# EDGAR Filing Document

**Accession Number:** 0001510337
**File Stem:** 0001445546-25-005920
**Filing Date:** 2025-9
**Character Count:** 515841
**Document Hash:** 6150d56bd01bbbf5708ca8567c2992c3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001445546-25-005920.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0001445546-25-005920

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**EFFECTIVENESS DATE**: 20250904

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRST TRUST EXCHANGE-TRADED ALPHADEX FUND II
- **CENTRAL INDEX KEY:** 0001510337

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22519
- **FILM NUMBER:** 251292494

**BUSINESS ADDRESS:**
- **STREET 1:** 120 EAST LIBERTY DRIVE, SUITE 400
- **CITY:** WHEATON
- **STATE:** IL
- **ZIP:** 60187
- **BUSINESS PHONE:** 630-765-8000

**MAIL ADDRESS:**
- **STREET 1:** 120 EAST LIBERTY DRIVE, SUITE 400
- **CITY:** WHEATON
- **STATE:** IL
- **ZIP:** 60187

## Series and Classes Contracts Data

### First Trust Emerging Markets AlphaDEX Fund (Series ID: S000031795)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000099049 | First Trust Emerging Markets AlphaDEX Fund | FEM             |

### First Trust Europe AlphaDEX Fund (Series ID: S000031796)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000099050 | First Trust Europe AlphaDEX Fund | FEP             |

### First Trust Latin America AlphaDEX Fund (Series ID: S000031797)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000099051 | First Trust Latin America AlphaDEX Fund | FLN             |

### First Trust Brazil AlphaDEX Fund (Series ID: S000031798)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000099052 | First Trust Brazil AlphaDEX Fund | FBZ             |

### First Trust China AlphaDEX Fund (Series ID: S000031799)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000099053 | First Trust China AlphaDEX Fund | FCA             |

### First Trust Japan AlphaDEX Fund (Series ID: S000031800)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000099054 | First Trust Japan AlphaDEX Fund | FJP             |

### First Trust Developed Markets ex-US AlphaDEX Fund (Series ID: S000031802)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000099056 | First Trust Developed Markets ex-US AlphaDEX Fund | FDT             |

### First Trust Asia Pacific ex-Japan AlphaDEX Fund (Series ID: S000031803)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000099057 | First Trust Asia Pacific ex-Japan AlphaDEX Fund | FPA             |

### First Trust Germany AlphaDEX Fund (Series ID: S000036503)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000111808 | First Trust Germany AlphaDEX Fund | FGM             |

### First Trust Switzerland AlphaDEX Fund (Series ID: S000036505)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000111810 | First Trust Switzerland AlphaDEX Fund | FSZ             |

### First Trust India NIFTY 50 Equal Weight ETF (Series ID: S000036506)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000111811 | First Trust India NIFTY 50 Equal Weight ETF | NFTY            |

### First Trust United Kingdom AlphaDEX Fund (Series ID: S000036507)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000111812 | First Trust United Kingdom AlphaDEX Fund | FKU             |

### First Trust Developed Markets ex-US Small Cap AlphaDEX Fund (Series ID: S000036654)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000112036 | First Trust Developed Markets ex-US Small Cap AlphaDEX Fund | FDTS            |

### First Trust Emerging Markets Small Cap AlphaDEX Fund (Series ID: S000036655)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000112037 | First Trust Emerging Markets Small Cap AlphaDEX Fund | FEMS            |

### First Trust Eurozone AlphaDEX ETF (Series ID: S000047035)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000147004 | First Trust Eurozone AlphaDEX ETF | FEUZ            |

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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#### FORM N-CSR

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#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number

811-22519

First Trust Exchange-Traded AlphaDEX<sup>®</sup> 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:

&nbsp;&nbsp;&nbsp;&nbsp;(630) 765-8000

Date of fiscal year end:

December 31

Date of reporting period:

June 30, 2025

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

The information presented in this Form N-CSR relates solely to the fund(s) for which a report is included in Item 1 below, each a series of the Registrant.

**Item 1. Reports to Shareholders.**

(a) Following is a copy of the semi-annual reports transmitted to shareholders pursuant to Rule 30e-1 under the Act.

![TSR - First Trust Fund Logo](images_28600.jpg)

### First Trust Asia Pacific ex-Japan AlphaDEX<sup>®</sup> Fund

#### FPA \| NASDAQ, INC.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the First Trust Asia Pacific ex-Japan AlphaDEX<sup>®</sup> Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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** |
| First Trust Asia Pacific ex-Japan AlphaDEX<sup>®</sup> Fund | $460.80%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$22988637 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;48% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| SK Square Co., Ltd. | 2.8% |
| Hyundai Rotem Co., Ltd. | 2.7% |
| Hanwha Systems Co., Ltd. | 2.6% |
| Doosan Enerbility Co., Ltd. | 2.5% |
| Samyang Foods Co., Ltd. | 2.3% |
| Korea Electric Power Corp. | 2.1% |
| Hanwha Aerospace Co., Ltd. | 2.0% |
| Samsung Heavy Industries Co., Ltd. | 1.8% |
| SK Hynix, Inc. | 1.8% |
| Hanwha Ocean Co., Ltd. | 1.7% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10331182.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FPA to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Nasdaq<sup>®</sup> and Nasdaq AlphaDEX<sup>®</sup> Asia Pacific Ex-Japan<sup>TM</sup> Index (the "Index") are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the "Corporations") and are licensed for use by First Trust Advisors L.P. AlphaDEX<sup>®</sup> is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust Asia Pacific ex-Japan AlphaDEX<sup>®</sup> Fund (FPA)

![TSR - First Trust Fund Logo](images_28600.jpg)

### First Trust Europe AlphaDEX<sup>®</sup> Fund

#### FEP \| NASDAQ, INC.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the First Trust Europe AlphaDEX<sup>®</sup> Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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** |
| First Trust Europe AlphaDEX<sup>®</sup> Fund | $470.80%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$287950533 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;203 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;47% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 4.9% |
| Fresnillo PLC | 1.1% |
| Alpha Bank S.A. | 1.0% |
| Indra Sistemas S.A. | 1.0% |
| Auto1 Group SE | 1.0% |
| STMicroelectronics N.V. | 1.0% |
| Commerzbank AG | 0.9% |
| Hensoldt AG | 0.9% |
| Babcock International Group PLC | 0.9% |
| Vend Marketplaces ASA | 0.9% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10331140.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FEP to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Nasdaq<sup>®</sup> and Nasdaq AlphaDEX<sup>®</sup> Europe<sup>TM</sup> Index (the "Index") are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the "Corporations") and are licensed for use by First Trust Advisors L.P. AlphaDEX<sup>®</sup> is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust Europe AlphaDEX<sup>®</sup> Fund (FEP)

![TSR - First Trust Fund Logo](images_28600.jpg)

### First Trust Latin America AlphaDEX<sup>®</sup> Fund

#### FLN \| NASDAQ, INC.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the First Trust Latin America AlphaDEX<sup>®</sup> Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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** |
| First Trust Latin America AlphaDEX<sup>®</sup> Fund | $460.80%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$12945382 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;40% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Industrias Penoles S.A.B. de C.V. | 4.4% |
| Embraer S.A. | 3.6% |
| Prologis Property Mexico S.A. de C.V. | 3.4% |
| Porto Seguro S.A. | 3.4% |
| El Puerto de Liverpool S.A.B. de C.V., Series C1 | 3.4% |
| PRIO S.A. | 3.3% |
| Cencosud S.A. | 3.3% |
| Cia Energetica de Minas Gerais | 3.2% |
| Coca-Cola Femsa S.A.B. de C.V. | 3.1% |
| Telefonica Brasil S.A. | 3.0% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10331224.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FLN to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Nasdaq<sup>®</sup> and Nasdaq AlphaDEX<sup>®</sup> Latin America<sup>TM</sup> Index (the "Index") are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the "Corporations") and are licensed for use by First Trust Advisors L.P. AlphaDEX<sup>®</sup> is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust Latin America AlphaDEX<sup>®</sup> Fund (FLN)

![TSR - First Trust Fund Logo](images_28600.jpg)

### First Trust Brazil AlphaDEX<sup>®</sup> Fund

#### FBZ \| NASDAQ, INC.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the First Trust Brazil AlphaDEX<sup>®</sup> Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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** |
| First Trust Brazil AlphaDEX<sup>®</sup> Fund | $470.80%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$7226957 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;35% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Porto Seguro S.A. | 4.4% |
| Cia De Sanena Do Parana | 4.0% |
| Embraer S.A. | 4.0% |
| Marfrig Global Foods S.A. | 3.9% |
| Cia de Saneamento de Minas Gerais Copasa MG | 3.9% |
| TIM S.A. | 3.5% |
| Vibra Energia S.A. | 3.5% |
| Pagseguro Digital Ltd., Class A | 3.1% |
| JBS N.V., BDR | 3.1% |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 3.1% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10331266.jpg)

#### 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.

#### OTHER INFORMATION
Nasdaq<sup>®</sup> and Nasdaq AlphaDEX<sup>®</sup> Brazil<sup>TM</sup> Index (the "Index") are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the "Corporations") and are licensed for use by First Trust Advisors L.P. AlphaDEX<sup>®</sup> is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust Brazil AlphaDEX<sup>®</sup> Fund (FBZ)

![TSR - First Trust Fund Logo](images_28600.jpg)

### First Trust China AlphaDEX<sup>®</sup> Fund

#### FCA \| NASDAQ, INC.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the First Trust China AlphaDEX<sup>®</sup> Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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** |
| First Trust China AlphaDEX<sup>®</sup> Fund | $440.80%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$38392019 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;52 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;59% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Pop Mart International Group Ltd. | 8.1% |
| Xiaomi Corp., Class B | 4.7% |
| China Hongqiao Group Ltd. | 4.2% |
| People's Insurance Co. Group of China (The) Ltd., Class H | 3.4% |
| Orient Overseas International Ltd. | 3.2% |
| Goldwind Science & Technology Co., Ltd., Class H | 3.1% |
| China Reinsurance Group Corp., Class H | 3.1% |
| PetroChina Co., Ltd., Class H | 3.0% |
| BOC Aviation Ltd. | 2.9% |
| Geely Automobile Holdings Ltd. | 2.9% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10331308.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FCA to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Nasdaq<sup>®</sup> and Nasdaq AlphaDEX<sup>®</sup> China<sup>TM</sup> Index (the "Index") are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the "Corporations") and are licensed for use by First Trust Advisors L.P. AlphaDEX<sup>®</sup> is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust China AlphaDEX<sup>®</sup> Fund (FCA)

![TSR - First Trust Fund Logo](images_28600.jpg)

### First Trust Japan AlphaDEX<sup>®</sup> Fund

#### FJP \| NASDAQ, INC.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the First Trust Japan AlphaDEX<sup>®</sup> Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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** |
| First Trust Japan AlphaDEX<sup>®</sup> Fund | $430.80%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$176787048 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;45% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 7.7% |
| IHI Corp. | 2.5% |
| Ryohin Keikaku Co., Ltd. | 2.3% |
| Kawasaki Heavy Industries Ltd. | 2.2% |
| Sanrio Co., Ltd. | 1.9% |
| T&D Holdings, Inc. | 1.6% |
| Central Japan Railway Co. | 1.6% |
| Sumitomo Electric Industries Ltd. | 1.6% |
| Chubu Electric Power Co., Inc. | 1.6% |
| Sompo Holdings, Inc. | 1.6% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10331350.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FJP to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Nasdaq<sup>®</sup> and Nasdaq AlphaDEX<sup>®</sup> Japan<sup>TM</sup> Index (the "Index") are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the "Corporations") and are licensed for use by First Trust Advisors L.P. AlphaDEX<sup>®</sup> is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust Japan AlphaDEX<sup>®</sup> Fund (FJP)

![TSR - First Trust Fund Logo](images_28600.jpg)

### First Trust Developed Markets ex-US AlphaDEX<sup>®</sup> Fund

#### FDT \| NASDAQ, INC.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the First Trust Developed Markets ex-US AlphaDEX<sup>®</sup> Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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** |
| First Trust Developed Markets ex-US AlphaDEX<sup>®</sup> Fund | $450.80%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$521015066 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;302 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;53% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 4.3% |
| SK Square Co., Ltd. | 1.0% |
| Hyundai Rotem Co., Ltd. | 0.9% |
| Fresnillo PLC | 0.8% |
| Siemens Energy AG | 0.7% |
| Hanwha Systems Co., Ltd. | 0.7% |
| IHI Corp. | 0.7% |
| Phoenix Financial Ltd. | 0.7% |
| Indra Sistemas S.A. | 0.7% |
| Alpha Bank S.A. | 0.7% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10331392.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FDT to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Nasdaq<sup>®</sup> and Nasdaq AlphaDEX<sup>®</sup> Developed Markets Ex-US<sup>TM</sup> Index (the "Index") are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the "Corporations") and are licensed for use by First Trust Advisors L.P. AlphaDEX<sup>®</sup> is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust Developed Markets ex-US AlphaDEX<sup>®</sup> Fund (FDT)

![TSR - First Trust Fund Logo](images_28600.jpg)

### First Trust Emerging Markets AlphaDEX<sup>®</sup> Fund

#### FEM \| NASDAQ, INC.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the First Trust Emerging Markets AlphaDEX<sup>®</sup> Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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** |
| First Trust Emerging Markets AlphaDEX<sup>®</sup> Fund | $420.80%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$415524315 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;158 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;53% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 2.0% |
| Pop Mart International Group Ltd. | 1.7% |
| Industrias Penoles S.A.B. de C.V. | 1.5% |
| Wan Hai Lines Ltd. | 1.3% |
| Embraer S.A. | 1.2% |
| Xiaomi Corp., Class B | 1.2% |
| Magyar Telekom Telecommunications PLC | 1.2% |
| Aselsan Elektronik Sanayi Ve Ticaret A/S | 1.2% |
| Prologis Property Mexico S.A. de C.V. | 1.2% |
| Shandong Gold Mining Co., Ltd., Class H | 1.2% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10331434.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FEM to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Nasdaq<sup>®</sup> and Nasdaq AlphaDEX<sup>®</sup> Emerging Markets<sup>TM</sup> Index (the "Index") are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the "Corporations") and are licensed for use by First Trust Advisors L.P. AlphaDEX<sup>®</sup> is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust Emerging Markets AlphaDEX<sup>®</sup> Fund (FEM)

![TSR - First Trust Fund Logo](images_28600.jpg)

### First Trust Germany AlphaDEX<sup>®</sup> Fund

#### FGM \| NASDAQ, INC.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the First Trust Germany AlphaDEX<sup>®</sup> Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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** |
| First Trust Germany AlphaDEX<sup>®</sup> Fund | $490.80%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$61898782 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;40 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Rheinmetall AG | 9.7% |
| Siemens Energy AG | 6.5% |
| Deutsche Bank AG | 4.8% |
| Heidelberg Materials AG | 4.4% |
| Commerzbank AG | 4.4% |
| HOCHTIEF AG | 4.3% |
| Volkswagen AG | 3.3% |
| RWE AG | 3.3% |
| Bayerische Motoren Werke AG | 3.2% |
| Deutsche Lufthansa AG | 3.1% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10331476.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FGM to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Nasdaq<sup>®</sup> and Nasdaq AlphaDEX<sup>®</sup> Germany<sup>TM</sup> Index (the "Index") are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the "Corporations") and are licensed for use by First Trust Advisors L.P. AlphaDEX<sup>®</sup> is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust Germany AlphaDEX<sup>®</sup> Fund (FGM)

![TSR - First Trust Fund Logo](images_28600.jpg)

### First Trust United Kingdom AlphaDEX<sup>®</sup> Fund

#### FKU \| NASDAQ, INC.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the First Trust United Kingdom AlphaDEX<sup>®</sup> Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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** |
| First Trust United Kingdom AlphaDEX<sup>®</sup> Fund | $440.80%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$62833424 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;77 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Fresnillo PLC | 2.9% |
| St. James's Place PLC | 2.7% |
| Rolls-Royce Holdings PLC | 2.7% |
| NatWest Group PLC | 2.5% |
| Standard Chartered PLC | 2.4% |
| Kingfisher PLC | 2.3% |
| Hiscox Ltd. | 2.3% |
| 3i Group PLC | 2.3% |
| Beazley PLC | 2.3% |
| Vodafone Group PLC | 2.3% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10331518.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FKU to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Nasdaq<sup>®</sup> and Nasdaq AlphaDEX<sup>®</sup> United Kingdom<sup>TM</sup> Index (the "Index") are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the "Corporations") and are licensed for use by First Trust Advisors L.P. AlphaDEX<sup>®</sup> is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust United Kingdom AlphaDEX<sup>®</sup> Fund (FKU)

![TSR - First Trust Fund Logo](images_28600.jpg)

### First Trust India NIFTY 50 Equal Weight ETF

#### NFTY \| NASDAQ, INC.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
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, 2025 to June 30, 2025. 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** |
| First Trust India NIFTY 50 Equal Weight ETF | $410.80%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$212915126 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Jio Financial Services Ltd. | 2.1% |
| IndusInd Bank Ltd. | 2.1% |
| Shriram Finance Ltd. | 2.1% |
| Adani Ports & Special Economic Zone Ltd. | 2.1% |
| Bharat Electronics Ltd. | 2.1% |
| HDFC Life Insurance Co., Ltd. | 2.0% |
| Adani Enterprises Ltd. | 2.0% |
| Power Grid Corp. of India Ltd. | 2.0% |
| UltraTech Cement Ltd. | 2.0% |
| Hindalco Industries Ltd. | 2.0% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10331560.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/NFTY to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
The First Trust India NIFTY 50 Equal Weight ETF (the "Product") offered by First Trust is not sponsored, endorsed, sold or promoted by NSE INDICES LIMITED (formerly known as India Index Services & Products Limited (IISL)). NSE INDICES LIMITED does not make any representation or warranty, express or implied (including warranties of merchantability or fitness for particular purpose or use) and disclaims all liability to the owners of the Product or any member of the public regarding the advisability of investing in securities generally or in the Product linked to the NIFTY 50 Equal Weight<sup>TM</sup> Index or particularly in the ability of the NIFTY 50 Equal Weight<sup>TM</sup> Index to track general stock market performance in India. Please read the full Disclaimers in relation to the NIFTY 50 Equal Weight<sup>TM</sup> Index in the Prospectus and Statement of Additional Information.

