–  Brazilian Real
USD
–  United States Dollar
 
Currency Exposure Diversification
% of Total
Investments
BRL
88.4%
USD
11.6
Total
100.0%
 
Country Allocation†
% of Net
Assets
Brazil
87.7%
Cayman Islands
11.5
Total Investments
99.2
Net Other Assets and Liabilities
0.8
Total
100.0%
 
†
Portfolio securities are categorized based upon their country of
incorporation, which can be different from the country
categorization of the Fund’s underlying index.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2024 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2024
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$ 5,708,620
$ 5,708,620
$ —
$ —
 
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 12
First Trust China AlphaDEX® Fund (FCA)
Portfolio of Investments
June 30, 2024 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) — 98.6%
Air Freight & Logistics —
2.8%
292,430
Sinotrans Ltd., Class H (HKD)
$142,301
Automobiles — 7.2%
272,921
Chongqing Changan Automobile
Co., Ltd., Class B (HKD)
128,264
245,598
Dongfeng Motor Group Co.,
Ltd., Class H (HKD) (b)
70,135
70,786
Great Wall Motor Co., Ltd.,
Class H (HKD)
109,138
6,502
Li Auto, Inc., Class A (HKD) (b)
58,533
 
366,070
Banks — 8.9%
79,238
Agricultural Bank of China Ltd.,
Class H (HKD)
33,891
160,540
Bank of China Ltd., Class H
(HKD)
79,149
48,604
Bank of Communications Co.,
Ltd., Class H (HKD)
38,154
129,668
China CITIC Bank Corp., Ltd.,
Class H (HKD)
83,190
102,366
China Construction Bank Corp.,
Class H (HKD)
75,637
206,414
China Everbright Bank Co., Ltd.,
Class H (HKD)
64,231
78,842
Chongqing Rural Commercial
Bank Co., Ltd., Class H
(HKD)
38,669
62,572
Industrial & Commercial Bank
of China Ltd., Class H (HKD)
37,179
 
450,100
Biotechnology — 2.0%
15,714
Akeso, Inc. (HKD) (b) (c) (d)
75,964
5,714
Innovent Biologics, Inc.
(HKD) (b) (c) (d)
26,927
 
102,891
Capital Markets — 1.1%
48,542
Huatai Securities Co., Ltd.,
Class H (HKD) (c) (d)
53,645
Chemicals — 2.2%
32,458
Ganfeng Lithium Group Co.,
Ltd., Class H (HKD) (c) (d)
63,262
16,610
Tianqi Lithium Corp., Class H
(HKD) (e)
47,645
 
110,907
Communications Equipment
— 3.2%
32,714
BYD Electronic International
Co., Ltd. (HKD)
163,380
Shares
Description
Value
 
Diversified Consumer Services
— 3.3%
21,628
New Oriental Education &
Technology Group, Inc.
(HKD) (b)
$165,346
Diversified Telecommunication
Services — 2.2%
875,289
China Tower Corp., Ltd.,
Class H (HKD) (c) (d)
113,207
Financial Services — 1.8%
117,842
Shandong Hi-Speed Holdings
Group Ltd. (HKD) (b) (e)
92,203
Food Products — 0.5%
55,826
China Feihe Ltd. (HKD) (c) (d)
25,808
Gas Utilities — 6.4%
44,024
Beijing Enterprises Holdings
Ltd. (HKD)
147,704
169,984
Kunlun Energy Co., Ltd. (HKD)
176,317
 
324,021
Independent Power and
Renewable Electricity
Producers — 7.7%
250,174
China Power International
Development Ltd. (HKD)
129,748
29,588
China Resources Power
Holdings Co., Ltd. (HKD)
90,745
138,158
Huadian Power International
Corp., Ltd., Class H
(HKD) (e)
83,683
115,144
Huaneng Power International,
Inc., Class H (HKD) (b)
85,373
 
389,549
Insurance — 1.9%
78,144
PICC Property & Casualty Co.,
Ltd., Class H (HKD)
97,066
Machinery — 6.7%
62,214
Sinotruk Hong Kong Ltd. (HKD)
161,728
91,858
Weichai Power Co., Ltd.,
Class H (HKD)
175,740
 
337,468
Marine Transportation —
8.8%
152,198
COSCO SHIPPING Holdings
Co., Ltd., Class H (HKD)
266,233
10,992
Orient Overseas International
Ltd. (HKD)
178,342
 
444,575
Metals & Mining — 4.9%
62,142
Aluminum Corp. of China Ltd.,
Class H (HKD)
42,414
See Notes to Financial Statements
Page 13
First Trust China AlphaDEX® Fund (FCA)
Portfolio of Investments (Continued)
June 30, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (Continued)
Metals & Mining (Continued)
21,904
Jiangxi Copper Co., Ltd.,
Class H (HKD)
$43,701
75,714
Zijin Mining Group Co., Ltd.,
Class H (HKD)
159,785
 
245,900
Oil, Gas & Consumable Fuels
— 13.0%
100,582
China Coal Energy Co., Ltd.,
Class H (HKD)
117,467
117,048
China Petroleum & Chemical
Corp., Class H (HKD)
75,843
8,928
China Shenhua Energy Co., Ltd.,
Class H (HKD)
41,101
99,343
Inner Mongolia Yitai Coal Co.,
Ltd., Class B
178,420
185,936
PetroChina Co., Ltd., Class H
(HKD)
188,102
41,331
Yankuang Energy Group Co.,
Ltd., Class H (HKD)
59,067
 
660,000
Personal Care Products —
0.8%
6,858
Giant Biogene Holding Co., Ltd
(HKD) (c) (d)
40,266
Real Estate Management &
Development — 2.1%
76,420
Longfor Group Holdings Ltd.
(HKD) (c) (d)
104,907
Semiconductors &
Semiconductor Equipment
— 5.7%
964,274
GCL Technology Holdings Ltd.
(HKD) (b)
143,239
51,112
Hua Hong Semiconductor Ltd.
(HKD) (c) (d)
144,322
 
287,561
Specialty Retail — 1.1%
38,428
Zhongsheng Group Holdings
Ltd. (HKD)
56,197
Technology Hardware, Storage
& Peripherals — 4.3%
87,366
Lenovo Group Ltd. (HKD)
123,289
45,972
Xiaomi Corp., Class B
(HKD) (b) (c) (d)
97,018
 
220,307
Total Common Stocks
4,993,675
(Cost $4,909,048)
 
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 3.9%
$194,832
Mizuho Financial Group, Inc.,
5.32% (f), dated 06/28/24, due
07/01/24, with a maturity
value of $194,918.
Collateralized by
U.S. Treasury Securities,
interest rates of 0.50% to
5.00%, due 07/31/24 to
09/30/29. The value of the
collateral including accrued
interest is $198,729. (g)
$194,832
(Cost $194,832)
Total Investments — 102.5%
5,188,507
(Cost $5,103,880)
Net Other Assets and
Liabilities — (2.5)%
(125,468
)
Net Assets — 100.0%
$5,063,039
 
(a)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(b)
Non-income producing security.
(c)
This security is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the
“1933 Act”) and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. This
security is not restricted on the foreign exchange where it
trades freely without any additional registration.
(d)
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
(e)
All or a portion of this security is on loan (see Note 2E -
Securities Lending in the Notes to Financial Statements). The
remaining contractual maturity of all of the securities lending
transactions is overnight and continuous. The aggregate
value of such securities, including those sold and pending
settlement, is $180,039 and the total value of the collateral
held by the Fund is $194,832.
(f)
Rate shown reflects yield as of June 30, 2024.
(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
92.8%
USD
7.2
Total
100.0%
 
See Notes to Financial Statements
Page 14
First Trust China AlphaDEX® Fund (FCA)
Portfolio of Investments (Continued)
June 30, 2024 (Unaudited)
Country Allocation†
% of Net
Assets
China
55.1%
Hong Kong
19.0
Cayman Islands
15.7
Bermuda
8.8
United States
3.9
Total Investments
102.5
Net Other Assets and Liabilities
(2.5)
Total
100.0%
 
†
Portfolio securities are categorized based upon their country of
incorporation, which can be different from the country
categorization of the Fund’s underlying index.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2024 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2024
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$ 4,993,675
$ 4,993,675
$ —
$ —
Repurchase Agreements
 194,832
 —
 194,832
 —
Total Investments
$5,188,507
$4,993,675
$194,832
$—
 
*
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)
$180,039
Non-cash Collateral(2)
(180,039
)
Net Amount
$—
 
(1)
The amount presented on the Statements of Assets and
Liabilities, which is included in “Investments, at value,” is not
offset and is shown on a gross basis.
(2)
At June 30, 2024, the value of the collateral received from
each borrower exceeded the value of the related securities
loaned. This amount is disclosed on the Portfolio of
Investments.
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
 
Repurchase Agreements
Total gross amount presented on the Statements
of Assets and Liabilities(3)
$194,832
Non-cash Collateral(4)
(194,832
)
Net Amount
$—
 
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At June 30, 2024, the value of the collateral received from
each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements
Page 15
First Trust Japan AlphaDEX® Fund (FJP)
Portfolio of Investments
June 30, 2024 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) — 99.6%
Automobile Components —
5.8%
35,400
Aisin Corp. (JPY)
$1,153,597
44,900
Bridgestone Corp. (JPY)
1,764,297
79,600
Koito Manufacturing Co., Ltd.
(JPY)
1,097,846
104,500
Niterra Co., Ltd. (JPY)
3,033,222
97,500
Sumitomo Electric Industries
Ltd. (JPY)
1,516,525
108,000
Yokohama Rubber (The) Co.,
Ltd. (JPY)
2,387,693
 
10,953,180
Automobiles — 11.7%
238,700
Honda Motor Co., Ltd. (JPY)
2,551,830
144,500
Isuzu Motors Ltd. (JPY)
1,913,913
287,100
Mazda Motor Corp. (JPY)
2,776,603
974,100
Mitsubishi Motors Corp. (JPY)
2,683,331
631,400
Nissan Motor Co., Ltd. (JPY)
2,142,341
169,100
Subaru Corp. (JPY)
3,584,008
232,100
Suzuki Motor Corp. (JPY)
2,670,254
67,600
Toyota Motor Corp. (JPY)
1,382,336
277,600
Yamaha Motor Co., Ltd.
(JPY) (b)
2,569,124
 
22,273,740
Banks — 0.8%
72,200
Mitsubishi UFJ Financial Group,
Inc. (JPY)
775,895
36,300
Mizuho Financial Group, Inc.
(JPY)
757,632
 
1,533,527
Broadline Retail — 1.9%
26,000
Pan Pacific International
Holdings Corp. (JPY)
608,267
185,400
Ryohin Keikaku Co., Ltd. (JPY)
3,081,357
 
3,689,624
Capital Markets — 4.7%
460,900
Daiwa Securities Group, Inc.
(JPY)
3,514,975
684,900
Nomura Holdings, Inc. (JPY)
3,924,904
55,200
SBI Holdings, Inc. (JPY)
1,395,353
 
8,835,232
Chemicals — 4.2%
145,200
Kansai Paint Co., Ltd. (JPY)
2,337,423
202,500
Mitsubishi Chemical Group
Corp. (JPY)
1,124,077
20,900
Mitsui Chemicals, Inc. (JPY)
576,767
92,600
Nippon Sanso Holdings Corp.
(JPY)
2,739,036
Shares
Description
Value
 
Chemicals (Continued)
14,800
Shin-Etsu Chemical Co., Ltd.
(JPY)
$573,823
48,500
Tosoh Corp. (JPY)
632,438
 
7,983,564
Commercial Services &
Supplies — 2.5%
83,900
Dai Nippon Printing Co., Ltd.
(JPY)
2,822,219
66,700
TOPPAN Holdings, Inc. (JPY)
1,837,784
 
4,660,003
Construction & Engineering
— 1.0%
111,400
Kajima Corp. (JPY)
1,925,907
Consumer Staples Distribution
& Retail — 2.6%
60,000
Lawson, Inc. (JPY)
3,852,321
20,200
Tsuruha Holdings, Inc. (JPY)
1,150,053
 
5,002,374
Electric Utilities — 4.8%
240,200
Chubu Electric Power Co., Inc.
(JPY)
2,838,089
187,000
Kansai Electric Power (The) Co.,
Inc. (JPY)
3,140,494
591,500
Tokyo Electric Power Company
Holdings, Inc. (JPY) (c)
3,184,519
 
9,163,102
Electrical Equipment — 0.4%
43,800
Mitsubishi Electric Corp. (JPY)
698,965
Electronic Equipment,
Instruments & Components
— 1.4%
40,700
Canon Marketing Japan, Inc.
(JPY)
1,131,778
12,900
TDK Corp. (JPY)
790,966
32,600
Yokogawa Electric Corp. (JPY)
788,203
 
2,710,947
Entertainment — 0.8%
92,300
Toei Animation Co., Ltd.
(JPY) (b)
1,429,620
Financial Services — 0.9%
92,400
Mitsubishi HC Capital, Inc.
(JPY)
609,912
114,600
Tokyo Century Corp. (JPY)
1,074,843
 
1,684,755
Food Products — 3.6%
46,100
Nisshin Seifun Group, Inc. (JPY)
529,940
53,400
Nissin Foods Holdings Co., Ltd.
(JPY)
1,354,831
See Notes to Financial Statements
Page 16
First Trust Japan AlphaDEX® Fund (FJP)
Portfolio of Investments (Continued)
June 30, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (Continued)
Food Products (Continued)
36,000
Toyo Suisan Kaisha Ltd. (JPY)
$2,133,507
136,000
Yamazaki Baking Co., Ltd.
(JPY)
2,791,174
 
6,809,452
Gas Utilities — 3.3%
148,500
Osaka Gas Co., Ltd. (JPY)
3,270,156
135,100
Tokyo Gas Co., Ltd. (JPY)
2,901,178
 
6,171,334
Ground Transportation —
2.1%
24,400
Central Japan Railway Co. (JPY)
526,703
52,500
Keisei Electric Railway Co., Ltd.
(JPY)
1,688,980
134,100
Seibu Holdings, Inc. (JPY)
1,847,844
 
4,063,527
Health Care Equipment &
Supplies — 0.4%
42,900
Olympus Corp. (JPY)
691,536
Hotels, Restaurants & Leisure
— 1.2%
59,200
Zensho Holdings Co., Ltd. (JPY)
2,262,913
Household Durables — 3.7%
47,800
Haseko Corp. (JPY)
528,239
250,600
Panasonic Holdings Corp. (JPY)
2,051,341
86,000
Sekisui Chemical Co., Ltd.
(JPY)
1,189,856
6,500
Sony Group Corp. (JPY)
551,060
83,300
Sumitomo Forestry Co., Ltd.
(JPY)
2,649,301
 
6,969,797
Industrial Conglomerates —
0.5%
43,000
Hitachi Ltd. (JPY)
962,415
Insurance — 2.4%
138,900
Japan Post Holdings Co., Ltd.
(JPY)
1,377,000
141,800
MS&AD Insurance Group
Holdings, Inc. (JPY)
3,150,817
 
4,527,817
Interactive Media & Services
— 0.7%
525,200
LY Corp. (JPY)
1,269,503
IT Services — 2.7%
41,800
NEC Corp. (JPY)
3,441,115
31,300
SCSK Corp. (JPY)
625,066
12,100
SHIFT, Inc. (JPY) (c)
1,096,513
 
5,162,694
Machinery — 7.4%
262,000
Ebara Corp. (JPY)
4,141,942
Shares
Description
Value
 
Machinery (Continued)
70,400
Hitachi Construction Machinery
Co., Ltd. (JPY)
$1,885,034
71,100
Komatsu Ltd. (JPY)
2,064,194
120,800
MINEBEA MITSUMI, Inc.
(JPY)
2,473,964
212,100
Mitsubishi Heavy Industries Ltd.
(JPY)
2,271,417
15,200
Toyota Industries Corp. (JPY)
1,281,546
 
14,118,097
Marine Transportation —
4.7%
217,000
Kawasaki Kisen Kaisha Ltd.
(JPY)
3,156,069
96,800
Mitsui OSK Lines Ltd. (JPY)
2,898,766
100,000
Nippon Yusen KK (JPY)
2,910,063
 
8,964,898
Metals & Mining — 3.7%
120,000
JFE Holdings, Inc. (JPY)
1,727,019
191,800
Kobe Steel Ltd. (JPY)
2,380,065
135,400
Nippon Steel Corp. (JPY)
2,862,175
 
6,969,259
Oil, Gas & Consumable Fuels
— 4.2%
312,200
ENEOS Holdings, Inc. (JPY)
1,603,981
455,200
Idemitsu Kosan Co., Ltd. (JPY)
2,946,677
229,400
Inpex Corp. (JPY)
3,374,913
 
7,925,571
Paper & Forest Products —
1.0%
483,300
Oji Holdings Corp. (JPY)
1,906,886
Passenger Airlines — 0.3%
28,600
ANA Holdings, Inc. (JPY)
527,862
Pharmaceuticals — 2.3%
65,500
Chugai Pharmaceutical Co., Ltd.
(JPY)
2,327,044
69,600
Ono Pharmaceutical Co., Ltd.
(JPY)
950,192
25,800
Shionogi & Co., Ltd. (JPY)
1,006,567
 
4,283,803
Professional Services — 0.8%
29,300
Recruit Holdings Co., Ltd. (JPY)
1,567,438
Real Estate Management &
Development — 1.5%
61,500
Daiwa House Industry Co., Ltd.
(JPY)
1,558,428
151,800
Mitsui Fudosan Co., Ltd. (JPY)
1,385,533
 
2,943,961
See Notes to Financial Statements
Page 17
First Trust Japan AlphaDEX® Fund (FJP)
Portfolio of Investments (Continued)
June 30, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (Continued)
Semiconductors &
Semiconductor Equipment
— 2.3%
22,000
SCREEN Holdings Co., Ltd.
(JPY)
$1,982,721
165,500
SUMCO Corp. (JPY)
2,381,846
 
4,364,567
Technology Hardware, Storage
& Peripherals — 2.1%
77,700
Brother Industries Ltd. (JPY)
1,367,199
242,300
Ricoh Co., Ltd. (JPY)
2,071,500
41,400
Seiko Epson Corp. (JPY)
643,040
 
4,081,739
Trading Companies &
Distributors — 5.2%
117,800
Marubeni Corp. (JPY)
2,178,594
38,800
Mitsubishi Corp. (JPY)
759,167
98,800
Mitsui & Co., Ltd. (JPY)
2,242,021
55,000
Sojitz Corp. (JPY)
1,336,286
85,100
Sumitomo Corp. (JPY)
2,124,723
63,000
Toyota Tsusho Corp. (JPY)
1,226,403
 
9,867,194
Total Common Stocks
188,956,803
(Cost $173,999,129)
MONEY MARKET FUNDS — 0.2%
322,223
Dreyfus Government Cash
Management Fund,
Institutional Shares -
5.19% (d)
322,223
(Cost $322,223)
 
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 1.9%
$1,076,987
Bank of America Corp.,
5.31% (d), dated 06/28/24,
due 07/01/24, with a maturity
value of $1,077,464.
Collateralized by
U.S. Treasury Securities,
interest rates of 0.00% to
4.63%, due 08/15/24 to
11/15/47. The value of the
collateral including accrued
interest is $1,098,527. (e)
1,076,987
Principal
Value
Description
Value
 
$1,256,484
Daiwa Capital Markets America,
Inc., 5.34% (d), dated
06/28/24, due 07/01/24, with a
maturity value of $1,257,043.
Collateralized by
U.S. Treasury Securities,
interest rates of 0.00% to
4.88%, due 10/17/24 to
08/15/53. The value of the
collateral including accrued
interest is $1,281,614. (e)
$1,256,484
1,256,484
Mizuho Financial Group, Inc.,
5.32% (d), dated 06/28/24,
due 07/01/24, with a maturity
value of $1,257,041.
Collateralized by
U.S. Treasury Securities,
interest rates of 0.50% to
5.00%, due 07/31/24 to
09/30/29. The value of the
collateral including accrued
interest is $1,281,614. (e)
1,256,484
Total Repurchase Agreements
3,589,955
(Cost $3,589,955)
Total Investments — 101.7%
192,868,981
(Cost $177,911,307)
Net Other Assets and
Liabilities — (1.7)%
(3,181,924
)
Net Assets — 100.0%
$189,687,057
 
(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, including those sold and pending
settlement, is $3,408,132 and the total value of the collateral
held by the Fund is $3,589,955.
(c)
Non-income producing security.
(d)
Rate shown reflects yield as of June 30, 2024.
(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
98.0%
USD
2.0
Total
100.0%
 
See Notes to Financial Statements
Page 18
First Trust Japan AlphaDEX® Fund (FJP)
Portfolio of Investments (Continued)
June 30, 2024 (Unaudited)
Country Allocation†
% of Net
Assets
Japan
99.6%
United States
2.1
Total Investments
101.7
Net Other Assets and Liabilities
(1.7)
Total
100.0%
 
†
Portfolio securities are categorized based upon their country of
incorporation, which can be different from the country
categorization of the Fund’s underlying index.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2024 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2024
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$ 188,956,803
$ 188,956,803
$ —
$ —
Money Market
Funds
 322,223
 322,223
 —
 —
Repurchase
Agreements
 3,589,955
 —
 3,589,955
 —
Total Investments
$192,868,981
$189,279,026
$3,589,955
$—
 
*
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)
$3,408,132
Non-cash Collateral(2)
(3,408,132
)
Net Amount
$—
 
(1)
The amount presented on the Statements of Assets and
Liabilities, which is included in “Investments, at value,” is not
offset and is shown on a gross basis.
(2)
At June 30, 2024, the value of the collateral received from
each borrower exceeded the value of the related securities
loaned. This amount is disclosed on the Portfolio of
Investments.
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
 
Repurchase Agreements
Total gross amount presented on the Statements
of Assets and Liabilities(3)
$3,589,955
Non-cash Collateral(4)
(3,589,955
)
Net Amount
$—
 
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At June 30, 2024, the value of the collateral received from
each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements
Page 19
First Trust Developed Markets ex-US AlphaDEX® Fund (FDT)
Portfolio of Investments
June 30, 2024 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) (b) — 99.7%
Australia — 3.0%
87,996
BlueScope Steel Ltd. (AUD)
$1,199,281
54,441
Fortescue Ltd. (AUD)
777,558
21,776
JB Hi-Fi Ltd. (AUD)
889,181
39,324
NEXTDC Ltd. (AUD) (c)
462,487
152,080
Origin Energy Ltd. (AUD)
1,101,772
77,173
QBE Insurance Group Ltd.
(AUD)
895,271
24,896
Reece Ltd. (AUD)
418,025
11,491
Rio Tinto Ltd. (AUD)
912,209
270,801
Santos Ltd. (AUD)
1,383,785
34,318
Seven Group Holdings Ltd.
(AUD)
862,626
42,709
Suncorp Group Ltd. (AUD)
496,030
667,528
Yancoal Australia Ltd.
(AUD) (d)
2,947,930
 
12,346,155
Austria — 1.7%
28,797
BAWAG Group AG
(EUR) (e) (f)
1,822,653
30,697
Erste Group Bank AG (EUR)
1,454,389
20,211
OMV AG (EUR)
880,085
68,677
Raiffeisen Bank International
AG (EUR)
1,192,976
65,014
voestalpine AG (EUR)
1,755,987
 
7,106,090
Belgium — 0.7%
49,345
Colruyt Group N.V. (EUR)
2,355,877
2,055
D’ieteren Group (EUR)
435,979
 
2,791,856
Bermuda — 0.2%
58,272
Hiscox Ltd. (GBP)
847,105
Canada — 6.3%
102,297
ARC Resources Ltd. (CAD)
1,825,277
33,445
AtkinsRealis Group, Inc. (CAD)
1,447,764
21,709
Brookfield Asset Management
Ltd., Class A (CAD)
826,435
20,020
Canadian Utilities Ltd., Class A
(CAD)
432,433
50,741
Celestica, Inc. (CAD) (c)
2,905,632
45,840
Cenovus Energy, Inc. (CAD)
901,018
18,671
Empire Co., Ltd., Class A
(CAD)
477,267
2,115
Fairfax Financial Holdings Ltd.
(CAD)
2,406,080
35,363
IGM Financial, Inc. (CAD) (d)
976,324
6,610
Imperial Oil Ltd. (CAD)
450,700
148,645
Kinross Gold Corp. (CAD)
1,237,577
133,684
Lundin Mining Corp. (CAD)
1,488,255
8,370
Magna International, Inc. (CAD)
350,817
54,770
Manulife Financial Corp. (CAD)
1,458,478
Shares
Description
Value
 
Canada (Continued)
19,859
MEG Energy Corp. (CAD) (c)
$424,892
6,087
Onex Corp. (CAD)
413,883
49,420
Suncor Energy, Inc. (CAD)
1,883,888
9,962
Teck Resources Ltd., Class B
(CAD)
477,401
29,476
Tourmaline Oil Corp. (CAD)
1,336,929
222,968
Veren, Inc. (CAD)
1,758,580
301,279
Whitecap Resources, Inc. (CAD)
2,204,454
 
25,684,084
Cayman Islands — 1.0%
332,911
CK Asset Holdings Ltd. (HKD)
1,246,970
377,839
CK Hutchison Holdings Ltd.
(HKD)
1,809,590
273,200
MGM China Holdings Ltd.
(HKD)
425,418
249,616
SITC International Holdings Co.,
Ltd. (HKD)
677,657
 
4,159,635
Denmark — 2.3%
1,836
A.P. Moller - Maersk A/S,
Class B (DKK)
3,191,427
45,771
Danske Bank A/S (DKK)
1,363,817
11,060
NKT A/S (DKK) (c)
968,002
3,576
Novo Nordisk A/S, Class B
(DKK)
516,381
5,657
Pandora A/S (DKK)
853,761
18,501
Zealand Pharma A/S (DKK) (c)
2,371,106
 
9,264,494
Finland — 1.0%
26,187
Cargotec Oyj, Class B (EUR)
2,101,971
35,135
Konecranes Oyj (EUR)
1,992,395
 
4,094,366
France — 3.8%
19,519
Accor S.A. (EUR)
800,619
11,171
Bouygues S.A. (EUR)
358,549
79,860
Carrefour S.A. (EUR)
1,128,945
23,794
Cie Generale des Etablissements
Michelin S.C.A. (EUR)
920,162
61,174
Credit Agricole S.A. (EUR)
834,652
26,006
Eurazeo SE (EUR)
2,070,732
38,813
Orange S.A. (EUR)
388,816
27,092
Renault S.A. (EUR)
1,388,039
33,767
Rexel S.A. (EUR)
873,693
4,024
Safran S.A. (EUR)
850,696
26,354
SCOR SE (EUR)
667,776
17,033
Societe Generale S.A. (EUR)
399,854
12,136
SPIE S.A. (EUR)
439,040
14,074
Teleperformance SE (EUR)
1,482,235
26,632
TotalEnergies SE (EUR)
1,777,748
73,708
Vallourec SACA (EUR) (c)
1,156,041
 
15,537,597
See Notes to Financial Statements
Page 20
First Trust Developed Markets ex-US AlphaDEX® Fund (FDT)
Portfolio of Investments (Continued)
June 30, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Germany — 5.2%
15,804
Bayerische Motoren Werke AG
(EUR)
$1,495,858
99,589
Commerzbank AG (EUR)
1,512,900
12,634
Continental AG (EUR)
715,758
10,251
CTS Eventim AG & Co. KGaA
(EUR)
855,211
44,995
Daimler Truck Holding AG
(EUR)
1,791,126
144,902
Deutsche Bank AG (EUR)
2,313,466
232,161
Deutsche Lufthansa AG (EUR)
1,419,694
37,563
Deutsche Telekom AG (EUR)
944,556
11,854
Fresenius Medical Care AG
(EUR)
453,975
12,435
Heidelberg Materials AG (EUR)
1,289,378
17,326
KION Group AG (EUR)
725,326
22,901
Mercedes-Benz Group AG
(EUR)
1,583,633
43,016
Porsche Automobil Holding SE
(Preference Shares) (EUR)
1,944,530
2,433
Rheinmetall AG (EUR)
1,239,495
13,433
RWE AG (EUR)
459,635
67,615
Schaeffler AG (Preference
Shares) (EUR)
389,216
20,259
United Internet AG (EUR)
436,531
13,761
Volkswagen AG (Preference
Shares) (EUR)
1,553,317
 
21,123,605
Greece — 1.2%
518,517
Alpha Services and Holdings
S.A. (EUR) (c)
846,009
237,145
Eurobank Ergasias Services and
Holdings S.A. (EUR) (c)
513,274
30,914
Hellenic Telecommunications
Organization S.A. (EUR)
444,963
11,818
Metlen Energy & Metals S.A.
(EUR)
441,205
116,481
National Bank of Greece S.A.
(EUR) (c)
971,018
436,111
Piraeus Financial Holdings S.A.
(EUR) (c)
1,590,784
 
4,807,253
Hong Kong — 0.8%
94,500
Sun Hung Kai Properties Ltd.
(HKD)
817,446
277,500
Swire Pacific Ltd., Class A
(HKD)
2,451,963
 
3,269,409
Ireland — 0.5%
21,165
CRH PLC (GBP)
1,577,449
4,019
Ryanair Holdings PLC, ADR
467,972
 
2,045,421
Shares
Description
Value
 
Israel — 0.7%
258,041
ICL Group Ltd. (ILS)
$1,114,224
96,209
Teva Pharmaceutical Industries
Ltd. (ILS) (c)
1,578,692
 
2,692,916
Italy — 4.8%
301,851
Banca Monte dei Paschi di Siena
S.p.A. (EUR)
1,417,528
342,568
Banco BPM S.p.A. (EUR)
2,206,376
482,410
BPER Banca S.p.A. (EUR)
2,439,044
46,439
Buzzi S.p.A. (EUR)
1,868,999
86,549
Eni S.p.A. (EUR)
1,330,468
376,977
Intesa Sanpaolo S.p.A. (EUR)
1,401,325
72,610
Leonardo S.p.A. (EUR)
1,685,874
148,905
Pirelli & C S.p.A. (EUR) (e) (f)
886,653
934,110
Saipem S.p.A. (EUR) (c)
2,392,922
60,070
UniCredit S.p.A. (EUR)
2,226,209
163,247
Unipol Gruppo S.p.A. (EUR)
1,622,417
 