First Trust India NIFTY 50 Equal Weight ETF (NFTY)

![TSR - First Trust Fund Logo](images_28600.jpg)

### First Trust Switzerland AlphaDEX<sup>®</sup> Fund

#### FSZ \| NASDAQ, INC.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the First Trust Switzerland AlphaDEX<sup>®</sup> Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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** |
| First Trust Switzerland AlphaDEX<sup>®</sup> Fund | $440.80%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$68684996 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;40 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;42% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Swissquote Group Holding S.A. | 5.2% |
| Accelleron Industries AG | 4.8% |
| BKW AG | 4.7% |
| Holcim AG | 4.6% |
| Novartis AG | 4.4% |
| Swiss Re AG | 4.2% |
| Helvetia Holding AG | 4.0% |
| Sandoz Group AG | 3.8% |
| Julius Baer Group Ltd. | 3.7% |
| Swisscom AG | 3.6% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10331602.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FSZ to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Nasdaq<sup>®</sup> and Nasdaq AlphaDEX<sup>®</sup> Switzerland<sup>TM</sup> Index (the "Index") are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the "Corporations") and are licensed for use by First Trust Advisors L.P. AlphaDEX<sup>®</sup> is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust Switzerland AlphaDEX<sup>®</sup> Fund (FSZ)

![TSR - First Trust Fund Logo](images_28600.jpg)

### First Trust Developed Markets ex-US Small Cap AlphaDEX<sup>®</sup> Fund

#### FDTS \| Nasdaq, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the First Trust Developed Markets ex-US Small Cap AlphaDEX<sup>®</sup> Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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** |
| First Trust Developed Markets ex-US Small Cap AlphaDEX<sup>®</sup> Fund | $450.80%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$7596163 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;403 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;56% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Bank of America Corp. | 1.4% |
| Metaplanet, Inc. | 0.9% |
| Hanwha Corp. | 0.8% |
| Hyundai Engineering & Construction Co., Ltd. | 0.8% |
| Hyosung Heavy Industries Corp. | 0.6% |
| Harel Insurance Investments & Financial Services Ltd. | 0.6% |
| Nissin Corp. | 0.6% |
| HDC Holdings Co., Ltd. | 0.6% |
| Food & Life Cos., Ltd. | 0.6% |
| Oki Electric Industry Co., Ltd. | 0.6% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10331644.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FDTS to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Nasdaq<sup>®</sup> and Nasdaq AlphaDEX<sup>®</sup> Developed Markets Ex-US Small Cap<sup>TM</sup> Index (the "Index") are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the "Corporations") and are licensed for use by First Trust Advisors L.P. AlphaDEX<sup>®</sup> is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust Developed Markets ex-US Small Cap AlphaDEX<sup>®</sup> Fund (FDTS)

![TSR - First Trust Fund Logo](images_28600.jpg)

### First Trust Emerging Markets Small Cap AlphaDEX<sup>®</sup> Fund

#### FEMS \| Nasdaq, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the First Trust Emerging Markets Small Cap AlphaDEX<sup>®</sup> Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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** |
| First Trust Emerging Markets Small Cap AlphaDEX<sup>®</sup> Fund | $410.80%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$247649295 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;205 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;52% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Bank of America Corp. | 1.9% |
| Newborn Town, Inc. | 1.2% |
| 3SBio, Inc. | 1.2% |
| Cia de Saneamento de Minas Gerais Copasa MG | 1.1% |
| Cia De Sanena Do Parana | 1.1% |
| XD, Inc. | 1.1% |
| Tauron Polska Energia S.A. | 1.1% |
| DigiPlus Interactive Corp. | 1.1% |
| Cogna Educacao S.A. | 1.0% |
| MAS PLC | 1.0% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10331686.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FEMS to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Nasdaq<sup>®</sup> and Nasdaq AlphaDEX<sup>®</sup> Emerging Markets Small Cap<sup>TM</sup> Index (the "Index") are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the "Corporations") and are licensed for use by First Trust Advisors L.P. AlphaDEX<sup>®</sup> is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust Emerging Markets Small Cap AlphaDEX<sup>®</sup> Fund (FEMS)

![TSR - First Trust Fund Logo](images_28600.jpg)

### First Trust Eurozone AlphaDEX<sup>®</sup> ETF

#### FEUZ \| Nasdaq, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the First Trust Eurozone AlphaDEX<sup>®</sup> ETF (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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** |
| First Trust Eurozone AlphaDEX<sup>®</sup> ETF | $470.80%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$60503864 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;152 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;48% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Bank of America Corp. | 6.1% |
| Alpha Bank S.A. | 1.3% |
| Indra Sistemas S.A. | 1.3% |
| Rheinmetall AG | 1.3% |
| Auto1 Group SE | 1.3% |
| STMicroelectronics N.V. | 1.2% |
| Commerzbank AG | 1.2% |
| Lottomatica Group S.p.A. | 1.2% |
| Hensoldt AG | 1.2% |
| Sofina S.A. | 1.1% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10331728.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FEUZ to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Nasdaq<sup>®</sup> and Nasdaq AlphaDEX<sup>®</sup> Eurozone<sup>TM</sup> Index (the "Index") are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the "Corporations") and are licensed for use by First Trust Advisors L.P. AlphaDEX<sup>®</sup> is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust Eurozone AlphaDEX<sup>®</sup> ETF (FEUZ)

------

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 2. Code of Ethics.**

The First Trust Exchange-Traded AlphaDEX<sup>®</sup> 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.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable to semi-annual reports on Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable to the Registrant.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable to the Registrant.

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

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

![](img001c8d411.gif)

**First Trust Exchange-Traded AlphaDEX<sup>®</sup> Fund II**

Semi-Annual Financial Statements and Other Information

For the Six Months Ended June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| First Trust Asia Pacific ex-Japan AlphaDEX<sup>®</sup> Fund (FPA) |
| First Trust Europe AlphaDEX<sup>®</sup> Fund (FEP) |
| First Trust Latin America AlphaDEX<sup>®</sup> Fund (FLN) |
| First Trust Brazil AlphaDEX<sup>®</sup> Fund (FBZ) |
| First Trust China AlphaDEX<sup>®</sup> Fund (FCA) |
| First Trust Japan AlphaDEX<sup>®</sup> Fund (FJP) |
| First Trust Developed Markets ex-US AlphaDEX<sup>®</sup> Fund (FDT) |
| First Trust Emerging Markets AlphaDEX<sup>®</sup> Fund (FEM) |
| First Trust Germany AlphaDEX<sup>®</sup> Fund (FGM) |
| First Trust United Kingdom AlphaDEX<sup>®</sup> Fund (FKU) |
| First Trust India NIFTY 50 Equal Weight ETF (NFTY) |
| First Trust Switzerland AlphaDEX<sup>®</sup> Fund (FSZ) |
| First Trust Developed Markets ex-US Small Cap AlphaDEX<sup>®</sup> Fund (FDTS) |
| First Trust Emerging Markets Small Cap AlphaDEX<sup>®</sup> Fund (FEMS) |
| First Trust Eurozone AlphaDEX<sup>®</sup> ETF (FEUZ) |

---

![](img4c1c4ed02.gif)

AlphaDEX<sup>®</sup> is a registered trademark of First Trust Portfolios L.P.

------

**Table of Contents** 

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund II**

**Semi-Annual Financial Statements and Other Information**

**June 30, 2025** 

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_e4ea05bd-813c-4358-8e8c-54ff5068ac71_SOI-TOC-ScheduleofInvestments-4414_1) |  |
| [First Trust Asia Pacific ex-Japan AlphaDEX](#xx_e4ea05bd-813c-4358-8e8c-54ff5068ac71_SOI-TOC-ScheduleofInvestments-4414_1)<sup>®</sup>[Fund (FPA)](#xx_e4ea05bd-813c-4358-8e8c-54ff5068ac71_SOI-TOC-ScheduleofInvestments-4414_1) | 1 |
| [First Trust Europe AlphaDEX](#xx_e4ea05bd-813c-4358-8e8c-54ff5068ac71_SOI-TOC-ScheduleofInvestments-4415_1)<sup>®</sup>[Fund (FEP)](#xx_e4ea05bd-813c-4358-8e8c-54ff5068ac71_SOI-TOC-ScheduleofInvestments-4415_1) | 4 |
| [First Trust Latin America AlphaDEX](#xx_e4ea05bd-813c-4358-8e8c-54ff5068ac71_SOI-TOC-ScheduleofInvestments-4416_1)<sup>®</sup>[Fund (FLN)](#xx_e4ea05bd-813c-4358-8e8c-54ff5068ac71_SOI-TOC-ScheduleofInvestments-4416_1) | 9 |
| [First Trust Brazil AlphaDEX](#xx_e4ea05bd-813c-4358-8e8c-54ff5068ac71_SOI-TOC-ScheduleofInvestments-4417_1)<sup>®</sup>[Fund (FBZ)](#xx_e4ea05bd-813c-4358-8e8c-54ff5068ac71_SOI-TOC-ScheduleofInvestments-4417_1) | 11 |
| [First Trust China AlphaDEX](#xx_e4ea05bd-813c-4358-8e8c-54ff5068ac71_SOI-TOC-ScheduleofInvestments-4418_1)<sup>®</sup>[Fund (FCA)](#xx_e4ea05bd-813c-4358-8e8c-54ff5068ac71_SOI-TOC-ScheduleofInvestments-4418_1) | 13 |
| [First Trust Japan AlphaDEX](#xx_e4ea05bd-813c-4358-8e8c-54ff5068ac71_SOI-TOC-ScheduleofInvestments-4419_1)<sup>®</sup>[Fund (FJP)](#xx_e4ea05bd-813c-4358-8e8c-54ff5068ac71_SOI-TOC-ScheduleofInvestments-4419_1) | 16 |
| [First Trust Developed Markets ex-US AlphaDEX](#xx_e4ea05bd-813c-4358-8e8c-54ff5068ac71_SOI-TOC-ScheduleofInvestments-4420_1)<sup>®</sup>[Fund (FDT)](#xx_e4ea05bd-813c-4358-8e8c-54ff5068ac71_SOI-TOC-ScheduleofInvestments-4420_1) | 20 |
| [First Trust Emerging Markets AlphaDEX](#xx_e4ea05bd-813c-4358-8e8c-54ff5068ac71_SOI-TOC-ScheduleofInvestments-4421_1)<sup>®</sup>[Fund (FEM)](#xx_e4ea05bd-813c-4358-8e8c-54ff5068ac71_SOI-TOC-ScheduleofInvestments-4421_1) | 27 |
| [First Trust Germany AlphaDEX](#xx_e4ea05bd-813c-4358-8e8c-54ff5068ac71_SOI-TOC-ScheduleofInvestments-4422_1)<sup>®</sup>[Fund (FGM)](#xx_e4ea05bd-813c-4358-8e8c-54ff5068ac71_SOI-TOC-ScheduleofInvestments-4422_1) | 32 |
| [First Trust United Kingdom AlphaDEX](#xx_e4ea05bd-813c-4358-8e8c-54ff5068ac71_SOI-TOC-ScheduleofInvestments-4423_1)<sup>®</sup>[Fund (FKU)](#xx_e4ea05bd-813c-4358-8e8c-54ff5068ac71_SOI-TOC-ScheduleofInvestments-4423_1) | 34 |
| [First Trust India NIFTY 50 Equal Weight ETF (NFTY)](#xx_e4ea05bd-813c-4358-8e8c-54ff5068ac71_SOI-TOC-ScheduleofInvestments-4424_1) | 37 |
| [First Trust Switzerland AlphaDEX](#xx_e4ea05bd-813c-4358-8e8c-54ff5068ac71_SOI-TOC-ScheduleofInvestments-4425_1)<sup>®</sup>[Fund (FSZ)](#xx_e4ea05bd-813c-4358-8e8c-54ff5068ac71_SOI-TOC-ScheduleofInvestments-4425_1) | 39 |
| [First Trust Developed Markets ex-US Small Cap AlphaDEX](#xx_e4ea05bd-813c-4358-8e8c-54ff5068ac71_SOI-TOC-ScheduleofInvestments-4426_1)<sup>®</sup>[Fund (FDTS)](#xx_e4ea05bd-813c-4358-8e8c-54ff5068ac71_SOI-TOC-ScheduleofInvestments-4426_1) | 41 |
| [First Trust Emerging Markets Small Cap AlphaDEX](#xx_e4ea05bd-813c-4358-8e8c-54ff5068ac71_SOI-TOC-ScheduleofInvestments-4427_1)<sup>®</sup>[Fund (FEMS)](#xx_e4ea05bd-813c-4358-8e8c-54ff5068ac71_SOI-TOC-ScheduleofInvestments-4427_1) | 49 |
| [First Trust Eurozone AlphaDEX](#xx_e4ea05bd-813c-4358-8e8c-54ff5068ac71_SOI-TOC-ScheduleofInvestments-4428_1)<sup>®</sup>[ETF (FEUZ)](#xx_e4ea05bd-813c-4358-8e8c-54ff5068ac71_SOI-TOC-ScheduleofInvestments-4428_1) | 55 |
| [Statements of Assets and Liabilities](#xx_e4ea05bd-813c-4358-8e8c-54ff5068ac71_SAL1-TOC-StatementofAssetsandLiabilities-4414_2) | 60 |
| [Statements of Operations](#xx_e4ea05bd-813c-4358-8e8c-54ff5068ac71_SOP1-TOC-StatementofOperations-4414_1) | 64 |
| [Statements of Changes in Net Assets](#xx_e4ea05bd-813c-4358-8e8c-54ff5068ac71_SOC1-TOC-StatementofChanges-4414_1) | 68 |
| [Financial Highlights](#xx_e4ea05bd-813c-4358-8e8c-54ff5068ac71_FIHI-TOC-FinancialHighlights-4414_1) | 74 |
| [Notes to Financial Statements](#xx_e4ea05bd-813c-4358-8e8c-54ff5068ac71_NTF-TOC-NotestoFinancialStatements-4414_1) | 89 |
| [Other Information](#xx_e4ea05bd-813c-4358-8e8c-54ff5068ac71_AI-TOC-AdditionalInformation-4414_1) | 101 |

---

**Performance and Risk Disclosure**

There is no assurance that any series of First Trust Exchange-Traded AlphaDEX<sup>®</sup> 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**<sup>®</sup> **Fund (FPA)**

**Portfolio of Investments**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) — 99.5%** | **COMMON STOCKS (a) (b) — 99.5%** | **COMMON STOCKS (a) (b) — 99.5%** |
|  | **Australia — 19.1%** |  |
| 2549 | BHP Group Ltd. (AUD) | $61653 |
| 4577 | BlueScope Steel Ltd. (AUD) | 69616 |
| 14963 | Coles Group Ltd. (AUD) | 205230 |
| 1290 | Commonwealth Bank of <br> Australia (AUD) | 156855 |
| 4978 | Computershare Ltd. (AUD) | 130691 |
| 68501 | Evolution Mining Ltd. (AUD) | 351204 |
| 25350 | Fortescue Ltd. (AUD) | 254933 |
| 25269 | Insurance Australia Group Ltd. <br> (AUD) | 150176 |
| 3148 | JB Hi-Fi Ltd. (AUD) | 228629 |
| 65817 | Medibank Pvt., Ltd. (AUD) | 218753 |
| 21268 | Northern Star Resources Ltd. <br> (AUD) | 259654 |
| 43054 | Qantas Airways Ltd. (AUD) | 304329 |
| 17792 | QBE Insurance Group Ltd. <br> (AUD) | 273893 |
| 2531 | Rio Tinto Ltd. (AUD) | 178455 |
| 43878 | Santos Ltd. (AUD) | 221208 |
| 135291 | Sigma Healthcare Ltd. (AUD) | 266235 |
| 14692 | Telix Pharmaceuticals Ltd. <br> (AUD) (c) | 236130 |
| 44277 | Vicinity Ltd. (AUD) | 71978 |
| 3085 | Westpac Banking Corp. (AUD) | 68749 |
| 21065 | Woodside Energy Group Ltd. <br> (AUD) | 327605 |
| 96254 | Yancoal Australia Ltd. (AUD) | 365527 |
|  |  | 4401503 |
|  | **Bermuda — 2.6%** |  |
| 66680 | China Gas Holdings Ltd. (HKD) | 62264 |
| 187200 | Kunlun Energy Co., Ltd. (HKD) | 181716 |
| 20300 | Orient Overseas International <br> Ltd. (HKD) | 344973 |
|  |  | 588953 |
|  | **Cayman Islands — 7.5%** |  |
| 58500 | C&D International Investment <br> Group Ltd. (HKD) | 118342 |
| 36550 | China Resources Land Ltd. <br> (HKD) | 123852 |
| 45281 | CK Asset Holdings Ltd. (HKD) | 199584 |
| 43038 | CK Hutchison Holdings Ltd. <br> (HKD) | 264809 |
| 142000 | Geely Automobile Holdings Ltd. <br> (HKD) | 288705 |
| 252500 | Sino Biopharmaceutical Ltd. <br> (HKD) | 169192 |
| 264636 | WH Group Ltd. (HKD) (d) (e) | 254524 |
| 308400 | Xinyi Glass Holdings Ltd. <br> (HKD) | 296223 |
|  |  | 1715231 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Hong Kong — 11.2%** |  |
| 48250 | Beijing Enterprises Holdings <br> Ltd. (HKD) | $198533 |
| 59950 | BOC Hong Kong Holdings Ltd. <br> (HKD) | 260421 |
| 141000 | China Merchants Port Holdings <br> Co., Ltd. (HKD) | 256855 |
| 33950 | China Overseas Land & <br> Investment Ltd. (HKD) | 58905 |
| 484200 | China Power International <br> Development Ltd. (HKD) | 184429 |
| 102000 | China Resources Power <br> Holdings Co., Ltd. (HKD) | 246101 |
| 159940 | China Taiping Insurance <br> Holdings Co., Ltd. (HKD) | 311732 |
| 7300 | CLP Holdings Ltd. (HKD) | 61469 |
| 15600 | Galaxy Entertainment Group <br> Ltd. (HKD) | 69256 |
| 164400 | Guangdong Investment Ltd. <br> (HKD) | 137385 |
| 2730 | Hong Kong Exchanges & <br> Clearing Ltd. (HKD) | 145647 |
| 293100 | PCCW Ltd. (HKD) | 199011 |
| 12905 | Sun Hung Kai Properties Ltd. <br> (HKD) | 148039 |
| 34406 | Swire Pacific Ltd., Class A <br> (HKD) | 294754 |
|  |  | 2572537 |
|  | **New Zealand — 0.6%** |  |
| 11701 | Contact Energy Ltd. (NZD) | 64191 |
| 2813 | EBOS Group Ltd. (NZD) | 65929 |
|  |  | 130120 |
|  | **Singapore — 7.9%** |  |
| 31130 | BOC Aviation Ltd. <br> (HKD) (d) (e) | 257766 |
| 5300 | DBS Group Holdings Ltd. <br> (SGD) | 187199 |
| 108800 | Genting Singapore Ltd. (SGD) | 61181 |
| 9400 | Oversea-Chinese Banking Corp., <br> Ltd. (SGD) | 120577 |
| 154700 | Seatrium Ltd. (SGD) | 244551 |
| 12900 | Sembcorp Industries Ltd. (SGD) | 69497 |
| 24200 | Singapore Airlines Ltd. (SGD) | 132657 |
| 12100 | Singapore Exchange Ltd. (SGD) | 141603 |
| 60000 | Singapore Technologies <br> Engineering Ltd. (SGD) | 367597 |
| 6500 | United Overseas Bank Ltd. <br> (SGD) | 184035 |
| 24400 | Wilmar International Ltd. (SGD) | 55075 |
|  |  | 1821738 |
|  | **South Korea — 49.7%** |  |
| 250 | Alteogen, Inc. (KRW) (c) | 68909 |
| 2648 | Amorepacific Corp. (KRW) | 268214 |

---

See Notes to Financial Statements

------

**First Trust Asia Pacific ex-Japan AlphaDEX**<sup>®</sup> **Fund (FPA)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** |
|  | **South Korea (Continued)** |  |
| 3029 | DB Insurance Co., Ltd. (KRW) | $276731 |
| 11446 | Doosan Enerbility Co., Ltd. <br> (KRW) (c) | 580103 |
| 3002 | Hana Financial Group, Inc. <br> (KRW) | 191962 |
| 723 | Hanwha Aerospace Co., Ltd. <br> (KRW) | 454286 |
| 6665 | Hanwha Ocean Co., Ltd. <br> (KRW) (c) | 392117 |
| 13937 | Hanwha Systems Co., Ltd. <br> (KRW) | 598952 |
| 891 | HD Korea Shipbuilding & <br> Offshore Engineering Co., <br> Ltd. (KRW) | 241632 |
| 22869 | HMM Co., Ltd. (KRW) | 381263 |
| 379 | HYBE Co., Ltd. (KRW) | 86775 |
| 3183 | Hyundai Glovis Co., Ltd. <br> (KRW) | 317923 |
| 1718 | Hyundai Mobis Co., Ltd. (KRW) | 365342 |
| 2267 | Hyundai Motor Co. (KRW) | 341831 |
| 4256 | Hyundai Rotem Co., Ltd. <br> (KRW) | 619668 |
| 12583 | Industrial Bank of Korea (KRW) | 170247 |
| 1134 | KB Financial Group, Inc. <br> (KRW) | 93184 |
| 4847 | Kia Corp. (KRW) | 348010 |
| 3580 | Korea Aerospace Industries Ltd. <br> (KRW) | 238207 |
| 16529 | Korea Electric Power Corp. <br> (KRW) | 481320 |
| 346 | Korea Zinc Co., Ltd. (KRW) | 209969 |
| 16801 | Korean Air Lines Co., Ltd. <br> (KRW) | 285079 |
| 534 | Krafton, Inc. (KRW) (c) | 143629 |
| 1770 | KT&G Corp. (KRW) | 167478 |
| 1160 | LG Electronics, Inc. (KRW) | 63432 |
| 3665 | Meritz Financial Group, Inc. <br> (KRW) | 305507 |
| 643 | POSCO Holdings, Inc. (KRW) | 124350 |
| 89 | Samsung Biologics Co., Ltd. <br> (KRW) (c) (d) (e) | 65418 |
| 1385 | Samsung Electro-Mechanics Co., <br> Ltd. (KRW) | 138233 |
| 6192 | Samsung Electronics Co., Ltd. <br> (KRW) | 274364 |
| 249 | Samsung Fire & Marine <br> Insurance Co., Ltd. (KRW) | 80073 |
| 33185 | Samsung Heavy Industries Co., <br> Ltd. (KRW) (c) | 412108 |
| 2311 | Samsung SDS Co., Ltd. (KRW) | 290416 |
| 519 | Samyang Foods Co., Ltd. <br> (KRW) | 536459 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **South Korea (Continued)** |  |
| 1901 | Shinhan Financial Group Co., <br> Ltd. (KRW) | $86486 |
| 1876 | SK Hynix, Inc. (KRW) | 405892 |
| 4788 | SK Square Co., Ltd. (KRW) (c) | 649232 |
| 4836 | SK Telecom Co., Ltd. (KRW) | 203172 |
| 1381 | SK, Inc. (KRW) | 209258 |
| 16267 | Woori Financial Group, Inc. <br> (KRW) | 270594 |
|  |  | 11437825 |
|  | **Switzerland — 0.9%** |  |
| 11340 | BeOne Medicines Ltd. <br> (HKD) (c) | 213511 |
|  | **Total Common Stocks** | 22881418 |
|  | (Cost $18,331,576) |  |
| **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** |
| 45060 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 4.21% (f) | 45060 |
|  | (Cost $45,060) |  |
|  | **Total Investments — 99.7%** | 22926478 |
|  | (Cost $18,376,636) |  |
|  | **Net Other Assets and** <br> **Liabilities — 0.3%** | 62159 |
|  | **Net Assets — 100.0%** | $22988637 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities
 are issued in U.S. dollars unless otherwise indicated
 in the security description.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(e) This
 security may be resold to qualified foreign investors and foreign
 institutional buyers under Regulation S of the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Rate
 shown reflects yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Abbreviations throughout the Portfolio of Investments: | 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 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Financial Statements

------

**First Trust Asia Pacific ex-Japan AlphaDEX**<sup>®</sup> **Fund (FPA)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Currency Exposure Diversification** | **% of Total** <br>**Investments**<br>|
| KRW | 49.9% |
| HKD | 23.3 |
| AUD | 19.2 |
| SGD | 6.8 |
| NZD | 0.6 |
| USD | 0.2 |
| Total | 100.0% |

---

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $22881418 | $22881418 | $— | $— |
| Money Market Funds | 45060 | 45060 |  |  |
| Total Investments | $22926478 | $22926478 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Portfolio of Investments for country breakout.