19,477,815
Japan — 36.1%
25,200
AGC, Inc. (JPY) (d)
815,409
33,700
Aisin Corp. (JPY)
1,098,198
43,700
ANA Holdings, Inc. (JPY)
806,558
116,800
Asics Corp. (JPY)
1,786,592
10,300
Bridgestone Corp. (JPY)
404,727
24,700
Brother Industries Ltd. (JPY)
434,618
18,400
Central Japan Railway Co. (JPY)
397,186
174,900
Chubu Electric Power Co., Inc.
(JPY)
2,066,535
36,500
Cosmo Energy Holdings Co.,
Ltd. (JPY)
1,837,591
44,800
Dai Nippon Printing Co., Ltd.
(JPY)
1,506,977
89,700
Dai-ichi Life Holdings, Inc.
(JPY)
2,396,237
46,200
Daiwa House Industry Co., Ltd.
(JPY)
1,170,722
301,400
Daiwa Securities Group, Inc.
(JPY)
2,298,575
71,800
Denso Corp. (JPY)
1,114,777
101,000
Ebara Corp. (JPY)
1,596,703
285,200
ENEOS Holdings, Inc. (JPY)
1,465,264
3,000
Fast Retailing Co., Ltd. (JPY)
756,293
27,400
Fuji Electric Co., Ltd. (JPY)
1,558,610
123,900
Fujikura Ltd. (JPY)
2,445,810
30,400
Hitachi Construction Machinery
Co., Ltd. (JPY)
813,992
25,000
Hitachi Ltd. (JPY)
559,544
148,300
Honda Motor Co., Ltd. (JPY)
1,585,406
13,300
Horiba Ltd. (JPY)
1,072,994
334,300
Idemitsu Kosan Co., Ltd. (JPY)
2,164,047
150,200
Inpex Corp. (JPY)
2,209,730
See Notes to Financial Statements
Page 21
First Trust Developed Markets ex-US AlphaDEX® Fund (FDT)
Portfolio of Investments (Continued)
June 30, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Japan (Continued)
84,600
Isetan Mitsukoshi Holdings Ltd.
(JPY)
$1,587,992
135,500
Isuzu Motors Ltd. (JPY)
1,794,708
24,100
Japan Airlines Co., Ltd. (JPY)
380,246
16,900
Japan Exchange Group, Inc.
(JPY)
394,113
136,100
Japan Post Holdings Co., Ltd.
(JPY)
1,349,242
110,600
JFE Holdings, Inc. (JPY)
1,591,735
111,600
Kajima Corp. (JPY)
1,929,364
160,700
Kansai Electric Power (The) Co.,
Inc. (JPY)
2,698,809
69,700
Kawasaki Heavy Industries Ltd.
(JPY)
2,646,945
102,000
Kawasaki Kisen Kaisha Ltd.
(JPY)
1,483,498
135,200
Kobe Steel Ltd. (JPY)
1,677,710
67,900
Koito Manufacturing Co., Ltd.
(JPY)
936,479
31,000
Komatsu Ltd. (JPY)
900,000
254,900
Kyushu Electric Power Co., Inc.
(JPY)
2,625,205
33,400
Lawson, Inc. (JPY)
2,144,459
196,100
Mazda Motor Corp. (JPY)
1,896,523
225,400
Mitsubishi Chemical Group
Corp. (JPY)
1,251,195
79,300
Mitsubishi Corp. (JPY)
1,551,597
82,200
Mitsubishi Electric Corp. (JPY)
1,311,756
50,300
Mitsubishi Estate Co., Ltd. (JPY)
787,843
253,000
Mitsubishi Heavy Industries Ltd.
(JPY)
2,709,423
697,000
Mitsubishi Motors Corp. (JPY)
1,920,010
135,000
Mitsubishi UFJ Financial Group,
Inc. (JPY)
1,450,774
39,200
Mitsui & Co., Ltd. (JPY)
889,547
85,100
Mitsui Fudosan Co., Ltd. (JPY)
776,738
74,900
Mitsui OSK Lines Ltd. (JPY)
2,242,950
92,500
Mizuho Financial Group, Inc.
(JPY)
1,930,605
129,600
MS&AD Insurance Group
Holdings, Inc. (JPY)
2,879,731
25,100
NEC Corp. (JPY)
2,066,315
34,000
NGK Insulators Ltd. (JPY)
435,328
17,900
NIPPON EXPRESS
HOLDINGS, Inc. (JPY) (d)
824,964
29,200
Nippon Sanso Holdings Corp.
(JPY)
863,713
95,200
Nippon Steel Corp. (JPY)
2,012,401
66,600
Nippon Yusen KK (JPY)
1,938,102
462,700
Nissan Motor Co., Ltd. (JPY)
1,569,942
55,200
Niterra Co., Ltd. (JPY)
1,602,238
Shares
Description
Value
 
Japan (Continued)
358,200
Nomura Holdings, Inc. (JPY)
$2,052,709
86,500
NTT Data Group Corp. (JPY)
1,269,892
192,600
Obayashi Corp. (JPY)
2,288,838
330,200
Oji Holdings Corp. (JPY)
1,302,822
83,700
Ono Pharmaceutical Co., Ltd.
(JPY)
1,142,688
101,600
Osaka Gas Co., Ltd. (JPY)
2,237,360
17,200
Pan Pacific International
Holdings Corp. (JPY)
402,392
240,100
Panasonic Holdings Corp. (JPY)
1,965,391
39,400
Resonac Holdings Corp. (JPY)
862,495
103,000
Ricoh Co., Ltd. (JPY)
880,580
28,600
Rohm Co., Ltd. (JPY)
382,187
28,000
Ryohin Keikaku Co., Ltd. (JPY)
465,361
52,400
SBI Holdings, Inc. (JPY)
1,324,575
3,500
SCREEN Holdings Co., Ltd.
(JPY)
315,433
87,700
Seibu Holdings, Inc. (JPY)
1,208,471
31,300
Sekisui Chemical Co., Ltd.
(JPY)
433,052
67,400
Socionext, Inc. (JPY)
1,595,665
17,400
Sojitz Corp. (JPY)
422,752
87,400
Sompo Holdings, Inc. (JPY)
1,865,989
100,800
Subaru Corp. (JPY)
2,136,416
58,000
SUMCO Corp. (JPY)
834,726
57,100
Sumitomo Corp. (JPY)
1,425,637
118,300
Sumitomo Electric Industries
Ltd. (JPY)
1,840,051
29,100
Sumitomo Forestry Co., Ltd.
(JPY)
925,506
31,300
Sumitomo Mitsui Financial
Group, Inc. (JPY)
2,086,472
42,400
Sumitomo Mitsui Trust
Holdings, Inc. (JPY)
967,170
12,300
Sumitomo Realty &
Development Co., Ltd. (JPY)
360,919
40,100
Suzuki Motor Corp. (JPY)
461,341
26,300
T&D Holdings, Inc. (JPY)
459,093
65,700
TBS Holdings, Inc. (JPY)
1,655,465
43,900
Tokio Marine Holdings, Inc.
(JPY)
1,638,508
88,000
Tokyo Century Corp. (JPY)
825,359
376,100
Tokyo Electric Power Company
Holdings, Inc. (JPY) (c)
2,024,848
100,500
Tokyo Gas Co., Ltd. (JPY)
2,158,167
226,900
Tokyu Fudosan Holdings Corp.
(JPY)
1,513,936
33,700
Tosoh Corp. (JPY)
439,447
22,400
Toyo Suisan Kaisha Ltd. (JPY)
1,327,516
22,000
Toyota Industries Corp. (JPY)
1,854,870
90,700
Toyota Motor Corp. (JPY)
1,854,702
60,300
Toyota Tsusho Corp. (JPY)
1,173,843
See Notes to Financial Statements
Page 22
First Trust Developed Markets ex-US AlphaDEX® Fund (FDT)
Portfolio of Investments (Continued)
June 30, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Japan (Continued)
149,100
Yamaha Motor Co., Ltd.
(JPY) (d)
$1,379,886
88,600
Yamazaki Baking Co., Ltd.
(JPY)
1,818,368
59,700
Yokogawa Electric Corp. (JPY)
1,443,427
68,000
Yokohama Rubber (The) Co.,
Ltd. (JPY)
1,503,363
 
147,942,983
Luxembourg — 0.4%
115,367
Tenaris S.A. (EUR)
1,772,976
Netherlands — 2.4%
22,340
Arcadis N.V. (EUR)
1,415,166
474
ASML Holding N.V. (EUR)
489,458
9,310
ASR Nederland N.V. (EUR)
443,789
35,602
Brembo N.V. (EUR)
390,964
153,113
Iveco Group N.V. (EUR)
1,716,833
35,482
Koninklijke Vopak N.V. (EUR)
1,472,859
39,476
NN Group N.V. (EUR)
1,836,929
29,069
Prosus N.V. (EUR)
1,035,432
31,758
STMicroelectronics N.V. (EUR)
1,253,825
 
10,055,255
New Zealand — 0.5%
280,263
Infratil Ltd. (NZD)
1,911,928
Norway — 2.3%
36,703
Aker BP ASA (NOK)
935,708
70,009
Equinor ASA (NOK)
1,992,998
26,425
Kongsberg Gruppen ASA
(NOK)
2,153,203
13,842
Salmar ASA (NOK)
728,594
90,292
Schibsted ASA, Class A (NOK)
2,665,546
99,026
Storebrand ASA (NOK)
1,010,943
 
9,486,992
Portugal — 0.4%
4,055,581
Banco Comercial Portugues
S.A., Class R (EUR)
1,461,964
Singapore — 1.8%
101,900
Jardine Cycle & Carriage Ltd.
(SGD)
1,998,923
419,600
Keppel Ltd. (SGD)
2,002,074
385,000
Singapore Airlines Ltd. (SGD)
1,959,071
243,500
Singapore Telecommunications
Ltd. (SGD)
493,824
179,600
Wilmar International Ltd. (SGD)
410,590
322,500
Yangzijiang Shipbuilding
Holdings Ltd. (SGD)
585,066
 
7,449,548
South Korea — 10.1%
11,844
Alteogen, Inc. (KRW) (c)
2,413,543
25,522
DB Insurance Co., Ltd. (KRW)
2,122,971
Shares
Description
Value
 
South Korea (Continued)
52,159
Hana Financial Group, Inc.
(KRW)
$2,300,074
45,429
Hankook Tire & Technology
Co., Ltd. (KRW)
1,491,748
14,805
Hanwha Aerospace Co., Ltd.
(KRW)
2,683,507
17,191
HD Hyundai Electric Co., Ltd.
(KRW)
3,871,565
78,023
HMM Co., Ltd. (KRW)
1,112,671
17,011
Hyundai Glovis Co., Ltd.
(KRW)
2,706,436
11,748
Hyundai Mobis Co., Ltd. (KRW)
2,146,474
10,370
Hyundai Motor Co. (KRW)
2,222,412
176,181
Industrial Bank of Korea (KRW)
1,794,448
34,961
KB Financial Group, Inc.
(KRW)
1,993,780
27,430
Kia Corp. (KRW)
2,576,607
83,407
Korea Electric Power Corp.
(KRW) (c)
1,185,815
113,259
Korean Air Lines Co., Ltd.
(KRW)
1,913,020
64,762
KT Corp. (KRW)
1,759,607
7,014
LG Corp. (KRW)
410,700
6,347
LG Electronics, Inc. (KRW)
511,357
7,675
Samsung C&T Corp. (KRW)
791,754
71,280
Samsung Heavy Industries Co.,
Ltd. (KRW) (c)
484,176
39,053
Shinhan Financial Group Co.,
Ltd. (KRW)
1,366,075
34,583
SK Telecom Co., Ltd. (KRW)
1,293,879
23,662
S-Oil Corp. (KRW)
1,143,133
84,226
Woori Financial Group, Inc.
(KRW)
898,859
 
41,194,611
Spain — 2.8%
191,391
Banco Bilbao Vizcaya
Argentaria S.A. (EUR)
1,916,882
1,452,204
Banco de Sabadell S.A. (EUR)
2,800,207
373,851
Banco Santander S.A. (EUR)
1,733,828
94,056
CaixaBank S.A. (EUR)
497,905
408,814
International Consolidated
Airlines Group S.A. (GBP) (c)
838,475
721,762
Mapfre S.A. (EUR)
1,664,980
136,850
Repsol S.A. (EUR) (d)
2,159,555
 
11,611,832
Sweden — 2.8%
32,835
Boliden AB (SEK)
1,050,509
14,413
EQT AB (SEK)
425,903
66,287
Industrivarden AB, Class C
(SEK)
2,236,459
90,826
Investor AB, Class B (SEK)
2,486,811
82,019
Saab AB, Class B (SEK)
1,973,285
See Notes to Financial Statements
Page 23
First Trust Developed Markets ex-US AlphaDEX® Fund (FDT)
Portfolio of Investments (Continued)
June 30, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Sweden (Continued)
88,447
Securitas AB, Class B (SEK)
$877,878
309,258
SSAB AB, Class B (SEK)
1,679,488
12,745
Trelleborg AB, Class B (SEK)
495,899
16,822
Volvo AB, Class B (SEK)
430,271
 
11,656,503
Switzerland — 0.4%
5,889
Swatch Group (The) AG
(CHF) (d)
1,206,378
1,624
Swissquote Group Holding, S.A.
(CHF)
512,623
 
1,719,001
United Kingdom — 6.3%
51,448
3i Group PLC (GBP)
1,993,977
217,153
Beazley PLC (GBP)
1,943,474
218,654
BP PLC (GBP)
1,313,450
1,317,973
BT Group PLC (GBP)
2,338,291
1,415,156
Centrica PLC (GBP)
2,413,214
91,074
DS Smith PLC (GBP)
484,681
126,591
easyJet PLC (GBP)
732,425
133,646
Frasers Group PLC (GBP) (c)
1,490,906
153,773
Fresnillo PLC (GBP)
1,092,436
4,384
InterContinental Hotels
Group PLC (GBP)
461,410
17,590
Intermediate Capital Group PLC
(GBP)
485,177
434,590
Kingfisher PLC (GBP)
1,366,815
51,779
Mondi PLC (GBP)
993,912
135,568
National Grid PLC (GBP)
1,512,519
14,402
Rio Tinto PLC (GBP)
946,868
423,353
Rolls-Royce Holdings PLC
(GBP) (c)
2,444,603
41,290
Shell PLC (GBP)
1,479,191
2,563,790
Vodafone Group PLC (GBP)
2,260,833
 
25,754,182
United States — 0.2%
7,569
Autoliv, Inc., SDR (SEK) 
806,960
Total Common Stocks
408,072,536
(Cost $360,567,163)
 
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 1.4%
$1,758,900
Bank of America Corp.,
5.31% (g), dated 06/28/24,
due 07/01/24, with a maturity
value of $1,759,678.
Collateralized by
U.S. Treasury Securities,
interest rates of 0.00% to
4.63%, due 08/15/24 to
11/15/47. The value of the
collateral including accrued
interest is $1,794,078. (h)
$1,758,900
2,052,050
Daiwa Capital Markets America,
Inc., 5.34% (g), dated
06/28/24, due 07/01/24, with a
maturity value of $2,052,963.
Collateralized by
U.S. Treasury Securities,
interest rates of 0.00% to
4.88%, due 10/17/24 to
08/15/53. The value of the
collateral including accrued
interest is $2,093,092. (h)
2,052,050
2,052,050
Mizuho Financial Group, Inc.,
5.32% (g), dated 06/28/24,
due 07/01/24, with a maturity
value of $2,052,960.
Collateralized by
U.S. Treasury Securities,
interest rates of 0.50% to
5.00%, due 07/31/24 to
09/30/29. The value of the
collateral including accrued
interest is $2,093,091. (h)
2,052,050
Total Repurchase Agreements
5,863,000
(Cost $5,863,000)
Total Investments — 101.1%
413,935,536
(Cost $366,430,163)
Net Other Assets and
Liabilities — (1.1)%
(4,646,643
)
Net Assets — 100.0%
$409,288,893
 
(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 24
First Trust Developed Markets ex-US AlphaDEX® Fund (FDT)
Portfolio of Investments (Continued)
June 30, 2024 (Unaudited)
(d)
All or a portion of this security is on loan (see Note 2E -
Securities Lending in the Notes to Financial Statements). The
remaining contractual maturity of all of the securities lending
transactions is overnight and continuous. The aggregate
value of such securities, including those sold and pending
settlement, is $5,546,108 and the total value of the collateral
held by the Fund is $5,863,000.
(e)
This security is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the
“1933 Act”) and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. This
security is not restricted on the foreign exchange where it
trades freely without any additional registration.
(f)
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
(g)
Rate shown reflects yield as of June 30, 2024.
(h)
This security serves as collateral for securities on loan.
 
Abbreviations throughout the Portfolio of Investments:
ADR
–  American Depositary Receipt
AUD
–  Australian Dollar
CAD
–  Canadian Dollar
CHF
–  Swiss Franc
DKK
–  Danish Krone
EUR
–  Euro
GBP
–  British Pound Sterling
HKD
–  Hong Kong Dollar
ILS
–  Israeli Shekel
JPY
–  Japanese Yen
KRW
–  South Korean Won
NOK
–  Norwegian Krone
NZD
–  New Zealand Dollar
SDR
–  Swedish Depositary Receipt
SEK
–  Swedish Krona
SGD
–  Singapore Dollar
USD
–  United States Dollar
 
Currency Exposure Diversification
% of Total
Investments
JPY
35.7%
EUR
23.9
KRW
10.0
GBP
7.0
CAD
6.2
SEK
3.0
AUD
3.0
NOK
2.3
DKK
2.2
SGD
1.8
HKD
1.8
USD
1.5
ILS
0.7
NZD
0.5
CHF
0.4
Total
100.0%
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2024 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2024
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$ 408,072,536
$ 408,072,536
$ —
$ —
Repurchase
Agreements
 5,863,000
 —
 5,863,000
 —
Total Investments
$413,935,536
$408,072,536
$5,863,000
$—
 
*
See Portfolio of Investments for country breakout.
See Notes to Financial Statements
Page 25
First Trust Developed Markets ex-US AlphaDEX® Fund (FDT)
Portfolio of Investments (Continued)
June 30, 2024 (Unaudited)
Offsetting Assets and Liabilities
Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
 
Securities Lending Agency Agreement
Total gross amount presented on the Statements
of Assets and Liabilities(1)
$5,546,108
Non-cash Collateral(2)
(5,546,108
)
Net Amount
$—
 
(1)
The amount presented on the Statements of Assets and
Liabilities, which is included in “Investments, at value,” is not
offset and is shown on a gross basis.
(2)
At June 30, 2024, the value of the collateral received from
each borrower exceeded the value of the related securities
loaned. This amount is disclosed on the Portfolio of
Investments.
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
 
Repurchase Agreements
Total gross amount presented on the Statements
of Assets and Liabilities(3)
$5,863,000
Non-cash Collateral(4)
(5,863,000
)
Net Amount
$—
 
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At June 30, 2024, the value of the collateral received from
each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements
Page 26
First Trust Emerging Markets AlphaDEX® Fund (FEM)
Portfolio of Investments
June 30, 2024 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) (b) — 99.5%
Bermuda — 2.2%
3,342,674
Kunlun Energy Co., Ltd. (HKD)
$3,467,216
390,054
Orient Overseas International
Ltd. (HKD)
6,328,534
 
9,795,750
Brazil — 7.7%
341,475
Atacadao S.A. (BRL) (c)
550,993
164,405
Banco do Brasil S.A. (BRL)
785,542
570,381
BRF S.A. (BRL) (c)
2,313,114
54,951
Cia de Saneamento Basico do
Estado de Sao Paulo SABESP
(BRL)
736,959
2,408,678
Cia Energetica de Minas Gerais
(Preference Shares) (BRL)
4,261,431
558,908
Embraer S.A. (BRL) (c)
3,614,340
1,257,920
Gerdau S.A. (Preference Shares)
(BRL)
4,135,985
134,362
Itau Unibanco Holding S.A.
(Preference Shares) (BRL)
778,997
1,773,069
Itausa S.A. (Preference Shares)
(BRL)
3,114,710
649,977
Petroleo Brasileiro S.A.
(Preference Shares) (BRL)
4,424,183
95,493
PRIO S.A. (BRL)
747,531
218,239
Suzano S.A. (BRL)
2,225,686
183,965
Telefonica Brasil S.A. (BRL)
1,492,097
261,478
TIM S.A. (BRL)
742,790
163,481
Ultrapar Participacoes S.A.
(BRL)
631,686
229,540
Vale S.A. (BRL)
2,554,870
372,196
Vibra Energia S.A. (BRL)
1,391,549
 
34,502,463
Cayman Islands — 7.8%
3,954,936
China Feihe Ltd. (HKD) (d) (e)
1,828,304
3,307,644
China Hongqiao Group Ltd.
(HKD)
5,006,544
882,004
China Resources Land Ltd.
(HKD)
2,998,727
3,408,117
China State Construction
International Holdings Ltd.
(HKD)
4,652,362
120,700
ENN Energy Holdings Ltd.
(HKD)
994,621
11,370,301
GCL Technology Holdings Ltd.
(HKD) (c)
1,689,008
1,315,826
Longfor Group Holdings Ltd.
(HKD) (d) (e)
1,806,322
320,352
New Oriental Education &
Technology Group, Inc.
(HKD) (c)
2,449,083
311,762
NU Holdings Ltd., Class A (c)
4,018,612
Shares
Description
Value
 
Cayman Islands (Continued)
130,228
Pagseguro Digital Ltd.,
Class A (c)
$1,522,365
4,389,290
Xinyi Glass Holdings Ltd.
(HKD)
4,811,382
2,146,822
Zhongsheng Group Holdings
Ltd. (HKD)
3,139,525
 
34,916,855
Chile — 2.6%
97,682
Banco de Credito e Inversiones
S.A. (CLP)
2,748,653
1,374,224
Empresas CMPC S.A. (CLP)
2,584,747
61,937,277
Enel Chile S.A. (CLP)
3,494,893
354,460
Falabella S.A. (CLP) (c)
1,092,703
38,242
Sociedad Quimica y Minera de
Chile S.A., Class B
(Preference Shares) (CLP)
1,545,326
 
11,466,322
China — 15.4%
1,340,893
Anhui Conch Cement Co., Ltd.,
Class H (HKD)
3,193,808
1,415,446
Bank of Communications Co.,
Ltd., Class H (HKD)
1,111,106
1,745,292
China CITIC Bank Corp., Ltd.,
Class H (HKD)
1,119,715
3,819,647
China Coal Energy Co., Ltd.,
Class H (HKD)
4,460,873
3,083,977
China Construction Bank Corp.,
Class H (HKD)
2,278,708
3,234,384
China Everbright Bank Co., Ltd.,
Class H (HKD)
1,006,467
4,917,372
China Petroleum & Chemical
Corp., Class H (HKD)
3,186,291
5,641,624
China Railway Group Ltd.,
Class H (HKD)
3,113,746
32,342,658
China Tower Corp., Ltd.,
Class H (HKD) (d) (e)
4,183,106
2,245,832
Chongqing Rural Commercial
Bank Co., Ltd., Class H
(HKD)
1,101,483
3,284,382
CMOC Group Ltd., Class H
(HKD)
3,002,989
3,536,960
COSCO SHIPPING Holdings
Co., Ltd., Class H (HKD)
6,187,036
1,519,215
Ganfeng Lithium Group Co.,
Ltd., Class H (HKD) (d) (e)
2,960,982
2,266,434
Guangzhou Automobile Group
Co., Ltd., Class H (HKD)
801,040
1,493,979
Hisense Home Appliances
Group Co., Ltd., Class H
(HKD)
4,916,765
5,210,142
Huadian Power International
Corp., Ltd., Class H (HKD) (f)
3,155,822
See Notes to Financial Statements
Page 27
First Trust Emerging Markets AlphaDEX® Fund (FEM)
Portfolio of Investments (Continued)
June 30, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
China (Continued)
1,846,898
Industrial & Commercial Bank
of China Ltd., Class H (HKD)
$1,097,394
2,439,216
Inner Mongolia Yitai Coal Co.,
Ltd., Class B
4,380,832
545,963
Jiangxi Copper Co., Ltd.,
Class H (HKD)
1,089,262
464,682
Lao Feng Xiang Co., Ltd.,
Class B
1,706,777
4,350,581
PetroChina Co., Ltd., Class H
(HKD)
4,401,251
705,174
PICC Property & Casualty Co.,
Ltd., Class H (HKD)
875,931
725,820
Sinopharm Group Co., Ltd.,
Class H (HKD)
1,928,630
5,715,489
Sinotrans Ltd., Class H (HKD)
2,781,242
1,462,768
Weichai Power Co., Ltd.,
Class H (HKD)
2,798,516
576,996
Yankuang Energy Group Co.,
Ltd., Class H (HKD)
824,591
293,462
Zhuzhou CRRC Times Electric
Co., Ltd., Class H (HKD)
1,157,456
 
68,821,819
Colombia — 0.8%
327,916
Bancolombia S.A. (Preference
Shares) (COP)
2,692,359
181,696
Interconexion Electrica S.A. ESP
(COP)
796,687
 
3,489,046
Czech Republic — 0.4%
51,833
Komercni Banka A/S (CZK)
1,733,942
Egypt — 0.5%
1,302,735
Commercial International Bank -
Egypt (EGP)
2,099,348
Hong Kong — 4.7%
3,099,046
China Merchants Port Holdings
Co., Ltd. (HKD)
4,611,433
2,585,356
China Overseas Land &
Investment Ltd. (HKD)
4,482,712
4,534,075
China Power International
Development Ltd. (HKD)
2,351,503
1,195,431
China Resources Power
Holdings Co., Ltd. (HKD)
3,666,332
1,783,716
Fosun International Ltd. (HKD)
959,349
1,892,962
Sinotruk Hong Kong Ltd. (HKD)
4,920,846
 
20,992,175
Hungary — 2.1%
592,522
MOL Hungarian Oil & Gas PLC
(HUF)
4,623,754
Shares
Description
Value
 
Hungary (Continued)
60,580
OTP Bank Nyrt (HUF)
$3,010,043
73,272
Richter Gedeon Nyrt (HUF)
1,903,282
 
9,537,079
India — 10.3%
173,380
Adani Ports & Special Economic
Zone Ltd. (INR)
3,073,278
16,954
Bajaj Auto Ltd. (INR)
1,931,836
1,174,779
Bank of Baroda (INR)
3,879,888
313,587
Bharat Heavy Electricals Ltd.
(INR)
1,131,376
1,029,882
Bharat Petroleum Corp., Ltd.
(INR)
3,753,952
978,241
Hindustan Petroleum Corp. Ltd.
(INR)
3,895,954
2,649,020
IRB Infrastructure Developers
Ltd. (INR)
2,060,764
40,362
Mahindra & Mahindra Ltd.
(INR)
1,387,543
258,393
Oil India Ltd. (INR)
2,240,516
397,438
Power Finance Corp., Ltd. (INR)
2,312,063
343,903
REC Ltd. (INR)
2,166,831
2,649,020
Samvardhana Motherson
International Ltd. (INR)
6,045,690
309,231
State Bank of India (INR)
3,148,214
1,155,308
Steel Authority of India Ltd.
(INR)
2,059,500
391,767
Tata Motors Ltd. (INR)
4,649,994
196,728
Tata Power (The) Co., Ltd.
(INR)
1,039,465
3,342,675
Yes Bank Ltd. (INR) (c)
949,638
 
45,726,502
Indonesia — 2.7%
27,301,504
Adaro Energy Indonesia Tbk PT
(IDR)
4,651,676
11,450,728
Astra International Tbk PT
(IDR)
3,118,794
3,049,186
United Tractors Tbk PT (IDR)
4,091,961
 
11,862,431
Malaysia — 3.1%
2,514,800
Sunway Bhd (MYR)
1,924,415
8,430,800
YTL Corp. Bhd (MYR)
6,165,609
5,821,300
YTL Power International Bhd
(MYR)
5,947,783
 
14,037,807
Mexico — 5.2%
3,160,611
Cemex S.A.B. de C.V.,
Series CPO (MXN)
2,022,998
481,836
Coca-Cola Femsa S.A.B. de
C.V. (MXN)
4,131,490
321,518
El Puerto de Liverpool S.A.B. de
C.V., Series C1 (MXN)
2,304,666
See Notes to Financial Statements
Page 28
First Trust Emerging Markets AlphaDEX® Fund (FEM)
Portfolio of Investments (Continued)
June 30, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Mexico (Continued)
2,239,100
Fibra Uno Administracion S.A.
de C.V. (MXN)
$2,751,296
215,825
Fomento Economico Mexicano
S.A.B. de C.V., Series UBD
(MXN)
2,321,992
346,870
Grupo Comercial Chedraui S.A.
de C.V. (MXN)
2,409,225
302,276
Grupo Financiero Inbursa S.A.B.
de C.V., Class O (MXN) (c)
718,226
1,062,080
Prologis Property Mexico S.A.
de C.V. (MXN)
3,470,410
319,574
Qualitas Controladora S.A.B. de
C.V. (MXN)
3,247,969
 
23,378,272
Netherlands — 0.4%
269,228
NEPI Rockcastle N.V. (ZAR)
1,943,991
Philippines — 0.2%
802,310
Metropolitan Bank & Trust Co.
(PHP)
924,705
Poland — 4.8%
81,560
Bank Polska Kasa Opieki S.A.
(PLN)
3,403,694
5,297
Budimex S.A. (PLN)
917,121
25,047
mBank S.A. (PLN) (c)
3,963,320
284,875
ORLEN S.A. (PLN)
4,790,081
249,945
Powszechna Kasa Oszczednosci
Bank Polski S.A. (PLN)
3,906,584
151,933
Powszechny Zaklad
Ubezpieczen S.A. (PLN)
1,945,183
19,532
Santander Bank Polska S.A.
(PLN)
2,625,841
 
21,551,824
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
Singapore — 0.6%
362,038
BOC Aviation Ltd.
(HKD) (d) (e)
2,596,235
Shares
Description
Value
 
South Africa — 1.2%
557,163
Harmony Gold Mining Co., Ltd.
(ZAR)
$5,146,341
Taiwan — 8.2%
25,764
ASMedia Technology, Inc.
(TWD)
1,778,936
2,825,107
Eva Airways Corp. (TWD)
3,322,221
507,235
Evergreen Marine Corp. Taiwan
Ltd. (TWD)
3,017,627
177,658
Fortune Electric Co., Ltd.
(TWD)
5,175,063
429,405
Fubon Financial Holding Co.,
Ltd. (TWD)
1,049,638
285,219
Gigabyte Technology Co., Ltd.
(TWD)
2,685,893
574,105
Hon Hai Precision Industry Co.,
Ltd. (TWD)
3,787,077
596,947
Pegatron Corp. (TWD)
1,922,875
106,278
Shihlin Electric & Engineering
Corp. (TWD)
971,331
2,062,932
Tatung Co., Ltd. (TWD) (c)
3,624,590
1,144,530
United Microelectronics Corp.
(TWD)
1,965,086
493,905
Wistron Corp. (TWD)
1,613,795
929,931
WPG Holdings Ltd. (TWD)
2,574,104
793,541
WT Microelectronics Co., Ltd.
(TWD)
3,033,124
 
36,521,360
Thailand — 2.2%
1,138,500
PTT Exploration & Production
PCL (THB)
4,715,635
4,051,000
PTT PCL (THB)
3,587,642
266,100
Siam Cement (The) PCL (THB)
1,631,514
 
9,934,791
Turkey — 16.4%
3,215,245
Akbank T.A.S. (TRY)
6,306,477
2,170,015
Aselsan Elektronik Sanayi Ve
Ticaret A/S (TRY)
3,894,162
427,907
BIM Birlesik Magazalar A/S
(TRY)
7,141,666
214,105
Coca-Cola Icecek A/S (TRY)
5,415,774
1,746,912
Enka Insaat ve Sanayi A/S
(TRY)
2,201,912
130,225
Ford Otomotiv Sanayi A/S
(TRY)
4,482,438
1,814,345
Haci Omer Sabanci Holding A/S
(TRY)
5,361,679
739,475
KOC Holding A/S (TRY)
5,135,943
220,582
Tofas Turk Otomobil Fabrikasi
A/S (TRY)
2,296,691
505,153
Turk Hava Yollari AO (TRY) (c)
4,776,211
2,198,965
Turkcell Iletisim Hizmetleri A/S
(TRY) 
6,774,386
See Notes to Financial Statements
Page 29
First Trust Emerging Markets AlphaDEX® Fund (FEM)
Portfolio of Investments (Continued)
June 30, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Turkey (Continued)
10,714,811
Turkiye Is Bankasi A/S, Class C
(TRY)
$5,200,767
850,250
Turkiye Petrol Rafinerileri A/S
(TRY)
4,309,216
2,645,720
Turkiye Sise ve Cam Fabrikalari
A/S (TRY)
4,067,254
5,469,424
Yapi ve Kredi Bankasi A/S
(TRY)
5,661,245
 
73,025,821
Total Common Stocks
444,004,879
(Cost $403,034,787)
 
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 0.2%
$856,415
Mizuho Financial Group, Inc.,
5.32% (j), dated 06/28/24, due
07/01/24, with a maturity
value of $856,795.
Collateralized by
U.S. Treasury Securities,
interest rates of 0.50% to
5.00%, due 07/31/24 to
09/30/29. The value of the
collateral including accrued
interest is $873,543. (k)
856,415
(Cost $856,415)
Total Investments — 99.7%
444,861,294
(Cost $403,891,202)
Net Other Assets and
Liabilities — 0.3%
1,338,665
Net Assets — 100.0%
$446,199,959
 
(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, including those sold and pending
settlement, is $785,504 and the total value of the collateral
held by the Fund is $856,415.
(g)
Pursuant to procedures adopted by the Trust’s Board of
Trustees, this security has been determined to be illiquid by
First Trust Advisors L.P., the Fund’s advisor.
(h)
This security is fair valued by the Advisor’s Pricing
Committee in accordance with procedures approved by the
Trust’s Board of Trustees, and in accordance with provisions
of the Investment Company Act of 1940 and rules
thereunder, as amended. At June 30, 2024, securities noted as
such are valued at $0 or 0.0% of net assets.
(i)
This security’s value was determined using significant
unobservable inputs (see Note 2A - Portfolio Valuation in the
Notes to Financial Statements).
(j)
Rate shown reflects yield as of June 30, 2024.
(k)
This security serves as collateral for securities on loan.
 
Abbreviations throughout the Portfolio of Investments:
BRL
–  Brazilian Real
CLP
–  Chilean Peso
COP
–  Colombian Peso
CZK
–  Czech Koruna
EGP
–  Egyptian Pound
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 30
First Trust Emerging Markets AlphaDEX® Fund (FEM)
Portfolio of Investments (Continued)
June 30, 2024 (Unaudited)
Currency Exposure Diversification
% of Total
Investments
HKD
28.2%
TRY
16.4
INR
10.3
TWD
8.2
BRL
7.8
MXN
5.2
PLN
4.8
MYR
3.2
USD
2.8
IDR
2.7
CLP
2.6
THB
2.2
HUF
2.1
ZAR
1.6
COP
0.8
EGP
0.5
CZK
0.4
PHP
0.2
RUB
0.0‡
Total
100.0%
 
‡
Investments are valued at $0.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2024 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2024
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common
Stocks:
Russia
$ —**
$ —
$ —
$ —**
Thailand
 9,934,791
 —
 9,934,791
 —
Other
Country
Categories*
 434,070,088
 434,070,088
 —
 —
Repurchase
Agreements
 856,415
 —
 856,415
 —
Total
Investments
$444,861,294
$434,070,088
$10,791,206
$—**
 
*
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)
$785,504
Non-cash Collateral(2)
(785,504
)
Net Amount
$—
 
(1)
The amount presented on the Statements of Assets and
Liabilities, which is included in “Investments, at value,” is not
offset and is shown on a gross basis.
(2)
At June 30, 2024, the value of the collateral received from
each borrower exceeded the value of the related securities
loaned. This amount is disclosed on the Portfolio of
Investments.
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
 
Repurchase Agreements
Total gross amount presented on the Statements
of Assets and Liabilities(3)
$856,415
Non-cash Collateral(4)
(856,415
)
Net Amount
$—
 
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At June 30, 2024, the value of the collateral received from
each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements
Page 31
First Trust Germany AlphaDEX® Fund (FGM)
Portfolio of Investments
June 30, 2024 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) — 99.2%
Aerospace & Defense — 7.1%
1,279
Rheinmetall AG (EUR)
$651,588
Air Freight & Logistics —
1.4%
3,274
Deutsche Post AG (EUR)
132,503
Automobile Components —
6.2%
4,773
Continental AG (EUR)
270,406
52,493
Schaeffler AG (Preference
Shares) (EUR)
302,169
 
572,575
Automobiles — 16.0%
3,643
Bayerische Motoren Werke AG
(EUR)
344,812
5,869
Mercedes-Benz Group AG
(EUR)
405,849
7,926
Porsche Automobil Holding SE
(Preference Shares) (EUR)
358,293
3,284
Volkswagen AG (Preference
Shares) (EUR)
370,692
 
1,479,646
Banks — 2.2%
13,648
Commerzbank AG (EUR)
207,333
Capital Markets — 5.1%
29,693
Deutsche Bank AG (EUR)
474,070
Chemicals — 3.0%
2,570
Wacker Chemie AG (EUR)
280,188
Construction & Engineering
— 4.5%
3,660
HOCHTIEF AG (EUR)
416,270
Construction Materials —
3.1%
2,721
Heidelberg Materials AG (EUR)
282,139
Diversified Telecommunication
Services — 6.7%
13,503
Deutsche Telekom AG (EUR)
339,546
12,747
United Internet AG (EUR)
274,666
 
614,212
Entertainment — 1.1%
1,173
CTS Eventim AG & Co. KGaA
(EUR)
97,860
Ground Transportation —
0.6%
726
Sixt SE (EUR)
51,510
Shares
Description
Value
 
Health Care Providers &
Services — 2.4%
3,869
Fresenius Medical Care AG
(EUR)
$148,172
2,616
Fresenius SE & Co. KGaA
(EUR) (b)
78,109
 
226,281
Independent Power and
Renewable Electricity
Producers — 2.0%
5,349
RWE AG (EUR)
183,026
Industrial Conglomerates —
2.6%
1,296
Siemens AG (EUR)
241,115
Insurance — 3.9%
4,543
Talanx AG (EUR)
362,710
IT Services — 2.5%
4,853
Bechtle AG (EUR)
228,370
Life Sciences Tools & Services
— 0.4%
3,450
Evotec SE (EUR) (b)
33,161
Machinery — 8.1%
4,317
Daimler Truck Holding AG
(EUR)
171,848
1,948
GEA Group AG (EUR)
81,154
5,696
KION Group AG (EUR)
238,455
657
Krones AG (EUR)
82,463
210
Rational AG (EUR)
174,859
 
748,779
Metals & Mining — 1.6%
34,898
thyssenkrupp AG (EUR)
150,916
Passenger Airlines — 2.4%
36,493
Deutsche Lufthansa AG (EUR)
223,159
Personal Care Products —
0.9%
541
Beiersdorf AG (EUR)
79,115
Real Estate Management &
Development — 5.2%
118,666
Aroundtown S.A. (EUR) (b)
249,786
2,777
LEG Immobilien SE (EUR)
226,800
 
476,586
Semiconductors &
Semiconductor Equipment
— 2.8%
5,698
AIXTRON SE (EUR)
111,885
3,885
Infineon Technologies AG
(EUR)
142,731
 
254,616
See Notes to Financial Statements
Page 32
First Trust Germany AlphaDEX® Fund (FGM)
Portfolio of Investments (Continued)
June 30, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (Continued)
Software — 3.1%
1,871
Nemetschek SE (EUR)
$184,044
526
SAP SE (EUR)
106,761
 
290,805
Trading Companies &
Distributors — 1.3%
1,765
Brenntag SE (EUR)
119,009
Transportation Infrastructure
— 3.0%
5,363
Fraport AG Frankfurt Airport
Services Worldwide
(EUR) (b)
276,837
Total Common Stocks
9,154,379
(Cost $10,056,975)
MONEY MARKET FUNDS — 0.4%
32,936
Dreyfus Government Cash
Management Fund,
Institutional Shares -
5.19% (c)
32,936
(Cost $32,936)
Total Investments — 99.6%
9,187,315
(Cost $10,089,911)
Net Other Assets and
Liabilities — 0.4%
38,267
Net Assets — 100.0%
$9,225,582
 
(a)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(b)
Non-income producing security.
(c)
Rate shown reflects yield as of June 30, 2024.
 
Abbreviations throughout the Portfolio of Investments:
EUR
–  Euro
USD
–  United States Dollar
 
Currency Exposure Diversification
% of Total
Investments
EUR
99.6%
USD
0.4
Total
100.0%
 
Country Allocation†
% of Net
Assets
Germany
96.5%
Luxembourg
2.7
United States
0.4
Total Investments
99.6
Net Other Assets and Liabilities
0.4
Total
100.0%
 
†
Portfolio securities are categorized based upon their country of
incorporation, which can be different from the country
categorization of the Fund’s underlying index.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2024 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2024
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$ 9,154,379
$ 9,154,379
$ —
$ —
Money Market Funds
 32,936
 32,936
 —
 —
Total Investments
$9,187,315
$9,187,315
$—
$—
 
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 33
First Trust United Kingdom AlphaDEX® Fund (FKU)
Portfolio of Investments
June 30, 2024 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) — 99.2%
Aerospace & Defense — 5.6%
60,215
BAE Systems PLC (GBP)
$1,004,751
78,567
Melrose Industries PLC (GBP)
549,615
371,865
Rolls-Royce Holdings PLC
(GBP) (b)
2,147,291
 
3,701,657
Banks — 8.5%
579,778
Barclays PLC (GBP)
1,531,016
107,735
HSBC Holdings PLC (GBP)
931,384
1,401,567
Lloyds Banking Group PLC
(GBP)
969,836
406,373
NatWest Group PLC (GBP)
1,601,698
66,875
Standard Chartered PLC (GBP)
605,280
 
5,639,214
Beverages — 0.5%
9,670
Coca-Cola HBC AG (GBP)
329,798
Broadline Retail — 1.4%
8,237
Next PLC (GBP)
940,860
Capital Markets — 6.3%
46,034
3i Group PLC (GBP)
1,784,146
30,367
Hargreaves Lansdown PLC
(GBP)
434,538
39,791
Intermediate Capital Group PLC
(GBP)
1,097,537
83,827
Investec PLC (GBP)
607,711
2,403
London Stock Exchange
Group PLC (GBP)
285,536
 
4,209,468
Chemicals — 0.8%
26,262
Johnson Matthey PLC (GBP)
520,207
Consumer Staples Distribution
& Retail — 5.3%
294,641
J Sainsbury PLC (GBP)
949,758
409,133
Marks & Spencer Group PLC
(GBP)
1,481,729
58,781
Ocado Group PLC (GBP) (b)
214,666
230,185
Tesco PLC (GBP)
890,386
 
3,536,539
Containers & Packaging —
3.7%
290,134
DS Smith PLC (GBP)
1,544,046
21,432
Smurfit Kappa Group PLC
(GBP)
956,351
 
2,500,397
Diversified Consumer Services
— 0.9%
46,234
Pearson PLC (GBP)
579,065
Shares
Description
Value
 
Diversified REITs — 1.2%
111,559
British Land (The) Co., PLC
(GBP)
$580,443
31,625
Land Securities Group PLC
(GBP)
247,657
 
828,100
Diversified Telecommunication
Services — 2.4%
901,682
BT Group PLC (GBP)
1,599,725
Electronic Equipment,
Instruments & Components
— 0.8%
9,759
Halma PLC (GBP)
333,820
5,898
Spectris PLC (GBP)
207,267
 
541,087
Financial Services — 2.9%
400,892
M&G PLC (GBP)
1,033,801
102,012
Wise PLC, Class A (GBP) (b)
878,814
 
1,912,615
Food Products — 2.2%
47,084
Associated British Foods PLC
(GBP)
1,472,491
Hotels, Restaurants & Leisure
— 4.9%
84,880
Carnival PLC (GBP) (b)
1,456,012
12,575
InterContinental Hotels
Group PLC (GBP)
1,323,500
12,193
Whitbread PLC (GBP)
458,540
 
3,238,052
Household Durables — 7.2%
158,476
Barratt Developments PLC
(GBP)
945,952
34,719
Bellway PLC (GBP)
1,113,002
14,264
Berkeley Group Holdings PLC
(GBP)
827,265
48,142
Persimmon PLC (GBP)
822,774
606,313
Taylor Wimpey PLC (GBP)
1,089,490
 
4,798,483
Industrial Conglomerates —
2.4%
19,288
DCC PLC (GBP)
1,350,755
12,639
Smiths Group PLC (GBP)
272,406
 
1,623,161
Industrial REITs — 0.8%
25,146
Segro PLC (GBP)
285,510
131,969
Tritax Big Box REIT PLC
(GBP)
258,740
 
544,250
See Notes to Financial Statements
Page 34
First Trust United Kingdom AlphaDEX® Fund (FKU)
Portfolio of Investments (Continued)
June 30, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (Continued)
Insurance — 1.0%
42,700
Beazley PLC (GBP)
$382,156
21,148
Hiscox Ltd. (GBP)
307,430
 
689,586
Interactive Media & Services
— 0.9%
61,795
Auto Trader Group PLC
(GBP) (c) (d)
625,855
IT Services — 1.7%
31,933
Computacenter PLC (GBP)
1,159,321
Machinery — 0.4%
13,236
IMI PLC (GBP)
295,145
Metals & Mining — 6.4%
33,933
Anglo American PLC (GBP)
1,073,221
39,815
Antofagasta PLC (GBP)
1,061,961
153,120
Evraz PLC (GBP) (b) (e) (f) (g)
0
74,999
Fresnillo PLC (GBP)
532,809
188,855
Glencore PLC (GBP)
1,076,914
7,631
Rio Tinto PLC (GBP)
501,704
 
4,246,609
Multi-Utilities — 3.8%
792,378
Centrica PLC (GBP)
1,351,213
105,338
National Grid PLC (GBP)
1,175,246
 
2,526,459
Oil, Gas & Consumable Fuels
— 4.5%
239,082
BP PLC (GBP)
1,436,160
43,340
Shell PLC (GBP)
1,552,632
 
2,988,792
Paper & Forest Products —
1.7%
58,029
Mondi PLC (GBP)
1,113,883
Passenger Airlines — 2.8%
218,525
easyJet PLC (GBP)
1,264,334
287,607
International Consolidated
Airlines Group S.A. (GBP) (b)
589,880
 
1,854,214
Pharmaceuticals — 0.9%
30,740
GSK PLC (GBP)
594,337
Professional Services — 1.0%
14,334
RELX PLC (GBP)
659,370
Software — 1.2%
57,031
Sage Group (The) PLC (GBP)
784,728
Specialty Retail — 5.0%
122,403
Frasers Group PLC (GBP) (b)
1,365,483
537,260
JD Sports Fashion PLC (GBP)
811,581
366,454
Kingfisher PLC (GBP)
1,152,523
 
3,329,587
Shares
Description
Value
 
Textiles, Apparel & Luxury
Goods — 0.8%
47,224
Burberry Group PLC (GBP)
$524,008
Tobacco — 3.7%
48,551
British American Tobacco PLC
(GBP)
1,491,365
37,016
Imperial Brands PLC (GBP)
947,065
 
2,438,430
Trading Companies &
Distributors — 3.5%
4,081
Ashtead Group PLC (GBP)
272,486
6,987
Bunzl PLC (GBP)
265,850
12,445
Diploma PLC (GBP)
652,549
82,189
Howden Joinery Group PLC
(GBP)
912,715
27,196
RS GROUP PLC (GBP)
240,992
 
2,344,592
Wireless Telecommunication
Services — 2.1%
1,625,553
Vodafone Group PLC (GBP)
1,433,465
Total Common Stocks
66,123,550
(Cost $62,655,874)
MONEY MARKET FUNDS — 0.0%
30,873
Dreyfus Government Cash
Management Fund,
Institutional Shares -
5.19% (h)
30,873
(Cost $30,873)
Total Investments — 99.2%
66,154,423
(Cost $62,686,747)
Net Other Assets and
Liabilities — 0.8%
503,325
Net Assets — 100.0%
$66,657,748
 
(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.
See Notes to Financial Statements
Page 35
First Trust United Kingdom AlphaDEX® Fund (FKU)
Portfolio of Investments (Continued)
June 30, 2024 (Unaudited)
(f)
This security is fair valued by the Advisor’s Pricing
Committee in accordance with procedures approved by the
Trust’s Board of Trustees, and in accordance with provisions
of the Investment Company Act of 1940 and rules
thereunder, as amended. At June 30, 2024, securities noted as
such are valued at $0 or 0.0% of net assets.
(g)
This security’s value was determined using significant
unobservable inputs (see Note 2A - Portfolio Valuation in the
Notes to Financial Statements).
(h)
Rate shown reflects yield as of June 30, 2024.
 
Abbreviations throughout the Portfolio of Investments:
GBP
–  British Pound Sterling
REITs
–  Real Estate Investment Trusts
USD
–  United States Dollar
 
Currency Exposure Diversification
% of Total
Investments
GBP
100.0%
USD
0.0‡
Total
100.0%
 
‡
Amount is less than 0.1%.
 
Country Allocation†
% of Net
Assets
United Kingdom
92.3%
Ireland
3.4
Jersey
1.6
Spain
0.9
Switzerland
0.5
Bermuda
0.5
United States
0.0††
Total Investments
99.2
Net Other Assets and Liabilities
0.8
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.
††
Amount is less than 0.1%.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2024 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2024
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks:
Metals & Mining
$ 4,246,609
$ 4,246,609
$ —
$ —**
Other Industry
Categories*
 61,876,941
 61,876,941
 —
 —
Money Market Funds
 30,873
 30,873
 —
 —
Total Investments
$66,154,423
$66,154,423
$—
$—**
 
*
See Portfolio of Investments for industry breakout.
**
Investment is valued at $0.
Level 3 investments are fair valued by the Advisor’s Pricing Committee and are footnoted in the Portfolio of Investments. All Level 3 values are based on unobservable inputs.
See Notes to Financial Statements
Page 36
First Trust India NIFTY 50 Equal Weight ETF (NFTY)
Portfolio of Investments
June 30, 2024 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) — 102.5%
Automobiles — 12.1%
42,510
Bajaj Auto Ltd. (INR)
$4,843,833
85,998
Eicher Motors Ltd. (INR)
4,819,240
74,527
Hero MotoCorp Ltd. (INR)
4,986,729
141,143
Mahindra & Mahindra Ltd.
(INR)
4,852,137
33,891
Maruti Suzuki India Ltd. (INR)
4,890,891
429,992
Tata Motors Ltd. (INR)
5,103,698
 
29,496,528
Banks — 12.1%
322,972
Axis Bank Ltd. (INR)
4,900,499
239,952
HDFC Bank Ltd. (INR)
4,845,225
342,788
ICICI Bank Ltd. (INR)
4,931,296
274,576
IndusInd Bank Ltd. (INR)
4,822,264
230,452
Kotak Mahindra Bank Ltd.
(INR)
4,981,439
487,554
State Bank of India (INR)
4,963,681
 
29,444,404
Chemicals — 2.1%
143,659
Asian Paints Ltd. (INR)
5,025,459
Construction & Engineering
— 2.0%
114,455
Larsen & Toubro Ltd. (INR)
4,870,488
Construction Materials —
4.3%
163,151
Grasim Industries Ltd. (INR)
5,224,843
37,861
UltraTech Cement Ltd. (INR)
5,297,657
 
10,522,500
Consumer Finance — 4.0%
58,046
Bajaj Finance Ltd. (INR)
4,953,131
137,346
Shriram Finance Ltd. (INR)
4,795,477
 
9,748,608
Electric Utilities — 2.0%
1,254,253
Power Grid Corp. of India Ltd.
(INR)
4,977,905
Financial Services — 2.0%
256,115
Bajaj Finserv Ltd. (INR)
4,877,818
Food Products — 6.2%
76,726
Britannia Industries Ltd.
(INR) (b)
5,038,130
163,248
Nestle India Ltd. (INR)
4,995,374
375,153
Tata Consumer Products Ltd.
(INR)
4,937,331
 
14,970,835
Health Care Providers &
Services — 2.0%
65,230
Apollo Hospitals Enterprise Ltd.
(INR)
4,838,773
Shares
Description
Value
 
Independent Power and
Renewable Electricity
Producers — 2.1%
1,137,987
NTPC Ltd. (INR)
$5,163,332
Insurance — 4.1%
694,885
HDFC Life Insurance Co., Ltd.
(INR) (c) (d)
4,958,672
280,877
SBI Life Insurance Co., Ltd.
(INR) (c) (d)
5,025,387
 
9,984,059
IT Services — 12.4%
283,603
HCL Technologies Ltd. (INR)
4,964,136
266,314
Infosys Ltd. (INR)
5,003,717
80,143
LTIMindtree Ltd. (INR) (c) (d)
5,175,525
106,981
Tata Consultancy Services Ltd.
(INR)
5,008,783
287,615
Tech Mahindra Ltd. (INR)
4,933,475
826,492
Wipro Ltd. (INR)
5,102,916
 
30,188,552
Life Sciences Tools & Services
— 2.1%
90,464
Divi’s Laboratories Ltd. (INR)
4,986,518
Metals & Mining — 6.1%
599,041
Hindalco Industries Ltd. (INR)
4,982,340
441,599
JSW Steel Ltd. (INR)
4,932,987
2,337,446
Tata Steel Ltd. (INR)
4,877,697
 
14,793,024
Oil, Gas & Consumable Fuels
— 8.4%
1,385,901
Bharat Petroleum Corp., Ltd.
(INR)
5,051,652
875,104
Coal India Ltd. (INR)
4,965,438
1,537,987
Oil & Natural Gas Corp., Ltd.
(INR)
5,057,305
141,197
Reliance Industries Ltd. (INR)
5,301,269
 
20,375,664
Personal Care Products —
2.1%
168,836
Hindustan Unilever Ltd. (INR)
5,007,224
Pharmaceuticals — 6.2%
273,816
Cipla Ltd. (INR)
4,862,440
67,558
Dr. Reddy’s Laboratories Ltd.
(INR)
5,186,988
272,816
Sun Pharmaceutical Industries
Ltd. (INR)
4,975,713
 
15,025,141
Textiles, Apparel & Luxury
Goods — 2.0%
120,690
Titan Co., Ltd. (INR)
4,927,032
Tobacco — 2.0%
970,098
ITC Ltd. (INR)
4,943,123
See Notes to Financial Statements
Page 37
First Trust India NIFTY 50 Equal Weight ETF (NFTY)
Portfolio of Investments (Continued)
June 30, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (Continued)
Trading Companies &
Distributors — 2.0%
129,495
Adani Enterprises Ltd. (INR)
$4,933,893
Transportation Infrastructure
— 2.1%
282,006
Adani Ports & Special Economic
Zone Ltd. (INR)
4,998,748
Wireless Telecommunication
Services — 2.1%
290,217
Bharti Airtel Ltd. (INR)
5,025,788
Total Investments — 102.5%
249,125,416
(Cost $193,571,938)
Net Other Assets and
Liabilities — (2.5)%
(6,050,772
)
Net Assets — 100.0%
$243,074,644
 
(a)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(b)
Non-income producing security.
(c)
This security is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the
“1933 Act”) and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. This
security is not restricted on the foreign exchange where it
trades freely without any additional registration.
(d)
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
 
Abbreviations throughout the Portfolio of Investments:
INR
–  Indian Rupee
 
Currency Exposure Diversification
% of Total
Investments
INR
100.0%
Total
100.0%
 
Country Allocation†
% of Net
Assets
India
102.5%
Total Investments
102.5
Net Other Assets and Liabilities
(2.5)
Total
100.0%
 
†
Portfolio securities are categorized based upon their country of
incorporation, which can be different from the country
categorization of the Fund’s underlying index.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2024 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2024
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$ 249,125,416
$ 249,125,416
$ —
$ —
 
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 38
First Trust Switzerland AlphaDEX® Fund (FSZ)
Portfolio of Investments
June 30, 2024 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) — 98.3%
Banks — 2.7%
21,479
Banque Cantonale Vaudoise
(CHF)
$2,279,507
Capital Markets — 12.7%
269,734
EFG International AG (CHF)
3,968,928
49,427
Julius Baer Group Ltd. (CHF)
2,761,685
480
Partners Group Holding AG
(CHF)
616,529
111,614
UBS Group AG (CHF)
3,285,870
 
10,633,012
Chemicals — 4.1%
334
Givaudan S.A. (CHF)
1,583,661
6,386
Sika AG (CHF)
1,828,125
 
3,411,786
Construction Materials —
4.7%
44,125
Holcim AG (CHF)
3,910,326
Diversified Telecommunication
Services — 3.1%
4,606
Swisscom AG (CHF)
2,591,500
Electric Utilities — 3.7%
19,486
BKW AG (CHF)
3,107,957
Electrical Equipment — 5.2%
78,100
ABB Ltd. (CHF)
4,339,420
Food Products — 4.6%
821
Barry Callebaut AG (CHF)
1,337,797
2,558
Emmi AG (CHF)
2,528,248
 
3,866,045
Health Care Equipment &
Supplies — 6.1%
6,370
Sonova Holding AG (CHF)
1,968,181
4,297
Straumann Holding AG (CHF)
532,312
5,769
Ypsomed Holding AG (CHF)
2,594,108
 
5,094,601
Health Care Providers &
Services — 3.2%
32,034
Galenica AG (CHF) (b) (c)
2,622,406
Insurance — 6.9%
4,421
Baloise Holding AG (CHF)
778,454
15,081
Helvetia Holding AG (CHF)
2,039,448
998
Swiss Life Holding AG (CHF)
733,796
6,161
Swiss Re AG (CHF)
764,596
2,651
Zurich Insurance Group AG
(CHF)
1,413,650
 
5,729,944
Shares
Description
Value
 
Life Sciences Tools & Services
— 5.5%
3,294
Lonza Group AG (CHF)
$1,797,960
2,711
Siegfried Holding AG (CHF)
2,815,252
 
4,613,212
Machinery — 15.0%
8,248
Bucher Industries AG (CHF)
3,323,252
2,985
Daetwyler Holding AG (CHF)
560,819
28,607
Georg Fischer AG (CHF)
1,918,384
5,564
Schindler Holding AG (CHF)
1,398,354
22,366
SFS Group AG (CHF)
2,972,342
4,147
VAT Group AG (CHF) (b) (c)
2,351,251
 
12,524,402
Pharmaceuticals — 5.3%
6,865
Novartis AG (CHF)
734,829
4,766
Roche Holding AG (CHF)
1,323,520
64,593
Sandoz Group AG (CHF)
2,339,425
 
4,397,774
Professional Services — 2.8%
70,587
Adecco Group AG (CHF)
2,342,818
Real Estate Management &
Development — 0.8%
4,954
PSP Swiss Property AG (CHF)
635,758
Software — 1.2%
14,897
Temenos AG (CHF)
1,028,008
Specialty Retail — 1.6%
35,225
Avolta AG (CHF)
1,368,304
Technology Hardware, Storage
& Peripherals — 3.4%
29,219
Logitech International S.A.
(CHF)
2,826,774
Textiles, Apparel & Luxury
Goods — 3.1%
12,743
Swatch Group (The) AG (CHF)
2,610,439
Transportation Infrastructure
— 2.6%
9,954
Flughafen Zurich AG (CHF)
2,201,413
Total Common Stocks
82,135,406
(Cost $75,374,354)
MONEY MARKET FUNDS — 0.1%
59,067
Dreyfus Government Cash
Management Fund,
Institutional Shares -
5.19% (d)
59,067
(Cost $59,067)
Total Investments — 98.4%
82,194,473
(Cost $75,433,421)
Net Other Assets and
Liabilities — 1.6%
1,304,651
Net Assets — 100.0%
$83,499,124
 
See Notes to Financial Statements
Page 39
First Trust Switzerland AlphaDEX® Fund (FSZ)
Portfolio of Investments (Continued)
June 30, 2024 (Unaudited)
(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 June 30, 2024.
 