See Notes to Financial Statements

------

**First Trust Europe AlphaDEX**<sup>®</sup> **Fund (FEP)**

**Portfolio of Investments**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) — 99.1%** | **COMMON STOCKS (a) (b) — 99.1%** | **COMMON STOCKS (a) (b) — 99.1%** |
|  | **Austria — 3.1%** |  |
| 7223 | ANDRITZ AG (EUR) | $536877 |
| 15722 | BAWAG Group AG <br> (EUR) (c) (d) | 2007544 |
| 5860 | Erste Group Bank AG (EUR) | 499073 |
| 31977 | OMV AG (EUR) | 1739481 |
| 31485 | Raiffeisen Bank International <br> AG (EUR) | 959834 |
| 5705 | Verbund AG (EUR) | 437823 |
| 45930 | Vienna Insurance Group AG <br> Wiener Versicherung Gruppe <br> (EUR) | 2364319 |
| 16596 | voestalpine AG (EUR) | 467229 |
|  |  | 9012180 |
|  | **Belgium — 3.1%** |  |
| 1869 | Ackermans & van Haaren N.V. <br> (EUR) | 477746 |
| 13493 | Ageas S.A./N.V. (EUR) | 911528 |
| 29480 | Colruyt Group N.V. (EUR) | 1275141 |
| 26624 | KBC Ancora (EUR) | 1831531 |
| 8891 | KBC Group N.V. (EUR) | 918079 |
| 7911 | Sofina S.A. (EUR) | 2609261 |
| 34070 | Warehouses De Pauw C.V.A. <br> (EUR) | 830751 |
|  |  | 8854037 |
|  | **Bermuda — 0.5%** |  |
| 79719 | Hiscox Ltd. (GBP) | 1373296 |
|  | **Denmark — 2.4%** |  |
| 1162 | A.P. Moller - Maersk A/S, <br> Class B (DKK) | 2160260 |
| 2079 | Genmab A/S (DKK) (e) | 431638 |
| 401419 | H. Lundbeck A/S (DKK) | 2304416 |
| 70394 | ISS A/S (DKK) | 1962752 |
| 981 | ROCKWOOL A/S, Class B <br> (DKK) | 45908 |
|  |  | 6904974 |
|  | **Finland — 0.7%** |  |
| 49425 | Fortum Oyj (EUR) | 925121 |
| 13613 | Orion Oyj, Class B (EUR) | 1023866 |
|  |  | 1948987 |
|  | **France — 8.4%** |  |
| 21216 | Arkema S.A. (EUR) | 1563216 |
| 9477 | AXA S.A. (EUR) | 465182 |
| 14565 | BNP Paribas S.A. (EUR) | 1309414 |
| 20511 | Bouygues S.A. (EUR) | 927782 |
| 86129 | Carrefour S.A. (EUR) | 1214428 |
| 23043 | Cie Generale des Etablissements <br> Michelin S.C.A. (EUR) | 856109 |
| 89039 | Credit Agricole S.A. (EUR) | 1684958 |
| 6963 | Eiffage S.A. (EUR) | 978099 |
| 54539 | Elis S.A. (EUR) (f) | 1563709 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **France (Continued)** |  |
| 20705 | Engie S.A. (EUR) | $485961 |
| 36230 | Klepierre S.A. (EUR) (f) | 1427127 |
| 62260 | Orange S.A. (EUR) | 947178 |
| 16043 | Renault S.A. (EUR) | 739475 |
| 27065 | Societe Generale S.A. (EUR) | 1547838 |
| 28475 | SPIE S.A. (EUR) | 1599964 |
| 16151 | Teleperformance SE (EUR) | 1566148 |
| 6082 | Thales S.A. (EUR) | 1788212 |
| 25036 | TotalEnergies SE (EUR) | 1536494 |
| 64196 | Vallourec SACA (EUR) | 1186854 |
| 8391 | Wendel SE (EUR) | 885625 |
|  |  | 24273773 |
|  | **Germany — 19.1%** |  |
| 4242 | Allianz SE (EUR) | 1719426 |
| 21448 | Aurubis AG (EUR) (f) | 2230877 |
| 91972 | Auto1 Group SE <br> (EUR) (c) (d) (e) | 2964148 |
| 25340 | Bayerische Motoren Werke AG <br> (EUR) | 2252431 |
| 89034 | Commerzbank AG (EUR) | 2808630 |
| 23135 | Continental AG (EUR) | 2019370 |
| 20119 | Daimler Truck Holding AG <br> (EUR) | 951999 |
| 85565 | Deutsche Bank AG (EUR) | 2536924 |
| 2745 | Deutsche Boerse AG (EUR) | 895351 |
| 278829 | Deutsche Lufthansa AG (EUR) | 2358254 |
| 21824 | Deutsche Telekom AG (EUR) | 796166 |
| 18916 | DHL Group (EUR) | 873684 |
| 32505 | Dr. Ing hc F Porsche AG <br> (Preference Shares) <br> (EUR) (c) (d) | 1605856 |
| 53497 | E.ON SE (EUR) | 984640 |
| 12909 | Fraport AG Frankfurt Airport <br> Services Worldwide (EUR) (e) | 972437 |
| 10632 | Freenet AG (EUR) | 346163 |
| 16363 | Fresenius Medical Care AG <br> (EUR) | 937722 |
| 13360 | GEA Group AG (EUR) | 934805 |
| 4740 | Heidelberg Materials AG (EUR) | 1113629 |
| 5082 | Henkel AG & Co. KGaA <br> (Preference Shares) (EUR) | 399051 |
| 24188 | Hensoldt AG (EUR) | 2775154 |
| 11892 | HOCHTIEF AG (EUR) | 2343576 |
| 38998 | KION Group AG (EUR) | 2170103 |
| 34453 | Mercedes-Benz Group AG <br> (EUR) | 2016620 |
| 1924 | Muenchener <br> Rueckversicherungs-<br> Gesellschaft AG in Muenchen <br> (EUR) | 1247870 |
| 1132 | Rheinmetall AG (EUR) | 2396198 |
| 56543 | RWE AG (EUR) | 2359816 |

---

See Notes to Financial Statements

------

**First Trust Europe AlphaDEX**<sup>®</sup> **Fund (FEP)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** |
|  | **Germany (Continued)** |  |
| 3873 | Scout24 SE (EUR) (c) (d) | $534235 |
| 20807 | Siemens Energy AG (EUR) (e) | 2403419 |
| 19308 | Talanx AG (EUR) | 2499557 |
| 157822 | thyssenkrupp AG (EUR) | 1695843 |
| 15964 | Volkswagen AG (Preference <br> Shares) (EUR) | 1685290 |
| 14783 | Wacker Chemie AG (EUR) (f) | 1079648 |
|  |  | 54908892 |
|  | **Greece — 3.4%** |  |
| 863073 | Alpha Bank S.A. (EUR) | 3039813 |
| 302722 | Eurobank Ergasias Services and <br> Holdings S.A. (EUR) | 1039823 |
| 74682 | Hellenic Telecommunications <br> Organization S.A. (EUR) | 1419867 |
| 18394 | Metlen Energy & Metals S.A. <br> (EUR) | 997128 |
| 39514 | National Bank of Greece S.A. <br> (EUR) | 504089 |
| 295885 | Piraeus Financial Holdings S.A. <br> (EUR) | 2050105 |
| 54078 | Public Power Corp. S.A. (EUR) | 882901 |
|  |  | 9933726 |
|  | **Ireland — 1.3%** |  |
| 125515 | AIB Group PLC (EUR) | 1032738 |
| 68863 | Bank of Ireland Group PLC <br> (EUR) | 980304 |
| 30073 | Ryanair Holdings PLC, ADR | 1734310 |
|  |  | 3747352 |
|  | **Italy — 10.9%** |  |
| 671294 | A2A S.p.A. (EUR) | 1806871 |
| 28991 | Azimut Holding S.p.A. (EUR) | 928198 |
| 7209 | Banca Generali S.p.A. (EUR) | 400646 |
| 50223 | Banca Mediolanum S.p.A. <br> (EUR) | 864924 |
| 204551 | Banca Monte dei Paschi di Siena <br> S.p.A. (EUR) | 1740152 |
| 199769 | Banco BPM S.p.A. (EUR) | 2332478 |
| 155371 | BPER Banca S.p.A. (EUR) | 1412181 |
| 42222 | Buzzi S.p.A. (EUR) | 2340555 |
| 119109 | Credito Emiliano S.p.A. (EUR) | 1759423 |
| 78348 | Eni S.p.A. (EUR) | 1269914 |
| 23064 | Generali (EUR) | 820755 |
| 93352 | Hera S.p.A. (EUR) | 451074 |
| 315511 | Intesa Sanpaolo S.p.A. (EUR) | 1817961 |
| 41647 | Leonardo S.p.A. (EUR) | 2344002 |
| 80259 | Lottomatica Group S.p.A. (EUR) | 2227395 |
| 43256 | Mediobanca Banca di Credito <br> Finanziario S.p.A. (EUR) (f) | 1005568 |
| 152039 | Nexi S.p.A. (EUR) (c) (d) | 908727 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Italy (Continued)** |  |
| 204644 | Pirelli & C S.p.A. <br> (EUR) (c) (d) (f) | $1411172 |
| 68182 | Poste Italiane S.p.A. <br> (EUR) (c) (d) (f) | 1464950 |
| 2402879 | Telecom Italia S.p.A. (EUR) (e) | 1184839 |
| 21739 | UniCredit S.p.A. (EUR) | 1457324 |
| 76102 | Unipol Assicurazioni S.p.A. <br> (EUR) | 1508271 |
|  |  | 31457380 |
|  | **Luxembourg — 1.0%** |  |
| 42321 | ArcelorMittal S.A. (EUR) | 1339528 |
| 82704 | Tenaris S.A. (EUR) | 1556308 |
|  |  | 2895836 |
|  | **Netherlands — 4.1%** |  |
| 57863 | ABN AMRO Bank N.V. <br> (EUR) (c) (d) | 1584037 |
| 28192 | ASR Nederland N.V. (EUR) | 1872316 |
| 2793 | Euronext N.V. (EUR) (c) (d) | 477382 |
| 49556 | Iveco Group N.V. (EUR) | 974857 |
| 10805 | Koninklijke Ahold Delhaize <br> N.V. (EUR) | 451836 |
| 27936 | Koninklijke Vopak N.V. (EUR) | 1389347 |
| 93352 | STMicroelectronics N.V. (EUR) | 2851924 |
| 49556 | Technip Energies N.V. (EUR) | 2086310 |
|  |  | 11688009 |
|  | **Norway — 4.6%** |  |
| 68123 | Aker BP ASA (NOK) | 1742376 |
| 46271 | DNB Bank ASA (NOK) | 1278955 |
| 60997 | Equinor ASA (NOK) | 1543776 |
| 17573 | Gjensidige Forsikring ASA <br> (NOK) | 445279 |
| 41523 | Kongsberg Gruppen ASA <br> (NOK) | 1610142 |
| 70444 | Norsk Hydro ASA (NOK) | 402142 |
| 38771 | Orkla ASA (NOK) | 421583 |
| 50168 | SpareBank 1 Sor-Norge ASA <br> (NOK) | 922788 |
| 63898 | Storebrand ASA (NOK) | 905275 |
| 84702 | Telenor ASA (NOK) | 1316825 |
| 75325 | Vend Marketplaces ASA (NOK) | 2652973 |
|  |  | 13242114 |
|  | **Portugal — 1.2%** |  |
| 2010449 | Banco Comercial Portugues <br> S.A., Class R (EUR) | 1564443 |
| 239979 | EDP S.A. (EUR) | 1040843 |
| 23007 | Galp Energia SGPS S.A. (EUR) | 421965 |
| 19051 | Jeronimo Martins SGPS S.A. <br> (EUR) | 482037 |
|  |  | 3509288 |
|  | **Spain — 8.8%** |  |
| 3091 | Acciona S.A. (EUR) (f) | 556353 |

---

See Notes to Financial Statements

------

**First Trust Europe AlphaDEX**<sup>®</sup> **Fund (FEP)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** |
|  | **Spain (Continued)** |  |
| 35394 | ACS Actividades de <br> Construccion y Servicios S.A. <br> (EUR) | $2457772 |
| 148827 | Banco Bilbao Vizcaya <br> Argentaria S.A. (EUR) | 2288689 |
| 723378 | Banco de Sabadell S.A. (EUR) | 2303241 |
| 301329 | Banco Santander S.A. (EUR) | 2494244 |
| 182239 | Bankinter S.A. (EUR) | 2378533 |
| 208200 | CaixaBank S.A. (EUR) | 1803568 |
| 15241 | Endesa S.A. (EUR) (f) | 482761 |
| 69874 | Indra Sistemas S.A. (EUR) (f) | 3033885 |
| 359467 | International Consolidated <br> Airlines Group S.A. (GBP) | 1683552 |
| 262778 | Mapfre S.A. (EUR) | 1074105 |
| 151792 | Repsol S.A. (EUR) (f) | 2223427 |
| 1094395 | Unicaja Banco S.A. <br> (EUR) (c) (d) | 2586027 |
|  |  | 25366157 |
|  | **Sweden — 4.9%** |  |
| 61896 | Boliden AB (SEK) (e) | 1930631 |
| 56787 | Essity AB, Class B (SEK) | 1572598 |
| 33084 | Industrivarden AB, Class C <br> (SEK) | 1194897 |
| 67902 | Investor AB, Class B (SEK) | 2007799 |
| 41171 | Saab AB, Class B (SEK) | 2295957 |
| 40077 | SKF AB, Class B (SEK) | 919650 |
| 332655 | SSAB AB, Class B (SEK) | 1964798 |
| 29891 | Tele2 AB, Class B (SEK) | 436791 |
| 1055688 | Volvo Car AB, Class B <br> (SEK) (e) (f) | 1938220 |
|  |  | 14261341 |
|  | **Switzerland — 2.2%** |  |
| 9284 | Avolta AG (CHF) | 503368 |
| 2308 | BKW AG (CHF) | 504098 |
| 26755 | Coca-Cola HBC AG (GBP) | 1397024 |
| 7813 | Helvetia Holding AG (CHF) | 1832503 |
| 2382 | Sulzer AG (CHF) | 429898 |
| 700 | Swisscom AG (CHF) | 496251 |
| 2117 | VZ Holding AG (CHF) | 463181 |
| 1160 | Zurich Insurance Group AG <br> (CHF) | 810808 |
|  |  | 6437131 |
|  | **United Kingdom — 19.2%** |  |
| 34568 | 3i Group PLC (GBP) | 1954925 |
| 32404 | Anglogold Ashanti PLC (ZAR) | 1465925 |
| 7537 | Ashtead Group PLC (GBP) | 483038 |
| 81805 | Associated British Foods PLC <br> (GBP) | 2310914 |
| 56285 | Aviva PLC (GBP) | 478390 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **United Kingdom (Continued)** |  |
| 172650 | Babcock International <br> Group PLC (GBP) | $2720614 |
| 60115 | BAE Systems PLC (GBP) | 1556676 |
| 217162 | Barclays PLC (GBP) | 1005446 |
| 134842 | Beazley PLC (GBP) | 1730594 |
| 26158 | Berkeley Group Holdings PLC <br> (GBP) | 1385959 |
| 188421 | BT Group PLC (GBP) | 501106 |
| 836951 | Centrica PLC (GBP) | 1855947 |
| 353263 | easyJet PLC (GBP) | 2580664 |
| 17180 | Endeavour Mining PLC (GBP) | 525408 |
| 114619 | Evraz PLC (GBP) (e) (g) (h) (i) | 0 |
| 171948 | Fresnillo PLC (GBP) | 3398742 |
| 148596 | Harbour Energy PLC (GBP) | 399577 |
| 107277 | HSBC Holdings PLC (GBP) | 1298480 |
| 131370 | IG Group Holdings PLC (GBP) | 1918653 |
| 32722 | Imperial Brands PLC (GBP) | 1292225 |
| 132864 | J Sainsbury PLC (GBP) | 528523 |
| 1380691 | JD Sports Fashion PLC (GBP) | 1681800 |
| 370110 | Kingfisher PLC (GBP) | 1477351 |
| 2167705 | Lloyds Banking Group PLC <br> (GBP) | 2282202 |
| 276668 | NatWest Group PLC (GBP) | 1942129 |
| 2819 | Next PLC (GBP) | 481364 |
| 25657 | Pearson PLC (GBP) | 377361 |
| 34067 | Rio Tinto PLC (GBP) | 1985044 |
| 125165 | Rolls-Royce Holdings PLC <br> (GBP) | 1662407 |
| 33186 | Shell PLC (GBP) | 1163186 |
| 58814 | SSE PLC (GBP) | 1478181 |
| 159926 | St. James's Place PLC (GBP) | 2599138 |
| 137120 | Standard Chartered PLC (GBP) | 2271782 |
| 1112879 | Tritax Big Box REIT PLC <br> (GBP) | 2254721 |
| 153561 | UNITE Group (The) PLC (GBP) | 1786402 |
| 1714658 | Vodafone Group PLC (GBP) | 1830644 |
| 12760 | Whitbread PLC (GBP) | 494447 |
|  |  | 55159965 |
|  | **United States — 0.2%** |  |
| 4585 | Autoliv, Inc., SDR (SEK) | 513704 |
|  | **Total Common Stocks** | 285488142 |
|  | (Cost $219,350,294) |  |
| **MONEY MARKET FUNDS — 0.0%** | **MONEY MARKET FUNDS — 0.0%** | **MONEY MARKET FUNDS — 0.0%** |
| 45848 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - 4.21% (j) | 45848 |
|  | (Cost $45,848) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Financial Statements

------

**First Trust Europe AlphaDEX**<sup>®</sup> **Fund (FEP)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 5.1%** | **REPURCHASE AGREEMENTS — 5.1%** | **REPURCHASE AGREEMENTS — 5.1%** |
| $14559507 | JPMorgan Chase & Co., <br> 4.39% (j), dated 06/30/25, due <br> 07/01/25, with a maturity <br> value of $14,561,282. <br> Collateralized by <br> U.S. Treasury Bond, interest <br> rate of 4.63%, due 11/15/44. <br> The value of the collateral <br> including accrued interest is <br> $14,850,698. (k) | $14559507 |
|  | (Cost $14,559,507) |  |
|  | **Total Investments — 104.2%** | 300093497 |
|  | (Cost $233,955,649) |  |
|  | **Net Other Assets and** <br> **Liabilities — (4.2)%** | (12142964)<br>|
|  | **Net Assets — 100.0%** | $287950533 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities
 are issued in U.S. dollars unless otherwise indicated
 in the security description.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(d) This
 security may be resold to qualified foreign investors and foreign
 institutional buyers under Regulation S of the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(f) All
 or a portion of this security is on loan (see Note 2E - Securities
 Lending in the Notes to Financial Statements). The remaining
 contractual maturity of all of the securities lending transactions
 is overnight and continuous. The aggregate value
 of such securities is $13,956,021 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $14,559,507.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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, 2025, securities noted as such
 are valued at $0 or 0.0% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(i) This
 security's value was determined using significant unobservable
 inputs (see Note 2A - Portfolio Valuation in the Notes
 to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(j) Rate
 shown reflects yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(k) This
 security serves as collateral for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Abbreviations throughout the Portfolio of Investments: | Abbreviations throughout the Portfolio of Investments: |
| ADR | – American Depositary Receipt |
| CHF | – Swiss Franc |
| DKK | – Danish Krone |
| EUR | – Euro |
| GBP | – British Pound Sterling |
| NOK | – Norwegian Krone |
| SDR | – Swedish Depositary Receipt |
| SEK | – Swedish Krona |
| USD | – United States Dollar |
| ZAR | – South African Rand |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Currency Exposure Diversification** | **% of Total** <br>**Investments**<br>|
| EUR | 61.4% |
| GBP | 19.4 |
| USD | 5.4 |
| SEK | 4.9 |
| NOK | 4.4 |
| DKK | 2.3 |
| CHF | 1.7 |
| ZAR | 0.5 |
| Total | 100.0% |

---

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks: |  |  |  |  |
| United Kingdom | $55159965 | $55159965 | $— | $—\*\* |
| Other Country <br> Categories\*<br>| 230328177 | 230328177 |  |  |
| Money Market <br> Funds<br>| 45848 | 45848 |  |  |
| Repurchase <br> Agreements<br>| 14559507 |  | 14559507 |  |
| Total Investments | $300093497 | $285533990 | $14559507 | $—\*\* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Portfolio of Investments for country breakout.

\*\* Investment is valued at $0.

Level 3 investments are fair valued by the Advisor's Pricing Committee and are footnoted in the Portfolio of Investments. All Level 3 values are based on unobservable inputs.

See Notes to Financial Statements

------

**First Trust Europe AlphaDEX**<sup>®</sup> **Fund (FEP)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Securities Lending Agency Agreement** | **Securities Lending Agency Agreement** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(1)</sup> <br>| $13956021 |
| Non-cash Collateral<sup>(2)</sup> <br>| (13956021)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> 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. 

<sup>(2)</sup> At June 30, 2025, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments. 

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(3)</sup> <br>| $14559507 |
| Non-cash Collateral<sup>(4)</sup> <br>| (14559507)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(3)</sup> The amount is included in "Investments, at value" on the Statements of Assets and Liabilities. 

<sup>(4)</sup> At June 30, 2025, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

**First Trust Latin America AlphaDEX**<sup>®</sup> **Fund (FLN)**

**Portfolio of Investments**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) — 98.9%** | **COMMON STOCKS (a) (b) — 98.9%** | **COMMON STOCKS (a) (b) — 98.9%** |
|  | **Brazil — 46.5%** |  |
| 95029 | Ambev S.A. (BRL) | $232977 |
| 105674 | B3 S.A. - Brasil Bolsa Balcao <br> (BRL) | 283582 |
| 33751 | Banco Bradesco S.A. (Preference <br> Shares) (BRL) | 104550 |
| 45509 | Banco do Brasil S.A. (BRL) | 185031 |
| 16004 | Banco Santander Brasil S.A. <br> (BRL) | 87456 |
| 31833 | BB Seguridade Participacoes <br> S.A. (BRL) | 209755 |
| 21729 | BRF S.A. (BRL) | 80547 |
| 31451 | Centrais Eletricas Brasileiras <br> S.A. (BRL) | 232825 |
| 208396 | Cia Energetica de Minas Gerais <br> (Preference Shares) (BRL) | 414253 |
| 123236 | Cia Paranaense de Energia - <br> Copel, Class B (Preference <br> Shares) (BRL) | 282623 |
| 69084 | CSN Mineracao S.A. (BRL) | 63068 |
| 32519 | Embraer S.A. (BRL) | 460932 |
| 11078 | Engie Brasil Energia S.A. (BRL) | 92590 |
| 26727 | Equatorial Energia S.A. (BRL) | 176898 |
| 132148 | Gerdau S.A. (Preference Shares) <br> (BRL) | 389164 |
| 181007 | Itausa S.A. (Preference Shares) <br> (BRL) | 364806 |
| 25462 | Localiza Rent a Car S.A. (BRL) | 189895 |
| 73476 | Motiva Infraestrutura de <br> Mobilidade S.A. (BRL) | 186493 |
| 23016 | Petroleo Brasileiro S.A. - <br> Petrobras (Preference Shares) <br> (BRL) | 132934 |
| 42763 | Porto Seguro S.A. (BRL) | 434470 |
| 53722 | PRIO S.A. (BRL) (c) | 419247 |
| 15164 | Rede D'Or Sao Luiz S.A. <br> (BRL) (d) (e) | 98859 |
| 68654 | Telefonica Brasil S.A. (BRL) | 390334 |
| 71272 | TIM S.A. (BRL) | 289254 |
| 22626 | Vale S.A. (BRL) | 219259 |
|  |  | 6021802 |
|  | **Chile — 16.9%** |  |
| 6076 | Banco de Credito e Inversiones <br> S.A. (CLP) | 256573 |
| 1315956 | Banco Santander Chile (CLP) | 82648 |
| 122558 | Cencosud S.A. (CLP) | 417023 |
| 182243 | Empresas CMPC S.A. (CLP) | 278560 |
| 43404 | Empresas Copec S.A. (CLP) | 295564 |
| 1191038 | Enel Chile S.A. (CLP) | 88188 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Chile (Continued)** |  |
| 72078 | Falabella S.A. (CLP) | $382972 |
| 19106128 | Latam Airlines Group S.A. <br> (CLP) | 386788 |
|  |  | 2188316 |
|  | **Colombia — 4.5%** |  |
| 30135 | Grupo Cibest S.A. (Preference <br> Shares) (COP) | 340501 |
| 49165 | Interconexion Electrica S.A. ESP <br> (COP) | 238048 |
|  |  | 578549 |
|  | **Mexico — 28.1%** |  |
| 191287 | Alfa S.A.B. de C.V., Class A <br> (MXN) | 141290 |
| 28553 | Arca Continental S.A.B. de C.V. <br> (MXN) | 301789 |
| 528978 | Cemex S.A.B. de C.V., <br> Series CPO (MXN) | 365065 |
| 40827 | Coca-Cola Femsa S.A.B. de <br> C.V. (MXN) | 395596 |
| 79059 | El Puerto de Liverpool S.A.B. de <br> C.V., Series C1 (MXN) | 431940 |
| 63882 | Fibra Uno Administracion S.A. <br> de C.V. (MXN) | 88242 |
| 15475 | Fomento Economico Mexicano <br> S.A.B. de C.V., Series UBD <br> (MXN) | 159331 |
| 8267 | Gruma S.A.B. de C.V., Class B <br> (MXN) | 142642 |
| 10762 | Grupo Financiero Banorte <br> S.A.B. de C.V., Class O <br> (MXN) | 98372 |
| 66424 | Grupo Financiero Inbursa S.A.B. <br> de C.V., Class O (MXN) | 171472 |
| 29856 | Grupo Mexico S.A.B. de C.V., <br> Series B (MXN) | 180843 |
| 20114 | Industrias Penoles S.A.B. de <br> C.V. (MXN) (c) | 559273 |
| 116633 | Prologis Property Mexico S.A. <br> de C.V. (MXN) | 440812 |
| 14779 | Promotora y Operadora de <br> Infraestructura S.A.B. de C.V. <br> (MXN) | 166523 |
|  |  | 3643190 |
|  | **Netherlands — 2.9%** |  |
| 26005 | JBS N.V., BDR (BRL) (c) | 374344 |
|  | **Total Investments — 98.9%** | 12806201 |
|  | (Cost $10,367,636) |  |
|  | **Net Other Assets and** <br> **Liabilities — 1.1%** | 139181 |
|  | **Net Assets — 100.0%** | $12945382 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Financial Statements

------

**First Trust Latin America AlphaDEX**<sup>®</sup> **Fund (FLN)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities
 are issued in U.S. dollars unless otherwise indicated
 in the security description.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(e) This
 security may be resold to qualified foreign investors and foreign
 institutional buyers under Regulation S of the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Abbreviations throughout the Portfolio of Investments: | Abbreviations throughout the Portfolio of Investments: |
| BRL | – Brazilian Real |
| CLP | – Chilean Peso |
| COP | – Colombian Peso |
| MXN | – Mexican Peso |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Currency Exposure Diversification** | **% of Total** <br>**Investments**<br>|
| BRL | 49.9% |
| MXN | 28.5 |
| CLP | 17.1 |
| COP | 4.5 |
| Total | 100.0% |

---

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $12806201 | $12806201 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Portfolio of Investments for country breakout.

See Notes to Financial Statements

------

**First Trust Brazil AlphaDEX**<sup>®</sup> **Fund (FBZ)**

**Portfolio of Investments**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) — 99.0%** | **COMMON STOCKS (a) — 99.0%** | **COMMON STOCKS (a) — 99.0%** |
|  | **Aerospace & Defense — 3.9%**  |  |
| 20021 | Embraer S.A. (BRL) | $283782 |
|  | **Banks — 6.3%**  |  |
| 19463 | Banco Bradesco S.A. (Preference <br> Shares) (BRL) | 60290 |
| 18617 | Banco do Brasil S.A. (BRL) | 75693 |
| 9445 | Banco Santander Brasil S.A. <br> (BRL) | 51614 |
| 16107 | Itau Unibanco Holding S.A. <br> (Preference Shares) (BRL) | 109542 |
| 76777 | Itausa S.A. (Preference Shares) <br> (BRL) | 154738 |
|  |  | 451877 |
|  | **Commercial Services &** <br> **Supplies — 2.1%**  |  |
| 3461 | Ambipar Participacoes e <br> Empreendimentos S.A. <br> (BRL) (b) | 104471 |
| 16094 | GPS Participacoes e <br> Empreendimentos S.A. <br> (BRL) (c) | 46833 |
|  |  | 151304 |
|  | **Consumer Staples Distribution** <br> **& Retail — 0.4%**  |  |
| 10227 | Raia Drogasil S.A. (BRL) | 28461 |
|  | **Containers & Packaging —** <br> **1.4%**  |  |
| 29094 | Klabin S.A. (BRL) | 98799 |
|  | **Diversified Telecommunication** <br> **Services — 2.3%**  |  |
| 28864 | Telefonica Brasil S.A. (BRL) | 164107 |
|  | **Electric Utilities — 13.7%**  |  |
| 19777 | Centrais Eletricas Brasileiras <br> S.A. (BRL) | 146405 |
| 81005 | Cia Energetica de Minas Gerais <br> (Preference Shares) (BRL) | 161023 |
| 49178 | Cia Paranaense de Energia - <br> Copel, Class B (Preference <br> Shares) (BRL) | 112782 |
| 24670 | Energisa S.A. (BRL) | 219406 |
| 8211 | Equatorial Energia S.A. (BRL) | 54346 |
| 39112 | Isa Energia Brasil S.A. <br> (Preference Shares) (BRL) | 166869 |
| 20541 | Transmissora Alianca de Energia <br> Eletrica S.A. (BRL) | 132060 |
|  |  | 992891 |
|  | **Electrical Equipment — 1.9%**  |  |
| 17054 | WEG S.A. (BRL) | 134283 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Financial Services — 6.1%**  |  |
| 23271 | Pagseguro Digital Ltd., Class A | $224333 |
| 13709 | StoneCo Ltd., Class A (b) | 219892 |
|  |  | 444225 |
|  | **Food Products — 10.4%**  |  |
| 44359 | BRF S.A. (BRL) | 164435 |
| 15495 | JBS N.V., BDR (BRL) (b) | 223052 |
| 66057 | Marfrig Global Foods S.A. <br> (BRL) | 278424 |
| 25713 | SLC Agricola S.A. (BRL) | 84572 |
|  |  | 750483 |
|  | **Health Care Providers &** <br> **Services — 2.4%**  |  |
| 26553 | Rede D'Or Sao Luiz S.A. <br> (BRL) (c) (d) | 173107 |
|  | **Hotels, Restaurants & Leisure** <br> **— 0.8%**  |  |
| 13266 | Smartfit Escola de Ginastica e <br> Danca S.A. (BRL) | 60652 |
|  | **Insurance — 6.0%**  |  |
| 18656 | BB Seguridade Participacoes <br> S.A. (BRL) | 122929 |
| 30779 | Porto Seguro S.A. (BRL) | 312713 |
|  |  | 435642 |
|  | **Metals & Mining — 7.3%**  |  |
| 62015 | Gerdau S.A. (Preference Shares) <br> (BRL) | 182629 |
| 87802 | Metalurgica Gerdau S.A. <br> (Preference Shares) (BRL) | 144314 |
| 20622 | Vale S.A. (BRL) | 199839 |
|  |  | 526782 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 7.4%**  |  |
| 19132 | Brava Energia (BRL) (b) | 61272 |
| 82717 | Cosan S.A. (BRL) (b) | 104441 |
| 24868 | Petroleo Brasileiro S.A. - <br> Petrobras (Preference Shares) <br> (BRL) | 143630 |
| 11208 | PRIO S.A. (BRL) (b) | 87467 |
| 42505 | Ultrapar Participacoes S.A. <br> (BRL) | 137222 |
|  |  | 534032 |
|  | **Paper & Forest Products —** <br> **1.9%**  |  |
| 14567 | Suzano S.A. (BRL) | 137302 |
|  | **Pharmaceuticals — 1.7%**  |  |
| 24875 | Hypera S.A. (BRL) | 124487 |
|  | **Real Estate Management &** <br> **Development — 0.7%**  |  |
| 12424 | Allos S.A. (BRL) | 51954 |

---

See Notes to Financial Statements

------

**First Trust Brazil AlphaDEX**<sup>®</sup> **Fund (FBZ)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (Continued)** | **COMMON STOCKS (a) (Continued)** | **COMMON STOCKS (a) (Continued)** |
|  | **Software — 0.9%**  |  |
| 8411 | TOTVS S.A. (BRL) | $65346 |
|  | **Specialty Retail — 6.2%**  |  |
| 37127 | Lojas Renner S.A. (BRL) | 134483 |
| 208325 | Raizen S.A. (Preference Shares) <br> (BRL) | 63267 |
| 63058 | Vibra Energia S.A. (BRL) | 251392 |
|  |  | 449142 |
|  | **Transportation Infrastructure** <br> **— 0.8%**  |  |
| 22123 | Motiva Infraestrutura de <br> Mobilidade S.A. (BRL) | 56151 |
|  | **Water Utilities — 10.9%**  |  |
| 10169 | Cia de Saneamento Basico do <br> Estado de Sao Paulo SABESP <br> (BRL) | 222973 |
| 54033 | Cia de Saneamento de Minas <br> Gerais Copasa MG (BRL) | 278166 |
| 40481 | Cia De Sanena Do Parana (BRL) | 283801 |
|  |  | 784940 |
|  | **Wireless Telecommunication** <br> **Services — 3.5%**  |  |
| 62152 | TIM S.A. (BRL) | 252241 |
|  | **Total Common Stocks** | 7151990 |
|  | (Cost $5,477,877) |  |
| **MONEY MARKET FUNDS — 0.0%** | **MONEY MARKET FUNDS — 0.0%** | **MONEY MARKET FUNDS — 0.0%** |
| 1525 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 4.21% (e) | 1525 |
|  | (Cost $1,525) |  |
|  | **Total Investments — 99.0%** | 7153515 |
|  | (Cost $5,479,402) |  |
|  | **Net Other Assets and** <br> **Liabilities — 1.0%** | 73442 |
|  | **Net Assets — 100.0%** | $7226957 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Securities
 are issued in U.S. dollars unless otherwise indicated
 in the security description.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(d) This
 security may be resold to qualified foreign investors and foreign
 institutional buyers under Regulation S of the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Rate
 shown reflects yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations throughout the Portfolio of Investments: <br> BRL – Brazilian Real <br> USD – United States Dollar

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Currency Exposure Diversification** | **% of Total** <br>**Investments**<br>|
| BRL | 93.8% |
| USD | 6.2 |
| Total | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Allocation**<sup>†</sup> <br>| **% of Net** <br>**Assets**<br>|
| Brazil | 89.7% |
| Cayman Islands | 6.2 |
| Netherlands | 3.1 |
| United States | 0.0<sup>†</sup><sup>†</sup> <br>|
| Total Investments | 99.0 |
| Net Other Assets and Liabilities | 1.0 |
| Total | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>†</sup> <br>| Portfolio securities are categorized based upon their country <br> of incorporation, which can be different from the country <br> categorization of the Fund's underlying index.<br>|
| <sup>†</sup><sup>†</sup> <br>| Amount is less than 0.1%. |

---

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $7151990 | $7151990 | $— | $— |
| Money Market Funds | 1525 | 1525 |  |  |
| Total Investments | $7153515 | $7153515 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

**First Trust China AlphaDEX**<sup>®</sup> **Fund (FCA)**

**Portfolio of Investments**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) — 98.8%** | **COMMON STOCKS (a) — 98.8%** | **COMMON STOCKS (a) — 98.8%** |
|  | **Automobiles — 3.5%**  |  |
| 563962 | Geely Automobile Holdings Ltd. <br> (HKD) | $1146610 |
| 122472 | Great Wall Motor Co., Ltd., <br> Class H (HKD) | 188468 |
|  |  | 1335078 |
|  | **Banks — 5.7%**  |  |
| 1132127 | Agricultural Bank of China Ltd., <br> Class H (HKD) | 807637 |
| 311438 | China CITIC Bank Corp., Ltd., <br> Class H (HKD) | 296760 |
| 515805 | China Construction Bank Corp., <br> Class H (HKD) | 520408 |
| 485922 | China Minsheng Banking Corp., <br> Ltd., Class H (HKD) | 275461 |
| 359292 | Chongqing Rural Commercial <br> Bank Co., Ltd., Class H <br> (HKD) | 303455 |
|  |  | 2203721 |
|  | **Broadline Retail — 0.4%**  |  |
| 35456 | MINISO Group Holding Ltd. <br> (HKD) | 160795 |
|  | **Capital Markets — 2.3%**  |  |
| 5266737 | China Cinda Asset Management <br> Co., Ltd., Class H (HKD) | 899041 |
|  | **Communications Equipment** <br> **— 2.0%**  |  |
| 79332 | BYD Electronic International <br> Co., Ltd. (HKD) | 321373 |
| 137339 | ZTE Corp., Class H (HKD) | 425141 |
|  |  | 746514 |
|  | **Construction & Engineering** <br> **— 3.7%**  |  |
| 1689171 | China Railway Group Ltd., <br> Class H (HKD) | 809086 |
| 408304 | China State Construction <br> International Holdings Ltd. <br> (HKD) | 615841 |
|  |  | 1424927 |
|  | **Diversified Telecommunication** <br> **Services — 2.2%**  |  |
| 597339 | China Tower Corp., Ltd., <br> Class H (HKD) (b) (c) | 853782 |
|  | **Electrical Equipment — 5.4%**  |  |
| 1278352 | Goldwind Science & <br> Technology Co., Ltd., Class H <br> (HKD) | 1216478 |
| 2363946 | Shanghai Electric Group Co., <br> Ltd., Class H (HKD) (d) (e) | 867287 |
|  |  | 2083765 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 1.2%**  |  |
| 88992 | AAC Technologies Holdings, <br> Inc. (HKD) | $461401 |
|  | **Entertainment — 1.9%**  |  |
| 680632 | China Ruyi Holdings Ltd. <br> (HKD) (d) (e) | 219364 |
| 99483 | Kingsoft Corp., Ltd. (HKD) | 518329 |
|  |  | 737693 |
|  | **Health Care Providers &** <br> **Services — 1.0%**  |  |
| 156881 | Sinopharm Group Co., Ltd., <br> Class H (HKD) | 367324 |
|  | **Hotels, Restaurants & Leisure** <br> **— 1.4%**  |  |
| 9298 | Trip.com Group Ltd. (HKD) | 540117 |
|  | **Independent Power and** <br> **Renewable Electricity** <br>**Producers — 3.8%**  |  |
| 1582402 | China Power International <br> Development Ltd. (HKD) | 602728 |
| 353328 | China Resources Power <br> Holdings Co., Ltd. (HKD) | 852493 |
|  |  | 1455221 |
|  | **Insurance — 7.9%**  |  |
| 7687859 | China Reinsurance Group Corp., <br> Class H (HKD) | 1194809 |
| 1728089 | People's Insurance Co. Group of <br> China (The) Ltd., Class H <br> (HKD) | 1314237 |
| 272048 | PICC Property & Casualty Co., <br> Ltd., Class H (HKD) | 526771 |
|  |  | 3035817 |
|  | **Interactive Media & Services** <br> **— 1.7%**  |  |
| 60650 | Baidu, Inc., Class A (HKD) (d) | 644748 |
|  | **IT Services — 2.2%**  |  |
| 220075 | GDS Holdings Ltd., Class A <br> (HKD) (d) (e) | 827039 |
|  | **Machinery — 1.7%**  |  |
| 219808 | Sinotruk Hong Kong Ltd. (HKD) | 641227 |
|  | **Marine Transportation —** <br> **3.2%**  |  |
| 72732 | Orient Overseas International <br> Ltd. (HKD) | 1235989 |
|  | **Metals & Mining — 5.6%**  |  |
| 710764 | China Hongqiao Group Ltd. <br> (HKD) | 1627977 |
| 268174 | Jiangxi Copper Co., Ltd., <br> Class H (HKD) | 520637 |
|  |  | 2148614 |