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
98.3%
United States
0.1
Total Investments
98.4
Net Other Assets and Liabilities
1.6
Total
100.0%
 
†
Portfolio securities are categorized based upon their country of
incorporation, which can be different from the country
categorization of the Fund’s underlying index.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2024 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2024
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$ 82,135,406
$ 82,135,406
$ —
$ —
Money Market Funds
 59,067
 59,067
 —
 —
Total Investments
$82,194,473
$82,194,473
$—
$—
 
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 40
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (FDTS)
Portfolio of Investments
June 30, 2024 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) (b) — 99.8%
Australia — 5.3%
1,529
Audinate Group Ltd. (AUD) (c)
$16,146
5,106
Bega Cheese Ltd. (AUD)
14,476
10,539
Cettire Ltd. (AUD) (c)
8,226
982
Codan Ltd. (AUD)
7,881
2,092
Downer EDI Ltd. (AUD)
6,475
46,585
Firefinch Ltd.
(AUD) (c) (d) (e) (f) (g)
0
2,590
GrainCorp Ltd., Class A (AUD)
15,325
10,916
Helia Group Ltd. (AUD)
28,182
1,480
Iluka Resources Ltd. (AUD)
6,467
7,385
Incitec Pivot Ltd. (AUD)
14,287
24,701
Karoon Energy Ltd. (AUD) (c)
30,155
320
Lovisa Holdings Ltd. (AUD)
7,017
2,136
Megaport Ltd. (AUD) (c)
15,988
6,884
New Hope Corp., Ltd. (AUD)
22,410
32,665
Perenti Ltd. (AUD)
21,791
4,963
Perseus Mining Ltd. (AUD)
7,780
112,367
Red 5 Ltd. (AUD) (c)
26,986
99,263
Resolute Mining Ltd. (AUD) (c)
34,433
8,240
Sigma Healthcare Ltd. (AUD)
7,009
16,576
Stanmore Resources Ltd. (AUD)
39,145
2,440
Temple & Webster Group Ltd.
(AUD) (c)
15,284
8,315
Ventia Services Group Pty Ltd.
(AUD)
21,245
26,677
West African Resources Ltd.
(AUD) (c)
28,652
4,073
Westgold Resources Ltd. (AUD)
6,575
6,012
Whitehaven Coal Ltd. (AUD)
30,681
 
432,616
Belgium — 0.8%
2,579
Proximus SADP (EUR)
20,577
510
Solvay S.A. (EUR)
17,953
4,596
X-Fab Silicon Foundries SE
(EUR) (c) (h) (i)
29,434
 
67,964
Bermuda — 3.2%
3,144
BW LPG Ltd. (NOK) (h) (i)
58,392
42,000
First Pacific Co., Ltd. (HKD)
19,524
4,048
Hafnia Ltd. (NOK)
34,008
1,781
Lancashire Holdings Ltd. (GBP)
13,823
8,000
Luk Fook Holdings International
Ltd. (HKD)
17,026
7,757
Odfjell Drilling Ltd. (NOK)
42,211
49,334
Pacific Basin Shipping Ltd.
(HKD)
15,541
566
Stolt-Nielsen Ltd. (NOK)
26,771
20,000
Yue Yuen Industrial Holdings
Ltd. (HKD)
38,673
 
265,969
Shares
Description
Value
 
Canada — 9.5%
1,108
Aecon Group, Inc. (CAD)
$13,752
563
Badger Infrastructure Solutions
Ltd. (CAD)
16,951
1,969
Bausch Health Cos, Inc.
(CAD) (c)
13,731
2,546
Bird Construction, Inc. (CAD)
49,913
362
Boardwalk Real Estate
Investment Trust (CAD)
18,650
11,282
Calibre Mining Corp. (CAD) (c)
14,844
1,057
Canadian Solar, Inc. (c)
15,591
2,661
Cardinal Energy Ltd. (CAD)
13,032
4,439
Chemtrade Logistics Income
Fund (CAD)
29,982
544
CI Financial Corp. (CAD)
5,726
470
Cogeco Communications, Inc.
(CAD)
17,724
8,093
Converge Technology Solutions
Corp. (CAD)
25,437
3,659
Dundee Precious Metals, Inc.
(CAD)
28,645
325
Hammond Power Solutions
(CAD)
26,486
3,114
Kelt Exploration Ltd. (CAD) (c)
14,500
393
Linamar Corp. (CAD)
19,101
6,464
Lithium Americas Argentina
Corp. (CAD) (c)
20,601
3,099
Martinrea International, Inc.
(CAD)
26,050
16,534
New Gold, Inc. (CAD) (c)
32,632
6,160
Nexus Industrial REIT (CAD)
30,529
3,172
NuVista Energy Ltd. (CAD) (c)
32,971
4,215
Obsidian Energy Ltd. (CAD) (c)
31,550
16,950
Osisko Mining, Inc. (CAD) (c)
35,435
1,381
Paramount Resources Ltd.,
Class A (CAD)
31,374
2,193
Parex Resources, Inc. (CAD)
35,138
1,893
Peyto Exploration &
Development Corp. (CAD) (e)
20,175
521
Precision Drilling Corp.
(CAD) (c)
36,636
3,380
Secure Energy Services, Inc.
(CAD)
29,920
2,380
Torex Gold Resources, Inc.
(CAD) (c)
36,882
640
Transcontinental, Inc., Class A
(CAD)
7,073
6,810
Trican Well Service Ltd. (CAD)
23,993
905
Trisura Group Ltd. (CAD) (c)
27,374
 
782,398
Cayman Islands — 0.8%
9,000
Central New Energy Holding
Group Ltd. (HKD) (c)
9,243
See Notes to Financial Statements
Page 41
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (FDTS)
Portfolio of Investments (Continued)
June 30, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Cayman Islands (Continued)
30,000
Mongolian Mining Corp.
(HKD) (c)
$34,422
24,000
United Laboratories International
Holdings (The) Ltd. (HKD)
25,324
 
68,989
Denmark — 1.1%
931
Bavarian Nordic A/S (DKK) (c)
23,075
382
cBrain A/S (DKK)
13,384
861
D/S Norden A/S (DKK)
37,487
720
DFDS A/S (DKK)
20,358
 
94,304
France — 1.7%
1,414
Beneteau SACA (EUR)
14,795
5,857
Derichebourg S.A. (EUR)
26,659
4,608
Etablissements Maurel et Prom
S.A. (EUR)
29,782
992
Rubis S.C.A. (EUR)
27,898
2,283
Television Francaise 1 S.A.
(EUR)
17,824
705
Vicat SACA (EUR)
25,331
 
142,289
Germany — 1.9%
1,207
1&1 AG (EUR)
20,605
2,191
Deutz AG (EUR)
14,149
892
K+S AG (EUR)
12,013
1,047
LANXESS AG (EUR)
25,767
1,706
SAF-Holland SE (EUR)
33,800
533
Salzgitter AG (EUR)
10,303
1,940
Suedzucker AG (EUR)
28,256
176
SUESS MicroTec SE (EUR)
11,592
 
156,485
Greece — 0.3%
3,231
FF Group (EUR) (c) (d) (f) (g)
0
934
Motor Oil Hellas Corinth
Refineries S.A. (EUR)
23,446
 
23,446
Guernsey — 0.1%
887
Burford Capital Ltd. (GBP)
11,437
Hong Kong — 0.1%
6,000
Hang Lung Group Ltd. (HKD)
6,531
Ireland — 0.6%
23,106
Greencore Group PLC (GBP) (c)
48,602
Israel — 1.6%
108
Fattal Holdings 1998 Ltd.
(ILS) (c)
11,085
74
Fox Wizel Ltd. (ILS)
5,002
2,883
Harel Insurance Investments &
Financial Services Ltd. (ILS)
23,073
26
Israel Corp., Ltd. (ILS)
5,797
Shares
Description
Value
 
Israel (Continued)
258
Menora Mivtachim Holdings
Ltd. (ILS)
$6,182
20,079
Migdal Insurance & Financial
Holding Ltd. (ILS)
22,385
104,529
Oil Refineries Ltd. (ILS)
24,076
1,028
Tel Aviv Stock Exchange Ltd.
(ILS)
7,348
636
Tower Semiconductor Ltd.
(ILS) (c)
24,449
 
129,397
Italy — 1.6%
3,717
Banca Popolare di Sondrio
S.p.A. (EUR)
26,591
520
BFF Bank S.p.A. (EUR) (h) (i)
4,940
695
Credito Emiliano S.p.A. (EUR)
6,922
527
Danieli & C Officine
Meccaniche S.p.A. (EUR)
15,041
1,895
Fincantieri S.p.A. (EUR) (c) (e)
9,196
4,438
MAIRE S.p.A. (EUR)
36,787
543
SAES Getters S.p.A. (EUR)
16,283
8,625
Webuild S.p.A. (EUR)
18,917
 
134,677
Japan — 38.6%
800
Adastria Co., Ltd. (JPY)
18,074
1,300
Ai Holdings Corp. (JPY)
19,198
900
Air Water, Inc. (JPY)
12,170
3,100
Aisan Industry Co., Ltd. (JPY)
26,975
900
AOKI Holdings, Inc. (JPY)
7,479
800
ASAHI YUKIZAI Corp. (JPY)
26,055
700
Bank of Nagoya (The) Ltd.
(JPY)
33,719
1,200
Bunka Shutter Co., Ltd. (JPY)
13,134
2,800
Chugoku Electric Power (The)
Co., Inc. (JPY)
18,387
2,400
Chugoku Marine Paints Ltd.
(JPY)
30,341
700
Daicel Corp. (JPY)
6,711
2,200
Dai-Dan Co., Ltd. (JPY)
41,979
600
Daido Steel Co., Ltd. (JPY)
5,538
300
Daihen Corp. (JPY)
15,476
500
Daikokutenbussan Co., Ltd.
(JPY)
26,602
200
Daishi Hokuetsu Financial
Group, Inc. (JPY)
6,377
700
DCM Holdings Co., Ltd. (JPY)
6,352
1,300
DMG Mori Co., Ltd. (JPY)
33,750
900
Electric Power Development
Co., Ltd. (JPY)
14,043
300
Exedy Corp. (JPY)
5,497
2,400
FCC Co., Ltd. (JPY)
35,040
1,100
Ferrotec Holdings Corp. (JPY)
18,945
See Notes to Financial Statements
Page 42
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (FDTS)
Portfolio of Investments (Continued)
June 30, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Japan (Continued)
2,000
Financial Partners Group Co.,
Ltd. (JPY)
$27,820
500
FP Partner, Inc. (JPY)
9,090
600
Fuji Media Holdings, Inc. (JPY)
6,845
700
Fujita Kanko, Inc. (JPY) (c) (e)
42,377
700
Furukawa Electric Co., Ltd.
(JPY)
17,725
4,500
Futaba Industrial Co., Ltd. (JPY)
24,697
700
Glory Ltd. (JPY)
12,197
700
Godo Steel Ltd. (JPY)
22,320
2,000
G-Tekt Corp. (JPY)
24,327
3,700
Gunma Bank (The) Ltd. (JPY)
23,618
200
Hanwa Co., Ltd. (JPY)
7,657
500
Heiwado Co., Ltd. (JPY)
7,508
1,000
Hirogin Holdings, Inc. (JPY)
7,726
4,000
Hitachi Zosen Corp. (JPY)
26,155
6,400
Hokkaido Electric Power Co.,
Inc. (JPY)
47,496
2,300
Hokuetsu Corp. (JPY) (e)
15,125
3,900
Hokuriku Electric Power Co.
(JPY)
24,689
1,100
Hosiden Corp. (JPY)
14,713
2,500
Iino Kaiun Kaisha Ltd. (JPY)
19,889
800
Japan Petroleum Exploration
Co., Ltd. (JPY)
32,320
300
Japan Steel Works (The) Ltd.
(JPY)
7,986
2,200
JTEKT Corp. (JPY)
15,308
5,700
JVCKenwood Corp. (JPY)
33,019
400
Kanamoto Co., Ltd. (JPY)
7,374
2,400
Kandenko Co., Ltd. (JPY)
25,687
300
Kaneka Corp. (JPY)
7,878
1,600
Kanematsu Corp. (JPY)
26,791
300
Kasumigaseki Capital Co., Ltd.
(JPY)
25,806
2,100
Konishi Co., Ltd. (JPY)
16,981
1,200
Krosaki Harima Corp. (JPY)
20,824
300
Kumagai Gumi Co., Ltd. (JPY)
6,853
5,100
Kumiai Chemical Industry Co.,
Ltd. (JPY)
25,517
900
Kura Sushi, Inc. (JPY)
22,627
700
Kuraray Co., Ltd. (JPY)
8,047
800
KYB Corp. (JPY)
26,950
2,200
Kyoei Steel Ltd. (JPY)
28,661
1,600
Kyokuto Kaihatsu Kogyo Co.,
Ltd. (JPY)
24,981
700
Kyudenko Corp. (JPY)
25,726
1,900
Kyushu Financial Group, Inc.
(JPY)
11,139
6,200
Leopalace21 Corp. (JPY)
19,807
Shares
Description
Value
 
Japan (Continued)
500
M&A Research Institute
Holdings, Inc. (JPY) (c)
$12,477
300
Makino Milling Machine Co.,
Ltd. (JPY)
12,586
700
Maruha Nichiro Corp. (JPY)
13,736
1,200
Megmilk Snow Brand Co., Ltd.
(JPY)
19,400
700
Meidensha Corp. (JPY)
15,880
600
Meiko Electronics Co., Ltd.
(JPY)
26,739
2,900
Mitsubishi Logisnext Co., Ltd.
(JPY)
28,858
400
Mitsubishi Materials Corp. (JPY)
7,337
800
Mitsubishi Shokuhin Co., Ltd.
(JPY)
27,149
1,400
Mitsui DM Sugar Holdings Co.,
Ltd. (JPY)
29,498
2,800
Mitsui E&S Co., Ltd. (JPY)
25,339
3,800
Mizuho Leasing Co., Ltd. (JPY)
26,595
800
Mizuno Corp. (JPY)
39,381
1,700
Modec, Inc. (JPY)
30,663
300
Money Forward, Inc. (JPY) (c)
10,060
1,700
Morinaga Milk Industry Co.,
Ltd. (JPY)
35,619
300
Nachi-Fujikoshi Corp. (JPY)
6,545
2,100
Namura Shipbuilding Co., Ltd.
(JPY)
31,443
2,800
NHK Spring Co., Ltd. (JPY)
27,906
1,700
Nikkiso Co., Ltd. (JPY)
12,172
400
Nikkon Holdings Co., Ltd. (JPY)
9,047
600
Nippon Light Metal Holdings
Co., Ltd. (JPY)
6,716
3,500
Nippon Seiki Co., Ltd. (JPY)
32,065
500
Nippon Television Holdings,
Inc. (JPY)
7,221
500
Nishio Holdings Co., Ltd. (JPY)
12,835
4,400
Nissui Corp. (JPY)
23,596
600
Nittetsu Mining Co., Ltd. (JPY)
18,982
1,000
Nomura Micro Science Co., Ltd.
(JPY)
26,851
300
Noritake Co., Ltd. (JPY)
7,431
900
NS United Kaiun Kaisha Ltd.
(JPY)
28,305
3,400
NTN Corp. (JPY)
6,769
2,700
Oki Electric Industry Co., Ltd.
(JPY)
17,050
200
Open House Group Co., Ltd.
(JPY)
6,126
300
Organo Corp. (JPY)
15,402
2,500
Pacific Industrial Co., Ltd. (JPY)
23,432
400
PAL GROUP Holdings Co., Ltd.
(JPY)
4,507
See Notes to Financial Statements
Page 43
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (FDTS)
Portfolio of Investments (Continued)
June 30, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Japan (Continued)
500
PILLAR Corp. (JPY)
$16,688
600
PKSHA Technology, Inc.
(JPY) (c)
13,220
2,400
Pressance Corp. (JPY)
29,208
1,800
Rengo Co., Ltd. (JPY)
11,674
5,400
Round One Corp. (JPY)
27,723
1,100
Ryobi Ltd. (JPY)
15,670
300
S Foods, Inc. (JPY)
5,419
1,300
Sakata INX Corp. (JPY)
14,576
200
Sakura Internet, Inc. (JPY)
5,401
800
SAMTY HOLDINGS Co., Ltd.
(JPY)
12,341
2,100
San-Ai Obbli Co., Ltd. (JPY)
26,927
900
San-In Godo Bank (The) Ltd.
(JPY)
8,016
2,000
Sanki Engineering Co., Ltd.
(JPY)
26,465
1,200
Sanwa Holdings Corp. (JPY)
21,939
600
Sanyo Denki Co., Ltd. (JPY)
27,149
1,400
Sanyo Special Steel Co., Ltd.
(JPY)
18,517
1,400
SBI Sumishin Net Bank Ltd.
(JPY)
26,583
800
Seiko Group Corp. (JPY)
24,439
1,200
Shibaura Machine Co., Ltd.
(JPY)
28,753
900
Shikoku Electric Power Co., Inc.
(JPY)
7,720
1,700
Shinagawa Refractories Co., Ltd.
(JPY)
20,974
3,200
Shinnihon Corp. (JPY)
32,559
600
Showa Sangyo Co., Ltd. (JPY)
11,729
600
Siix Corp. (JPY)
4,788
1,000
Sinfonia Technology Co., Ltd.
(JPY)
21,132
1,100
Sinko Industries Ltd. (JPY)
28,305
1,000
SKY Perfect JSAT Holdings,
Inc. (JPY)
5,395
300
Starts Corp., Inc. (JPY)
6,330
800
Sugi Holdings Co., Ltd. (JPY)
11,009
4,000
Sumitomo Riko Co., Ltd. (JPY)
36,895
1,100
Sumitomo Rubber Industries
Ltd. (JPY)
10,956
600
Sun Frontier Fudousan Co., Ltd.
(JPY)
7,511
1,100
SWCC Corp. (JPY)
33,672
900
Taiheiyo Cement Corp. (JPY)
22,588
900
Takasago Thermal Engineering
Co., Ltd. (JPY)
31,997
700
Takeuchi Manufacturing Co.,
Ltd. (JPY)
24,495
Shares
Description
Value
 
Japan (Continued)
600
Tamron Co., Ltd. (JPY)
$15,532
4,400
Toa Corp. (JPY)
27,868
1,300
Toho Gas Co., Ltd. (JPY)
31,536
600
Toho Holdings Co., Ltd. (JPY)
15,678
4,500
Tohoku Electric Power Co., Inc.
(JPY)
40,598
3,200
Tokai Carbon Co., Ltd. (JPY)
18,308
1,600
Tokai Rika Co., Ltd. (JPY)
21,461
100
Token Corp. (JPY)
7,409
600
Tokyo Electron Device Ltd.
(JPY)
15,961
800
Tomy Co., Ltd. (JPY)
15,752
2,100
Topre Corp. (JPY)
27,580
1,900
Torishima Pump Manufacturing
Co., Ltd. (JPY)
37,495
700
Towa Pharmaceutical Co., Ltd.
(JPY)
12,787
300
Toyo Tanso Co., Ltd. (JPY)
12,549
1,500
Toyo Tire Corp. (JPY)
23,947
1,000
Toyoda Gosei Co., Ltd. (JPY)
17,580
2,200
TPR Co. Ltd. (JPY)
34,937
800
Tsubakimoto Chain Co. (JPY)
30,978
200
UACJ Corp. (JPY)
4,780
200
Ulvac, Inc. (JPY)
13,065
2,700
Universal Entertainment Corp.
(JPY)
26,448
800
Usen-Next Holdings Co., Ltd.
(JPY)
22,376
600
UT Group Co., Ltd. (JPY)
12,139
1,100
YAMABIKO Corp. (JPY)
15,602
1,400
Yamaguchi Financial Group,
Inc. (JPY)
15,885
200
Yamato Kogyo Co., Ltd. (JPY)
9,728
1,100
Yellow Hat Ltd. (JPY)
15,725
400
Yokogawa Bridge Holdings
Corp. (JPY)
6,733
400
Yuasa Trading Co., Ltd. (JPY)
14,097
2,900
Yurtec Corp. (JPY)
26,947
 
3,180,060
Jersey — 0.4%
4,579
Yellow Cake PLC
(GBP) (c) (h) (i)
33,688
Luxembourg — 0.1%
440
APERAM S.A. (EUR)
11,375
Marshall Islands — 0.4%
477
Teekay Tankers Ltd., Class A
32,822
Netherlands — 1.7%
1,845
Cementir Holding N.V. (EUR)
18,415
1,429
Fugro N.V. (EUR)
34,526
7,342
Koninklijke BAM Groep N.V.
(EUR)
30,838
See Notes to Financial Statements
Page 44
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (FDTS)
Portfolio of Investments (Continued)
June 30, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Netherlands (Continued)
10,725
MFE-MediaForEurope N.V.,
Class A (EUR)
$36,962
128
Redcare Pharmacy N.V.
(EUR) (c) (h) (i)
15,627
 
136,368
New Zealand — 0.1%
2,042
Summerset Group Holdings Ltd.
(NZD)
11,816
Norway — 2.6%
9,731
Aker Solutions ASA (NOK)
40,284
4,097
Hoegh Autoliners ASA (NOK)
48,272
2,405
Klaveness Combination Carriers
ASA (NOK) (h) (i)
24,733
15,273
LINK Mobility Group Holding
ASA (NOK) (c)
29,396
23,068
Norwegian Air Shuttle ASA
(NOK) (c)
27,179
4,276
Wallenius Wilhelmsen ASA
(NOK)
43,613
 
213,477
Portugal — 0.6%
6,694
Mota-Engil SGPS S.A. (EUR)
24,676
21,975
Sonae SGPS S.A. (EUR)
20,592
 
45,268
Singapore — 0.2%
3,300
UOL Group Ltd. (SGD)
12,655
South Korea — 16.1%
2,349
BNK Financial Group, Inc.
(KRW)
14,454
709
Boryung (KRW)
4,945
83
Chong Kun Dang
Pharmaceutical Corp. (KRW)
5,903
153
CJ Corp. (KRW)
13,505
333
Coway Co., Ltd. (KRW)
15,531
478
Daesang Corp. (KRW)
9,775
12,568
Daewoo Engineering &
Construction Co., Ltd.
(KRW) (c)
33,965
854
DB HiTek Co., Ltd. (KRW)
30,338
567
DN Automotive Corp. (KRW)
32,788
874
Doosan Bobcat, Inc. (KRW)
32,573
313
Doosan Co., Ltd. (KRW)
49,343
885
DoubleUGames Co., Ltd.
(KRW)
29,639
131
F&F Co., Ltd. (KRW)
5,939
773
GS Holdings Corp. (KRW)
26,338
1,162
Hankook & Company Co., Ltd.
(KRW)
12,840
937
Hansae Co., Ltd. (KRW)
13,716
332
Hanwha Corp. (KRW)
6,476
Shares
Description
Value
 
South Korea (Continued)
4,686
Hanwha Investment & Securities
Co., Ltd. (KRW) (c)
$10,996
1,393
Harim Holdings Co., Ltd.
(KRW)
6,001
320
HD Hyundai Construction
Equipment Co., Ltd. (KRW)
12,786
2,190
HD Hyundai Infracore Co., Ltd.
(KRW)
12,155
2,631
HDC Hyundai Development
Co-Engineering &
Construction, Class E (KRW)
34,787
49
Hugel, Inc. (KRW) (c)
8,223
169
Hyosung Heavy Industries Corp.
(KRW)
42,480
678
Hyundai Elevator Co., Ltd.
(KRW)
21,796
282
Hyundai Engineering &
Construction Co., Ltd. (KRW)
6,566
304
Hyundai Marine & Fire
Insurance Co., Ltd. (KRW)
7,619
545
Hyundai Rotem Co., Ltd.
(KRW)
16,154
589
Hyundai Steel Co. (KRW)
12,430
209
IsuPetasys Co., Ltd. (KRW)
8,913
2,875
JB Financial Group Co., Ltd.
(KRW)
30,578
571
Kangwon Land, Inc. (KRW)
5,758
35
KCC Corp. (KRW)
7,844
152
KIWOOM Securities Co., Ltd.
(KRW)
13,903
281
Korea Investment Holdings Co.,
Ltd. (KRW)
14,290
200
Kumho Petrochemical Co., Ltd.
(KRW)
21,286
4,710
Kumho Tire Co., Inc. (KRW) (c)
22,378
142
LG Innotek Co., Ltd. (KRW)
28,060
3,730
LG Uplus Corp. (KRW)
26,610
106
LIG Nex1 Co., Ltd. (KRW)
16,942
220
Lotte Chilsung Beverage Co.,
Ltd. (KRW)
21,225
988
LOTTE Fine Chemical Co., Ltd.
(KRW)
31,940
255
Lotte Shopping Co., Ltd. (KRW)
11,764
413
LS Corp. (KRW)
43,175
288
LS Electric Co., Ltd. (KRW)
46,134
706
LX International Corp. (KRW)
15,643
1,153
Mirae Asset Securities Co., Ltd.
(KRW)
6,131
1,799
Myoung Shin Industrial Co., Ltd.
(KRW)
18,493
502
OCI Holdings Co., Ltd. (KRW)
32,275
102
Orion Corp. (KRW)
6,832
47
Ottogi Corp. (KRW)
14,785
See Notes to Financial Statements
Page 45
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (FDTS)
Portfolio of Investments (Continued)
June 30, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
South Korea (Continued)
6,600
Pan Ocean Co., Ltd. (KRW)
$20,546
373
Poongsan Corp. (KRW)
17,153
372
Samsung E&A Co., Ltd
(KRW) (c)
6,527
1,655
SeAH Besteel Holdings Corp.
(KRW)
24,948
480
Sebang Global Battery Co., Ltd.
(KRW)
36,266
110
Shinsegae, Inc. (KRW)
12,538
86
Shinsung Delta Tech Co., Ltd.
(KRW)
3,880
314
SK Gas Ltd. (KRW)
39,874
1,485
SL Corp. (KRW)
48,116
535
Solus Advanced Materials Co.,
Ltd. (KRW)
7,089
76
SOOP Co., Ltd (KRW)
7,249
633
Soulbrain Holdings Co., Ltd.
(KRW)
30,811
3,959
Sungwoo Hitech Co., Ltd.
(KRW)
25,885
2,060
Woori Technology Investment
Co., Ltd. (KRW) (c)
11,733
1,167
Youngone Corp. (KRW)
29,546
546
Youngone Holdings Co., Ltd.
(KRW)
32,764
 
1,329,945
Spain — 1.1%
4,363
Atresmedia Corp. de Medios de
Comunicacion S.A. (EUR)
20,676
191
Construcciones y Auxiliar de
Ferrocarriles S.A. (EUR)
7,180
4,326
Gestamp Automocion S.A.
(EUR) (h) (i)
12,879
1,342
Indra Sistemas S.A. (EUR)
27,753
533
Let’s GOWEX S.A.
(EUR) (c) (d) (f) (g) (j)
0
1,721
Melia Hotels International S.A.
(EUR) (c)
14,127
5,620
Unicaja Banco S.A.
(EUR) (h) (i)
7,668
 
90,283
Sweden — 2.5%
4,671
Ambea AB (SEK) (h) (i)
34,551
703
Betsson AB, Class B (SEK)
8,218
979
BoneSupport Holding AB
(SEK) (c) (h) (i)
24,292
651
Bure Equity AB (SEK)
21,927
227
Hemnet Group AB (SEK)
6,858
1,162
Munters Group AB (SEK) (h) (i)
21,905
1,516
NCC AB, Class B (SEK)
19,667
Shares
Description
Value
 
Sweden (Continued)
1,744
New Wave Group AB, Class B
(SEK) (e)
$18,017
1,105
Peab AB, Class B (SEK)
6,949
5,946
Scandic Hotels Group AB
(SEK) (c) (e) (h) (i)
36,016
13,059
Storskogen Group AB, Class B
(SEK)
10,103
 
208,503
Switzerland — 0.4%
371
Accelleron Industries AG (CHF)
14,535
575
Implenia AG (CHF)
20,576
 
35,111
United Kingdom — 6.4%
174
4imprint Group PLC (GBP)
12,889
9,447
Alphawave IP Group PLC
(GBP) (c)
17,196
4,239
Babcock International
Group PLC (GBP)
27,971
1,442
Balfour Beatty PLC (GBP)
6,657
2,636
Close Brothers Group PLC
(GBP)
14,115
9,101
Currys PLC (GBP) (c)
8,283
2,928
Diversified Energy Co. PLC
(GBP) (i)
38,863
5,498
Drax Group PLC (GBP)
34,208
6,110
Firstgroup PLC (GBP)
12,227
4,497
Future PLC (GBP)
59,632
8,340
Hunting PLC (GBP)
43,593
764
JET2 PLC (GBP)
12,642
1,578
Keller Group PLC (GBP)
24,495
20,946
Kier Group PLC (GBP)
35,057
1,461
Safestore Holdings PLC (GBP)
14,212
8,715
Serco Group PLC (GBP)
19,797
14,623
Serica Energy PLC (GBP)
25,121
19,102
Shaftesbury Capital PLC (GBP)
33,612
6,545
Target Healthcare REIT PLC
(GBP)
6,495
616
TORM PLC, Class A (DKK)
24,060
5,544
Trustpilot Group PLC
(GBP) (c) (h) (i)
15,068
7,225
Zigup PLC (GBP) 
38,496
 
524,689
Total Common Stocks
8,231,164
(Cost $7,769,220)
 
See Notes to Financial Statements
Page 46
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (FDTS)
Portfolio of Investments (Continued)
June 30, 2024 (Unaudited)
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 1.3%
$107,273
Mizuho Financial Group, Inc.,
5.32% (k), dated 06/28/24,
due 07/01/24, with a maturity
value of $107,321.
Collateralized by
U.S. Treasury Securities,
interest rates of 0.50% to
5.00%, due 07/31/24 to
09/30/29. The value of the
collateral including accrued
interest is $109,418. (l)
$107,273
(Cost $107,273)
Total Investments — 101.1%
8,338,437
(Cost $7,876,493)
Net Other Assets and
Liabilities — (1.1)%
(88,684
)
Net Assets — 100.0%
$8,249,753
 
(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)
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.
(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, including those sold and pending
settlement, is $95,591 and the total value of the collateral
held by the Fund is $107,273.
(f)
This security is fair valued by the Advisor’s Pricing
Committee in accordance with procedures approved by the
Trust’s Board of Trustees, and in accordance with provisions
of the Investment Company Act of 1940 and rules
thereunder, as amended. At June 30, 2024, securities noted as
such are valued at $0 or 0.0% of net assets.
(g)
This security’s value was determined using significant
unobservable inputs (see Note 2A - Portfolio Valuation in the
Notes to Financial Statements).
(h)
This security is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the
“1933 Act”) and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. This
security is not restricted on the foreign exchange where it
trades freely without any additional registration.
(i)
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
(j)
This issuer has filed for protection in bankruptcy court.
(k)
Rate shown reflects yield as of June 30, 2024.
(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
38.1%
KRW
15.9
EUR
9.7
CAD
9.2
GBP
7.3
AUD
5.2
NOK
4.5
SEK
2.5
HKD
2.0
USD
1.9
ILS
1.6
DKK
1.4
CHF
0.4
SGD
0.2
NZD
0.1
Total
100.0%
See Notes to Financial Statements
Page 47
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (FDTS)
Portfolio of Investments (Continued)
June 30, 2024 (Unaudited)
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2024 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2024
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks:
Australia
$ 432,616
$ 432,616
$ —
$ —**
Greece
 23,446
 23,446
 —
 —**
Spain
 90,283
 90,283
 —
 —**
Other Country
Categories*
 7,684,819
 7,684,819
 —
 —
Repurchase Agreements
 107,273
 —
 107,273
 —
Total Investments
$8,338,437
$8,231,164
$107,273
$—**
 
*
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)
$95,591
Non-cash Collateral(2)
(95,591
)
Net Amount
$—
 
(1)
The amount presented on the Statements of Assets and
Liabilities, which is included in “Investments, at value,” is not
offset and is shown on a gross basis.
(2)
At June 30, 2024, the value of the collateral received from
each borrower exceeded the value of the related securities
loaned. This amount is disclosed on the Portfolio of
Investments.
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
 
Repurchase Agreements
Total gross amount presented on the Statements
of Assets and Liabilities(3)
$107,273
Non-cash Collateral(4)
(107,273
)
Net Amount
$—
 
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At June 30, 2024, the value of the collateral received from
each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements
Page 48
First Trust Emerging Markets Small Cap AlphaDEX® Fund (FEMS)
Portfolio of Investments
June 30, 2024 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) (b) — 99.4%
Bermuda — 1.4%
2,611,382
China Water Affairs Group Ltd.
(HKD)
$1,678,711
1,857,419
COSCO SHIPPING Ports Ltd.
(HKD)
1,282,037
53,175
Geopark Ltd.
582,266
1,329,761
Shenzhen International Holdings
Ltd. (HKD)
1,060,873
 
4,603,887
Brazil — 9.2%
77,454
3R Petroleum Oleo e Gas S.A.
(BRL)
378,118
534,117
Allos S.A. (BRL)
2,017,952
105,457
Banco ABC Brasil S.A.
(Preference Shares) (BRL)
417,670
191,402
Banco do Estado do Rio Grande
do Sul S.A. (Preference
Shares) (BRL)
388,618
805,214
Banco Pan S.A. (Preference
Shares) (BRL)
1,165,307
620,499
Bradespar S.A. (Preference
Shares) (BRL)
2,054,603
1,200,758
C&A Modas S.A. (BRL) (c)
2,004,091
586,597
Cia de Saneamento de Minas
Gerais Copasa MG (BRL)
2,192,092
490,821
Cia De Sanena Do Parana (BRL)
2,419,818
308,849
Cia de Transmissao de Energia
Eletrica Paulista (Preference
Shares) (BRL)
1,450,846
589,438
Cia Ferro Ligas da Bahia-
Ferbasa (Preference Shares)
(BRL)
850,927
251,003
Cury Construtora e
Incorporadora S.A. (BRL)
924,968
102,454
Cyrela Brazil Realty S.A.
Empreendimentos e
Participacoes (BRL)
345,478
998,131
Dexco (BRL)
1,171,310
246,642
GPS Participacoes e
Empreendimentos S.A.
(BRL) (d)
760,650
789,255
Grupo SBF S.A. (BRL)
1,702,727
523,609
JHSF Participacoes S.A. (BRL)
369,985
821,612
JSL S.A. (BRL)
1,381,577
1,694,439
Marcopolo S.A. (Preference
Shares) (BRL)
1,924,775
247,838
Marfrig Global Foods S.A.
(BRL) (c)
547,983
993,280
Metalurgica Gerdau S.A.
(Preference Shares) (BRL)
1,892,351
217,003
Petroreconcavo S.A. (BRL)
719,707
163,377
Porto Seguro S.A. (BRL)
904,549
Shares
Description
Value
 
Brazil (Continued)
191,833
Santos Brasil Participacoes S.A.
(BRL)
$468,421
173,706
Sendas Distribuidora S.A.
(BRL) (c)
321,304
91,815
Tupy S.A. (BRL)
388,113
765,798
Usinas Siderurgicas de Minas
Gerais S.A.Usiminas, Class A
(Preference Shares) (BRL)
1,083,605
 
30,247,545
Cayman Islands — 7.0%
1,336,304
3SBio, Inc. (HKD) (c) (d) (e)
1,102,029
152,049
AAC Technologies Holdings,
Inc. (HKD)
597,756
2,937,499
China Conch Venture Holdings
Ltd. (HKD)
2,738,488
2,860,385
China Education Group
Holdings Ltd. (HKD) (e) (f)
1,651,972
4,307,955
China Lesso Group Holdings
Ltd. (HKD)
1,721,185
1,943,799
China Medical System Holdings
Ltd. (HKD)
1,647,825
11,550
China Metal Recycling Holdings
Ltd. (HKD) (c) (g) (h) (i)
0
6,715,017
China Resources Building
Materials Technology
Holdings Ltd. (HKD) (f)
1,186,665
5,497,830
China Yongda Automobiles
Services Holdings Ltd. (HKD)
1,210,937
3,171,951
China Zhongwang Holdings Ltd.
(HKD) (c) (g) (h) (i)
0
597,864
EEKA Fashion Holdings Ltd.
(HKD)
829,915
4,025,806
Fufeng Group Ltd. (HKD)
2,737,469
640,081
Greentown China Holdings Ltd.
(HKD)
503,275
385,816
Horizon Construction
Development Ltd. (HKD) (c)
74,109
357,601
Inter & Co., Inc., Class A
2,199,246
500,520
Kingboard Holdings Ltd. (HKD)
1,178,064
1,293,928
Minth Group Ltd. (HKD) (c)
2,011,549
1,085,195
Nexteer Automotive Group Ltd.
(HKD)
489,161
794,219
Sany Heavy Equipment
International Holdings Co.,
Ltd. (HKD)
494,286
277,369
Wisdom Marine Lines Co., Ltd.
(TWD)
581,388
 
22,955,319
Chile — 0.8%
74,414
CAP S.A. (CLP) (c)
467,368
15,776,366
Colbun S.A. (CLP)
2,041,766
 
2,509,134
See Notes to Financial Statements
Page 49
First Trust Emerging Markets Small Cap AlphaDEX® Fund (FEMS)
Portfolio of Investments (Continued)
June 30, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
China — 5.2%
2,602,804
A-Living Smart City Services
Co., Ltd. (HKD) (d) (e) (f)
$933,257
5,600,955
BAIC Motor Corp., Ltd.,
Class H (HKD) (d) (e)
1,434,478
6,146,583
China Cinda Asset Management
Co., Ltd., Class H (HKD) (f)
511,622
3,284,405
China Communications Services
Corp. Ltd., Class H (HKD)
1,770,682
7,444,445
China Datang Corp. Renewable
Power Co., Ltd., Class H
(HKD)
1,925,686
4,455,056
China National Building
Material Co., Ltd., Class H
(HKD)
1,597,397
2,257,964
Guangshen Railway Co., Ltd.,
Class H (HKD)
612,992
545,964
Inner Mongolia ERDOS
Resources Co., Ltd., Class B
455,334
1,637,520
Shandong Weigao Group
Medical Polymer Co., Ltd.,
Class H (HKD)
780,066
1,771,518
Sinopec Engineering Group Co.,
Ltd., Class H (HKD)
1,225,014
1,909,838
Xinte Energy Co., Ltd., Class H
(HKD) (c) (f)
1,980,995
1,591,311
Zhejiang Expressway Co., Ltd.,
Class H (HKD)
1,073,909
1,598,052
ZhongAn Online P&C Insurance
Co., Ltd., Class H
(HKD) (c) (d) (e) (f)
2,779,025
 
17,080,457
Egypt — 0.6%
699,168
EFG Holding S.A.E.
(EGP) (c) (j)
286,771
983,902
Ezz Steel Co. S.A.E. (EGP) (c)
1,717,066
 
2,003,837
Hong Kong — 5.1%
528,172
Beijing Enterprises Holdings
Ltd. (HKD)
1,772,060
3,942,705
China Everbright Environment
Group Ltd. (HKD)
1,979,166
1,221,765
China Nonferrous Mining Corp.,
Ltd. (HKD)
1,065,459
583,343
China Taiping Insurance
Holdings Co., Ltd. (HKD)
596,113
6,316,962
CITIC Telecom International
Holdings Ltd. (HKD)
2,119,392
2,183,407
Far East Horizon Ltd. (HKD)
1,420,366
2,385,600
Guangdong Investment Ltd.
(HKD)
1,396,097
523,256
Hua Hong Semiconductor Ltd.
(HKD) (d) (e) (f)
1,477,490
Shares
Description
Value
 
Hong Kong (Continued)
5,207,127
MMG Ltd (HKD) (c) (f)
$1,987,084
5,962,760
Shougang Fushan Resources
Group Ltd. (HKD)
2,443,425
926,744
Yuexiu Property Co., Ltd.
(HKD)
605,246
 
16,861,898
Hungary — 0.9%
1,038,172
Magyar Telekom
Telecommunications PLC
(HUF)
2,938,795
India — 5.9%
33,845
BSE Ltd. (INR)
1,048,196
29,386
Force Motors Ltd. (INR)
3,159,433
652,824
Gujarat State Fertilizers &
Chemicals Ltd. (INR)
1,897,701
2,694,619
Hindustan Construction Co., Ltd.
(INR) (c)
1,540,105
2,147,540
IFCI Ltd. (INR) (c)
1,585,915
4,994,133
Infibeam Avenues Ltd. (INR)
1,848,825
8,375,406
Jaiprakash Power Ventures Ltd.
(INR) (c)
1,968,616
916,182
NCC Ltd. (INR)
3,476,850
67,631
Olectra Greentech Ltd. (INR)
1,443,051
4,687,154
South Indian Bank (The) Ltd.
(INR)
1,514,279
 
19,482,971
Indonesia — 4.5%
9,197,503
Aspirasi Hidup Indonesia Tbk
PT (IDR)
480,236
10,377,062
Berkah Beton Sadaya Tbk PT
(IDR) (c) (g)
6,337
10,900,744
Bukit Asam Tbk PT (IDR)
1,630,951
1,626,895
Gudang Garam Tbk PT (IDR)
1,798,278
3,381,223
Indah Kiat Pulp & Paper Tbk PT
(IDR)
1,837,733
1,515,693
Indo Tambangraya Megah Tbk
PT (IDR)
2,212,218
2,539,232
Indofood Sukses Makmur Tbk
PT (IDR)
942,036
4,375,028
Jasa Marga Persero Tbk PT
(IDR)
1,330,543
11,320,004
Medco Energi Internasional Tbk
PT (IDR)
922,883
17,853,976
Perusahaan Gas Negara Tbk PT
(IDR)
1,679,091
8,068,662
Vale Indonesia Tbk PT (IDR) (c)
2,079,374
 
14,919,680
Malaysia — 6.7%
8,477,500
Bumi Armada Bhd (MYR) (c)
1,006,338
986,200
Dayang Enterprise Holdings Bhd
(MYR)
549,805
See Notes to Financial Statements
Page 50
First Trust Emerging Markets Small Cap AlphaDEX® Fund (FEMS)
Portfolio of Investments (Continued)
June 30, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Malaysia (Continued)
6,358,100
Eco World Development Group
Bhd (MYR)
$2,021,653
1,375,400
Gamuda Bhd (MYR)
1,918,417
511,900
Genting Bhd (MYR)
511,086
2,995,100
IJM Corp. Bhd (MYR)
1,936,419
3,814,900
KPJ Healthcare Bhd (MYR)
1,560,733
9,742,300
Mah Sing Group Bhd (MYR)
3,572,693
732,100
Malaysia Airports Holdings Bhd
(MYR)
1,536,363
7,321,500
Malaysian Resources Corp. Bhd
(MYR)
938,952
4,646,300
Sime Darby Bhd (MYR)
2,580,457
10,504,700
Sime Darby Property Bhd
(MYR)
2,983,847
3,402,900
SP Setia Bhd Group (MYR)
995,443
 
22,112,206
Mexico — 2.6%
414,004
Alsea S.A.B. de C.V. (MXN)
1,439,227
1,052,078
FIBRA Macquarie Mexico
(MXN) (d) (e)
1,784,421
894,728
Gentera S.A.B. de C.V. (MXN)
1,109,179
817,438
Grupo Televisa S.A.B.,
Series CPO (MXN)
446,809
734,315
Megacable Holdings S.A.B. de
C.V., Series CPO (MXN)
1,845,521
935,709
TF Administradora Industrial S
de RL de C.V. (MXN)
2,001,328
 
8,626,485
Philippines — 0.5%
163,050
GT Capital Holdings, Inc. (PHP)
1,724,838
Poland — 5.7%
103,923
Alior Bank S.A. (PLN)
2,642,187
986,265
Bank Millennium S.A.
(PLN) (c) (f)
2,298,055
85,508
CCC S.A. (PLN) (c) (f)
2,612,618
379,078
Cyfrowy Polsat S.A.
(PLN) (c) (f)
1,141,288
869,936
Enea S.A. (PLN) (c)
2,301,446
273,977
Jastrzebska Spolka Weglowa
S.A. (PLN) (c) (f)
2,014,512
502,506
Orange Polska S.A. (PLN)
971,646
847,953
PGE Polska Grupa Energetyczna
S.A. (PLN) (c)
1,511,956
3,326,227
Tauron Polska Energia S.A.
(PLN) (c)
3,271,983
 
18,765,691
Shares
Description
Value
 
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 — 6.2%
235,080
African Rainbow Minerals Ltd.
(ZAR)
2,933,049
633,661
Barloworld Ltd. (ZAR)
2,918,628
294,767
Exxaro Resources Ltd. (ZAR)
2,883,876
3,082,431
Fortress Real Estate Investments
Ltd., Class B (ZAR)
2,798,860
97,102
Foschini Group (The) Ltd.
(ZAR)
680,535
441,998
Motus Holdings Ltd. (ZAR)
2,244,518
55,615
Mr Price Group Ltd. (ZAR)
629,460
1,041,874
Resilient REIT Ltd. (ZAR)
2,683,461
396,558
Thungela Resources Ltd. (ZAR)
2,429,425
 
20,201,812
Taiwan — 13.1%
596,786
Allis Electric Co., Ltd. (TWD)
2,740,968
170,622
Arcadyan Technology Corp.
(TWD)
852,019
2,317,308
BES Engineering Corp. (TWD)
1,057,169
1,724,224
Capital Securities Corp. (TWD)
1,334,033
221,770
Century Iron & Steel Industrial
Co., Ltd. (TWD)
2,064,471
377,008
China Motor Corp. (TWD)
1,441,024
184,599
Chung-Hsin Electric &
Machinery Manufacturing
Corp. (TWD)
1,069,760
345,392
CTCI Corp. (TWD)
564,270
262,231
Darfon Electronics Corp. (TWD)
556,932
286,614
Depo Auto Parts Industrial Co.,
Ltd. (TWD)
2,107,099
46,811
Ennoconn Corp. (TWD)
484,105
550,068
Far Eastern Department Stores
Ltd. (TWD)
576,493
178,157
FLEXium Interconnect, Inc.
(TWD)
498,092
245,670
Getac Holdings Corp. (TWD)
863,289
143,193
Huaku Development Co., Ltd.
(TWD)
602,495
86,211
Kaori Heat Treatment Co., Ltd.
(TWD)
1,280,881
949,827
King’s Town Bank Co., Ltd.
(TWD)
1,783,039
361,439
L&K Engineering Co., Ltd.
(TWD)
2,679,472
200,454
Marketech International Corp.
(TWD)
1,047,330
See Notes to Financial Statements
Page 51
First Trust Emerging Markets Small Cap AlphaDEX® Fund (FEMS)
Portfolio of Investments (Continued)
June 30, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Taiwan (Continued)
137,865
Merry Electronics Co., Ltd.
(TWD)
$586,452
749,405
Orient Semiconductor
Electronics Ltd. (TWD)
1,360,601
450,676
Pou Chen Corp. (TWD)
486,218
548,222
Ruentex Industries Ltd. (TWD)
1,152,497
514,552
Run Long Construction Co., Ltd.
(TWD)
1,784,353
213,277
Sanyang Motor Co., Ltd. (TWD)
518,705
211,483
Scientech Corp. (TWD)
2,304,432
453,806
Shinfox Energy Co., Ltd. (TWD)
2,210,174
441,541
Supreme Electronics Co., Ltd.
(TWD)
1,113,329
1,027,486
Taiwan Business Bank (TWD)
576,430
111,897
Taiwan Hon Chuan Enterprise
Co., Ltd. (TWD)
591,537
392,089
Tong Yang Industry Co., Ltd.
(TWD)
1,305,291
907,612
TYC Brother Industrial Co., Ltd.
(TWD)
2,003,145
210,258
United Integrated Services Co.,
Ltd. (TWD)
2,372,098
83,780
Yankey Engineering Co., Ltd.
(TWD)
1,138,880
 
43,107,083
Thailand — 2.9%
6,898,500
AP Thailand PCL (THB)
1,494,464
1,255,700
Bangchak Corp. PCL (THB)
1,283,160
6,773,100
Banpu PCL (THB)
908,063
4,869,500
Prima Marine PCL (THB)
1,141,159
8,466,400
Quality Houses PCL (THB)
422,195
32,869,400
Sansiri PCL (THB)
1,495,794
2,648,200
Supalai PCL (THB)
1,298,933
951,100
Thai Oil PCL (THB)
1,373,617
 
9,417,385
Turkey — 21.1%
302,471
AG Anadolu Grubu Holding A/S
(TRY)
3,369,305
1,196,734
Anadolu Anonim Turk Sigorta
Sirketi (TRY) (c)
3,921,345
546,129
Anadolu Efes Biracilik Ve Malt
Sanayii A/S (TRY)
4,132,583
110,838
Arcelik A/S (TRY)
591,955
551,601
Aygaz A/S (TRY)
3,040,543
6,166,887
Dogan Sirketler Grubu Holding
A/S (TRY)
3,182,142
263,396
Dogus Otomotiv Servis ve
Ticaret A/S (TRY)
2,129,447
4,427
EGE Endustri VE Ticaret A/S
(TRY)
1,709,536
Shares
Description
Value
 
Turkey (Continued)
5,123,555
Emlak Konut Gayrimenkul
Yatirim Ortakligi A/S
(TRY) (c)
$1,523,506
1,423,700
Enerjisa Enerji A/S
(TRY) (d) (e)
2,958,162
2,284,222
Kayseri Seker Fabrikasi A/S
(TRY)
1,930,639
1,171,271
Mavi Giyim Sanayi Ve Ticaret
A/S, Class B (TRY) (d) (e)
4,555,277
1,062,907
MIA Teknoloji A/S (TRY) (c)
2,122,250
202,265
Migros Ticaret A/S (TRY)
3,282,844
361,377
MLP Saglik Hizmetleri A/S
(TRY) (c) (d) (e)
3,873,309
142,678
Otokar Otomotiv Ve Savunma
Sanayi A/S (TRY)
2,879,361
494,295
Pegasus Hava Tasimaciligi A/S
(TRY) (c)
3,449,723
4,134,933
Petkim Petrokimya Holding A/S
(TRY) (c)
2,752,844
855,695
Sok Marketler Ticaret A/S
(TRY)
1,652,181
463,902
TAV Havalimanlari Holding A/S
(TRY) (c)
3,686,526
67,373
Turk Traktor ve Ziraat
Makineleri A/S (TRY)
1,924,958
7,799,256
Turkiye Sinai Kalkinma Bankasi
A/S (TRY) (c)
2,799,203
800,142
Ulker Biskuvi Sanayi A/S
(TRY) (c)
4,167,974
971,466
Vestel Elektronik Sanayi ve
Ticaret A/S (TRY) (c)
2,342,782
8,722,671
Zorlu Enerji Elektrik Uretim A/S
(TRY) (c)
1,477,162
 
69,455,557
Total Common Stocks
327,014,580
(Cost $300,400,004)
RIGHTS (a) (b) — 0.0%
Indonesia — 0.0%
487,055
Vale Indonesia Tbk PT, expiring
07/12/24 (IDR) (c) (g)
34,800
(Cost $0)
 
See Notes to Financial Statements
Page 52
First Trust Emerging Markets Small Cap AlphaDEX® Fund (FEMS)
Portfolio of Investments (Continued)
June 30, 2024 (Unaudited)
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 3.3%
$3,244,652
Bank of America Corp.,
5.31% (k), dated 06/28/24,
due 07/01/24, with a maturity
value of $3,246,088.
Collateralized by
U.S. Treasury Securities,
interest rates of 0.00% to
4.63%, due 08/15/24 to
11/15/47. The value of the
collateral including accrued
interest is $3,309,545. (l)
$3,244,652
3,785,426
Daiwa Capital Markets America,
Inc., 5.34% (k), dated
06/28/24, due 07/01/24, with a
maturity value of $3,787,111.
Collateralized by
U.S. Treasury Securities,
interest rate of 0.00% to
4.88%, due 10/17/24 to
08/15/53. The value of the
collateral including accrued
interest is $3,861,136. (l)
3,785,426
3,785,426
Mizuho Financial Group, Inc.,
5.32% (k), dated 06/28/24,
due 07/01/24, with a maturity
value of $3,787,104.
Collateralized by
U.S. Treasury Securities,
interest rates of 0.50% to
5.00%, due 07/31/24 to
09/30/29. The value of the
collateral including accrued
interest is $3,861,135. (l)
3,785,426
Total Repurchase Agreements
10,815,504
(Cost $10,815,504)
Total Investments — 102.7%
337,864,884
(Cost $311,215,508)
Net Other Assets and
Liabilities — (2.7)%
(9,024,733
)
Net Assets — 100.0%
$328,840,151
 
(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, including those sold and pending
settlement, is $10,143,157 and the total value of the collateral
held by the Fund is $10,815,504.
(g)
Pursuant to procedures adopted by the Trust’s Board of
Trustees, this security has been determined to be illiquid by
First Trust Advisors L.P., the Fund’s advisor.
(h)
This security is fair valued by the Advisor’s Pricing
Committee in accordance with procedures approved by the
Trust’s Board of Trustees, and in accordance with provisions
of the Investment Company Act of 1940 and rules
thereunder, as amended. At June 30, 2024, 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 (“PIK”) distributions. There were no PIK distributions
received for the six months ended June 30, 2024.
(k)
Rate shown reflects yield as of June 30, 2024.
(l)
This security serves as collateral for securities on loan.
 
Abbreviations throughout the Portfolio of Investments:
BRL
–  Brazilian Real
CLP
–  Chilean Peso
EGP
–  Egyptian Pound
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 53
First Trust Emerging Markets Small Cap AlphaDEX® Fund (FEMS)
Portfolio of Investments (Continued)
June 30, 2024 (Unaudited)
Currency Exposure Diversification
% of Total
Investments
TRY
20.6%
HKD
17.1
TWD
12.9
BRL
8.9
MYR
6.5
ZAR
6.0
INR
5.8
PLN
5.6
IDR
4.4
USD
4.1
THB
2.8
MXN
2.6
HUF
0.9
CLP
0.7
EGP
0.6
PHP
0.5
RUB
0.0‡
Total
100.0%
 
‡
Investments are valued at $0.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2024 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2024
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common
Stocks:
Cayman
Islands
$ 22,955,319
$ 22,955,319
$ —
$ —**
Russia
 —**
 —
 —
 —**
Thailand
 9,417,385
 —
 9,417,385
 —
Other
Country
Categories*
 294,641,876
 294,641,876
 —
 —
Rights*
 34,800
 34,800
 —
 —
Repurchase
Agreements
 10,815,504
 —
 10,815,504
 —
Total
Investments
$337,864,884
$317,631,995
$20,232,889
$—**
 
*
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)
$10,143,157
Non-cash Collateral(2)
(10,143,157
)
Net Amount
$—
 
(1)
The amount presented on the Statements of Assets and
Liabilities, which is included in “Investments, at value,” is not
offset and is shown on a gross basis.
(2)
At June 30, 2024, the value of the collateral received from
each borrower exceeded the value of the related securities
loaned. This amount is disclosed on the Portfolio of
Investments.
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
 
Repurchase Agreements
Total gross amount presented on the Statements
of Assets and Liabilities(3)
$10,815,504
Non-cash Collateral(4)
(10,815,504
)
Net Amount
$—
 
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At June 30, 2024, the value of the collateral received from
each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements
Page 54
First Trust Eurozone AlphaDEX® ETF (FEUZ)
Portfolio of Investments
June 30, 2024 (Unaudited)
 
Shares
Description
Value
COMMON STOCKS (a) (b) — 99.0%
Austria — 5.2%
7,772
BAWAG Group AG
(EUR) (c) (d)
$491,915
11,032
Erste Group Bank AG (EUR)
522,683
10,900
OMV AG (EUR)
474,639
24,694
Raiffeisen Bank International
AG (EUR)
428,955
3,388
Verbund AG (EUR)
267,230
21,908
voestalpine AG (EUR)
591,721
 
2,777,143
Belgium — 3.7%
699
Ackermans & van Haaren N.V.
(EUR)
120,898
13,304
Colruyt Group N.V. (EUR)
635,173
1,656
D’ieteren Group (EUR)
351,329
4,881
Groupe Bruxelles Lambert N.V.
(EUR)
348,400
3,310
KBC Group N.V. (EUR)
233,605
986
UCB S.A. (EUR)
146,461
11,394
Umicore S.A. (EUR)
171,200
 
2,007,066
Finland — 3.9%
8,832
Cargotec Oyj, Class B (EUR)
708,925
6,585
Kesko Oyj, Class B (EUR)
115,586
11,834
Konecranes Oyj (EUR)
671,068
9,071
Neste Oyj (EUR)
161,505
4,674
Valmet Oyj (EUR)
133,600
16,172
Wartsila Oyj Abp (EUR)
311,749
 
2,102,433
France — 18.3%
10,517
Accor S.A. (EUR)
431,380
2,328
Arkema S.A. (EUR)
202,321
3,278
AXA S.A. (EUR)
107,318
3,461
BNP Paribas S.A. (EUR)
220,652
9,040
Bouygues S.A. (EUR)
290,151
28,703
Carrefour S.A. (EUR)
405,761
1,578
Cie de Saint-Gobain S.A. (EUR)
122,725
9,614
Cie Generale des Etablissements
Michelin S.C.A. (EUR)
371,793
24,746
Credit Agricole S.A. (EUR)
337,632
2,169
Eiffage S.A. (EUR)
199,211
16,225
Elis S.A. (EUR)
351,346
7,004
Eurazeo SE (EUR)
557,695
825
Gaztransport Et Technigaz S.A.
(EUR)
107,703
101
Hermes International S.C.A.
(EUR)
231,475
1,033
Ipsen S.A. (EUR)
126,670
1,167
Nexans S.A. (EUR)
128,604
41,852
Orange S.A. (EUR)
419,260
3,384
Publicis Groupe S.A. (EUR)
360,163
Shares
Description
Value
 
France (Continued)
12,169
Renault S.A. (EUR)
$623,470
18,211
Rexel S.A. (EUR)
471,194
2,170
Safran S.A. (EUR)
458,750
543
Schneider Electric SE (EUR)
130,436
10,666
SCOR SE (EUR)
270,263
18,368
Societe Generale S.A. (EUR)
431,193
1,425
Sodexo S.A. (EUR)
128,193
514
Sopra Steria Group (EUR)
99,690
9,816
SPIE S.A. (EUR)
355,111
6,328
Teleperformance SE (EUR)
666,448
723
Thales S.A. (EUR)
115,758
8,968
TotalEnergies SE (EUR)
598,635
26,502
Vallourec SACA (EUR) (e)
415,659
3,155
Verallia S.A. (EUR) (c) (d)
114,475
 
9,851,135
Germany — 21.4%
412
Allianz SE (EUR)
114,500
5,323
Bayerische Motoren Werke AG
(EUR)
503,825
35,803
Commerzbank AG (EUR)
543,899
6,818
Continental AG (EUR)
386,262
5,528
CTS Eventim AG & Co. KGaA
(EUR)
461,185
12,138
Daimler Truck Holding AG
(EUR)
483,180
39,062
Deutsche Bank AG (EUR)
623,653
78,246
Deutsche Lufthansa AG (EUR)
478,484
5,709
Deutsche Post AG (EUR)
231,050
20,254
Deutsche Telekom AG (EUR)
509,305
6,999
Fraport AG Frankfurt Airport
Services Worldwide (EUR) (e)
361,287
9,585
Fresenius Medical Care AG
(EUR)
367,079
4,469
Heidelberg Materials AG (EUR)
463,388
5,245
Hensoldt AG (EUR)
192,892
2,118
HOCHTIEF AG (EUR)
240,891
2,090
HUGO BOSS AG (EUR)
93,493
3,616
Infineon Technologies AG
(EUR)
132,848
9,349
KION Group AG (EUR)
391,381
1,627
Knorr-Bremse AG (EUR)
124,236
1,859
Krones AG (EUR)
233,333
7,722
Mercedes-Benz Group AG
(EUR)
533,986
256
Muenchener
Rueckversicherungs-
Gesellschaft AG in Muenchen
(EUR)
128,034
1,241
Nemetschek SE (EUR)
122,073
11,599
Porsche Automobil Holding SE
(Preference Shares) (EUR)
524,331
877
Rheinmetall AG (EUR)
446,789
See Notes to Financial Statements
Page 55
First Trust Eurozone AlphaDEX® ETF (FEUZ)
Portfolio of Investments (Continued)
June 30, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Germany (Continued)
14,490
RWE AG (EUR)
$495,802
1,265
SAP SE (EUR)
256,753
72,924
Schaeffler AG (Preference
Shares) (EUR)
419,777
6,694
Siemens Energy AG (EUR) (e)
174,277
1,238
Sixt SE (EUR)
87,837
3,101
Talanx AG (EUR)
247,582
21,853
United Internet AG (EUR)
470,878
4,628
Volkswagen AG (Preference
Shares) (EUR)
522,400
1,086
Wacker Chemie AG (EUR)
118,399
 
11,485,089
Greece — 5.4%
209,708
Alpha Services and Holdings
S.A. (EUR) (e)
342,158
191,828
Eurobank Ergasias Services and
Holdings S.A. (EUR) (e)
415,191
25,006
Hellenic Telecommunications
Organization S.A. (EUR)
359,926
9,558
Metlen Energy & Metals S.A.
(EUR)
356,832
62,821
National Bank of Greece S.A.
(EUR) (e)
523,693
146,985
Piraeus Financial Holdings S.A.
(EUR) (e)
536,151
29,396
Public Power Corp. S.A.
(EUR) (e)
353,854
 
2,887,805
Ireland — 1.9%
48,438
AIB Group PLC (EUR)
256,053
24,106
Bank of Ireland Group PLC
(EUR)
252,174
6,228
Glanbia PLC (EUR)
121,392
3,254
Ryanair Holdings PLC, ADR
378,896
 
1,008,515
Italy — 15.9%
136,165
A2A S.p.A. (EUR)
271,163
9,713
Assicurazioni Generali S.p.A.
(EUR)
242,266
135,645
Banca Monte dei Paschi di Siena
S.p.A. (EUR)
637,005
92,373
Banco BPM S.p.A. (EUR)
594,946
130,067
BPER Banca S.p.A. (EUR)
657,613
2,146
Brunello Cucinelli S.p.A. (EUR)
214,887
15,653
Buzzi S.p.A. (EUR)
629,976
31,106
Eni S.p.A. (EUR)
478,175
34,878
Hera S.p.A. (EUR)
119,304
135,519
Intesa Sanpaolo S.p.A. (EUR)
503,761
42,207
Italgas S.p.A. (EUR)
208,018
24,466
Leonardo S.p.A. (EUR)
568,057
Shares
Description
Value
 
Italy (Continued)
16,505
Mediobanca Banca di Credito
Finanziario S.p.A. (EUR)
$241,985
1,651
Moncler S.p.A. (EUR)
100,890
80,290
Pirelli & C S.p.A. (EUR) (c) (d)
478,086
2,352
Prysmian S.p.A. (EUR)
145,641
1,733
Reply S.p.A. (EUR)
255,751
251,864
Saipem S.p.A. (EUR) (e)
645,203
1,518,571
Telecom Italia S.p.A.
(EUR) (e) (f)
363,481
16,197
UniCredit S.p.A. (EUR)
600,265
58,690
Unipol Gruppo S.p.A. (EUR)
583,286
 
8,539,759
Luxembourg — 1.3%
8,960
ArcelorMittal S.A. (EUR)
205,061
31,103
Tenaris S.A. (EUR)
477,995
 
683,056
Multi-National — 0.2%
1,526
Unibail-Rodamco-Westfield
(EUR) (e)
120,152
Netherlands — 10.4%
2,557
Aalberts N.V. (EUR)
103,841
21,569
ABN AMRO Bank N.V.
(EUR) (c) (d)
354,575
2,015
Airbus SE (EUR)
276,781
8,033
Arcadis N.V. (EUR)
508,864
410
ASM International N.V. (EUR)
312,544
386
ASML Holding N.V. (EUR)
398,588
7,521
ASR Nederland N.V. (EUR)
358,511
28,801
Brembo N.V. (EUR)
316,279
14,954
ING Groep N.V. (EUR)
255,631
41,281
Iveco Group N.V. (EUR)
462,878
8,217
Koninklijke Ahold Delhaize
N.V. (EUR)
242,792
12,760
Koninklijke Vopak N.V. (EUR)
529,668
13,304
NN Group N.V. (EUR)
619,072
11,755
Prosus N.V. (EUR)
418,711
11,418
STMicroelectronics N.V. (EUR)
450,789
 
5,609,524
Portugal — 2.0%
1,093,504
Banco Comercial Portugues
S.A., Class R (EUR)
394,188
63,132
EDP - Energias de Portugal S.A.
(EUR)
236,572
22,319
Galp Energia SGPS S.A. (EUR)
471,358
 
1,102,118
Spain — 9.4%
3,024
Acciona S.A. (EUR) (f)
357,213
621
Aena SME S.A. (EUR) (c) (d)
125,031
51,610
Banco Bilbao Vizcaya
Argentaria S.A. (EUR)
516,901
391,562
Banco de Sabadell S.A. (EUR)
755,028
See Notes to Financial Statements
Page 56
First Trust Eurozone AlphaDEX® ETF (FEUZ)
Portfolio of Investments (Continued)
June 30, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (a) (b) (Continued)
Spain (Continued)
100,798
Banco Santander S.A. (EUR)
$467,476
50,400
Bankinter S.A. (EUR)
411,620
76,077
CaixaBank S.A. (EUR)
402,729
4,882
Industria de Diseno Textil S.A.
(EUR)
242,388
4,233
Laboratorios Farmaceuticos Rovi
S.A. (EUR)
396,893
243,261
Mapfre S.A. (EUR)
561,161
14,416
Redeia Corp. S.A. (EUR) (f)
251,962
36,892
Repsol S.A. (EUR)
582,173
 