---

See Notes to Financial Statements

------

**First Trust China AlphaDEX**<sup>®</sup> **Fund (FCA)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (Continued)** | **COMMON STOCKS (a) (Continued)** | **COMMON STOCKS (a) (Continued)** |
|  | **Oil, Gas & Consumable Fuels** <br> **— 9.4%**  |  |
| 720342 | China Coal Energy Co., Ltd., <br> Class H (HKD) | $833216 |
| 751634 | China Petroleum & Chemical <br> Corp., Class H (HKD) | 393533 |
| 521757 | Inner Mongolia Yitai Coal Co., <br> Ltd., Class B | 1033601 |
| 1368843 | PetroChina Co., Ltd., Class H <br> (HKD) | 1177038 |
| 187272 | Yankuang Energy Group Co., <br> Ltd., Class H (HKD) | 186319 |
|  |  | 3623707 |
|  | **Passenger Airlines — 8.0%**  |  |
| 1298016 | Air China Ltd., Class H <br> (HKD) (d) | 985506 |
| 2582389 | China Eastern Airlines Corp., <br> Ltd., Class H (HKD) (d) (e) | 1039542 |
| 2048649 | China Southern Airlines Co., <br> Ltd., Class H (HKD) (d) | 1049124 |
|  |  | 3074172 |
|  | **Pharmaceuticals — 1.4%**  |  |
| 293370 | China Resources Pharmaceutical <br> Group Ltd. (HKD) (b) (c) | 191346 |
| 348848 | CSPC Pharmaceutical Group <br> Ltd. (HKD) | 342184 |
|  |  | 533530 |
|  | **Real Estate Management &** <br> **Development — 4.3%**  |  |
| 404762 | China Overseas Land & <br> Investment Ltd. (HKD) | 702279 |
| 222361 | China Resources Land Ltd. <br> (HKD) | 753483 |
| 167297 | Longfor Group Holdings Ltd. <br> (HKD) (b) (c) | 197348 |
|  |  | 1653110 |
|  | **Specialty Retail — 8.3%**  |  |
| 93199 | Pop Mart International Group <br> Ltd. (HKD) (b) (c) | 3165224 |
|  | **Technology Hardware, Storage** <br> **& Peripherals — 4.8%**  |  |
| 242313 | Xiaomi Corp., Class B <br> (HKD) (b) (c) (d) | 1850542 |
|  | **Trading Companies &** <br> **Distributors — 3.0%**  |  |
| 138545 | BOC Aviation Ltd. <br> (HKD) (b) (c) | 1147195 |
|  | **Transportation Infrastructure** <br> **— 1.7%**  |  |
| 361648 | China Merchants Port Holdings <br> Co., Ltd. (HKD) | 658802 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Water Utilities — 1.1%**  |  |
| 497917 | Guangdong Investment Ltd. <br> (HKD) | $416096 |
|  | **Total Common Stocks** | 37925191 |
|  | (Cost $31,610,713) |  |
| **MONEY MARKET FUNDS — 0.3%** | **MONEY MARKET FUNDS — 0.3%** | **MONEY MARKET FUNDS — 0.3%** |
| 136960 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 4.21% (f) | 136960 |
|  | (Cost $136,960) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 2.6%** | **REPURCHASE AGREEMENTS — 2.6%** | **REPURCHASE AGREEMENTS — 2.6%** |
| $998399 | Bank of America Corp., <br> 4.39% (f), dated 06/30/25, due <br> 07/01/25, with a maturity <br> value of $998,521. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.00% to <br> 4.88%, due 04/30/26 to <br> 06/30/30. The value of the <br> collateral including accrued <br> interest is $1,018,367. (g) | 998399 |
|  | (Cost $998,399) |  |
|  | **Total Investments — 101.7%** | 39060550 |
|  | (Cost $32,746,072) |  |
|  | **Net Other Assets and** <br> **Liabilities — (1.7)%** | (668531)<br>|
|  | **Net Assets — 100.0%** | $38392019 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Securities
 are issued in U.S. dollars unless otherwise indicated
 in the security description.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) This
 security may be resold to qualified foreign investors and foreign
 institutional buyers under Regulation S of the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(e) All
 or a portion of this security is on loan (see Note 2E - Securities
 Lending in the Notes to Financial Statements). The remaining
 contractual maturity of all of the securities lending transactions
 is overnight and continuous. The aggregate value
 of such securities is $933,358 and the total value of the collateral
 held by the Fund, including for securities sold and pending
 settlement, is $998,399.

See Notes to Financial Statements

------

**First Trust China AlphaDEX**<sup>®</sup> **Fund (FCA)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(f) Rate
 shown reflects yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) This
 security serves as collateral for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations throughout the Portfolio of Investments: <br> HKD – Hong Kong Dollar <br> USD – United States Dollar

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Currency Exposure Diversification** | **% of Total** <br>**Investments**<br>|
| HKD | 94.5% |
| USD | 5.5 |
| Total | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Allocation**<sup>†</sup> <br>| **% of Net** <br>**Assets**<br>|
| China | 47.1% |
| Cayman Islands | 32.6 |
| Hong Kong | 12.3 |
| Bermuda | 3.8 |
| Singapore | 3.0 |
| United States | 2.9 |
| Total Investments | 101.7 |
| Net Other Assets and Liabilities | (1.7) |
| Total | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>†</sup> 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, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $37925191 | $37925191 | $— | $— |
| Money Market Funds | 136960 | 136960 |  |  |
| Repurchase Agreements | 998399 |  | 998399 |  |
| Total Investments | $39060550 | $38062151 | $998399 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Securities Lending Agency Agreement** | **Securities Lending Agency Agreement** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(1)</sup> <br>| $933358 |
| Non-cash Collateral<sup>(2)</sup> <br>| (933358)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> 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. 

<sup>(2)</sup> At June 30, 2025, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments. 

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(3)</sup> <br>| $998399 |
| Non-cash Collateral<sup>(4)</sup> <br>| (998399)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(3)</sup> The amount is included in "Investments, at value" on the Statements of Assets and Liabilities. 

<sup>(4)</sup> At June 30, 2025, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

**First Trust Japan AlphaDEX**<sup>®</sup> **Fund (FJP)**

**Portfolio of Investments**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) — 99.7%** | **COMMON STOCKS (a) — 99.7%** | **COMMON STOCKS (a) — 99.7%** |
|  | **Automobile Components —** <br> **4.7%**  |  |
| 91900 | Aisin Corp. (JPY) | $1178704 |
| 61200 | Bridgestone Corp. (JPY) (b) | 2507413 |
| 48200 | Niterra Co., Ltd. (JPY) | 1606611 |
| 143100 | Sumitomo Electric Industries <br> Ltd. (JPY) | 3075549 |
|  |  | 8368277 |
|  | **Automobiles — 7.8%**  |  |
| 212800 | Honda Motor Co., Ltd. (JPY) | 2060690 |
| 113500 | Isuzu Motors Ltd. (JPY) | 1442740 |
| 766500 | Mitsubishi Motors Corp. (JPY) | 2174336 |
| 680400 | Nissan Motor Co., Ltd. (JPY) (c) | 1654637 |
| 144700 | Subaru Corp. (JPY) | 2527640 |
| 182500 | Suzuki Motor Corp. (JPY) | 2208934 |
| 26000 | Toyota Motor Corp. (JPY) | 450109 |
| 174400 | Yamaha Motor Co., Ltd. <br> (JPY) (b) | 1307349 |
|  |  | 13826435 |
|  | **Banks — 7.1%**  |  |
| 176900 | Mitsubishi UFJ Financial Group, <br> Inc. (JPY) | 2435976 |
| 105400 | Mizuho Financial Group, Inc. <br> (JPY) | 2922553 |
| 55400 | Rakuten Bank Ltd. (JPY) (c) | 2544849 |
| 142700 | Resona Holdings, Inc. (JPY) | 1319929 |
| 86800 | Sumitomo Mitsui Financial <br> Group, Inc. (JPY) | 2190418 |
| 44300 | Sumitomo Mitsui Trust Group, <br> Inc. (JPY) | 1180985 |
|  |  | 12594710 |
|  | **Broadline Retail — 2.5%**  |  |
| 90800 | Ryohin Keikaku Co., Ltd. (JPY) | 4366446 |
|  | **Building Products — 1.0%**  |  |
| 55600 | Sanwa Holdings Corp. (JPY) | 1849022 |
|  | **Capital Markets — 1.7%**  |  |
| 442800 | Nomura Holdings, Inc. (JPY) | 2927298 |
|  | **Chemicals — 4.1%**  |  |
| 74700 | Asahi Kasei Corp. (JPY) | 532738 |
| 107400 | Kuraray Co., Ltd. (JPY) (b) | 1368556 |
| 306300 | Mitsubishi Chemical Group <br> Corp. (JPY) | 1612273 |
| 30500 | Nitto Denko Corp. (JPY) | 591235 |
| 40700 | Resonac Holdings Corp. (JPY) | 946525 |
| 326100 | Toray Industries, Inc. (JPY) | 2236878 |
|  |  | 7288205 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Commercial Services &** <br> **Supplies — 1.6%**  |  |
| 147200 | Dai Nippon Printing Co., Ltd. <br> (JPY) | $2238589 |
| 19400 | TOPPAN Holdings, Inc. (JPY) | 528766 |
|  |  | 2767355 |
|  | **Construction & Engineering** <br> **— 4.5%**  |  |
| 195100 | Obayashi Corp. (JPY) | 2960946 |
| 195600 | Shimizu Corp. (JPY) | 2188199 |
| 49200 | Taisei Corp. (JPY) | 2869901 |
|  |  | 8019046 |
|  | **Consumer Staples Distribution** <br> **& Retail — 0.9%**  |  |
| 98500 | Seven & i Holdings Co., Ltd. <br> (JPY) | 1588941 |
|  | **Electric Utilities — 4.3%**  |  |
| 246600 | Chubu Electric Power Co., Inc. <br> (JPY) | 3049856 |
| 186300 | Kansai Electric Power (The) Co., <br> Inc. (JPY) | 2210942 |
| 687600 | Tokyo Electric Power Co. <br> Holdings, Inc. (JPY) (c) | 2292398 |
|  |  | 7553196 |
|  | **Electrical Equipment — 1.1%**  |  |
| 37400 | Fujikura Ltd. (JPY) | 1966289 |
|  | **Entertainment — 0.9%**  |  |
| 5500 | Konami Group Corp. (JPY) | 871376 |
| 13300 | Toho Co., Ltd. (JPY) | 785966 |
|  |  | 1657342 |
|  | **Financial Services — 1.9%**  |  |
| 156700 | Mitsubishi HC Capital, Inc. <br> (JPY) | 1153990 |
| 24000 | ORIX Corp. (JPY) | 543315 |
| 152800 | Tokyo Century Corp. (JPY) | 1724776 |
|  |  | 3422081 |
|  | **Food Products — 0.3%**  |  |
| 7600 | Toyo Suisan Kaisha Ltd. (JPY) | 505857 |
|  | **Gas Utilities — 1.4%**  |  |
| 47200 | Osaka Gas Co., Ltd. (JPY) | 1210441 |
| 37400 | Tokyo Gas Co., Ltd. (JPY) | 1244546 |
|  |  | 2454987 |
|  | **Ground Transportation —** <br> **4.0%**  |  |
| 137700 | Central Japan Railway Co. (JPY) | 3090493 |
| 231000 | Keisei Electric Railway Co., Ltd. <br> (JPY) | 2167956 |
| 50900 | Seibu Holdings, Inc. (JPY) | 1825974 |
|  |  | 7084423 |

---

See Notes to Financial Statements

------

**First Trust Japan AlphaDEX**<sup>®</sup> **Fund (FJP)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (Continued)** | **COMMON STOCKS (a) (Continued)** | **COMMON STOCKS (a) (Continued)** |
|  | **Hotels, Restaurants & Leisure** <br> **— 1.3%**  |  |
| 36400 | Zensho Holdings Co., Ltd. (JPY) | $2208696 |
|  | **Household Durables — 1.8%**  |  |
| 149100 | Panasonic Holdings Corp. (JPY) | 1610535 |
| 24200 | Sony Group Corp. (JPY) | 626825 |
| 92400 | Sumitomo Forestry Co., Ltd. <br> (JPY) (b) | 935838 |
|  |  | 3173198 |
|  | **Industrial Conglomerates —** <br> **0.3%**  |  |
| 30100 | Sekisui Chemical Co., Ltd. <br> (JPY) | 545962 |
|  | **Insurance — 5.5%**  |  |
| 308500 | Dai-ichi Life Holdings, Inc. <br> (JPY) | 2347946 |
| 28100 | Japan Post Insurance Co., Ltd. <br> (JPY) | 636326 |
| 99100 | Sompo Holdings, Inc. (JPY) | 2990101 |
| 140500 | T&D Holdings, Inc. (JPY) | 3092844 |
| 14300 | Tokio Marine Holdings, Inc. <br> (JPY) | 606835 |
|  |  | 9674052 |
|  | **Leisure Products — 0.9%**  |  |
| 43200 | Bandai Namco Holdings, Inc. <br> (JPY) | 1551246 |
|  | **Machinery — 10.4%**  |  |
| 69600 | Hitachi Construction Machinery <br> Co., Ltd. (JPY) | 2078261 |
| 39100 | Hoshizaki Corp. (JPY) | 1351075 |
| 43800 | IHI Corp. (JPY) | 4757002 |
| 56100 | Kawasaki Heavy Industries Ltd. <br> (JPY) | 4246311 |
| 37500 | Komatsu Ltd. (JPY) | 1233551 |
| 177600 | Kubota Corp. (JPY) (b) | 2000397 |
| 110200 | Mitsubishi Heavy Industries Ltd. <br> (JPY) | 2762557 |
|  |  | 18429154 |
|  | **Marine Transportation —** <br> **4.4%**  |  |
| 181100 | Kawasaki Kisen Kaisha Ltd. <br> (JPY) (b) | 2570525 |
| 74100 | Mitsui OSK Lines Ltd. (JPY) (b) | 2480205 |
| 77400 | Nippon Yusen KK (JPY) | 2788453 |
|  |  | 7839183 |
|  | **Media — 1.2%**  |  |
| 89200 | Nippon Television Holdings, <br> Inc. (JPY) | 2072589 |
|  | **Metals & Mining — 2.9%**  |  |
| 183500 | JFE Holdings, Inc. (JPY) | 2136936 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Metals & Mining (Continued)**  |  |
| 128300 | Nippon Steel Corp. (JPY) | $2434943 |
| 22600 | Sumitomo Metal Mining Co., <br> Ltd. (JPY) | 558703 |
|  |  | 5130582 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 3.0%**  |  |
| 197600 | ENEOS Holdings, Inc. (JPY) | 981242 |
| 236600 | Idemitsu Kosan Co., Ltd. (JPY) | 1437624 |
| 207200 | Inpex Corp. (JPY) (b) | 2913649 |
|  |  | 5332515 |
|  | **Passenger Airlines — 1.0%**  |  |
| 57000 | ANA Holdings, Inc. (JPY) (b) | 1117201 |
| 32800 | Japan Airlines Co., Ltd. <br> (JPY) (b) | 669985 |
|  |  | 1787186 |
|  | **Pharmaceuticals — 2.7%**  |  |
| 249800 | Ono Pharmaceutical Co., Ltd. <br> (JPY) | 2704338 |
| 28500 | Otsuka Holdings Co., Ltd. <br> (JPY) (b) | 1415253 |
| 36800 | Shionogi & Co., Ltd. (JPY) | 662888 |
|  |  | 4782479 |
|  | **Professional Services — 0.5%**  |  |
| 14700 | Recruit Holdings Co., Ltd. (JPY) | 871251 |
|  | **Real Estate Management &** <br> **Development — 0.7%**  |  |
| 16800 | Daiwa House Industry Co., Ltd. <br> (JPY) | 577946 |
| 104500 | Nomura Real Estate Holdings, <br> Inc. (JPY) | 612320 |
|  |  | 1190266 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 1.8%**  |  |
| 35500 | Advantest Corp. (JPY) | 2626662 |
| 39900 | Renesas Electronics Corp. (JPY) | 495685 |
|  |  | 3122347 |
|  | **Specialty Retail — 2.3%**  |  |
| 1500 | Fast Retailing Co., Ltd. (JPY) | 515816 |
| 73700 | Sanrio Co., Ltd. (JPY) | 3566137 |
|  |  | 4081953 |
|  | **Technology Hardware, Storage** <br> **& Peripherals — 1.7%**  |  |
| 31600 | Canon, Inc. (JPY) (b) | 919221 |
| 225400 | Ricoh Co., Ltd. (JPY) | 2137312 |
|  |  | 3056533 |
|  | **Textiles, Apparel & Luxury** <br> **Goods — 0.8%**  |  |
| 52500 | Asics Corp. (JPY) | 1341620 |

---

See Notes to Financial Statements

------

**First Trust Japan AlphaDEX**<sup>®</sup> **Fund (FJP)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (Continued)** | **COMMON STOCKS (a) (Continued)** | **COMMON STOCKS (a) (Continued)** |
|  | **Trading Companies &** <br> **Distributors — 5.6%**  |  |
| 102400 | Marubeni Corp. (JPY) | $2071395 |
| 62700 | Mitsubishi Corp. (JPY) | 1257440 |
| 49300 | Mitsui & Co., Ltd. (JPY) | 1008903 |
| 61100 | MonotaRO Co., Ltd. (JPY) | 1207107 |
| 100700 | Sojitz Corp. (JPY) | 2478952 |
| 23800 | Sumitomo Corp. (JPY) | 616299 |
| 57700 | Toyota Tsusho Corp. (JPY) | 1309825 |
|  |  | 9949921 |
|  | **Wireless Telecommunication** <br> **Services — 1.1%**  |  |
| 26700 | SoftBank Group Corp. (JPY) | 1949589 |
|  | **Total Common Stocks** | 176330232 |
|  | (Cost $146,107,171) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 90746 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 4.21% (d) | 90746 |
|  | (Cost $90,746) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 8.4%** | **REPURCHASE AGREEMENTS — 8.4%** | **REPURCHASE AGREEMENTS — 8.4%** |
| $14811375 | JPMorgan Chase & Co., <br> 4.39% (d), dated 06/30/25, <br> due 07/01/25, with a maturity <br> value of $14,813,181. <br> Collateralized by <br> U.S. Treasury Bond, interest <br> rate of 4.63%, due 11/15/44. <br> The value of the collateral <br> including accrued interest is <br> $15,107,603. (e) | 14811375 |
|  | (Cost $14,811,375) |  |
|  | **Total Investments — 108.2%** | 191232353 |
|  | (Cost $161,009,292) |  |
|  | **Net Other Assets and** <br> **Liabilities — (8.2)%** | (14445305)<br>|
|  | **Net Assets — 100.0%** | $176787048 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Securities
 are issued in U.S. dollars unless otherwise indicated
 in the security description.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 or a portion of this security is on loan (see Note 2E - Securities
 Lending in the Notes to Financial Statements). The remaining
 contractual maturity of all of the securities lending transactions
 is overnight and continuous. The aggregate value
 of such securities is $13,597,089 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $14,811,375.