5,070,575
Total Common Stocks
53,244,370
(Cost $52,254,514)
MONEY MARKET FUNDS — 0.8%
414,049
Dreyfus Government Cash
Management Fund,
Institutional Shares -
5.19% (g)
414,049
(Cost $414,049)
 
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 0.5%
$271,507
Mizuho Financial Group, Inc.,
5.32% (g), dated 06/28/24,
due 07/01/24, with a maturity
value of $271,627.
Collateralized by
U.S. Treasury Securities,
interest rates of 0.50% to
5.00%, due 07/31/24 to
09/30/29. The value of the
collateral including accrued
interest is $276,937. (h)
271,507
(Cost $271,507)
Total Investments — 100.3%
53,929,926
(Cost $52,940,070)
Net Other Assets and
Liabilities — (0.3)%
(136,023
)
Net Assets — 100.0%
$53,793,903
 
(a)
Portfolio securities are categorized based upon their country
of incorporation, which can be different from the country
categorization of the Fund’s underlying index.
(b)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(c)
This security is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the
“1933 Act”) and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. This
security is not restricted on the foreign exchange where it
trades freely without any additional registration.
(d)
This security may be resold to qualified foreign investors and
foreign institutional buyers under Regulation S of the 1933
Act.
(e)
Non-income producing security.
(f)
All or a portion of this security is on loan (see Note 2E -
Securities Lending in the Notes to Financial Statements). The
remaining contractual maturity of all of the securities lending
transactions is overnight and continuous. The aggregate
value of such securities, including those sold and pending
settlement, is $235,630 and the total value of the collateral
held by the Fund is $271,507.
(g)
Rate shown reflects yield as of June 30, 2024.
(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
98.0%
USD
2.0
Total
100.0%
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of June 30, 2024 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
 
Total
Value at
6/30/2024
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$ 53,244,370
$ 53,244,370
$ —
$ —
Money Market Funds
 414,049
 414,049
 —
 —
Repurchase
Agreements
 271,507
 —
 271,507
 —
Total Investments
$53,929,926
$53,658,419
$271,507
$—
 
*
See Portfolio of Investments for country breakout.
See Notes to Financial Statements
Page 57
First Trust Eurozone AlphaDEX® ETF (FEUZ)
Portfolio of Investments (Continued)
June 30, 2024 (Unaudited)
Offsetting Assets and Liabilities
Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
 
Securities Lending Agency Agreement
Total gross amount presented on the Statements
of Assets and Liabilities(1)
$235,630
Non-cash Collateral(2)
(235,630
)
Net Amount
$—
 
(1)
The amount presented on the Statements of Assets and
Liabilities, which is included in “Investments, at value,” is not
offset and is shown on a gross basis.
(2)
At June 30, 2024, the value of the collateral received from
each borrower exceeded the value of the related securities
loaned. This amount is disclosed on the Portfolio of
Investments.
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
 
Repurchase Agreements
Total gross amount presented on the Statements
of Assets and Liabilities(3)
$271,507
Non-cash Collateral(4)
(271,507
)
Net Amount
$—
 
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At June 30, 2024, the value of the collateral received from
each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements
Page 58
This page intentionally left blank.
Page 59
First Trust Exchange-Traded AlphaDEX® Fund II
Statements of Assets and Liabilities
June 30, 2024 (Unaudited)
 
 
First Trust Asia
Pacific ex-Japan
AlphaDEX®
Fund
(FPA)
First Trust
Europe
AlphaDEX®
Fund
(FEP)
First Trust
Latin America
AlphaDEX®
Fund
(FLN)
ASSETS:
Investments, at value
$14,099,602
$205,499,324
$21,158,644
Cash
—
166,439
—
Foreign currency, at value
—
248,011
51,679
Receivables:
Dividends
27,856
594,138
436,345
Investment securities sold
1,479
—
—
Securities lending income
249
1,912
—
Capital shares sold
—
—
17,927
Reclaims
—
1,461,649
—
Other receivables
—
—
—
Total Assets
14,129,186
207,971,473
21,664,595
 
LIABILITIES:
Due to custodian
—
—
503,164
Due to custodian foreign currency
472
—
—
Payables:
Collateral for securities on loan
21,150
1,583,593
—
Investment advisory fees
9,136
140,871
34,251
Deferred foreign capital gains tax
—
—
—
Total Liabilities
30,758
1,724,464
537,415
NET ASSETS
$14,098,428
$206,247,009
$21,127,180
 
NET ASSETS consist of:
Paid-in capital
$28,850,615
$442,281,387
$65,003,026
Par value
5,000
56,000
12,000
Accumulated distributable earnings (loss)
(14,757,187)
(236,090,378)
(43,887,846)
NET ASSETS
$14,098,428
$206,247,009
$21,127,180
NET ASSET VALUE, per share
$28.20
$36.83
$17.61
Number of shares outstanding (unlimited number of shares authorized,
par value $0.01 per share)
500,002
5,600,002
1,200,002
Investments, at cost
$12,086,906
$189,232,930
$20,597,571
Foreign currency, at cost (proceeds)
$(472)
$246,479
$51,092
Securities on loan, at value
$19,974
$1,460,340
$—
See Notes to Financial Statements
Page 60
 
First Trust Brazil
AlphaDEX® Fund
(FBZ)
First Trust China
AlphaDEX® Fund
(FCA)
First Trust Japan
AlphaDEX® Fund
(FJP)
First Trust
Developed
Markets ex-US
AlphaDEX® Fund
(FDT)
First Trust
Emerging
Markets
AlphaDEX® Fund
(FEM)
First Trust
Germany
AlphaDEX® Fund
(FGM)
$5,708,620
$5,188,507
$192,868,981
$413,935,536
$444,861,294
$9,187,315
—
—
—
—
—
—
851
5,944
229,959
230,053
382,589
23
52,680
101,244
307,379
652,946
4,062,735
12,828
—
2,146
—
60,922
65,226
—
—
305
918
3,045
1,954
—
—
—
—
—
—
—
—
—
216
838,294
351,013
31,777
—
—
—
—
—
—
5,762,151
5,298,146
193,407,453
415,720,796
449,724,811
9,231,943
2,726
35,921
—
295,925
761,573
—
—
—
—
—
—
—
—
194,832
3,589,955
5,863,000
856,415
—
3,872
4,354
130,441
272,978
295,607
6,361
—
—
—
—
1,611,257
—
6,598
235,107
3,720,396
6,431,903
3,524,852
6,361
$5,755,553
$5,063,039
$189,687,057
$409,288,893
$446,199,959
$9,225,582
$34,684,661
$14,834,875
$232,128,966
$704,134,259
$622,013,782
$42,242,176
5,500
2,500
37,000
74,364
186,500
2,500
(28,934,608)
(9,774,336)
(42,478,909)
(294,919,730)
(176,000,323)
(33,019,094)
$5,755,553
$5,063,039
$189,687,057
$409,288,893
$446,199,959
$9,225,582
$10.46
$20.25
$51.27
$55.04
$23.92
$36.90
550,002
250,002
3,700,002
7,436,412
18,650,002
250,002
$5,192,853
$5,103,880
$177,911,307
$366,430,163
$403,891,202
$10,089,911
$851
$5,944
$229,959
$230,065
$382,432
$23
$—
$180,039
$3,408,132
$5,546,108
$785,504
$—
See Notes to Financial Statements
Page 61
First Trust Exchange-Traded AlphaDEX® Fund II
Statements of Assets and Liabilities (Continued)
June 30, 2024 (Unaudited)
 
 
First Trust
United Kingdom
AlphaDEX®
Fund
(FKU)
First Trust
India NIFTY
50 Equal Weight
ETF
(NFTY)
First Trust
Switzerland
AlphaDEX®
Fund
(FSZ)
ASSETS:
Investments, at value
$66,154,423
$249,125,416
$82,194,473
Cash
—
—
—
Foreign currency, at value
59,411
10,715,427
—
Receivables:
Dividends
467,001
475,738
401
Investment securities sold
—
—
—
Securities lending income
—
—
—
Capital shares sold
—
—
—
Reclaims
20,570
—
1,361,630
Other receivables
—
4,163
—
Total Assets
66,701,405
260,320,744
83,556,504
 
LIABILITIES:
Due to custodian
—
10,612,966
—
Due to custodian foreign currency
—
—
—
Payables:
Collateral for securities on loan
—
—
—
Investment advisory fees
43,657
154,867
57,380
Deferred foreign capital gains tax
—
6,478,267
—
Total Liabilities
43,657
17,246,100
57,380
NET ASSETS
$66,657,748
$243,074,644
$83,499,124
 
NET ASSETS consist of:
Paid-in capital
$117,635,982
$196,442,934
$104,114,882
Par value
17,500
40,500
13,000
Accumulated distributable earnings (loss)
(50,995,734)
46,591,210
(20,628,758)
NET ASSETS
$66,657,748
$243,074,644
$83,499,124
NET ASSET VALUE, per share
$38.09
$60.02
$64.23
Number of shares outstanding (unlimited number of shares authorized,
par value $0.01 per share)
1,750,002
4,050,002
1,300,002
Investments, at cost
$62,686,747
$193,571,938
$75,433,421
Foreign currency, at cost (proceeds)
$59,435
$10,715,409
$—
Securities on loan, at value
$—
$—
$—
See Notes to Financial Statements
Page 62
 
First Trust
Developed
Markets ex-US
Small Cap
AlphaDEX®
Fund
(FDTS)
First Trust
Emerging
Markets Small
Cap
AlphaDEX®
Fund
(FEMS)
First Trust
Eurozone
AlphaDEX®
ETF
(FEUZ)
$8,338,437
$337,864,884
$53,929,926
—
—
17,193
12,614
710,057
—
11,599
1,827,896
16,629
3,599
169,850
—
210
17,584
192
—
—
—
5,807
23,005
116,038
—
—
—
8,372,266
340,613,276
54,079,978
9,721
396,902
—
—
—
49
107,273
10,815,504
271,507
5,519
216,581
14,519
—
344,138
—
122,513
11,773,125
286,075
$8,249,753
$328,840,151
$53,793,903
$12,958,996
$352,881,333
$74,925,161
2,000
81,000
13,000
(4,711,243)
(24,122,182)
(21,144,258)
$8,249,753
$328,840,151
$53,793,903
$41.25
$40.60
$41.38
200,002
8,100,002
1,300,002
$7,876,493
$311,215,508
$52,940,070
$12,614
$719,193
$(49)
$95,591
$10,143,157
$235,630
See Notes to Financial Statements
Page 63
First Trust Exchange-Traded AlphaDEX® Fund II
Statements of Operations
For the Six Months Ended June 30, 2024 (Unaudited)
 
 
First Trust Asia
Pacific ex-Japan
AlphaDEX®
Fund
(FPA)
First Trust
Europe
AlphaDEX®
Fund
(FEP)
First Trust
Latin America
AlphaDEX®
Fund
(FLN)
INVESTMENT INCOME:
Dividends
$322,804
$7,171,694
$1,506,305
Securities lending income (net of fees)
1,309
32,952
—
Foreign withholding tax
(13,438)
(745,878)
(121,485)
Total investment income
310,675
6,458,768
1,384,820
 
EXPENSES:
Investment advisory fees
58,253
 
849,356
 
255,303
 
Total expenses
58,253
849,356
255,303
NET INVESTMENT INCOME (LOSS)
252,422
5,609,412
1,129,517
 
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments
12,316
6,308,825
4,066,750
In-kind redemptions
197,323
3,140,254
1,034,521
Foreign currency transactions
(22,128)
(23,648)
(257,672)
Foreign capital gains tax
—
—
—
Net realized gain (loss)
187,511
9,425,431
4,843,599
Net change in unrealized appreciation (depreciation) on:
Investments
82,307
(5,421,279)
(14,264,738)
Foreign currency translation
(287)
(61,681)
(32,200)
Deferred foreign capital gains tax
—
—
—
Net change in unrealized appreciation (depreciation)
82,020
(5,482,960)
(14,296,938)
NET REALIZED AND UNREALIZED GAIN (LOSS)
269,531
3,942,471
(9,453,339)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS
$521,953
$9,551,883
$(8,323,822)
See Notes to Financial Statements
Page 64
 
First Trust Brazil
AlphaDEX® Fund
(FBZ)
First Trust China
AlphaDEX® Fund
(FCA)
First Trust Japan
AlphaDEX® Fund
(FJP)
First Trust
Developed
Markets ex-US
AlphaDEX® Fund
(FDT)
First Trust
Emerging
Markets
AlphaDEX® Fund
(FEM)
First Trust
Germany
AlphaDEX® Fund
(FGM)
$136,603
$197,499
$2,711,735
$10,058,801
$12,776,810
$336,478
—
5,532
30,052
45,924
11,246
—
(147)
(16,220)
(275,646)
(1,117,907)
(1,152,146)
(47,730)
136,456
186,811
2,466,141
8,986,818
11,635,910
288,748
25,417
 
27,048
 
791,885
 
1,630,351
 
1,714,364
 
47,412
 
25,417
27,048
791,885
1,630,351
1,714,364
47,412
111,039
159,763
1,674,256
7,356,467
9,921,546
241,336
154,346
(795,468)
2,400,036
15,888,954
11,270,621
(747,402)
—
423,110
1,265,651
2,596,845
555,549
418,335
(1,864)
840
(107,017)
(190,973)
(1,273,862)
(802)
—
—
—
—
(1,064,876)
—
152,482
(371,518)
3,558,670
18,294,826
9,487,432
(329,869)
(1,131,015)
967,967
(945,511)
494,380
18,932,960
(130,684)
(6,348)
6
(9,588)
(35,734)
(68,056)
(166)
—
—
—
—
(725,015)
—
(1,137,363)
967,973
(955,099)
458,646
18,139,889
(130,850)
(984,881)
596,455
2,603,571
18,753,472
27,627,321
(460,719)
$(873,842)
$756,218
$4,277,827
$26,109,939
$37,548,867
$(219,383)
See Notes to Financial Statements
Page 65
First Trust Exchange-Traded AlphaDEX® Fund II
Statements of Operations (Continued)
For the Six Months Ended June 30, 2024 (Unaudited)
 
 
First Trust
United Kingdom
AlphaDEX®
Fund
(FKU)
First Trust
India NIFTY
50 Equal Weight
ETF
(NFTY)
First Trust
Switzerland
AlphaDEX®
Fund
(FSZ)
INVESTMENT INCOME:
Dividends
$1,343,070
$1,270,015
$2,338,721
Securities lending income (net of fees)
—
—
—
Foreign withholding tax
(5,619)
(295,258)
(275,247)
Total investment income
1,337,451
974,757
2,063,474
 
EXPENSES:
Investment advisory fees
228,875
 
736,781
 
339,667
 
Total expenses
228,875
736,781
339,667
NET INVESTMENT INCOME (LOSS)
1,108,576
237,976
1,723,807
 
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments
(377,785)
(189,578)
(312,643)
In-kind redemptions
290,237
—
575,008
Foreign currency transactions
(6,682)
(224,798)
39
Foreign capital gains tax
—
(731,964)
—
Net realized gain (loss)
(94,230)
(1,146,340)
262,404
Net change in unrealized appreciation (depreciation) on:
Investments
4,213,067
23,685,390
(1,498,623)
Foreign currency translation
(4,126)
752
(63,903)
Deferred foreign capital gains tax
—
(2,553,534)
—
Net change in unrealized appreciation (depreciation)
4,208,941
21,132,608
(1,562,526)
NET REALIZED AND UNREALIZED GAIN (LOSS)
4,114,711
19,986,268
(1,300,122)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS
$5,223,287
$20,224,244
$423,685
See Notes to Financial Statements
Page 66
 
First Trust
Developed
Markets ex-US
Small Cap
AlphaDEX®
Fund
(FDTS)
First Trust
Emerging
Markets Small
Cap
AlphaDEX®
Fund
(FEMS)
First Trust
Eurozone
AlphaDEX®
ETF
(FEUZ)
$179,252
$8,172,312
$581,103
2,090
126,140
1,764
(22,521)
(738,177)
(99,934)
158,821
7,560,275
482,933
32,905
 
1,301,665
 
73,107
 
32,905
1,301,665
73,107
125,916
6,258,610
409,826
264,396
4,375,133
248,607
—
1,628,690
402,560
(6,531)
(674,341)
(3,501)
—
—
—
257,865
5,329,482
647,666
(122,996)
14,728,267
(478,043)
(695)
(45,174)
(1,877)
—
(344,138)
—
(123,691)
14,338,955
(479,920)
134,174
19,668,437
167,746
$260,090
$25,927,047
$577,572
See Notes to Financial Statements
Page 67
First Trust Exchange-Traded AlphaDEX® Fund II
Statements of Changes in Net Assets
 
 
First Trust Asia Pacific ex-Japan
AlphaDEX® Fund (FPA)
First Trust Europe AlphaDEX®
Fund (FEP)
 
Six Months
Ended
6/30/2024 
(Unaudited)
Year
Ended
12/31/2023 
Six Months
Ended
6/30/2024 
(Unaudited)
Year
Ended
12/31/2023 
OPERATIONS:
Net investment income (loss)
$252,422
$512,193
$5,609,412
$8,146,193
Net realized gain (loss)
187,511
(944,121)
9,425,431
5,779,904
Net change in unrealized appreciation (depreciation)
82,020
1,895,957
(5,482,960)
20,939,387
Net increase (decrease) in net assets resulting from
operations
521,953
1,464,029
9,551,883
34,865,484
 
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations
(220,001)
(516,113)
(6,763,947)
(8,532,327)
Return of capital
—
(19,099)
—
—
Total distributions to shareholders
(220,001)
(535,212)
(6,763,947)
(8,532,327)
 
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold
—
 
5,403,480
 
—
 
26,660,142
 
Cost of shares redeemed
(4,046,995)
 
—
 
(19,852,540)
 
(83,848,195)
 
Net increase (decrease) in net assets resulting from
shareholder transactions
(4,046,995)
5,403,480
(19,852,540)
(57,188,053)
Total increase (decrease) in net assets
(3,745,043)
6,332,297
(17,064,604)
(30,854,896)
 
NET ASSETS:
Beginning of period
17,843,471
11,511,174
223,311,613
254,166,509
End of period
$14,098,428
$17,843,471
$206,247,009
$223,311,613
 
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period
650,002
450,002
6,150,002
7,850,002
Shares sold
—
200,000
—
750,000
Shares redeemed
(150,000)
—
(550,000)
(2,450,000)
Shares outstanding, end of period
500,002
650,002
5,600,002
6,150,002
See Notes to Financial Statements
Page 68
 
First Trust Latin America AlphaDEX®
Fund (FLN)
First Trust Brazil AlphaDEX® Fund
(FBZ)
First Trust China AlphaDEX® Fund
(FCA)
Six Months
Ended
6/30/2024 
(Unaudited)
Year
Ended
12/31/2023 
Six Months
Ended
6/30/2024 
(Unaudited)
Year
Ended
12/31/2023 
Six Months
Ended
6/30/2024 
(Unaudited)
Year
Ended
12/31/2023 
$1,129,517
$4,012,052
$111,039
$372,036
$159,763
$465,662
4,843,599
(2,864,942)
152,482
(1,950,591)
(371,518)
(2,272,567)
(14,296,938)
18,210,319
(1,137,363)
2,174,571
967,973
771,351
(8,323,822)
19,357,429
(873,842)
596,016
756,218
(1,035,554)
(1,057,561)
(3,928,252)
(86,900)
(455,537)
(128,636)
(467,047)
—
—
—
(180,835)
—
—
(1,057,561)
(3,928,252)
(86,900)
(636,372)
(128,636)
(467,047)
—
 
22,316,724
 
—
 
—
 
1,078,802
 
2,252,346
 
(44,232,385)
 
(33,363,361)
 
—
 
(56,620,629)
 
(3,141,805)
 
(1,811,194)
 
(44,232,385)
(11,046,637)
—
(56,620,629)
(2,063,003)
441,152
(53,613,768)
4,382,540
(960,742)
(56,660,985)
(1,435,421)
(1,061,449)
74,740,948
70,358,408
6,716,295
63,377,280
6,498,460
7,559,909
$21,127,180
$74,740,948
$5,755,553
$6,716,295
$5,063,039
$6,498,460
3,600,002
4,200,002
550,002
6,000,002
350,002
350,002
—
1,200,000
—
—
50,000
100,000
(2,400,000)
(1,800,000)
—
(5,450,000)
(150,000)
(100,000)
1,200,002
3,600,002
550,002
550,002
250,002
350,002
See Notes to Financial Statements
Page 69
First Trust Exchange-Traded AlphaDEX® Fund II
Statements of Changes in Net Assets (Continued)
 
 
First Trust Japan AlphaDEX®
Fund (FJP)
First Trust Developed Markets
ex-US AlphaDEX® Fund (FDT)
 
Six Months
Ended
6/30/2024 
(Unaudited)
Year
Ended
12/31/2023 
Six Months
Ended
6/30/2024 
(Unaudited)
Year
Ended
12/31/2023 
OPERATIONS:
Net investment income (loss)
$1,674,256
$3,204,509
$7,356,467
$13,977,058
Net realized gain (loss)
3,558,670
7,552,392
18,294,826
10,645,391
Net change in unrealized appreciation (depreciation)
(955,099)
16,487,023
458,646
31,647,894
Net increase (decrease) in net assets resulting from
operations
4,277,827
27,243,924
26,109,939
56,270,343
 
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations
(2,503,981)
(5,835,068)
(7,938,370)
(20,076,546)
Return of capital
—
—
—
—
Total distributions to shareholders
(2,503,981)
(5,835,068)
(7,938,370)
(20,076,546)
 
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold
8,100,930
 
165,432,676
 
—
 
59,204,850
 
Cost of shares redeemed
(7,725,602)
 
(85,072,016)
 
(18,521,342)
 
(105,093,394)
 
Net increase (decrease) in net assets resulting from
shareholder transactions
375,328
80,360,660
(18,521,342)
(45,888,544)
Total increase (decrease) in net assets
2,149,174
101,769,516
(349,773)
(9,694,747)
 
NET ASSETS:
Beginning of period
187,537,883
85,768,367
409,638,666
419,333,413
End of period
$189,687,057
$187,537,883
$409,288,893
$409,638,666
 
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period
3,700,002
2,000,002
7,786,412
8,686,412
Shares sold
150,000
3,450,000
—
1,150,000
Shares redeemed
(150,000)
(1,750,000)
(350,000)
(2,050,000)
Shares outstanding, end of period
3,700,002
3,700,002
7,436,412
7,786,412
See Notes to Financial Statements
Page 70
 
First Trust Emerging Markets
AlphaDEX® Fund (FEM)
First Trust Germany AlphaDEX® Fund
(FGM)
First Trust United Kingdom
AlphaDEX® Fund (FKU)
Six Months
Ended
6/30/2024 
(Unaudited)
Year
Ended
12/31/2023 
Six Months
Ended
6/30/2024 
(Unaudited)
Year
Ended
12/31/2023 
Six Months
Ended
6/30/2024 
(Unaudited)
Year
Ended
12/31/2023 
$9,921,546
$22,515,691
$241,336
$349,082
$1,108,576
$703,194
9,487,432
(10,245,798)
(329,869)
(1,230,659)
(94,230)
(2,880,655)
18,139,889
29,527,424
(130,850)
2,609,516
4,208,941
6,484,001
37,548,867
41,797,317
(219,383)
1,727,939
5,223,287
4,306,540
(6,237,931)
(21,978,577)
(200,001)
(543,057)
(1,108,451)
(862,727)
—
—
—
—
—
—
(6,237,931)
(21,978,577)
(200,001)
(543,057)
(1,108,451)
(862,727)
7,080,584
 
74,069,271
 
—
 
5,946,386
 
44,207,141
 
1,761,195
 
(8,746,522)
 
(49,710,908)
 
(5,879,457)
 
(5,750,427)
 
(1,876,839)
 
(16,720,627)
 
(1,665,938)
24,358,363
(5,879,457)
195,959
42,330,302
(14,959,432)
29,644,998
44,177,103
(6,298,841)
1,380,841
46,445,138
(11,515,619)
416,554,961
372,377,858
15,524,423
14,143,582
20,212,610
31,728,229
$446,199,959
$416,554,961
$9,225,582
$15,524,423
$66,657,748
$20,212,610
18,750,002
17,650,002
400,002
400,002
550,002
1,000,002
300,000
3,450,000
—
150,000
1,250,000
50,000
(400,000)
(2,350,000)
(150,000)
(150,000)
(50,000)
(500,000)
18,650,002
18,750,002
250,002
400,002
1,750,002
550,002
See Notes to Financial Statements
Page 71
First Trust Exchange-Traded AlphaDEX® Fund II
Statements of Changes in Net Assets (Continued)
 
 
First Trust India NIFTY 50 Equal
Weight ETF (NFTY)
First Trust Switzerland
AlphaDEX® Fund (FSZ)
 
Six Months
Ended
6/30/2024 
(Unaudited)
Year
Ended
12/31/2023 
Six Months
Ended
6/30/2024 
(Unaudited)
Year
Ended
12/31/2023 
OPERATIONS:
Net investment income (loss)
$237,976
$690,058
$1,723,807
$2,332,620
Net realized gain (loss)
(1,146,340)
(673,877)
262,404
7,450,488
Net change in unrealized appreciation (depreciation)
21,132,608
24,150,448
(1,562,526)
8,273,004
Net increase (decrease) in net assets resulting from
operations
20,224,244
24,166,629
423,685
18,056,112
 
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations
(510,835)
(157,225)
(1,300,002)
(2,860,673)
Return of capital
—
—
—
—
Total distributions to shareholders
(510,835)
(157,225)
(1,300,002)
(2,860,673)
 
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold
101,683,482
 
47,463,718
 
3,212,070
 
18,552,573
 
Cost of shares redeemed
—
 
(23,794,172)
 
(3,277,716)
 
(47,266,218)
 
Net increase (decrease) in net assets resulting from
shareholder transactions
101,683,482
23,669,546
(65,646)
(28,713,645)
Total increase (decrease) in net assets
121,396,891
47,678,950
(941,963)
(13,518,206)
 
NET ASSETS:
Beginning of period
121,677,753
73,998,803
84,441,087
97,959,293
End of period
$243,074,644
$121,677,753
$83,499,124
$84,441,087
 
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period
2,250,002
1,700,002
1,300,002
1,800,002
Shares sold
1,800,000
1,050,000
50,000
300,000
Shares redeemed
—
(500,000)
(50,000)
(800,000)
Shares outstanding, end of period
4,050,002
2,250,002
1,300,002
1,300,002
See Notes to Financial Statements
Page 72
 
First Trust Developed Markets ex-US
Small Cap AlphaDEX® Fund (FDTS)
First Trust Emerging Markets Small
Cap AlphaDEX® Fund (FEMS)
First Trust Eurozone AlphaDEX® ETF
(FEUZ)
Six Months
Ended
6/30/2024 
(Unaudited)
Year
Ended
12/31/2023 
Six Months
Ended
6/30/2024 
(Unaudited)
Year
Ended
12/31/2023 
Six Months
Ended
6/30/2024 
(Unaudited)
Year
Ended
12/31/2023 
$125,916
$234,016
$6,258,610
$13,596,442
$409,826
$495,477
257,865
225,574
5,329,482
(6,963,527)
647,666
(568,287)
(123,691)
370,433
14,338,955
2,782,578
(479,920)
2,600,263
260,090
830,023
25,927,047
9,415,493
577,572
2,527,453
(140,601)
(234,822)
(5,809,132)
(15,107,384)
(384,410)
(540,138)
—
—
—
—
—
—
(140,601)
(234,822)
(5,809,132)
(15,107,384)
(384,410)
(540,138)
—
 
—
 
—
 
197,427,124
 
37,467,522
 
—
 
—
 
—
 
(17,618,785)
 
(32,147,112)
 
(2,073,362)
 
—
 
—
—
(17,618,785)
165,280,012
35,394,160
—
119,489
595,201
2,499,130
159,588,121
35,587,322
1,987,315
8,130,264
7,535,063
326,341,021
166,752,900
18,206,581
16,219,266
$8,249,753
$8,130,264
$328,840,151
$326,341,021
$53,793,903
$18,206,581
200,002
200,002
8,550,002
4,300,002
450,002
450,002
—
—
—
5,150,000
900,000
—
—
—
(450,000)
(900,000)
(50,000)
—
200,002
200,002
8,100,002
8,550,002
1,300,002
450,002
See Notes to Financial Statements
Page 73
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights
For a share outstanding throughout each period
First Trust Asia Pacific ex-Japan AlphaDEX® Fund (FPA)
 
 
Six Months
Ended
6/30/2024 
 (Unaudited)
Year Ended December 31,
 
2023
2022
2021
2020
2019
Net asset value, beginning of period
$27.45
$25.58
$31.57
$32.25
$28.57
$27.65
Income from investment operations:
Net investment income (loss)
0.47
  (a)
0.82
  (a)
0.97
 
1.28
 
0.58
 
0.63
 
Net realized and unrealized gain (loss)
0.72
 
1.87
 
(5.88
) 
(0.37
) 
3.61
 
1.40
 
Total from investment operations
1.19
2.69
(4.91
)
0.91
4.19
2.03
Distributions paid to shareholders from:
Net investment income
(0.44
) 
(0.79
) 
(1.08
) 
(1.59
) 
(0.51
) 
(1.09
) 
Return of capital
—
 
(0.03
) 
—
 
—
 
—
 
(0.02
) 
Total distributions
(0.44
) 
(0.82
) 
(1.08
) 
(1.59
) 
(0.51
) 
(1.11
) 
Net asset value, end of period
$28.20
 
$27.45
 
$25.58
 
$31.57
 
$32.25
 
$28.57
 
Total return (b)
4.35
% 
10.67
% 
(15.62
)% 
2.75
% 
14.89
% 
7.35
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$14,098
 
$17,843
 
$11,511
 
$25,258
 
$17,736
 
$19,997
 
Ratio of total expenses to average net assets
0.80
%  (c)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to average net
assets
3.47
%  (c)
3.12
% 
3.63
% 
4.03
% 
2.33
% 
2.64
% 
Portfolio turnover rate (d)
35
% 
90
% 
82
% 
102
% 
103
% 
101
% 
 
(a)
Based on average shares outstanding.
(b)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year.
(c)
Annualized.
(d)
Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 74
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Europe AlphaDEX® Fund (FEP)
 
 
Six Months
Ended
6/30/2024 
 (Unaudited)
Year Ended December 31,
 
2023
2022
2021
2020
2019
Net asset value, beginning of period
$36.31
$32.38
$43.31
$38.50
$37.64
$31.11
Income from investment operations:
Net investment income (loss)
0.97
  (a)
1.10
  (a)
0.93
 
1.05
 
0.42
 
0.87
 
Net realized and unrealized gain (loss)
0.76
 
4.02
 
(10.90
) 
5.26
 
1.32
 
6.65
 
Total from investment operations
1.73
5.12
(9.97
)
6.31
1.74
7.52
Distributions paid to shareholders from:
Net investment income
(1.21
) 
(1.19
) 
(0.96
) 
(1.50
) 
(0.88
) 
(0.99
) 
Net asset value, end of period
$36.83
 
$36.31
 
$32.38
 
$43.31
 
$38.50
 
$37.64
 
Total return (b)
4.75
% 
16.01
% 
(22.87
)% 
16.53
% 
4.95
% 
24.38
% 
 
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000’s)
$206,247
 
$223,312
 
$254,167
 
$573,909
 
$442,765
 
$511,890
 
Ratio of total expenses to average net assets
0.80
%  (c)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to
average net assets
5.28
%  (c)
3.20
% 
3.23
% 
2.33
% 
1.32
% 
2.49
% 
Portfolio turnover rate (d)
43
% 
101
% 
88
% 
105
% 
109
% 
102
% 
 
(a)
Based on average shares outstanding.
(b)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year.
(c)
Annualized.
(d)
Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 75
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Latin America AlphaDEX® Fund (FLN)
 
 
Six Months
Ended
6/30/2024 
 (Unaudited)
Year Ended December 31,
 
2023
2022
2021
2020
2019
Net asset value, beginning of period
$20.76
$16.75
$17.35
$19.43
$22.67
$18.33
Income from investment operations:
Net investment income (loss)
0.35
  (a)
0.92
  (a)
0.98
 
0.89
 
0.52
 
0.48
 
Net realized and unrealized gain (loss)
(2.93
) 
3.96
 
(0.65
) 
(2.16
) 
(3.44
) 
4.29
 
Total from investment operations
(2.58
)
4.88
0.33
(1.27
)
(2.92
)
4.77
Distributions paid to shareholders from:
Net investment income
(0.57
) 
(0.87
) 
(0.93
) 
(0.81
) 
(0.20
) 
(0.43
) 
Return of capital
—
 
—
 
—
 
—
 
(0.12
) 
—
 
Total distributions
(0.57
) 
(0.87
) 
(0.93
) 
(0.81
) 
(0.32
) 
(0.43
) 
Net asset value, end of period
$17.61
 
$20.76
 
$16.75
 
$17.35
 
$19.43
 
$22.67
 
Total return (b)
(12.55
)% 
29.64
% 
2.17
% 
(6.66
)% 
(12.32
)% 
26.26
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$21,127
 
$74,741
 
$70,358
 
$7,805
 
$13,599
 
$131,463
 
Ratio of total expenses to average net assets
0.80
%  (c)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to average net
assets
3.54
%  (c)
5.00
% 
7.82
% 
4.28
% 
0.81
% 
2.02
% 
Portfolio turnover rate (d)
40
% 
99
% 
104
% 
91
% 
34
% 
165
% 
 
(a)
Based on average shares outstanding.
(b)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year.
(c)
Annualized.
(d)
Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 76
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Brazil AlphaDEX® Fund (FBZ)
 
 
Six Months
Ended
6/30/2024 
 (Unaudited)
Year Ended December 31,
 
2023
2022
2021
2020
2019
Net asset value, beginning of period
$12.21
$10.56
$11.47
$13.39
$17.24
$13.38
Income from investment operations:
Net investment income (loss)
0.20
  (a)
0.52
  (a)
0.95
 
0.94
 
0.09
 
0.35
 
Net realized and unrealized gain (loss)
(1.79
) 
2.18
 
(0.82
) 
(2.08
) 
(3.60
) 
5.08
 
Total from investment operations
(1.59
)
2.70
0.13
(1.14
)
(3.51
)
5.43
Distributions paid to shareholders from:
Net investment income
(0.16
) 
(0.75
) 
(1.04
) 
(0.78
) 
(0.28
) 
(1.57
) 
Return of capital
—
 
(0.30
) 
—
 
—
 
(0.06
) 
—
 
Total distributions
(0.16
) 
(1.05
) 
(1.04
) 
(0.78
) 
(0.34
) 
(1.57
) 
Net asset value, end of period
$10.46
 
$12.21
 
$10.56
 
$11.47
 
$13.39
 
$17.24
 
Total return (b)
(13.10
)% 
27.92
% 
1.45
% 
(9.00
)% 
(19.48
)% 
41.06
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$5,756
 
$6,716
 
$63,377
 
$12,039
 
$9,373
 
$116,374
 
Ratio of total expenses to average net assets
0.80
%  (c)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to average net
assets
3.49
%  (c)
4.88
% 
8.88
% 
7.36
% 
0.72
% 
2.15
% 
Portfolio turnover rate (d)
30
% 
55
% 
95
% 
225
% 
154
% 
90
% 
 
(a)
Based on average shares outstanding.
(b)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year.
(c)
Annualized.
(d)
Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 77
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust China AlphaDEX® Fund (FCA)
 
 
Six Months
Ended
6/30/2024 
 (Unaudited)
Year Ended December 31,
 
2023
2022
2021
2020
2019
Net asset value, beginning of period
$18.57
$21.60
$27.57
$29.16
$26.87
$23.81
Income from investment operations:
Net investment income (loss)
0.46
  (a)
1.10
  (a)
1.28
 
1.22
 
1.22
 
1.03
 
Net realized and unrealized gain (loss)
1.69
 
(3.07
) 
(5.97
) 
(1.47
) 
2.26
 
3.03
 
Total from investment operations
2.15
(1.97
)
(4.69
)
(0.25
)
3.48
4.06
Distributions paid to shareholders from:
Net investment income
(0.47
) 
(1.06
) 
(1.28
) 
(1.34
) 
(1.19
) 
(1.00
) 
Net asset value, end of period
$20.25
 
$18.57
 
$21.60
 
$27.57
 
$29.16
 
$26.87
 
Total return (b)
11.65
% 
(9.32
)% 
(17.10
)% 
(1.18
)% 
13.58
% 
17.34
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$5,063
 
$6,498
 
$7,560
 
$9,649
 
$13,121
 
$9,403
 
Ratio of total expenses to average net assets
0.80
%  (c)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to average net
assets
4.73
%  (c)
5.32
% 
5.19
% 
3.66
% 
5.16
% 
4.21
% 
Portfolio turnover rate (d)
52
% 
113
% 
117
% 
166
% 
83
% 
111
% 
 
(a)
Based on average shares outstanding.
(b)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year.
(c)
Annualized.
(d)
Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 78
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Japan AlphaDEX® Fund (FJP)
 
 
Six Months
Ended
6/30/2024 
 (Unaudited)
Year Ended December 31,
 
2023
2022
2021
2020
2019
Net asset value, beginning of period
$50.69
$42.88
$49.86
$51.42
$51.10
$48.55
Income from investment operations:
Net investment income (loss)
0.44
  (a)
1.06
  (a)
1.19
 
0.81
 
0.49
 
1.12
 
Net realized and unrealized gain (loss)
0.81
 
8.51
 
(7.23
) 
(1.16
) 
0.34
 
2.84
 
Total from investment operations
1.25
9.57
(6.04
)
(0.35
)
0.83
3.96
Distributions paid to shareholders from:
Net investment income
(0.67
) 
(1.76
) 
(0.94
) 
(1.21
) 
(0.51
) 
(1.41
) 
Net asset value, end of period
$51.27
 
$50.69
 
$42.88
 
$49.86
 
$51.42
 
$51.10
 
Total return (b)
2.44
% 
22.42
% 
(12.04
)% 
(0.69
)% 
1.71
% 
8.27
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$189,687
 
$187,538
 
$85,768
 
$34,901
 
$41,136
 
$76,647
 
Ratio of total expenses to average net assets
0.80
%  (c)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to average
net assets
1.69
%  (c)
2.21
% 
2.92
% 
1.53
% 
1.13
% 
1.90
% 
Portfolio turnover rate (d)
38
% 
61
% 
79
% 
126
% 
136
% 
127
% 
 
(a)
Based on average shares outstanding.
(b)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year.
(c)
Annualized.
(d)
Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 79
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Developed Markets ex-US AlphaDEX® Fund (FDT)
 
 
Six Months
Ended
6/30/2024 
 (Unaudited)
Year Ended December 31,
 
2023
2022
2021
2020
2019
Net asset value, beginning of period
$52.61
$48.27
$60.64
$56.88
$55.79
$49.24
Income from investment operations:
Net investment income (loss)
0.98
  (a)
1.56
  (a)
1.67
 
1.52
 
0.68
 
1.19
 
Net realized and unrealized gain (loss)
2.52
 
5.07
 
(12.95
) 
4.55
 
1.78
 
6.91
 
Total from investment operations
3.50
6.63
(11.28
)
6.07
2.46
8.10
Distributions paid to shareholders from:
Net investment income
(1.07
) 
(2.29
) 
(1.09
) 
(2.31
) 
(1.37
) 
(1.55
) 
Net asset value, end of period
$55.04
 
$52.61
 
$48.27
 
$60.64
 
$56.88
 
$55.79
 
Total return (b)
6.65
% 
13.89
% 
(18.57
)% 
10.70
% 
4.61
% 
16.56
% 
 
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000’s)
$409,289
 
$409,639
 
$419,333
 
$414,579
 
$360,418
 
$691,886
 
Ratio of total expenses to average net assets
0.80
%  (c)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to
average net assets
3.61
%  (c)
3.05
% 
3.09
% 
2.42
% 
1.39
% 
2.13
% 
Portfolio turnover rate (d)
44
% 
109
% 
95
% 
111
% 
117
% 
107
% 
 
(a)
Based on average shares outstanding.
(b)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year.
(c)
Annualized.
(d)
Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 80
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Emerging Markets AlphaDEX® Fund (FEM)
 
 
Six Months
Ended
6/30/2024 
 (Unaudited)
Year Ended December 31,
 
2023
2022
2021
2020
2019
Net asset value, beginning of period
$22.22
$21.10
$26.24
$25.31
$26.36
$22.80
Income from investment operations:
Net investment income (loss)
0.54
  (a)
1.15
  (a)
1.34
 
1.11
 
0.63
 
0.88
 
Net realized and unrealized gain (loss)
1.50
 
1.07
 
(5.19
) 
0.90
 
(1.00
) 
3.56
 
Total from investment operations
2.04
2.22
(3.85
)
2.01
(0.37
)
4.44
Distributions paid to shareholders from:
Net investment income
(0.34
) 
(1.10
) 
(1.29
) 
(1.08
) 
(0.68
) 
(0.88
) 
Net asset value, end of period
$23.92
 
$22.22
 
$21.10
 
$26.24
 
$25.31
 
$26.36
 
Total return (b)
9.19
% 
10.87
% 
(14.33
)% 
7.90
% 
(0.92
)% 
19.81
% 
 
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000’s)
$446,200
 
$416,555
 
$372,378
 
$436,915
 
$441,711
 
$644,615
 
Ratio of total expenses to average net assets
0.80
%  (c)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to
average net assets
4.63
%  (c)
5.40
% 
5.90
% 
4.03
% 
2.53
% 
3.61
% 
Portfolio turnover rate (d)
44
% 
105
% 
106
% 
119
% 
111
% 
122
% 
 
(a)
Based on average shares outstanding.
(b)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year.
(c)
Annualized.
(d)
Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 81
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Germany AlphaDEX® Fund (FGM)
 
 
Six Months
Ended
6/30/2024 
 (Unaudited)
Year Ended December 31,
 
2023
2022
2021
2020
2019
Net asset value, beginning of period
$38.81
$35.36
$53.78
$51.56
$44.39
$37.57
Income from investment operations:
Net investment income (loss)
0.79
  (a)
0.74
  (a)
1.77
 
0.91
 
0.68
 
1.02
 
Net realized and unrealized gain (loss)
(1.90
) 
3.81
 
(18.27
) 
2.08
 
7.17
 
6.82
 
Total from investment operations
(1.11
)
4.55
(16.50
)
2.99
7.85
7.84
Distributions paid to shareholders from:
Net investment income
(0.80
) 
(1.10
) 
(1.92
) 
(0.77
) 
(0.68
) 
(1.02
) 
Net asset value, end of period
$36.90
 
$38.81
 
$35.36
 
$53.78
 
$51.56
 
$44.39
 
Total return (b)
(2.86
)% 
12.88
% 
(30.39
)% 
5.74
% 
17.90
% 
21.06
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$9,226
 
$15,524
 
$14,144
 
$99,497
 
$95,381
 
$144,261
 
Ratio of total expenses to average net assets
0.80
%  (c)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to average
net assets
4.07
%  (c)
1.95
% 
2.23
% 
1.67
% 
1.40
% 
2.48
% 
Portfolio turnover rate (d)
54
% 
82
% 
152
% 
80
% 
106
% 
99
% 
 
(a)
Based on average shares outstanding.
(b)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year.
(c)
Annualized.
(d)
Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 82
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust United Kingdom AlphaDEX® Fund (FKU)
 
 
Six Months
Ended
6/30/2024 
 (Unaudited)
Year Ended December 31,
 
2023
2022
2021
2020
2019
Net asset value, beginning of period
$36.75
$31.73
$43.97
$38.06
$40.99
$32.11
Income from investment operations:
Net investment income (loss)
0.71
  (a)
1.05
  (a)
1.54
 
1.29
 
0.58
 
1.34
 
Net realized and unrealized gain (loss)
1.27
 
5.37
 
(12.02
) 
5.93
 
(2.95
) 
8.91
 
Total from investment operations
1.98
6.42
(10.48
)
7.22
(2.37
)
10.25
Distributions paid to shareholders from:
Net investment income
(0.64
) 
(1.40
) 
(1.76
) 
(1.31
) 
(0.56
) 
(1.37
) 
Net asset value, end of period
$38.09
 
$36.75
 
$31.73
 
$43.97
 
$38.06
 
$40.99
 
Total return (b)
5.40
% 
20.59
% 
(23.52
)% 
19.10
% 
(5.25
)% 
32.36
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$66,658
 
$20,213
 
$31,728
 
$98,943
 
$19,030
 
$18,444
 
Ratio of total expenses to average net assets
0.80
%  (c)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to average net
assets
3.87
%  (c)
3.08
% 
4.29
% 
3.34
% 
1.72
% 
3.58
% 
Portfolio turnover rate (d)
12
% 
77
% 
98
% 
45
% 
109
% 
73
% 
 
(a)
Based on average shares outstanding.
(b)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year.
(c)
Annualized.
(d)
Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 83
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust India NIFTY 50 Equal Weight ETF (NFTY)
 
 
Six Months
Ended
6/30/2024 
 (Unaudited)
Year Ended December 31,
 
2023
2022
2021
2020
2019
Net asset value, beginning of period
$54.08
$43.53
$48.23
$38.83
$35.26
$35.35
Income from investment operations:
Net investment income (loss)
0.07
  (a)
0.31
  (a)
0.22
 
0.48
 
0.30
 
0.26
 
Net realized and unrealized gain (loss)
6.01
 
10.31
 
(2.35
) 
9.65
 
3.50
 
(0.01
) 
Total from investment operations
6.08
10.62
(2.13
)
10.13
3.80
0.25
Distributions paid to shareholders from:
Net investment income
(0.14
) 
—
 
(0.05
) 
(0.73
) 
(0.23
) 
(0.27
) 
Net realized gain
—
 
(0.07
) 
(2.52
) 
—
 
—
 
—
 
Return of capital
—
 
—
 
—
 
—
 
—
 
(0.07
) 
Total distributions
(0.14
) 
(0.07
) 
(2.57
) 
(0.73
) 
(0.23
) 
(0.34
) 
Net asset value, end of period
$60.02
 
$54.08
 
$43.53
 
$48.23
 
$38.83
 
$35.26
 
Total return (b)
11.25
% 
24.44
% 
(4.45
)% 
26.15
% 
10.66
% 
0.71
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$243,075
 
$121,678
 
$73,999
 
$62,703
 
$3,883
 
$3,526
 
Ratio of total expenses to average net assets
0.80
%  (c)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to average net
assets
0.26
%  (c)
0.68
% 
0.68
% 
0.95
% 
0.98
% 
0.74
% 
Portfolio turnover rate (d)
15
% 
43
% 
56
% 
57
% 
38
% 
24
% 
 
(a)
Based on average shares outstanding.
(b)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year.
(c)
Annualized.
(d)
Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 84
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Switzerland AlphaDEX® Fund (FSZ)
 
 
Six Months
Ended
6/30/2024 
 (Unaudited)
Year Ended December 31,
 
2023
2022
2021
2020
2019
Net asset value, beginning of period
$64.95
$54.42
$71.39
$60.85
$54.11
$43.89
Income from investment operations:
Net investment income (loss)
1.28
  (a)
1.32
  (a)
1.98
 
0.78
 
0.88
 
1.07
 
Net realized and unrealized gain (loss)
(1.00
) 
10.58
 
(17.03
) 
10.92
 
6.78
 
10.24
 
Total from investment operations
0.28
11.90
(15.05
)
11.70
7.66
11.31
Distributions paid to shareholders from:
Net investment income
(1.00
) 
(1.37
) 
(1.92
) 
(1.16
) 
(0.92
) 
(1.09
) 
Net asset value, end of period
$64.23
 
$64.95
 
$54.42
 
$71.39
 
$60.85
 
$54.11
 
Total return (b)
0.43
% 
22.07
% 
(20.88
)% 
19.34
% 
14.50
% 
25.91
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$83,499
 
$84,441
 
$97,959
 
$99,943
 
$97,354
 
$148,811
 
Ratio of total expenses to average net assets
0.80
%  (c)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to average
net assets
4.06
%  (c)
2.20
% 
2.30
% 
1.25
% 
1.59
% 
2.24
% 
Portfolio turnover rate (d)
35
% 
68
% 
64
% 
66
% 
86
% 
77
% 
 
(a)
Based on average shares outstanding.
(b)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year.
(c)
Annualized.
(d)
Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 85
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (FDTS)
 
 
Six Months
Ended
6/30/2024 
 (Unaudited)
Year Ended December 31,
 
2023
2022
2021
2020
2019
Net asset value, beginning of period
$40.65
$37.67
$46.06
$42.72
$39.03
$33.54
Income from investment operations:
Net investment income (loss)
0.63
  (a)
1.17
  (a)
1.09
 
0.74
 
0.46
 
0.61
 
Net realized and unrealized gain (loss)
0.67
 
2.98
 
(8.09
) 
3.99
 
4.09
 
5.77
 
Total from investment operations
1.30
4.15
(7.00
)
4.73
4.55
6.38
Distributions paid to shareholders from:
Net investment income
(0.70
) 
(1.17
) 
(1.39
) 
(1.39
) 
(0.86
) 
(0.89
) 
Net asset value, end of period
$41.25
 
$40.65
 
$37.67
 
$46.06
 
$42.72
 
$39.03
 
Total return (b)
3.20
% 
11.13
% 
(15.00
)% 
11.09
% 
12.18
% 
19.13
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$8,250
 
$8,130
 
$7,535
 
$13,817
 
$8,544
 
$9,758
 
Ratio of total expenses to average net assets
0.80
%  (c)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to average net
assets
3.06
%  (c)
2.99
% 
2.88
% 
1.46
% 
1.35
% 
1.66
% 
Portfolio turnover rate (d)
55
% 
124
% 
109
% 
116
% 
127
% 
119
% 
 
(a)
Based on average shares outstanding.
(b)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year.
(c)
Annualized.
(d)
Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 86
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Emerging Markets Small Cap AlphaDEX® Fund (FEMS)
 
 
Six Months
Ended
6/30/2024 
 (Unaudited)
Year Ended December 31,
 
2023
2022
2021
2020
2019
Net asset value, beginning of period
$38.17
$38.78
$40.29
$41.24
$39.28
$32.44
Income from investment operations:
Net investment income (loss)
0.75
  (a)
1.72
  (a)
1.86
 
1.57
 
0.74
 
1.11
 
Net realized and unrealized gain (loss)
2.39
 
(0.54
) 
(1.60
) 
(0.01
) 
2.41
 
7.46
 
Total from investment operations
3.14
1.18
0.26
1.56
3.15
8.57
Distributions paid to shareholders from:
Net investment income
(0.71
) 
(1.79
) 
(1.77
) 
(2.51
) 
(1.19
) 
(1.73
) 
Net asset value, end of period
$40.60
 
$38.17
 
$38.78
 
$40.29
 
$41.24
 
$39.28
 
Total return (b)
8.25
% 
3.21
% 
1.36
% 
3.68
% 
8.73
% 
26.90
% 
 
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000’s)
$328,840
 
$326,341
 
$166,753
 
$143,030
 
$152,581
 
$163,004
 
Ratio of total expenses to average net assets
0.80
%  (c)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to
average net assets
3.85
%  (c)
4.59
% 
4.60
% 
3.65
% 
2.38
% 
2.88
% 
Portfolio turnover rate (d)
48
% 
124
% 
117
% 
127
% 
123
% 
127
% 
 
(a)
Based on average shares outstanding.
(b)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year.
(c)
Annualized.
(d)
Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 87
First Trust Exchange-Traded AlphaDEX® Fund II
Financial Highlights (Continued)
For a share outstanding throughout each period
First Trust Eurozone AlphaDEX® ETF (FEUZ)
 
 
Six Months
Ended
6/30/2024 
 (Unaudited)
Year Ended December 31,
 
2023
2022
2021
2020
2019
Net asset value, beginning of period
$40.46
$36.04
$46.36
$42.10
$40.88
$34.43
Income from investment operations:
Net investment income (loss)
0.92
  (a)
1.10
  (a)
0.85
 
1.10
 
0.50
 
0.73
 
Net realized and unrealized gain (loss)
0.30
 
4.52
 
(10.05
) 
4.32
 
1.34
 
6.51
 
Total from investment operations
1.22
5.62
(9.20
)
5.42
1.84
7.24
Distributions paid to shareholders from:
Net investment income
(0.30
) 
(1.20
) 
(1.12
) 
(1.16
) 
(0.62
) 
(0.79
) 
Net asset value, end of period
$41.38
 
$40.46
 
$36.04
 
$46.36
 
$42.10
 
$40.88
 
Total return (b)
3.00
% 
15.71
% 
(19.65
)% 
12.90
% 
4.69
% 
21.15
% 
 
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$53,794
 
$18,207
 
$16,219
 
$81,135
 
$27,363
 
$53,145
 
Ratio of total expenses to average net assets
0.80
%  (c)
0.80
% 
0.80
% 
0.80
% 
0.80
% 
0.80
% 
Ratio of net investment income (loss) to average net
assets
4.48
%  (c)
2.84
% 
2.09
% 
2.27
% 
1.26
% 
1.96
% 
Portfolio turnover rate (d)
29
% 
90
% 
56
% 
59
% 
93
% 
87
% 
 
(a)
Based on average shares outstanding.
(b)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year.
(c)
Annualized.
(d)
Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 88
Notes to Financial Statements
First Trust Exchange-Traded AlphaDEX® Fund II
June 30, 2024 (Unaudited)
1. Organization
First Trust Exchange-Traded AlphaDEX® Fund II (the “Trust”) is an open-end management investment company organized as a Massachusetts business trust on December 3, 2010, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the “1940 Act”).
This report covers the fifteen funds (each a “Fund” and collectively, the “Funds”) listed below. The shares of each Fund are listed and traded on Nasdaq, Inc. (“Nasdaq”).
 
First Trust Asia Pacific ex-Japan AlphaDEX® Fund – (ticker “FPA”)
First Trust Europe AlphaDEX® Fund – (ticker “FEP”)
First Trust Latin America AlphaDEX® Fund – (ticker “FLN”)
First Trust Brazil AlphaDEX® Fund – (ticker “FBZ”)
First Trust China AlphaDEX® Fund – (ticker “FCA”)
First Trust Japan AlphaDEX® Fund – (ticker “FJP”)
First Trust Developed Markets ex-US AlphaDEX® Fund – (ticker “FDT”)
First Trust Emerging Markets AlphaDEX® Fund – (ticker “FEM”)
First Trust Germany AlphaDEX® Fund – (ticker “FGM”)
First Trust United Kingdom AlphaDEX® Fund – (ticker “FKU”)
First Trust India NIFTY 50 Equal Weight ETF – (ticker “NFTY”)
First Trust Switzerland AlphaDEX® Fund – (ticker “FSZ”)
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund – (ticker “FDTS”)
First Trust Emerging Markets Small Cap AlphaDEX® Fund – (ticker “FEMS”)
First Trust Eurozone AlphaDEX® ETF – (ticker “FEUZ”)
Each Fund operates as a diversified open-end management investment company as defined in section 5(b) of the 1940 Act. Each Fund represents a separate series of shares of beneficial interest in the Trust. Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis at net asset value (“NAV”), only in large blocks of shares known as “Creation Units.” The investment objective of each Fund is to seek investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of the following indices:
 
Fund
Index
First Trust Asia Pacific ex-Japan AlphaDEX® Fund
Nasdaq AlphaDEX® Asia Pacific Ex-JapanTM Index
First Trust Europe AlphaDEX® Fund
Nasdaq AlphaDEX® EuropeTM Index
First Trust Latin America AlphaDEX® Fund
Nasdaq AlphaDEX® Latin AmericaTM Index
First Trust Brazil AlphaDEX® Fund
Nasdaq AlphaDEX® BrazilTM Index
First Trust China AlphaDEX® Fund
Nasdaq AlphaDEX® ChinaTM Index
First Trust Japan AlphaDEX® Fund
Nasdaq AlphaDEX® JapanTM Index
First Trust Developed Markets ex-US AlphaDEX® Fund
Nasdaq AlphaDEX® Developed Markets Ex-USTM Index
First Trust Emerging Markets AlphaDEX® Fund
Nasdaq AlphaDEX® Emerging MarketsTM Index
First Trust Germany AlphaDEX® Fund
Nasdaq AlphaDEX® GermanyTM Index
First Trust United Kingdom AlphaDEX® Fund
Nasdaq AlphaDEX® United KingdomTM Index
First Trust India NIFTY 50 Equal Weight ETF
NIFTY 50 Equal WeightTM Index
First Trust Switzerland AlphaDEX® Fund
Nasdaq AlphaDEX® SwitzerlandTM Index
First Trust Developed Markets ex-US Small Cap AlphaDEX®
Fund
Nasdaq AlphaDEX® Developed Markets Ex-US Small CapTM
Index
First Trust Emerging Markets Small Cap AlphaDEX® Fund
Nasdaq AlphaDEX® Emerging Markets Small CapTM Index
First Trust Eurozone AlphaDEX® ETF
Nasdaq AlphaDEX® EurozoneTM Index
2. Significant Accounting Policies
The Funds are each considered an investment company and follow accounting and reporting guidance under Financial Accounting Standards Board 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
Page 89
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
June 30, 2024 (Unaudited)
(“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
A. Portfolio Valuation
Each Fund’s NAV is determined daily as of the close of regular trading on the New York Stock Exchange (“NYSE”), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. If the NYSE closes early on a valuation day, the NAV is determined as of that time. Foreign securities are priced using data reflecting the earlier closing of the principal markets for those securities. Each Fund’s NAV is calculated by dividing the value of all assets of each Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.
Each Fund’s investments are valued daily at market value or, in the absence of market value with respect to any portfolio securities, at fair value. Market value prices represent readily available market quotations such as last sale or official closing prices from a national or foreign exchange (i.e., a regulated market) and are primarily obtained from third-party pricing services. Fair value prices represent any prices not considered market value prices and are either obtained from a third-party pricing service or are determined by the Pricing Committee of the Funds’ investment advisor, First Trust Advisors L.P. (“First Trust” or the “Advisor”), in accordance with valuation procedures approved by the Trust’s Board of Trustees, and in accordance with provisions of the 1940 Act and rules thereunder. Investments valued by the Advisor’s Pricing Committee, if any, are footnoted as such in the footnotes to the Portfolio of Investments. Each Fund’s investments are valued as follows:
Common stocks and other equity securities listed on any national or foreign exchange (excluding Nasdaq and the London Stock Exchange Alternative Investment Market (“AIM”)) are valued at the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price. Securities traded on more than one securities exchange are valued at the last sale price or official closing price, as applicable, at the close of the securities exchange representing the primary exchange for such securities.
Securities trading on foreign exchanges or over-the-counter markets that close prior to the NYSE close may be valued using a systematic fair valuation model provided by a third-party pricing service. If these foreign securities meet certain criteria in relation to the valuation model, their valuation is systematically adjusted to reflect the impact of movement in the U.S. market after the close of the foreign markets.
Equity securities traded in an over-the-counter market are valued at the close price or the last trade price.
Shares of open-end funds are valued based on NAV per share.
Overnight repurchase agreements are valued at amortized cost when it represents the most appropriate reflection of fair market value.
Certain securities may not be able to be priced by pre-established pricing methods. Such securities may be valued by the Advisor’s Pricing Committee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a third-party pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market or fair value price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s NAV or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the third-party pricing service, does not reflect the security’s fair value. As a general principle, the current fair value of a security would appear to be the amount which the owner might reasonably expect to receive for the security upon its current sale. When fair value prices are used, generally they will differ from market quotations or official closing prices on the applicable exchanges. A variety of factors may be considered in determining the fair value of such securities, including, but not limited to, the following:
 1)
the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price;
 2)
the type of security;
 3)
the size of the holding;
 4)
the initial cost of the security;
 5)
transactions in comparable securities;
 6)
price quotes from dealers and/or third-party pricing services;
Page 90
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
June 30, 2024 (Unaudited)
 7)
relationships among various securities;
 8)
information obtained by contacting the issuer, analysts, or the appropriate stock exchange;
 9)
an analysis of the issuer’s financial statements;
10)
the existence of merger proposals or tender offers that might affect the value of the security; and
11)
other relevant factors.
If the securities in question are foreign securities, the following additional information may be considered:
 1)
the last sale price on the exchange on which they are principally traded;
 2)
the value of similar foreign securities traded on other foreign markets;
 3)
ADR trading of similar securities;
 4)
closed-end fund or exchange-traded fund trading of similar securities;
 5)
foreign currency exchange activity;
 6)
the trading prices of financial products that are tied to baskets of foreign securities;
 7)
factors relating to the event that precipitated the pricing problem;
 8)
whether the event is likely to recur;
 9)
whether the effects of the event are isolated or whether they affect entire markets, countries or regions; and
10)
other relevant factors.
In addition, differences between the prices used to calculate a Fund’s NAV and the prices used by such Fund’s corresponding index could result in a difference between a Fund’s performance and the performance of its underlying index.
Because foreign markets may be open on different days than the days during which investors may transact in the shares of a Fund, the value of the Fund’s securities may change on the days when investors are not able to transact in the shares of the Fund. The value of the securities denominated in foreign currencies is converted into U.S. dollars using exchange rates determined daily as of the close of regular trading on the NYSE. Any use of a different rate from the rates used by a relevant index may adversely affect the Fund’s ability to track the index.
The Funds are subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:
•  Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. An active market is a market in which transactions for the investment occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
•  Level 2 – Level 2 inputs are observable inputs, either directly or indirectly, and include the following:
o  Quoted prices for similar investments in active markets.
o  Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.
o  Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).
o  Inputs that are derived principally from or corroborated by observable market data by correlation or other means.
•  Level 3 – Level 3 inputs are unobservable inputs. Unobservable inputs may reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the investment.
The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used to value each Fund’s investments as of June 30, 2024, 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.
Page 91
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
June 30, 2024 (Unaudited)
Withholding taxes and tax reclaims on foreign dividends have been provided for in accordance with each Fund’s understanding of the applicable country’s tax rules and rates.
Distributions received from a Fund’s investments in real estate investment trusts (“REITs”) may be comprised of return of capital, capital gains, and income. The actual character of the amounts received during the year are not known until after the REITs’ fiscal year end. A Fund records the character of distributions received from the REITs during the year based on estimates available. The characterization of distributions received by a Fund may be subsequently revised based on information received from the REITs after their tax reporting periods conclude.
C. Offsetting on the Statements of Assets and Liabilities
Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset on the Statements of Assets and Liabilities and disclose instruments and transactions subject to master netting or similar agreements. These disclosure requirements are intended to help investors and other financial statement users better assess the effect or potential effect of offsetting arrangements on a Fund’s financial position. The transactions subject to offsetting disclosures are derivative instruments, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions.
This disclosure, if applicable, is included within each Fund’s Portfolio of Investments under the heading “Offsetting Assets and Liabilities.” For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to master netting arrangements (“MNAs”) or similar agreements on the Statements of Assets and Liabilities. MNAs provide the right, in the event of default (including bankruptcy and insolvency), for the non-defaulting counterparty to liquidate the collateral and calculate the net exposure to the defaulting party or request additional collateral.
D. Foreign Currency
The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, investments and other assets and liabilities are translated into U.S. dollars at the exchange rates prevailing at the end of the period. Purchases and sales of investments and items of income and expense are translated on the respective dates of such transactions. Unrealized gains and losses on assets and liabilities, other than investments in securities, which result from changes in foreign currency exchange rates have been included in “Net change in unrealized appreciation (depreciation) on foreign currency translation” on the Statements of Operations. Unrealized gains and losses on investments in securities which result from changes in foreign exchange rates are included with fluctuations arising from changes in market price and are shown in “Net change in unrealized appreciation (depreciation) on investments” on the Statements of Operations. Net realized foreign currency gains and losses include the effect of changes in exchange rates between trade date and settlement date on investment security transactions, foreign currency transactions and interest and dividends received and are included in “Net realized gain (loss) on foreign currency transactions” on the Statements of Operations. The portion of foreign currency gains and losses related to fluctuations in exchange rates between the initial purchase settlement date and subsequent sale trade date is included in “Net realized gain (loss) on investments” on the Statements of Operations.
E. Securities Lending
The Funds may lend securities representing up to 33 1/3% of the value of their total assets to broker-dealers, banks and other institutions to generate additional income. When a Fund loans its portfolio securities, it will receive, at the inception of each loan, collateral equal to at least 102% (for domestic securities) or 105% (for international securities) of the market value of the loaned securities. The collateral amount is valued at the beginning of each business day and is compared to the market value of the loaned securities from the prior business day to determine if additional collateral is required. If additional collateral is required, a request is sent to the borrower. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund’s loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of (i) a decline in the value of the collateral provided for the loaned securities, (ii) a decline in the value of any investments made with cash collateral or (iii) an increase in the value of the loaned securities if the borrower does not increase the collateral accordingly and the borrower fails to return the securities. These events could also trigger adverse tax consequences for the Funds.
Under the Funds’ Securities Lending Agency Agreement, the securities lending agent will generally bear the risk that a borrower may default on its obligation to return loaned securities. The Bank of New York Mellon (“BNY”) acts as the Funds’ securities lending agent and is responsible for executing the lending of the portfolio securities to creditworthy borrowers. The Funds, however, will be responsible for the risks associated with the investment of cash collateral. A Fund may lose money on its investment of cash collateral, which may affect its ability to repay the collateral to the borrower without the use of other Fund assets. Each Fund that engages in
Page 92
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
June 30, 2024 (Unaudited)
securities lending receives compensation (net of any rebate and securities lending agent fees) for lending its securities. Compensation can be in the form of fees received from the securities lending agent or dividends or interest earned from the investment of cash collateral. The fees received from the securities lending agent are accrued daily. The dividend and interest earned on the securities loaned is accounted for in the same manner as other dividend and interest income. At June 30, 2024, FPA, FEP, FCA, FJP, FDT, FEM, FDTS, FEMS, and FEUZ had securities in the securities lending program. During the six months ended June 30, 2024, FPA, FEP, FCA, FJP, FDT, FEM, FDTS, FEMS, and FEUZ participated in the securities lending program.
In the event of a default by a borrower with respect to any loan, BNY will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If, despite such efforts by BNY to exercise these remedies, a Fund sustains losses as a result of a borrower’s default, BNY will indemnify the Fund by purchasing replacement securities at its own expense, or paying the Fund an amount equal to the market value of the replacement securities, subject to certain limitations which are set forth in detail in the Securities Lending Agency Agreement between the Trust on behalf of the Funds and BNY.
F. Repurchase Agreements
Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement (“MRA”). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The underlying securities for all repurchase agreements are held at the Funds’ custodian or designated sub-custodians under tri-party repurchase agreements.
MRAs govern transactions between a Fund and select counterparties. The MRAs contain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral for repurchase agreements.
Repurchase agreements received for lending securities are collateralized by U.S. Treasury securities. The U.S. Treasury securities are held in a joint custody account at BNY on behalf of the Funds participating in the securities lending program. In the event the counterparty defaults on the repurchase agreement, the U.S. Treasury securities can either be maintained as part of a Fund’s portfolio or sold for cash. A Fund could suffer a loss to the extent that the proceeds from the sale of the underlying collateral held by the Fund are less than the repurchase price and the Fund’s costs associated with the delay and enforcement of the MRA.
While the Funds may invest in repurchase agreements, any repurchase agreements held by the Funds during the six months ended June 30, 2024, 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, 2023 was 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
$516,113
$—
$19,099
First Trust Europe AlphaDEX® Fund
8,532,327
—
—
First Trust Latin America AlphaDEX® Fund
3,928,252
—
—
Page 93
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
June 30, 2024 (Unaudited)
 