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Rate
 shown reflects yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(e) This
 security serves as collateral for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations throughout the Portfolio of Investments: <br> JPY – Japanese Yen <br> USD – United States Dollar

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Currency Exposure Diversification** | **% of Total** <br>**Investments**<br>|
| JPY | 92.2% |
| USD | 7.8 |
| Total | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Allocation**<sup>†</sup> <br>| **% of Net** <br>**Assets**<br>|
| Japan | 99.7% |
| United States | 8.5 |
| Total Investments | 108.2 |
| Net Other Assets and Liabilities | (8.2) |
| Total | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>†</sup> 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, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $176330232 | $176330232 | $— | $— |
| Money Market <br> Funds<br>| 90746 | 90746 |  |  |
| Repurchase <br> Agreements<br>| 14811375 |  | 14811375 |  |
| Total Investments | $191232353 | $176420978 | $14811375 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* 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).

See Notes to Financial Statements

------

**First Trust Japan AlphaDEX**<sup>®</sup> **Fund (FJP)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Securities Lending Agency Agreement** | **Securities Lending Agency Agreement** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(1)</sup> <br>| $13597089 |
| Non-cash Collateral<sup>(2)</sup> <br>| (13597089)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> 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. 

<sup>(2)</sup> At June 30, 2025, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments. 

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(3)</sup> <br>| $14811375 |
| Non-cash Collateral<sup>(4)</sup> <br>| (14811375)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(3)</sup> The amount is included in "Investments, at value" on the Statements of Assets and Liabilities. 

<sup>(4)</sup> At June 30, 2025, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

**First Trust Developed Markets ex-US AlphaDEX**<sup>®</sup> **Fund (FDT)**

**Portfolio of Investments**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) — 99.6%** | **COMMON STOCKS (a) (b) — 99.6%** | **COMMON STOCKS (a) (b) — 99.6%** |
|  | **Australia — 3.8%** |  |
| 545863 | Evolution Mining Ltd. (AUD) | $2798634 |
| 252511 | Fortescue Ltd. (AUD) | 2539386 |
| 42370 | Northern Star Resources Ltd. <br> (AUD) | 517282 |
| 343080 | Qantas Airways Ltd. (AUD) | 2425072 |
| 35444 | QBE Insurance Group Ltd. <br> (AUD) | 545630 |
| 26884 | Rio Tinto Ltd. (AUD) | 1895527 |
| 349647 | Santos Ltd. (AUD) | 1762721 |
| 539040 | Sigma Healthcare Ltd. (AUD) | 1060760 |
| 29269 | Telix Pharmaceuticals Ltd. <br> (AUD) (c) | 470412 |
| 167867 | Woodside Energy Group Ltd. <br> (AUD) | 2610683 |
| 767014 | Yancoal Australia Ltd. (AUD) | 2912756 |
|  |  | 19538863 |
|  | **Austria — 1.2%** |  |
| 18854 | BAWAG Group AG <br> (EUR) (d) (e) | 2407470 |
| 19044 | OMV AG (EUR) | 1035953 |
| 18878 | Raiffeisen Bank International <br> AG (EUR) | 575504 |
| 44063 | Vienna Insurance Group AG <br> Wiener Versicherung Gruppe <br> (EUR) | 2268212 |
|  |  | 6287139 |
|  | **Belgium — 1.0%** |  |
| 16180 | Ageas S.A./N.V. (EUR) | 1093050 |
| 7982 | KBC Ancora (EUR) | 549102 |
| 5331 | KBC Group N.V. (EUR) | 550476 |
| 9487 | Sofina S.A. (EUR) | 3129068 |
|  |  | 5321696 |
|  | **Bermuda — 0.8%** |  |
| 1487057 | Kunlun Energy Co., Ltd. (HKD) | 1443496 |
| 163074 | Orient Overseas International <br> Ltd. (HKD) | 2771237 |
|  |  | 4214733 |
|  | **Canada — 5.5%** |  |
| 13396 | Agnico Eagle Mines Ltd. (CAD) | 1596010 |
| 54317 | Alamos Gold, Inc., Class A <br> (CAD) | 1444731 |
| 14555 | Capital Power Corp. (CAD) (f) | 585727 |
| 6132 | Celestica, Inc. (CAD) (c) | 958065 |
| 104425 | Cenovus Energy, Inc. (CAD) | 1420962 |
| 21776 | Definity Financial Corp. (CAD) | 1269221 |
| 28857 | Empire Co., Ltd., Class A <br> (CAD) | 1197510 |
| 1004 | Fairfax Financial Holdings Ltd. <br> (CAD) | 1812250 |
| 2837 | George Weston Ltd. (CAD) | 568983 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Canada (Continued)** |  |
| 153594 | Kinross Gold Corp. (CAD) | $2400206 |
| 63066 | Lundin Gold, Inc. (CAD) | 3329866 |
| 42701 | Magna International, Inc. (CAD) | 1650656 |
| 82778 | MEG Energy Corp. (CAD) | 1564074 |
| 57503 | Open Text Corp. (CAD) | 1680224 |
| 74917 | Pan American Silver Corp. <br> (CAD) | 2125789 |
| 68413 | Power Corp. of Canada <br> (CAD) (f) | 2672214 |
| 4820 | RB Global, Inc. (CAD) | 512069 |
| 24988 | Suncor Energy, Inc. (CAD) | 936029 |
| 12468 | Wheaton Precious Metals Corp. <br> (CAD) | 1121227 |
|  |  | 28845813 |
|  | **Cayman Islands — 2.5%** |  |
| 145748 | China Resources Land Ltd. <br> (HKD) | 493875 |
| 1122121 | China State Construction <br> International Holdings Ltd. <br> (HKD) | 1692484 |
| 239385 | CK Asset Holdings Ltd. (HKD) | 1055130 |
| 258217 | CK Hutchison Holdings Ltd. <br> (HKD) | 1588785 |
| 1130485 | Geely Automobile Holdings Ltd. <br> (HKD) | 2298428 |
| 355527 | SITC International Holdings Co., <br> Ltd. (HKD) | 1139052 |
| 2635279 | WH Group Ltd. (HKD) (d) (e) | 2534584 |
| 2452849 | Xinyi Glass Holdings Ltd. <br> (HKD) | 2356000 |
|  |  | 13158338 |
|  | **Denmark — 1.3%** |  |
| 1394 | A.P. Moller - Maersk A/S, <br> Class B (DKK) | 2591569 |
| 288827 | H. Lundbeck A/S (DKK) | 1658062 |
| 84416 | ISS A/S (DKK) | 2353719 |
|  |  | 6603350 |
|  | **Finland — 0.2%** |  |
| 16325 | Orion Oyj, Class B (EUR) | 1227841 |
|  | **France — 2.9%** |  |
| 6361 | Arkema S.A. (EUR) | 468685 |
| 11365 | AXA S.A. (EUR) | 557855 |
| 17467 | BNP Paribas S.A. (EUR) | 1570308 |
| 34209 | Carrefour S.A. (EUR) | 482350 |
| 80081 | Credit Agricole S.A. (EUR) | 1515439 |
| 8350 | Eiffage S.A. (EUR) | 1172932 |
| 21801 | Elis S.A. (EUR) | 625065 |
| 14482 | Klepierre S.A. (EUR) | 570457 |
| 32456 | Societe Generale S.A. (EUR) | 1856147 |
| 34147 | SPIE S.A. (EUR) | 1918664 |
| 9684 | Teleperformance SE (EUR) | 939049 |

---

See Notes to Financial Statements

------

**First Trust Developed Markets ex-US AlphaDEX**<sup>®</sup> **Fund (FDT)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** |
|  | **France (Continued)** |  |
| 7293 | Thales S.A. (EUR) | $2144267 |
| 22517 | TotalEnergies SE (EUR) | 1381899 |
|  |  | 15203117 |
|  | **Germany — 9.9%** |  |
| 5087 | Allianz SE (EUR) | 2061933 |
| 25720 | Aurubis AG (EUR) (f) | 2675222 |
| 88234 | Auto1 Group SE <br> (EUR) (c) (d) (e) | 2843676 |
| 24310 | Bayerische Motoren Werke AG <br> (EUR) | 2160876 |
| 106769 | Commerzbank AG (EUR) | 3368091 |
| 13872 | Continental AG (EUR) | 1210836 |
| 102609 | Deutsche Bank AG (EUR) | 3042263 |
| 1646 | Deutsche Boerse AG (EUR) | 536885 |
| 267495 | Deutsche Lufthansa AG (EUR) | 2262394 |
| 26171 | Deutsche Telekom AG (EUR) | 954750 |
| 19490 | Dr. Ing hc F Porsche AG <br> (Preference Shares) <br> (EUR) (d) (e) | 962872 |
| 8011 | GEA Group AG (EUR) | 560533 |
| 5685 | Heidelberg Materials AG (EUR) | 1335650 |
| 29006 | Hensoldt AG (EUR) | 3327936 |
| 14261 | HOCHTIEF AG (EUR) | 2810438 |
| 23383 | KION Group AG (EUR) | 1301183 |
| 41316 | Mercedes-Benz Group AG <br> (EUR) | 2418329 |
| 1538 | Muenchener <br> Rueckversicherungs-<br> Gesellschaft AG in Muenchen <br> (EUR) | 997518 |
| 1358 | Rheinmetall AG (EUR) | 2874590 |
| 67806 | RWE AG (EUR) | 2829876 |
| 33268 | Siemens Energy AG (EUR) (c) | 3842790 |
| 23153 | Talanx AG (EUR) | 2997320 |
| 189259 | thyssenkrupp AG (EUR) | 2033643 |
| 14358 | Volkswagen AG (Preference <br> Shares) (EUR) | 1515748 |
| 5909 | Wacker Chemie AG (EUR) (f) | 431553 |
|  |  | 51356905 |
|  | **Greece — 1.6%** |  |
| 1027860 | Alpha Bank S.A. (EUR) | 3620206 |
| 363022 | Eurobank Ergasias Services and <br> Holdings S.A. (EUR) | 1246949 |
| 354824 | Piraeus Financial Holdings S.A. <br> (EUR) | 2458477 |
| 64850 | Public Power Corp. S.A. (EUR) | 1058769 |
|  |  | 8384401 |
|  | **Hong Kong — 2.6%** |  |
| 512261 | Beijing Enterprises Holdings <br> Ltd. (HKD) | 2107788 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Hong Kong (Continued)** |  |
| 239630 | BOC Hong Kong Holdings Ltd. <br> (HKD) | $1040947 |
| 1124121 | China Merchants Port Holdings <br> Co., Ltd. (HKD) | 2047775 |
| 2569218 | China Power International <br> Development Ltd. (HKD) | 978600 |
| 815848 | China Resources Power <br> Holdings Co., Ltd. (HKD) | 1968441 |
| 318373 | China Taiping Insurance <br> Holdings Co., Ltd. (HKD) | 620527 |
| 1315074 | Guangdong Investment Ltd. <br> (HKD) | 1098973 |
| 295732 | MTR Corp., Ltd. (HKD) | 1062382 |
| 274219 | Swire Pacific Ltd., Class A <br> (HKD) | 2349216 |
|  |  | 13274649 |
|  | **Ireland — 0.2%** |  |
| 75259 | AIB Group PLC (EUR) | 619231 |
| 41290 | Bank of Ireland Group PLC <br> (EUR) | 587787 |
|  |  | 1207018 |
|  | **Israel — 2.2%** |  |
| 107991 | Bank Hapoalim BM (ILS) | 2071781 |
| 144739 | Bank Leumi Le-Israel BM (ILS) | 2690840 |
| 5060 | Elbit Systems Ltd. (ILS) | 2250358 |
| 70090 | Israel Discount Bank Ltd., <br> Class A (ILS) | 698340 |
| 130993 | Phoenix Financial Ltd. (ILS) | 3789825 |
|  |  | 11501144 |
|  | **Italy — 5.4%** |  |
| 402506 | A2A S.p.A. (EUR) | 1083395 |
| 8644 | Banca Generali S.p.A. (EUR) | 480398 |
| 30114 | Banca Mediolanum S.p.A. <br> (EUR) | 518614 |
| 245296 | Banca Monte dei Paschi di Siena <br> S.p.A. (EUR) | 2086777 |
| 239561 | Banco BPM S.p.A. (EUR) | 2797084 |
| 186319 | BPER Banca S.p.A. (EUR) | 1693470 |
| 40505 | Buzzi S.p.A. (EUR) | 2245374 |
| 142835 | Credito Emiliano S.p.A. (EUR) | 2109892 |
| 31318 | Eni S.p.A. (EUR) | 507622 |
| 13829 | Generali (EUR) | 492118 |
| 283769 | Intesa Sanpaolo S.p.A. (EUR) | 1635065 |
| 49943 | Leonardo S.p.A. (EUR) | 2810923 |
| 96247 | Lottomatica Group S.p.A. (EUR) | 2671103 |
| 25936 | Mediobanca Banca di Credito <br> Finanziario S.p.A. (EUR) | 602932 |
| 81802 | Pirelli & C S.p.A. (EUR) (d) (e) | 564085 |
| 81763 | Poste Italiane S.p.A. <br> (EUR) (d) (e) (f) | 1756749 |
| 1440758 | Telecom Italia S.p.A. (EUR) (c) | 710425 |

---

See Notes to Financial Statements

------

**First Trust Developed Markets ex-US AlphaDEX**<sup>®</sup> **Fund (FDT)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** |
|  | **Italy (Continued)** |  |
| 26070 | UniCredit S.p.A. (EUR) | $1747663 |
| 91261 | Unipol Assicurazioni S.p.A. <br> (EUR) | 1808708 |
|  |  | 28322397 |
|  | **Japan — 22.1%** |  |
| 89100 | Aisin Corp. (JPY) | 1142792 |
| 52400 | ANA Holdings, Inc. (JPY) | 1027041 |
| 69100 | Asahi Kasei Corp. (JPY) | 492800 |
| 57800 | Bandai Namco Holdings, Inc. <br> (JPY) | 2075510 |
| 22400 | BayCurrent, Inc. (JPY) | 1154182 |
| 12100 | Bridgestone Corp. (JPY) | 495747 |
| 126700 | Central Japan Railway Co. (JPY) | 2843612 |
| 178300 | Chubu Electric Power Co., Inc. <br> (JPY) | 2205148 |
| 136500 | Dai Nippon Printing Co., Ltd. <br> (JPY) | 2075865 |
| 63800 | Dai-ichi Life Holdings, Inc. <br> (JPY) | 485572 |
| 78500 | Denso Corp. (JPY) | 1063256 |
| 184900 | ENEOS Holdings, Inc. (JPY) | 918176 |
| 23000 | Fuji Electric Co., Ltd. (JPY) | 1062755 |
| 36700 | Hitachi Construction Machinery <br> Co., Ltd. (JPY) | 1095865 |
| 269400 | Honda Motor Co., Ltd. (JPY) | 2608786 |
| 35000 | IHI Corp. (JPY) | 3801257 |
| 175800 | Inpex Corp. (JPY) (f) | 2472102 |
| 71700 | Isuzu Motors Ltd. (JPY) | 911405 |
| 56600 | Japan Airlines Co., Ltd. (JPY) | 1156133 |
| 47600 | Japan Post Insurance Co., Ltd. <br> (JPY) | 1077904 |
| 158100 | JFE Holdings, Inc. (JPY) | 1841142 |
| 204000 | Kansai Electric Power (The) Co., <br> Inc. (JPY) | 2420999 |
| 40500 | Kawasaki Heavy Industries Ltd. <br> (JPY) | 3065519 |
| 178700 | Kawasaki Kisen Kaisha Ltd. <br> (JPY) (f) | 2536459 |
| 268400 | Keisei Electric Railway Co., Ltd. <br> (JPY) | 2518958 |
| 167200 | Kobe Steel Ltd. (JPY) | 1827525 |
| 33600 | Komatsu Ltd. (JPY) | 1105262 |
| 8200 | Konami Group Corp. (JPY) | 1299142 |
| 118500 | Kubota Corp. (JPY) (f) | 1334724 |
| 166200 | Kyushu Electric Power Co., Inc. <br> (JPY) | 1485938 |
| 285700 | LY Corp. (JPY) | 1052292 |
| 121600 | Marubeni Corp. (JPY) | 2459781 |
| 196300 | Mitsubishi Chemical Group <br> Corp. (JPY) | 1033266 |
| 27500 | Mitsubishi Corp. (JPY) | 551509 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Japan (Continued)** |  |
| 71800 | Mitsubishi HC Capital, Inc. <br> (JPY) | $528759 |
| 57300 | Mitsubishi Heavy Industries Ltd. <br> (JPY) | 1436429 |
| 71900 | Mitsubishi UFJ Financial Group, <br> Inc. (JPY) | 990089 |
| 77500 | Mitsui & Co., Ltd. (JPY) | 1586004 |
| 43300 | Mitsui Chemicals, Inc. (JPY) | 1002781 |
| 69700 | Mitsui OSK Lines Ltd. (JPY) (f) | 2332933 |
| 53600 | Mizuho Financial Group, Inc. <br> (JPY) | 1486232 |
| 53200 | NIPPON EXPRESS <br> HOLDINGS, Inc. (JPY) (f) | 1068581 |
| 113200 | Nippon Steel Corp. (JPY) | 2148367 |
| 499900 | Nippon Telegraph & Telephone <br> Corp. (JPY) | 534597 |
| 23700 | Nippon Television Holdings, <br> Inc. (JPY) | 550677 |
| 73500 | Nippon Yusen KK (JPY) | 2647950 |
| 191000 | Nissan Motor Co., Ltd. (JPY) (c) | 464485 |
| 48000 | Niterra Co., Ltd. (JPY) | 1599944 |
| 346000 | Oji Holdings Corp. (JPY) | 1743876 |
| 135400 | Ono Pharmaceutical Co., Ltd. <br> (JPY) | 1465842 |
| 23500 | ORIX Corp. (JPY) | 531995 |
| 21400 | Osaka Gas Co., Ltd. (JPY) | 548802 |
| 81700 | Panasonic Holdings Corp. (JPY) | 882500 |
| 45000 | Rakuten Bank Ltd. (JPY) (c) | 2067116 |
| 112400 | Resona Holdings, Inc. (JPY) | 1039664 |
| 71200 | Ryohin Keikaku Co., Ltd. (JPY) | 3423909 |
| 31600 | Sanrio Co., Ltd. (JPY) | 1529036 |
| 15200 | Sanwa Holdings Corp. (JPY) | 505488 |
| 17800 | SBI Sumishin Net Bank Ltd. <br> (JPY) | 603819 |
| 30300 | Seiko Epson Corp. (JPY) | 402513 |
| 72400 | Skylark Holdings Co., Ltd. <br> (JPY) (f) | 1516828 |
| 66100 | Sojitz Corp. (JPY) | 1627197 |
| 64000 | Sompo Holdings, Inc. (JPY) | 1931044 |
| 57600 | Sony Group Corp. (JPY) | 1491948 |
| 136700 | Subaru Corp. (JPY) | 2387895 |
| 21500 | Sumitomo Corp. (JPY) | 556741 |
| 117300 | Sumitomo Electric Industries <br> Ltd. (JPY) | 2521048 |
| 144300 | Sumitomo Forestry Co., Ltd. <br> (JPY) (f) | 1461488 |
| 19100 | Sumitomo Mitsui Financial <br> Group, Inc. (JPY) | 481993 |
| 159900 | Suzuki Motor Corp. (JPY) | 1935389 |
| 68400 | T&D Holdings, Inc. (JPY) | 1505698 |
| 10900 | Taisei Corp. (JPY) | 635811 |
| 19500 | Toho Co., Ltd. (JPY) | 1152356 |