Distributions
paid from
Ordinary
Income
Distributions
paid from
Capital
Gains
Distributions
paid from
Return of
Capital
First Trust Brazil AlphaDEX® Fund
$455,537
$—
$180,835
First Trust China AlphaDEX® Fund
467,047
—
—
First Trust Japan AlphaDEX® Fund
5,835,068
—
—
First Trust Developed Markets ex-US AlphaDEX® Fund
20,076,546
—
—
First Trust Emerging Markets AlphaDEX® Fund
21,978,577
—
—
First Trust Germany AlphaDEX® Fund
543,057
—
—
First Trust United Kingdom AlphaDEX® Fund
862,727
—
—
First Trust India NIFTY 50 Equal Weight ETF
157,225
—
—
First Trust Switzerland AlphaDEX® Fund
2,860,673
—
—
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund
234,822
—
—
First Trust Emerging Markets Small Cap AlphaDEX® Fund
15,107,384
—
—
First Trust Eurozone AlphaDEX® ETF
540,138
—
—
As of December 31, 2023, 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
$—
$(16,863,429
)
$1,804,290
First Trust Europe AlphaDEX® Fund
1,402,523
(260,144,381
)
19,863,544
First Trust Latin America AlphaDEX® Fund
456,217
(48,286,452
)
13,323,772
First Trust Brazil AlphaDEX® Fund
—
(29,308,041
)
1,334,175
First Trust China AlphaDEX® Fund
—
(9,495,981
)
(905,937
)
First Trust Japan AlphaDEX® Fund
1,120,047
(56,294,208
)
10,921,406
First Trust Developed Markets ex-US AlphaDEX® Fund
995,729
(354,374,033
)
40,287,005
First Trust Emerging Markets AlphaDEX® Fund
673,457
(224,835,711
)
16,850,995
First Trust Germany AlphaDEX® Fund
—
(31,424,892
)
(1,174,818
)
First Trust United Kingdom AlphaDEX® Fund
109,010
(54,194,063
)
(1,025,517
)
First Trust India NIFTY 50 Equal Weight ETF
509,287
—
26,368,514
First Trust Switzerland AlphaDEX® Fund
—
(27,605,261
)
7,852,820
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund
28,140
(5,374,516
)
515,644
First Trust Emerging Markets Small Cap AlphaDEX® Fund
1,050,542
(51,101,334
)
5,810,695
First Trust Eurozone AlphaDEX® ETF
—
(22,774,871
)
1,437,451
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.
India’s Finance Bill, 2018 (“Finance Bill, 2018”) was enacted into law on March 29, 2018 and amongst other provisions, it introduced a long-term capital gains tax beginning April 1, 2018. Long-term capital gains on the sale of listed shares in excess of INR 0.1 million are taxed at the rate of 10% (plus applicable surcharge and cess (which is a type of tax)) subject to satisfaction of certain conditions.
Page 94
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
June 30, 2024 (Unaudited)
Long-term capital gains accruing as of January 31, 2018 are considered exempt due to a grandfather clause in the provision. The aforesaid exemption from long-term capital gains tax is available with respect to shares acquired between October 1, 2004 and March 31, 2018 only if on such acquisitions Securities Transaction Tax (“STT”) was chargeable. Certain exceptions in this regard, such as acquisition of shares in a public offer, bonus, rights issued, etc. for which the condition of chargeability of STT on acquisition is not applicable, have been notified.
In the case of the sale of listed shares held by a Fund for one year or less, the income is classified as short-term capital gains and is taxable at 15% (plus applicable surcharge and cess) provided the shares are sold on the stock exchange and subjected to STT. For above purposes, the applicable rate of surcharge is 2% or 5% (depending on the level of income of the Fund). The Finance Bill, 2018 increases the cess imposed on the sum of tax and surcharge from 3% to 4%. The cess 4% rate is applied to the capital gains tax, resulting in a higher effective rate of capital gains tax.
Where the sale of shares is outside the stock exchange and not subject to STT, the long-term capital gains are taxed at 10% (plus applicable surcharge and cess) and short-term capital gains are taxed at 30% (plus applicable surcharge and cess). The Finance Bill, 2018, approves the carry forward of long-term capital losses to be offset against long-term capital gains. Short-term losses can be netted against both short-term gains and long-term gains.
Until March 31, 2020, dividends received by a Fund from Indian companies were exempt from tax in India because Indian companies were required to pay dividend distribution tax. The Indian Finance Act, 2020 has amended the dividend taxation framework effective April 1, 2020 and accordingly dividends would now be taxable in the hands of the shareholders at 20%, plus applicable surcharge and cess. Subsequent to the Indian Finance Act, 2020, “The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020” (the “Bill”) was enacted into law and is effective retroactively to April 1, 2020. The Bill caps the maximum surcharge at 15% of the tax on dividend income earned by the Fund. The highest effective tax rate proposed for non-corporate entities on dividends will be 23.92%. Note the 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.
Please note that the above description is based on current provisions of Indian law, and any change or modification made by subsequent legislation, regulation, or administrative or judicial decision could increase the Indian tax liability of a Fund and thus reduce the return to a Fund’s shareholders. There can be no assurance that the Indian tax authorities and/or regulators will not take a position contrary to the views expressed herein. If the Indian tax authorities and/or regulators take a position contrary to the views expressed herein, adverse unpredictable consequences may follow.
The Funds are subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. The taxable years ended 2020, 2021, 2022, and 2023 remain open to federal and state audit. As of June 30, 2024, 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, 2023, 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
$16,863,429
First Trust Europe AlphaDEX® Fund
260,144,381
First Trust Latin America AlphaDEX® Fund
48,286,452
First Trust Brazil AlphaDEX® Fund
29,308,041
First Trust China AlphaDEX® Fund
9,495,981
First Trust Japan AlphaDEX® Fund
56,294,208
Page 95
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
June 30, 2024 (Unaudited)
 
Non-Expiring
Capital Loss
Carryforwards
First Trust Developed Markets ex-US AlphaDEX® Fund*
$354,374,033
First Trust Emerging Markets AlphaDEX® Fund
224,835,711
First Trust Germany AlphaDEX® Fund
31,424,892
First Trust United Kingdom AlphaDEX® Fund
54,194,063
First Trust India NIFTY 50 Equal Weight ETF
—
First Trust Switzerland AlphaDEX® Fund
27,605,261
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund
5,374,516
First Trust Emerging Markets Small Cap AlphaDEX® Fund
51,101,334
First Trust Eurozone AlphaDEX® ETF
22,774,871
 
*
$69,084,441 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, 2023, the following Funds utilized capital loss carryforwards in the following amounts:
 
 
Capital
Loss
Utilized
First Trust Switzerland AlphaDEX® Fund
$2,337,461
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund
170,960
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, 2023, the Funds had no net late year ordinary or capital losses.
As of June 30, 2024, 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
$12,086,906
$2,489,059
$(476,363
)
$2,012,696
First Trust Europe AlphaDEX® Fund
189,232,930
26,450,222
(10,183,828
)
16,266,394
First Trust Latin America AlphaDEX® Fund
20,597,571
2,127,595
(1,566,522
)
561,073
First Trust Brazil AlphaDEX® Fund
5,192,853
979,575
(463,808
)
515,767
First Trust China AlphaDEX® Fund
5,103,880
593,514
(508,887
)
84,627
First Trust Japan AlphaDEX® Fund
177,911,307
25,739,859
(10,782,185
)
14,957,674
First Trust Developed Markets ex-US AlphaDEX® Fund
366,430,163
63,386,969
(15,881,596
)
47,505,373
First Trust Emerging Markets AlphaDEX® Fund
403,891,202
80,287,756
(39,317,664
)
40,970,092
First Trust Germany AlphaDEX® Fund
10,089,911
883,748
(1,786,344
)
(902,596
)
First Trust United Kingdom AlphaDEX® Fund
62,686,747
6,586,992
(3,119,316
)
3,467,676
First Trust India NIFTY 50 Equal Weight ETF
193,571,938
55,589,664
(36,186
)
55,553,478
First Trust Switzerland AlphaDEX® Fund
75,433,421
10,024,572
(3,263,520
)
6,761,052
First Trust Developed Markets ex-US Small Cap
AlphaDEX® Fund
7,876,493
1,073,657
(611,713
)
461,944
First Trust Emerging Markets Small Cap AlphaDEX®
Fund
311,215,508
55,240,721
(28,591,345
)
26,649,376
First Trust Eurozone AlphaDEX® ETF
52,940,070
2,205,264
(1,215,408
)
989,856
Page 96
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
June 30, 2024 (Unaudited)
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.
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:
 
Breakpoints
 
Fund net assets up to and including $2.5 billion
0.80
%
Fund net assets greater than $2.5 billion up to and including $5 billion
0.78
%
Fund net assets greater than $5 billion up to and including $7.5 billion
0.76
%
Fund net assets greater than $7.5 billion up to and including $10 billion
0.74
%
Fund net assets greater than $10 billion
0.72
%
The Trust has multiple service agreements with BNY. Under the service agreements, BNY performs custodial, fund accounting, certain administrative services, and transfer agency services for each Fund. As custodian, BNY is responsible for custody of each Fund’s assets. Brown Brothers Harriman & Co. remains custodian for certain assets of FEP, FEM and FKU. As fund accountant and administrator, BNY is responsible for maintaining the books and records of each Fund’s securities and cash. As transfer agent, BNY is responsible for maintaining shareholder records for each Fund. BNY is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.
Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates (“Independent Trustees”) is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a target outcome fund or an index fund.
Additionally, the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation allocated pro rata among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The Committee Chairs, the Audit Committee Vice Chair, the Lead Independent Trustee and the Vice Lead Independent Trustee rotate periodically in serving in such capacities. The officers and “Interested” Trustee receive no compensation from the Trust for acting in such capacities.
Page 97
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
June 30, 2024 (Unaudited)
4. Purchases and Sales of Securities
For the six months ended June 30, 2024, 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
$5,165,429
$7,086,452
First Trust Europe AlphaDEX® Fund
91,218,385
93,103,060
First Trust Latin America AlphaDEX® Fund
23,865,428
52,472,838
First Trust Brazil AlphaDEX® Fund
1,929,006
1,851,305
First Trust China AlphaDEX® Fund
4,265,250
3,443,414
First Trust Japan AlphaDEX® Fund
73,836,248
75,158,063
First Trust Developed Markets ex-US AlphaDEX® Fund
179,251,141
181,590,082
First Trust Emerging Markets AlphaDEX® Fund
189,210,368
187,874,511
First Trust Germany AlphaDEX® Fund
6,349,649
6,383,053
First Trust United Kingdom AlphaDEX® Fund
7,040,820
7,324,449
First Trust India NIFTY 50 Equal Weight ETF
127,760,519
27,567,497
First Trust Switzerland AlphaDEX® Fund
28,929,198
28,885,808
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund
4,539,602
4,533,305
First Trust Emerging Markets Small Cap AlphaDEX® Fund
157,296,916
166,026,741
First Trust Eurozone AlphaDEX® ETF
6,508,371
6,499,533
For the six months ended June 30, 2024, the cost of in-kind purchases and proceeds from in-kind sales for each Fund were as follows:
 
 
Purchases
Sales
First Trust Asia Pacific ex-Japan AlphaDEX® Fund
$—
$2,050,305
First Trust Europe AlphaDEX® Fund
—
19,592,286
First Trust Latin America AlphaDEX® Fund
—
15,253,147
First Trust Brazil AlphaDEX® Fund
—
—
First Trust China AlphaDEX® Fund
—
2,914,686
First Trust Japan AlphaDEX® Fund
8,071,873
7,652,090
First Trust Developed Markets ex-US AlphaDEX® Fund
—
16,181,778
First Trust Emerging Markets AlphaDEX® Fund
2,608,951
5,224,893
First Trust Germany AlphaDEX® Fund
—
5,876,991
First Trust United Kingdom AlphaDEX® Fund
44,078,886
1,865,128
First Trust India NIFTY 50 Equal Weight ETF
—
—
First Trust Switzerland AlphaDEX® Fund
3,171,817
3,223,573
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund
—
—
First Trust Emerging Markets Small Cap AlphaDEX® Fund
—
9,583,671
First Trust Eurozone AlphaDEX® ETF
37,068,134
2,056,702
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.
Page 98
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
June 30, 2024 (Unaudited)
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, 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 99
Other Information
First Trust Exchange-Traded AlphaDEX® Fund II
June 30, 2024 (Unaudited)
Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)
There were no changes in or disagreements with the Funds’ accountants during the six months ended June 30, 2024.
Proxy Disclosures (Item 9 of Form N-CSR)
There were no matters submitted for vote by shareholders of any Fund during the six months ended June 30, 2024.
Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)
Independent Trustees and any member of any advisory board of each Fund are compensated through the unitary management fee paid by each Fund to the advisor and not directly by each Fund. The investment advisory fee paid is included in the Statements of Operations.
Statement Regarding the Basis for the Board’s Approval of Investment Advisory Contract (Item 11 of Form N-CSR)
The Board of Trustees of First Trust Exchange-Traded AlphaDEX® Fund II (the “Trust”), including the Independent Trustees, unanimously approved the continuation of the Investment Management Agreements (as applicable to a specific Fund, the “Agreement” and collectively, the “Agreements”) with First Trust Advisors L.P. (the “Advisor”) on behalf of the following series of the Trust (each a “Fund” and collectively, the “Funds”):
First Trust Asia Pacific ex-Japan AlphaDEX® Fund (FPA)
First Trust Brazil AlphaDEX® Fund (FBZ)
First Trust China AlphaDEX® Fund (FCA)
First Trust Developed Markets ex-US AlphaDEX® Fund (FDT)
First Trust Developed Markets ex-US Small Cap AlphaDEX® Fund (FDTS)
First Trust Emerging Markets AlphaDEX® Fund (FEM)
First Trust Emerging Markets Small Cap AlphaDEX® Fund (FEMS)
First Trust Europe AlphaDEX® Fund (FEP)
First Trust Eurozone AlphaDEX® ETF (FEUZ)
First Trust Germany AlphaDEX® Fund (FGM)
First Trust India NIFTY 50 Equal Weight ETF (NFTY)
First Trust Japan AlphaDEX® Fund (FJP)
First Trust Latin America AlphaDEX® Fund (FLN)
First Trust Switzerland AlphaDEX® Fund (FSZ)
First Trust United Kingdom AlphaDEX® Fund (FKU)

The Board approved the continuation of the Agreement for each Fund for a one-year period ending June 30, 2025 at a meeting held on June 2–3, 2024. The Board determined for each Fund that the continuation of the Agreement is in the best interests of the Fund in light of the nature, extent and quality of the services provided and such other matters as the Board considered to be relevant in the exercise of its business judgment.
To reach this determination for each Fund, the Board considered its duties under the Investment Company Act of 1940, as amended (the “1940 Act”), as well as under the general principles of state law, in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisors with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. At meetings held on April 16, 2024, April 25, 2024 and June 2–3, 2024, the Board, including the Independent Trustees, reviewed materials provided by the Advisor responding to requests for information from counsel to the Independent Trustees, submitted on behalf of the Independent Trustees, that, among other things, outlined: the services provided by the Advisor to each Fund (including the relevant personnel responsible for these services and their experience); the unitary fee rate schedule payable by each Fund as compared to fees charged to a peer group of funds (the “Expense Group”) and a broad peer universe of funds (the “Expense Universe”), each assembled by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent source, and as compared to fees charged to other clients of the Advisor, including other exchange-traded funds (“ETFs”) managed by the Advisor; the expense ratio of each Fund as compared to expense ratios of the funds in the Fund’s Expense Group and Expense Universe; performance information for each Fund, including comparisons of each Fund’s performance to that of one or more relevant benchmark indexes and to that of a performance group of funds and a broad performance universe of funds (the “Performance Universe”), each assembled by Broadridge; the nature of expenses incurred in providing services to each Fund and the potential for the
Page 100
Other Information (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
June 30, 2024 (Unaudited)
Advisor to realize economies of scale, if any; profitability and other financial data for the Advisor; any indirect benefits to the Advisor and its affiliate, First Trust Portfolios L.P. (“FTP”); and information on the Advisor’s compliance program. The Board reviewed initial materials with the Advisor at the meeting held on April 25, 2024, prior to which the Independent Trustees and their counsel met separately to discuss the information provided by the Advisor. Following the April 25, 2024 meeting, counsel to the Independent Trustees, on behalf of the Independent Trustees, requested certain clarifications and supplements to the materials provided, and the information provided in response to those requests was considered at an executive session of the Independent Trustees and their counsel held prior to the June 2–3, 2024 meeting, as well as at the June meeting. The Board applied its business judgment to determine whether the arrangement between the Trust and the Advisor continues to be a reasonable business arrangement from each Fund’s perspective. The Board determined that, given the totality of the information provided with respect to the Agreements, the Board had received sufficient information to renew the Agreements. The Board considered that shareholders chose to invest or remain invested in a Fund knowing that the Advisor manages the Fund and knowing the Fund’s unitary fee.
In reviewing the Agreement for each Fund, the Board considered the nature, extent and quality of the services provided by the Advisor under the Agreement. The Board considered that the Advisor is responsible for the overall management and administration of the Trust and each Fund and reviewed all of the services provided by the Advisor to the Funds, as well as the background and experience of the persons responsible for such services. In reviewing the services provided, the Board noted the compliance program that had been developed by the Advisor and considered that it includes a robust program for monitoring the Advisor’s and each Fund’s compliance with the 1940 Act, as well as each Fund’s compliance with its investment objective, policies and restrictions. The Board also considered a report from the Advisor with respect to its risk management functions related to the operation of the Funds. Finally, as part of the Board’s consideration of the Advisor’s services, the Advisor, in its written materials and at the April 25, 2024 meeting, described to the Board the scope of its ongoing investment in additional personnel and infrastructure to maintain and improve the quality of services provided to the Funds and the other funds in the First Trust Fund Complex. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services provided to the Trust and each Fund by the Advisor under the Agreements have been and are expected to remain satisfactory and that the Advisor has managed each Fund consistent with its investment objective, policies and restrictions.
The Board considered the unitary fee rate schedule payable by each Fund under the applicable Agreement for the services provided. The Board considered that as part of the unitary fee the Advisor is responsible for each Fund’s expenses, including the cost of transfer agency, custody, fund administration, legal, audit and other services and license fees, if any, but excluding the fee payment under the applicable Agreement and interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses, if any. The Board received and reviewed information showing the fee rates and expense ratios of the peer funds in the Expense Groups, as well as advisory and unitary fee rates charged by the Advisor to other fund (including ETFs) and non-fund clients, as applicable. Because each Fund pays a unitary fee, the Board determined that expense ratios were the most relevant comparative data point. Based on the information provided, the Board noted that the total (net) expense ratio of each Fund was above the median total (net) expense ratio of the peer funds in its respective Expense Group. With respect to the Expense Groups, the Board discussed with Broadridge its methodology for assembling peer groups and discussed with the Advisor limitations in creating peer groups for index ETFs, including differences in underlying indexes and index-tracking methodologies that can result in greater management complexities across seemingly comparable ETFs, and different business models that may affect the pricing of services among ETF sponsors. The Board took these limitations and differences into account in considering the peer data. With respect to fees charged to other non-ETF clients, the Board considered differences between the Funds and other non-ETF clients that limited their comparability. In considering the unitary fee rate schedules overall, the Board also considered the Advisor’s statement that it seeks to meet investor needs through innovative and value-added investment solutions and the Advisor’s demonstrated long-term commitment to each Fund and the other funds in the First Trust Fund Complex.
The Board considered performance information for each Fund. The Board noted the process it has established for monitoring each Fund’s performance and portfolio risk on an ongoing basis, which includes quarterly performance reporting from the Advisor for the Funds. The Board determined that this process continues to be effective for reviewing each Fund’s performance. The Board received and reviewed information for periods ended December 31, 2023 regarding the performance of each Fund’s underlying index, the correlation between each Fund’s performance and that of its underlying index, each Fund’s tracking difference and each Fund’s excess return as compared to its benchmark index. With respect to NFTY, the Board noted that during 2018, shareholders of the Fund approved changes to the Fund’s investment objective and, effective April 17, 2018, the Fund changed its name and ticker symbol and began tracking the NIFTY 50 Equal Weight Index, and that the performance information included a blend of the old and new indexes. With respect to each Fund other than FEUZ, the Board noted that during 2015, each such Fund changed its underlying index to an index developed and maintained by Nasdaq, Inc. using the AlphaDEX® stock selection methodology, and that the performance
Page 101
Other Information (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
June 30, 2024 (Unaudited)
information included a blend of the old and new indexes. The Board considered the Advisor’s explanations of how the AlphaDEX® stock selection methodology impacts Fund performance in various market environments, and the Advisor’s statement that AlphaDEX® is designed to provide long-term outperformance. Based on the information provided and its ongoing review of performance, the Board concluded that each Fund was correlated to its underlying index and that the tracking difference for each Fund was within a reasonable range and noted the Advisor’s discussion of FBZ’s correlation at the April 25, 2024 meeting. In addition, the Board reviewed data prepared by Broadridge comparing each Fund’s performance to that of its respective Performance Universe and to that of a broad-based benchmark index and noted the Advisor’s discussion of FEMS’s performance at the April 25, 2024 meeting. However, given each Fund’s objective of seeking investment results that correspond generally to the performance of its underlying index, the Board placed more emphasis on its review of correlation and tracking difference.
On the basis of all the information provided on the unitary fee and performance of each Fund and the ongoing oversight by the Board, the Board concluded that the unitary fee for each Fund continues to be reasonable and appropriate in light of the nature, extent and quality of the services provided by the Advisor to each Fund under the Agreements.
The Board considered information and discussed with the Advisor whether there were any economies of scale in connection with providing advisory services to the Funds at current asset levels and whether the Funds may benefit from any economies of scale. The Board noted that the unitary fee rate schedule for each Fund includes breakpoints pursuant to which the unitary fee rate will be reduced as assets of the Fund meet certain thresholds. The Board considered the Advisor’s statement that it believes that its expenses relating to providing advisory services to the Funds will increase during the next twelve months as the Advisor continues to build infrastructure and add new staff. The Board also noted that under the unitary fee structure, any reduction in expenses associated with the management and operations of the Funds would benefit the Advisor, but that the unitary fee structure provides a level of certainty in expenses for shareholders of the Funds. The Board concluded that the unitary fee rate schedule for each Fund reflects an appropriate level of sharing of any economies of scale that may be realized in the management of the Fund at current asset levels. The Board considered the revenues and allocated costs (including the allocation methodology) of the Advisor in serving as investment advisor to each Fund for the twelve months ended December 31, 2023 and the estimated profitability level for each Fund calculated by the Advisor based on such data, as well as complex-wide and product-line profitability data, for the same period. The Board noted the inherent limitations in the profitability analysis and concluded that, based on the information provided, the Advisor’s profitability level for each Fund was not unreasonable. In addition, the Board considered indirect benefits described by the Advisor that may be realized from its relationship with the Funds. The Board considered that the Advisor had identified as an indirect benefit to the Advisor and FTP their exposure to investors and brokers who, absent their exposure to the Funds, may have had no dealings with the Advisor or FTP, and noted that the Advisor does not utilize soft dollars in connection with the Funds. The Board concluded that the character and amount of potential indirect benefits to the Advisor were not unreasonable.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, unanimously determined that the terms of the Agreements continue to be fair and reasonable and that the continuation of the Agreements is in the best interests of each Fund. No single factor was determinative in the Board’s analysis.
Disclaimer
Nasdaq® and Nasdaq AlphaDEX® Asia Pacific Ex-JapanTM Index, Nasdaq AlphaDEX® EuropeTM Index, Nasdaq AlphaDEX® Latin AmericaTM Index, Nasdaq AlphaDEX® BrazilTM Index, Nasdaq AlphaDEX® ChinaTM Index, Nasdaq AlphaDEX® JapanTM Index, Nasdaq AlphaDEX® Developed Markets Ex-USTM Index, Nasdaq AlphaDEX® Emerging MarketsTM Index, Nasdaq AlphaDEX® GermanyTM Index, Nasdaq AlphaDEX® United KingdomTM Index, Nasdaq AlphaDEX® SwitzerlandTM Index, Nasdaq AlphaDEX® Developed Markets Ex-US Small CapTM Index, Nasdaq AlphaDEX® Emerging Markets Small CapTM Index and Nasdaq AlphaDEX® EurozoneTM Index (“the Nasdaq Indexes”) 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 Indexes. 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 WeightTM Index or particularly in the ability of the NIFTY
Page 102
Other Information (Continued)
First Trust Exchange-Traded AlphaDEX® Fund II
June 30, 2024 (Unaudited)
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.
Page 103
 
 

 

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

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

(a) Not applicable to the Registrant.

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

Not applicable to the Registrant

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

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

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

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

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

Not applicable to the Registrant.

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

Not applicable to the Registrant.

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

Not applicable to the Registrant.

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

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

Item 16. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

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

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

Item 18. Recovery of Erroneously Awarded Compensation.

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

Item 19. Exhibits.

(a)(1) Not applicable to semi-annual reports on Form N-CSR.
(a)(2) The certifications required by Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2022 are attached hereto.
(a)(3) Not applicable to the Registrant.
(a)(4) Not applicable to the Registrant.
(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

 

 

 

 

SIGNATURES

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

 

(registrant)   First Trust Exchange-Traded AlphaDEX® Fund II
By (Signature and Title)*   /s/ James M. Dykas
    James M. Dykas, President and Chief Executive Officer
(principal executive officer)
Date:   September 6, 2024  

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

By (Signature and Title)*   /s/ James M. Dykas
    James M. Dykas, President and Chief Executive Officer
(principal executive officer)
Date:   September 6, 2024  
By (Signature and Title)*   /s/ Derek D. Maltbie
    Derek D. Maltbie, Treasurer, Chief Financial Officer
and Chief Accounting Officer
(principal financial officer)
Date:   September 6, 2024  

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