---

See Notes to Financial Statements

------

**First Trust Developed Markets ex-US AlphaDEX**<sup>®</sup> **Fund (FDT)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** |
|  | **Japan (Continued)** |  |
| 49500 | Tokyo Century Corp. (JPY) | $558746 |
| 505000 | Tokyo Electric Power Co. <br> Holdings, Inc. (JPY) (c) | 1683626 |
| 140900 | Tosoh Corp. (JPY) | 2064505 |
| 82900 | Toyota Motor Corp. (JPY) | 1435156 |
| 87000 | Toyota Tsusho Corp. (JPY) | 1974952 |
| 60700 | Yamaha Motor Co., Ltd. <br> (JPY) (f) | 455023 |
|  |  | 115198256 |
|  | **Luxembourg — 0.2%** |  |
| 49589 | Tenaris S.A. (EUR) | 933156 |
|  | **Netherlands — 2.0%** |  |
| 69389 | ABN AMRO Bank N.V. <br> (EUR) (d) (e) | 1899568 |
| 33808 | ASR Nederland N.V. (EUR) | 2245291 |
| 29714 | Iveco Group N.V. (EUR) | 584529 |
| 12957 | Koninklijke Ahold Delhaize <br> N.V. (EUR) | 541827 |
| 89557 | STMicroelectronics N.V. (EUR) | 2735986 |
| 59428 | Technip Energies N.V. (EUR) | 2501922 |
|  |  | 10509123 |
|  | **Norway — 2.1%** |  |
| 61270 | Aker BP ASA (NOK) | 1567098 |
| 55488 | DNB Bank ASA (NOK) | 1533718 |
| 36573 | Equinor ASA (NOK) | 925628 |
| 49795 | Kongsberg Gruppen ASA <br> (NOK) | 1930906 |
| 60161 | SpareBank 1 Sor-Norge ASA <br> (NOK) | 1106598 |
| 76626 | Storebrand ASA (NOK) | 1085600 |
| 72263 | Vend Marketplaces ASA (NOK) | 2545128 |
|  |  | 10694676 |
|  | **Portugal — 0.4%** |  |
| 1607277 | Banco Comercial Portugues <br> S.A., Class R (EUR) | 1250712 |
| 22846 | Jeronimo Martins SGPS S.A. <br> (EUR) | 578060 |
|  |  | 1828772 |
|  | **Singapore — 1.5%** |  |
| 248009 | BOC Aviation Ltd. <br> (HKD) (d) (e) | 2053591 |
| 924400 | Seatrium Ltd. (SGD) (f) | 1461301 |
| 95700 | Singapore Airlines Ltd. (SGD) | 524600 |
| 383000 | Singapore Technologies <br> Engineering Ltd. (SGD) | 2346496 |
| 823000 | Yangzijiang Shipbuilding <br> Holdings Ltd. (SGD) | 1436933 |
|  |  | 7822921 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **South Korea — 13.2%** |  |
| 28097 | Amorepacific Corp. (KRW) | $2845925 |
| 32156 | DB Insurance Co., Ltd. (KRW) | 2937785 |
| 5755 | Hanwha Aerospace Co., Ltd. <br> (KRW) | 3616064 |
| 53073 | Hanwha Ocean Co., Ltd. <br> (KRW) (c) | 3122404 |
| 88753 | Hanwha Systems Co., Ltd. <br> (KRW) | 3814222 |
| 182067 | HMM Co., Ltd. (KRW) | 3035349 |
| 31683 | Hyundai Glovis Co., Ltd. <br> (KRW) | 3164544 |
| 13671 | Hyundai Mobis Co., Ltd. (KRW) | 2907215 |
| 18059 | Hyundai Motor Co. (KRW) | 2723034 |
| 33917 | Hyundai Rotem Co., Ltd. <br> (KRW) | 4938271 |
| 38583 | Kia Corp. (KRW) | 2770223 |
| 98695 | Korea Electric Power Corp. <br> (KRW) | 2873973 |
| 133755 | Korean Air Lines Co., Ltd. <br> (KRW) | 2269553 |
| 14090 | KT&G Corp. (KRW) | 1333205 |
| 17514 | Meritz Financial Group, Inc. <br> (KRW) | 1459933 |
| 2558 | POSCO Holdings, Inc. (KRW) | 494693 |
| 12186 | Samsung C&T Corp. (KRW) | 1457336 |
| 5517 | Samsung Electro-Mechanics Co., <br> Ltd. (KRW) | 550637 |
| 61613 | Samsung Electronics Co., Ltd. <br> (KRW) | 2730037 |
| 264186 | Samsung Heavy Industries Co., <br> Ltd. (KRW) (c) | 3280792 |
| 3779 | Samsung SDI Co., Ltd. (KRW) | 483855 |
| 18388 | Samsung SDS Co., Ltd. (KRW) | 2310762 |
| 2484 | Samyang Foods Co., Ltd. <br> (KRW) | 2567561 |
| 14940 | SK Hynix, Inc. (KRW) | 3232424 |
| 38129 | SK Square Co., Ltd. (KRW) (c) | 5170130 |
| 51333 | SK Telecom Co., Ltd. (KRW) | 2156625 |
| 43166 | Woori Financial Group, Inc. <br> (KRW) | 718047 |
|  |  | 68964599 |
|  | **Spain — 5.1%** |  |
| 42444 | ACS Actividades de <br> Construccion y Servicios S.A. <br> (EUR) | 2947326 |
| 178473 | Banco Bilbao Vizcaya <br> Argentaria S.A. (EUR) | 2744590 |
| 867469 | Banco de Sabadell S.A. (EUR) | 2762028 |
| 361352 | Banco Santander S.A. (EUR) | 2991084 |
| 218540 | Bankinter S.A. (EUR) | 2852324 |
| 249672 | CaixaBank S.A. (EUR) | 2162826 |
| 83793 | Indra Sistemas S.A. (EUR) (f) | 3638239 |

---

See Notes to Financial Statements

------

**First Trust Developed Markets ex-US AlphaDEX**<sup>®</sup> **Fund (FDT)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** |
|  | **Spain (Continued)** |  |
| 143690 | International Consolidated <br> Airlines Group S.A. (GBP) | $672968 |
| 157561 | Mapfre S.A. (EUR) | 644030 |
| 145622 | Repsol S.A. (EUR) (f) | 2133049 |
| 1312390 | Unicaja Banco S.A. <br> (EUR) (d) (e) | 3101144 |
|  |  | 26649608 |
|  | **Sweden — 2.2%** |  |
| 59380 | Boliden AB (SEK) (c) | 1852154 |
| 17024 | Essity AB, Class B (SEK) | 471444 |
| 65142 | Investor AB, Class B (SEK) | 1926188 |
| 49372 | Saab AB, Class B (SEK) | 2753297 |
| 319133 | SSAB AB, Class B (SEK) | 1884932 |
| 1265973 | Volvo Car AB, Class B <br> (SEK) (c) (f) | 2324298 |
|  |  | 11212313 |
|  | **Switzerland — 1.1%** |  |
| 45298 | BeOne Medicines Ltd. <br> (HKD) (c) | 852877 |
| 21390 | Coca-Cola HBC AG (GBP) | 1116889 |
| 11712 | Helvetia Holding AG (CHF) | 2746995 |
| 1392 | Zurich Insurance Group AG <br> (CHF) | 972970 |
|  |  | 5689731 |
|  | **United Kingdom — 8.6%** |  |
| 31090 | 3i Group PLC (GBP) | 1758233 |
| 25905 | Anglogold Ashanti PLC (ZAR) | 1171916 |
| 78480 | Associated British Foods PLC <br> (GBP) | 2216986 |
| 155280 | Babcock International <br> Group PLC (GBP) | 2446898 |
| 72089 | BAE Systems PLC (GBP) | 1866742 |
| 260419 | Barclays PLC (GBP) | 1205723 |
| 121276 | Beazley PLC (GBP) | 1556485 |
| 752749 | Centrica PLC (GBP) | 1669228 |
| 254178 | easyJet PLC (GBP) | 1856827 |
| 206198 | Fresnillo PLC (GBP) | 4075730 |
| 128645 | HSBC Holdings PLC (GBP) | 1557118 |
| 78769 | IG Group Holdings PLC (GBP) | 1150417 |
| 26160 | Imperial Brands PLC (GBP) | 1033085 |
| 2599496 | Lloyds Banking Group PLC <br> (GBP) | 2736800 |
| 414723 | NatWest Group PLC (GBP) | 2911236 |
| 32682 | Rio Tinto PLC (GBP) | 1904342 |
| 150097 | Rolls-Royce Holdings PLC <br> (GBP) | 1993547 |
| 13265 | Shell PLC (GBP) | 464945 |
| 191783 | St. James's Place PLC (GBP) | 3116882 |
| 164433 | Standard Chartered PLC (GBP) | 2724299 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **United Kingdom (Continued)** |  |
| 1067645 | Tritax Big Box REIT PLC <br> (GBP) | $2163076 |
| 138112 | UNITE Group (The) PLC (GBP) | 1606681 |
| 1542154 | Vodafone Group PLC (GBP) | 1646471 |
|  |  | 44833667 |
|  | **Total Common Stocks** | 518784226 |
|  | (Cost $402,003,140) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 554520 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 4.21% (g) | 554520 |
|  | (Cost $554,520) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 4.5%** | **REPURCHASE AGREEMENTS — 4.5%** | **REPURCHASE AGREEMENTS — 4.5%** |
| $23499621 | JPMorgan Chase & Co., <br> 4.39% (g), dated 06/30/25, <br> due 07/01/25, with a maturity <br> value of $23,502,487. <br> Collateralized by <br> U.S. Treasury Bond, interest <br> rate of 4.63%, due 11/15/44. <br> The value of the collateral <br> including accrued interest is <br> $23,969,615. (h) | 23499621 |
|  | (Cost $23,499,621) |  |
|  | **Total Investments — 104.2%** | 542838367 |
|  | (Cost $426,057,281) |  |
|  | **Net Other Assets and** <br> **Liabilities — (4.2)%** | (21823301)<br>|
|  | **Net Assets — 100.0%** | $521015066 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities
 are issued in U.S. dollars unless otherwise indicated
 in the security description.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(e) This
 security may be resold to qualified foreign investors and foreign
 institutional buyers under Regulation S of the 1933 Act.

See Notes to Financial Statements

------

**First Trust Developed Markets ex-US AlphaDEX**<sup>®</sup> **Fund (FDT)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(f) All
 or a portion of this security is on loan (see Note 2E - Securities
 Lending in the Notes to Financial Statements). The remaining
 contractual maturity of all of the securities lending transactions
 is overnight and continuous. The aggregate value
 of such securities is $21,518,670 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $23,499,621.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Rate
 shown reflects yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(h) This
 security serves as collateral for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Abbreviations throughout the Portfolio of Investments: | Abbreviations throughout the Portfolio of Investments: |
| AUD | – Australian Dollar |
| CAD | – Canadian Dollar |
| CHF | – Swiss Franc |
| DKK | – Danish Krone |
| EUR | – Euro |
| GBP | – British Pound Sterling |
| HKD | – Hong Kong Dollar |
| ILS | – Israeli Shekel |
| JPY | – Japanese Yen |
| KRW | – South Korean Won |
| NOK | – Norwegian Krone |
| SEK | – Swedish Krona |
| SGD | – Singapore Dollar |
| USD | – United States Dollar |
| ZAR | – South African Rand |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Currency Exposure Diversification** | **% of Total** <br>**Investments**<br>|
| EUR | 28.8% |
| JPY | 21.2 |
| KRW | 12.7 |
| GBP | 8.4 |
| HKD | 6.2 |
| CAD | 5.3 |
| USD | 4.4 |
| AUD | 3.6 |
| ILS | 2.1 |
| SEK | 2.1 |
| NOK | 2.0 |
| DKK | 1.2 |
| SGD | 1.1 |
| CHF | 0.7 |
| ZAR | 0.2 |
| Total | 100.0% |

---

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $518784226 | $518784226 | $— | $— |
| Money Market <br> Funds<br>| 554520 | 554520 |  |  |
| Repurchase <br> Agreements<br>| 23499621 |  | 23499621 |  |
| Total Investments | $542838367 | $519338746 | $23499621 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Securities Lending Agency Agreement** | **Securities Lending Agency Agreement** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(1)</sup> <br>| $21518670 |
| Non-cash Collateral<sup>(2)</sup> <br>| (21518670)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> 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. 

<sup>(2)</sup> At June 30, 2025, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments. 

See Notes to Financial Statements

------

**First Trust Developed Markets ex-US AlphaDEX**<sup>®</sup> **Fund (FDT)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

The Fund's investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(3)</sup> <br>| $23499621 |
| Non-cash Collateral<sup>(4)</sup> <br>| (23499621)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(3)</sup> The amount is included in "Investments, at value" on the Statements of Assets and Liabilities. 

<sup>(4)</sup> At June 30, 2025, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

**First Trust Emerging Markets AlphaDEX**<sup>®</sup> **Fund (FEM)**

**Portfolio of Investments**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) — 99.1%** | **COMMON STOCKS (a) (b) — 99.1%** | **COMMON STOCKS (a) (b) — 99.1%** |
|  | **Brazil — 9.5%** |  |
| 356679 | Centrais Eletricas Brasileiras <br> S.A. (BRL) | $2640413 |
| 2363377 | Cia Energetica de Minas Gerais <br> (Preference Shares) (BRL) | 4697957 |
| 465864 | Cia Paranaense de Energia - <br> Copel, Class B (Preference <br> Shares) (BRL) | 1068389 |
| 368795 | Embraer S.A. (BRL) | 5227385 |
| 1498656 | Gerdau S.A. (Preference Shares) <br> (BRL) | 4413410 |
| 2052762 | Itausa S.A. (Preference Shares) <br> (BRL) | 4137186 |
| 130507 | Petroleo Brasileiro S.A. - <br> Petrobras (Preference Shares) <br> (BRL) | 753770 |
| 363724 | Porto Seguro S.A. (BRL) | 3695416 |
| 609252 | PRIO S.A. (BRL) (c) | 4754612 |
| 583934 | Telefonica Brasil S.A. (BRL) | 3319969 |
| 538850 | TIM S.A. (BRL) | 2186899 |
| 256595 | Vale S.A. (BRL) | 2486560 |
|  |  | 39381966 |
|  | **Cayman Islands — 15.6%** |  |
| 699500 | AAC Technologies Holdings, <br> Inc. (HKD) | 3626730 |
| 207445 | Alibaba Group Holding Ltd. <br> (HKD) | 2901606 |
| 146450 | Baidu, Inc., Class A (HKD) (c) | 1556857 |
| 2058689 | China Hongqiao Group Ltd. <br> (HKD) | 4715346 |
| 378200 | Giant Biogene Holding Co., Ltd. <br> (HKD) (d) (e) | 2779908 |
| 321000 | Haitian International Holdings <br> Ltd. (HKD) | 834196 |
| 1573459 | JD Logistics, Inc. <br> (HKD) (c) (d) (e) | 2633807 |
| 163852 | JD.com, Inc., Class A (HKD) | 2669657 |
| 1001000 | Kingdee International Software <br> Group Co., Ltd. (HKD) (c) | 1968858 |
| 525000 | Kingsoft Corp., Ltd. (HKD) | 2735368 |
| 414000 | Li Ning Co., Ltd. (HKD) | 892347 |
| 1343000 | Longfor Group Holdings Ltd. <br> (HKD) (d) (e) | 1584237 |
| 210520 | Pop Mart International Group <br> Ltd. (HKD) (d) (e) | 7149680 |
| 277001 | Sunny Optical Technology <br> Group Co., Ltd. (HKD) | 2447152 |
| 1556000 | Tingyi Cayman Islands Holding <br> Corp. (HKD) | 2279505 |
| 2208000 | Uni-President China Holdings <br> Ltd. (HKD) | 2672119 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Cayman Islands (Continued)** |  |
| 974000 | Wuxi Biologics Cayman, Inc. <br> (HKD) (c) (d) (e) | $3182581 |
| 593500 | WuXi XDC Cayman, Inc. <br> (HKD) (c) | 3145192 |
| 669445 | Xiaomi Corp., Class B <br> (HKD) (c) (d) (e) | 5112546 |
| 418000 | XPeng, Inc., Class A (HKD) (c) | 3759362 |
| 924600 | Zai Lab Ltd. (HKD) (c) | 3233176 |
| 1926330 | Zhongsheng Group Holdings <br> Ltd. (HKD) | 2969266 |
|  |  | 64849496 |
|  | **Chile — 4.3%** |  |
| 1111918 | Cencosud S.A. (CLP) | 3783475 |
| 2066778 | Empresas CMPC S.A. (CLP) | 3159095 |
| 492240 | Empresas Copec S.A. (CLP) | 3351961 |
| 817420 | Falabella S.A. (CLP) | 4343195 |
| 162508780 | Latam Airlines Group S.A. <br> (CLP) | 3289860 |
|  |  | 17927586 |
|  | **China — 23.9%** |  |
| 2815000 | Agricultural Bank of China Ltd., <br> Class H (HKD) | 2008166 |
| 2706000 | Aluminum Corp. of China Ltd., <br> Class H (HKD) | 1820098 |
| 599000 | Anhui Conch Cement Co., Ltd., <br> Class H (HKD) | 1523072 |
| 5618000 | Bank of China Ltd., Class H <br> (HKD) | 3263471 |
| 947000 | Bank of Communications Co., <br> Ltd., Class H (HKD) | 880655 |
| 251707 | BYD Co., Ltd., Class H (HKD) | 3927937 |
| 1082000 | China CITIC Bank Corp., Ltd., <br> Class H (HKD) | 1031008 |
| 3322987 | China Coal Energy Co., Ltd., <br> Class H (HKD) | 3843683 |
| 1914584 | China Construction Bank Corp., <br> Class H (HKD) | 1931669 |
| 5228000 | China Eastern Airlines Corp., <br> Ltd., Class H (HKD) (c) (f) | 2104533 |
| 19568000 | China Energy Engineering <br> Corp., Ltd., Class H (HKD) (f) | 2617392 |
| 4156070 | China Everbright Bank Co., Ltd., <br> Class H (HKD) | 2075401 |
| 1882000 | China Minsheng Banking Corp., <br> Ltd., Class H (HKD) | 1066873 |
| 2056000 | China Oilfield Services Ltd., <br> Class H (HKD) | 1686717 |
| 4819413 | China Petroleum & Chemical <br> Corp., Class H (HKD) | 2523301 |
| 5761423 | China Railway Group Ltd., <br> Class H (HKD) | 2759629 |

---

See Notes to Financial Statements

------

**First Trust Emerging Markets AlphaDEX**<sup>®</sup> **Fund (FEM)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** |
|  | **China (Continued)** |  |
| 27449000 | China Reinsurance Group Corp., <br> Class H (HKD) | $4265986 |
| 2519296 | China Tower Corp., Ltd., <br> Class H (HKD) (d) (e) | 3600851 |
| 5127000 | China Zheshang Bank Co., Ltd., <br> Class H (HKD) | 1926719 |
| 2495000 | Chongqing Rural Commercial <br> Bank Co., Ltd., Class H <br> (HKD) | 2107255 |
| 2092000 | COSCO SHIPPING Energy <br> Transportation Co., Ltd., <br> Class H (HKD) (f) | 1734905 |
| 1614741 | COSCO SHIPPING Holdings <br> Co., Ltd., Class H (HKD) | 2805759 |
| 4042000 | Datang International Power <br> Generation Co., Ltd., Class H <br> (HKD) | 1029816 |
| 6948000 | Dongfeng Motor Group Co., <br> Ltd., Class H (HKD) (f) | 3053599 |
| 2052000 | Guangzhou Automobile Group <br> Co., Ltd., Class H (HKD) (f) | 750226 |
| 1458000 | Huadian Power International <br> Corp., Ltd., Class H (HKD) (f) | 772652 |
| 1556449 | Inner Mongolia Yitai Coal Co., <br> Ltd., Class B | 3083326 |
| 712000 | Jiangsu Expressway Co., Ltd., <br> Class H (HKD) | 1004970 |
| 964674 | Jiangxi Copper Co., Ltd., <br> Class H (HKD) | 1872831 |
| 4915779 | People's Insurance Co. Group of <br> China (The) Ltd., Class H <br> (HKD) | 3738521 |
| 5235747 | PetroChina Co., Ltd., Class H <br> (HKD) | 4502104 |
| 1832000 | PICC Property & Casualty Co., <br> Ltd., Class H (HKD) | 3547335 |
| 1424250 | Shandong Gold Mining Co., <br> Ltd., Class H (HKD) (d) (e) (f) | 4944084 |
| 265000 | Shanghai Fudan <br> Microelectronics Group Co., <br> Ltd., Class H (HKD) | 1009370 |
| 1095680 | Sinopharm Group Co., Ltd., <br> Class H (HKD) | 2565443 |
| 7026355 | Sinotrans Ltd., Class H (HKD) | 3562429 |
| 402000 | Weichai Power Co., Ltd., <br> Class H (HKD) | 816296 |
| 851000 | Zhaojin Mining Industry Co., <br> Ltd., Class H (HKD) | 2211530 |
| 4156000 | Zhejiang Expressway Co., Ltd., <br> Class H (HKD) | 3822486 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **China (Continued)** |  |
| 655500 | Zhejiang Leapmotor Technology <br> Co., Ltd. (HKD) (c) (d) (e) | $4567653 |
| 204600 | Zhuzhou CRRC Times Electric <br> Co., Ltd., Class H (HKD) | 823618 |
|  |  | 99183369 |
|  | **Colombia — 0.7%** |  |
| 85437 | Grupo Cibest S.A. (Preference <br> Shares) (COP) | 965368 |
| 371711 | Interconexion Electrica S.A. ESP <br> (COP) | 1799754 |
|  |  | 2765122 |
|  | **Hong Kong — 1.0%** |  |
| 654000 | BYD Electronic International <br> Co., Ltd. (HKD) | 2649342 |
| 1258000 | Lenovo Group Ltd. (HKD) | 1509609 |
|  |  | 4158951 |
|  | **Hungary — 3.8%** |  |
| 971491 | Magyar Telekom <br> Telecommunications PLC <br> (HUF) | 5097214 |
| 558909 | MOL Hungarian Oil & Gas PLC <br> (HUF) | 4866601 |
| 25275 | OTP Bank Nyrt (HUF) | 2018992 |
| 123169 | Richter Gedeon Nyrt (HUF) | 3630576 |
|  |  | 15613383 |
|  | **India — 2.9%** |  |
| 81012 | Bajaj Finance Ltd. (INR) | 884652 |
| 36053 | Bajaj Finserv Ltd. (INR) | 864330 |
| 1039542 | Bharat Petroleum Corp., Ltd. <br> (INR) | 4023740 |
| 79294 | BSE Ltd. (INR) | 2561244 |
| 813149 | Canara Bank (INR) | 1082808 |
| 33332 | Kotak Mahindra Bank Ltd. <br> (INR) | 840879 |
| 214605 | Tata Motors Ltd. (INR) | 1721645 |
|  |  | 11979298 |
|  | **Indonesia — 2.6%** |  |
| 14248651 | Astra International Tbk PT <br> (IDR) | 3949426 |
| 17453120 | Telkom Indonesia Persero Tbk <br> PT (IDR) | 2988585 |
| 2976788 | United Tractors Tbk PT (IDR) | 3932990 |
|  |  | 10871001 |
|  | **Malaysia — 0.3%** |  |
| 1128300 | YTL Power International Bhd <br> (MYR) | 1066532 |
|  | **Mexico — 7.0%** |  |
| 242857 | Arca Continental S.A.B. de C.V. <br> (MXN) | 2566859 |
| 5999021 | Cemex S.A.B. de C.V., <br> Series CPO (MXN) | 4140122 |

---

See Notes to Financial Statements

------

**First Trust Emerging Markets AlphaDEX**<sup>®</sup> **Fund (FEM)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** |
|  | **Mexico (Continued)** |  |
| 463011 | Coca-Cola Femsa S.A.B. de <br> C.V. (MXN) | $4486379 |
| 896593 | El Puerto de Liverpool S.A.B. de <br> C.V., Series C1 (MXN) | 4898543 |
| 228103 | Industrias Penoles S.A.B. de <br> C.V. (MXN) (c) | 6342442 |
| 1322707 | Prologis Property Mexico S.A. <br> de C.V. (MXN) | 4999141 |
| 167607 | Promotora y Operadora de <br> Infraestructura S.A.B. de C.V. <br> (MXN) | 1888521 |
|  |  | 29322007 |
|  | **Morocco — 0.4%** |  |
| 23303 | Attijariwafa Bank (MAD) | 1760935 |
|  | **Netherlands — 1.7%** |  |
| 294919 | JBS N.V., BDR (BRL) (c) | 4245388 |
| 352533 | NEPI Rockcastle N.V. (ZAR) | 2687246 |
|  |  | 6932634 |
|  | **Philippines — 1.0%** |  |
| 163970 | Ayala Corp. (PHP) | 1659203 |
| 264290 | Manila Electric Co. (PHP) | 2526543 |
|  |  | 4185746 |
|  | **Poland — 3.9%** |  |
| 232216 | Bank Millennium S.A. (PLN) (c) | 921300 |
| 56129 | CCC S.A. (PLN) (c) (f) | 3184591 |
| 21822 | Dino Polska S.A. <br> (PLN) (c) (d) (e) | 3184589 |
| 186 | LPP S.A. (PLN) | 757035 |
| 192979 | ORLEN S.A. (PLN) | 4395682 |
| 43664 | Powszechna Kasa Oszczednosci <br> Bank Polski S.A. (PLN) | 911476 |
| 175904 | Powszechny Zaklad <br> Ubezpieczen S.A. (PLN) | 3074605 |
|  |  | 16429278 |
|  | **Russia — 0.0%** |  |
| 76383797 | Inter RAO UES PJSC <br> (RUB) (c) (g) (h) (i) | 0 |
| 11679 | Magnit PJSC <br> (RUB) (c) (g) (h) (i) | 0 |
| 4142443 | Magnitogorsk Iron & Steel <br> Works PJSC <br> (RUB) (c) (g) (h) (i) | 0 |
| 262800255 | RusHydro PJSC <br> (RUB) (c) (g) (h) (i) | 0 |
| 403137 | Tatneft PJSC <br> (RUB) (c) (g) (h) (i) | 0 |
|  |  | 0 |
|  | **South Africa — 3.1%** |  |
| 115233 | Gold Fields Ltd. (ZAR) | 2706296 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **South Africa (Continued)** |  |
| 292179 | Harmony Gold Mining Co., Ltd. <br> (ZAR) | $4040293 |
| 247341 | Impala Platinum Holdings Ltd. <br> (ZAR) (c) | 2220428 |
| 126370 | MTN Group Ltd. (ZAR) | 1005321 |
| 446846 | OUTsurance Group Ltd. (ZAR) | 1977064 |
| 65046 | Standard Bank Group Ltd. <br> (ZAR) | 835976 |
|  |  | 12785378 |
|  | **Taiwan — 7.7%** |  |
| 138487 | Asustek Computer, Inc. (TWD) | 3053048 |
| 134190 | Catcher Technology Co., Ltd. <br> (TWD) | 973856 |
| 2498919 | China Airlines Ltd. (TWD) | 1847756 |
| 1425239 | CTBC Financial Holding Co., <br> Ltd. (TWD) | 2132101 |
| 2079865 | Eva Airways Corp. (TWD) | 2840840 |
| 637480 | Evergreen Marine Corp. Taiwan <br> Ltd. (TWD) | 4342685 |
| 1708987 | Far Eastern New Century Corp. <br> (TWD) | 1924746 |
| 1639233 | KGI Financial Holding Co., Ltd. <br> (TWD) | 838920 |
| 17038 | King Slide Works Co., Ltd. <br> (TWD) | 1186921 |
| 1888881 | United Microelectronics Corp. <br> (TWD) | 2858022 |
| 1797496 | Wan Hai Lines Ltd. (TWD) | 5476419 |
| 1889304 | Yang Ming Marine Transport <br> Corp. (TWD) | 4598436 |
|  |  | 32073750 |
|  | **Thailand — 3.8%** |  |
| 194700 | Bangkok Bank PCL (THB) | 832493 |
| 3620700 | Charoen Pokphand Foods PCL <br> (THB) | 2561652 |
| 3575700 | Krung Thai Bank PCL (THB) | 2342828 |
| 1232800 | PTT Exploration & Production <br> PCL (THB) | 4152469 |
| 3590600 | PTT PCL (THB) | 3313508 |
| 184100 | Siam Cement (The) PCL (THB) | 951399 |
| 4910200 | True Corp. PCL (THB) (c) | 1676571 |
|  |  | 15830920 |
|  | **Turkey — 5.9%** |  |
| 1340336 | Aselsan Elektronik Sanayi Ve <br> Ticaret A/S (TRY) | 5076195 |
| 2019875 | Enka Insaat ve Sanayi A/S <br> (TRY) | 3370876 |
| 4281695 | Eregli Demir ve Celik <br> Fabrikalari T.A.S. (TRY) (c) | 2866811 |
| 910517 | Ford Otomotiv Sanayi A/S <br> (TRY) | 2040890 |
| 516740 | Turk Hava Yollari AO (TRY) | 3679158 |

---

See Notes to Financial Statements

------

**First Trust Emerging Markets AlphaDEX**<sup>®</sup> **Fund (FEM)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** |
|  | **Turkey (Continued)** |  |
| 1342015 | Turkcell Iletisim Hizmetleri A/S <br> (TRY) | $3240634 |
| 6707274 | Turkiye Vakiflar Bankasi TAO, <br> Class D (TRY) (c) | 4457170 |
|  |  | 24731734 |
|  | **Total Common Stocks** | 411849086 |
|  | (Cost $365,835,767) |  |
| **WARRANTS — 0.1%** | **WARRANTS — 0.1%** | **WARRANTS — 0.1%** |
|  | **Malaysia — 0.1%** |  |
| 227020 | YTL Power International Bhd, <br> expiring 06/02/28 (MYR) <br> (c) (g) (h) | 82494 |
|  | (Cost $0) |  |
| **MONEY MARKET FUNDS — 0.0%** | **MONEY MARKET FUNDS — 0.0%** | **MONEY MARKET FUNDS — 0.0%** |
| 102890 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - 4.21% (j) | 102890 |
|  | (Cost $102,890) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 2.0%** | **REPURCHASE AGREEMENTS — 2.0%** | **REPURCHASE AGREEMENTS — 2.0%** |
| $8342401 | JPMorgan Chase & Co., <br> 4.39% (j), dated 06/30/25, due <br> 07/01/25, with a maturity <br> value of $8,343,418. <br> Collateralized by <br> U.S. Treasury Bond, interest <br> rate of 4.63%, due 11/15/44. <br> The value of the collateral <br> including accrued interest is <br> $8,509,249. (k) | 8342401 |
|  | (Cost $8,342,401) |  |
|  | **Total Investments — 101.2%** | 420376871 |
|  | (Cost $374,281,058) |  |
|  | **Net Other Assets and** <br> **Liabilities — (1.2)%** | (4852556)<br>|
|  | **Net Assets — 100.0%** | $415524315 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities
 are issued in U.S. dollars unless otherwise indicated
 in the security description.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(e) This
 security may be resold to qualified foreign investors and foreign
 institutional buyers under Regulation S of the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;(f) All
 or a portion of this security is on loan (see Note 2E - Securities
 Lending in the Notes to Financial Statements). The remaining
 contractual maturity of all of the securities lending transactions
 is overnight and continuous. The aggregate value
 of such securities is $7,869,699 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $8,342,401.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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, 2025, securities noted as such
 are valued at $82,494 or 0.1% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(i) This
 security's value was determined using significant unobservable
 inputs (see Note 2A - Portfolio Valuation in the Notes
 to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(j) Rate
 shown reflects yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(k) This
 security serves as collateral for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Abbreviations throughout the Portfolio of Investments: | Abbreviations throughout the Portfolio of Investments: |
| BRL | – Brazilian Real |
| CLP | – Chilean Peso |
| COP | – Colombian Peso |
| HKD | – Hong Kong Dollar |
| HUF | – Hungarian Forint |
| IDR | – Indonesian Rupiah |
| INR | – Indian Rupee |
| MAD | – Moroccan Dirham |
| 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 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Financial Statements

------

**First Trust Emerging Markets AlphaDEX**<sup>®</sup> **Fund (FEM)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Currency Exposure Diversification** | **% of Total** <br>**Investments**<br>|
| HKD | 39.3% |
| BRL | 10.4 |
| TWD | 7.6 |
| MXN | 7.0 |
| TRY | 5.9 |
| CLP | 4.3 |
| PLN | 3.9 |
| THB | 3.8 |
| HUF | 3.7 |
| ZAR | 3.7 |
| INR | 2.8 |
| USD | 2.7 |
| IDR | 2.6 |
| PHP | 1.0 |
| COP | 0.6 |
| MAD | 0.4 |
| MYR | 0.3 |
| RUB | 0.0<sup>‡</sup> <br>|
| Total | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>‡</sup> <br>| Investments are valued at $0. |

---

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks: |  |  |  |  |
| Russia | $—\*\* | $— | $— | $—\*\* |
| Thailand | 15830920 |  | 15830920 |  |
| Other Country <br> Categories\*<br>| 396018166 | 396018166 |  |  |
| Warrants | 82494 |  | 82494 |  |
| Money Market <br> Funds<br>| 102890 | 102890 |  |  |
| Repurchase <br> Agreements<br>| 8342401 |  | 8342401 |  |
| Total Investments | $420376871 | $396121056 | $24255815 | $—\*\* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Securities Lending Agency Agreement** | **Securities Lending Agency Agreement** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(1)</sup> <br>| $7869699 |
| Non-cash Collateral<sup>(2)</sup> <br>| (7869699)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> 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. 

<sup>(2)</sup> At June 30, 2025, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments. 

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(3)</sup> <br>| $8342401 |
| Non-cash Collateral<sup>(4)</sup> <br>| (8342401)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(3)</sup> The amount is included in "Investments, at value" on the Statements of Assets and Liabilities. 

<sup>(4)</sup> At June 30, 2025, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

**First Trust Germany AlphaDEX**<sup>®</sup> **Fund (FGM)**

**Portfolio of Investments**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) — 99.8%** | **COMMON STOCKS (a) — 99.8%** | **COMMON STOCKS (a) — 99.8%** |
|  | **Aerospace & Defense — 11.2%**  |  |
| 2159 | MTU Aero Engines AG (EUR) | $959296 |
| 2832 | Rheinmetall AG (EUR) | 5994727 |
|  |  | 6954023 |
|  | **Air Freight & Logistics —** <br> **3.1%**  |  |
| 40966 | DHL Group (EUR) | 1892119 |
|  | **Automobile Components —** <br> **3.0%**  |  |
| 21474 | Continental AG (EUR) | 1874387 |
|  | **Automobiles — 14.0%**  |  |
| 22028 | Bayerische Motoren Werke AG <br> (EUR) | 1958033 |
| 17870 | Dr. Ing hc F Porsche AG <br> (Preference Shares) <br> (EUR) (b) (c) | 882838 |
| 32338 | Mercedes-Benz Group AG <br> (EUR) | 1892824 |
| 47868 | Porsche Automobil Holding SE <br> (Preference Shares) (EUR) | 1899654 |
| 19541 | Volkswagen AG (Preference <br> Shares) (EUR) | 2062908 |
|  |  | 8696257 |
|  | **Banks — 4.4%**  |  |
| 85978 | Commerzbank AG (EUR) | 2712227 |
|  | **Capital Markets — 6.4%**  |  |
| 99439 | Deutsche Bank AG (EUR) | 2948276 |
| 3127 | Deutsche Boerse AG (EUR) | 1019950 |
|  |  | 3968226 |
|  | **Chemicals — 3.5%**  |  |
| 8196 | BASF SE (EUR) | 404138 |
| 41602 | Evonik Industries AG (EUR) | 857591 |
| 16706 | FUCHS SE (Preference Shares) <br> (EUR) | 921759 |
|  |  | 2183488 |
|  | **Construction & Engineering** <br> **— 4.3%**  |  |
| 13413 | HOCHTIEF AG (EUR) | 2643322 |
|  | **Construction Materials —** <br> **4.4%**  |  |
| 11669 | Heidelberg Materials AG (EUR) | 2741548 |
|  | **Diversified Telecommunication** <br> **Services — 2.1%**  |  |
| 36136 | Deutsche Telekom AG (EUR) | 1318285 |
|  | **Electrical Equipment — 6.4%**  |  |
| 34535 | Siemens Energy AG (EUR) (d) | 3989142 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Health Care Providers &** <br> **Services — 3.0%**  |  |
| 23643 | Fresenius Medical Care AG <br> (EUR) | $1354919 |
| 10375 | Fresenius SE & Co. KGaA <br> (EUR) | 521604 |
|  |  | 1876523 |
|  | **Independent Power and** <br> **Renewable Electricity** <br>**Producers — 3.3%**  |  |
| 48284 | RWE AG (EUR) | 2015127 |
|  | **Industrial Conglomerates —** <br> **0.8%**  |  |
| 1846 | Siemens AG (EUR) | 473280 |
|  | **Insurance — 4.2%**  |  |
| 2352 | Allianz SE (EUR) | 953345 |
| 12707 | Talanx AG (EUR) | 1645011 |
|  |  | 2598356 |
|  | **Interactive Media & Services** <br> **— 1.8%**  |  |
| 8178 | Scout24 SE (EUR) (b) (c) | 1128060 |
|  | **Machinery — 5.4%**  |  |
| 28331 | Daimler Truck Holding AG <br> (EUR) | 1340577 |
| 21830 | GEA Group AG (EUR) | 1527455 |
| 4946 | Knorr-Bremse AG (EUR) | 478036 |
|  |  | 3346068 |
|  | **Multi-Utilities — 0.9%**  |  |
| 30946 | E.ON SE (EUR) | 569577 |
|  | **Passenger Airlines — 3.1%**  |  |
| 225380 | Deutsche Lufthansa AG (EUR) | 1906198 |
|  | **Pharmaceuticals — 2.8%**  |  |
| 36032 | Bayer AG (EUR) | 1083808 |
| 4973 | Merck KGaA (EUR) | 644376 |
|  |  | 1728184 |
|  | **Real Estate Management &** <br> **Development — 0.7%**  |  |
| 119132 | Aroundtown S.A. (EUR) (d) | 436713 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 0.8%**  |  |
| 11081 | Infineon Technologies AG <br> (EUR) | 471406 |
|  | **Software — 3.8%**  |  |
| 3717 | Nemetschek SE (EUR) | 538550 |
| 5891 | SAP SE (EUR) | 1791386 |
|  |  | 2329936 |
|  | **Specialty Retail — 2.3%**  |  |
| 42974 | Zalando SE (EUR) (b) (c) (d) | 1414867 |

---

See Notes to Financial Statements

------

**First Trust Germany AlphaDEX**<sup>®</sup> **Fund (FGM)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (Continued)** | **COMMON STOCKS (a) (Continued)** | **COMMON STOCKS (a) (Continued)** |
|  | **Trading Companies &** <br> **Distributors — 1.9%**  |  |
| 18039 | Brenntag SE (EUR) | $1194200 |
|  | **Transportation Infrastructure** <br> **— 2.2%**  |  |
| 17846 | Fraport AG Frankfurt Airport <br> Services Worldwide <br> (EUR) (d) | 1344341 |
|  | **Total Investments — 99.8%** | 61805860 |
|  | (Cost $57,092,780) |  |
|  | **Net Other Assets and** <br> **Liabilities — 0.2%** | 92922 |
|  | **Net Assets — 100.0%** | $61898782 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Securities
 are issued in U.S. dollars unless otherwise indicated
 in the security description.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) This
 security may be resold to qualified foreign investors and foreign
 institutional buyers under Regulation S of the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations throughout the Portfolio of Investments: <br> EUR – Euro

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Currency Exposure Diversification** | **% of Total** <br>**Investments**<br>|
| EUR | 100.0% |
| Total | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Allocation**<sup>†</sup> <br>| **% of Net** <br>**Assets**<br>|
| Germany | 99.1% |
| Luxembourg | 0.7 |
| Total Investments | 99.8 |
| Net Other Assets and Liabilities | 0.2 |
| Total | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>†</sup> 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, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $61805860 | $61805860 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

**First Trust United Kingdom AlphaDEX**<sup>®</sup> **Fund (FKU)**

**Portfolio of Investments**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) — 99.4%** | **COMMON STOCKS (a) — 99.4%** | **COMMON STOCKS (a) — 99.4%** |
|  | **Aerospace & Defense — 2.7%**  |  |
| 128349 | Rolls-Royce Holdings PLC <br> (GBP) | $1704696 |
|  | **Banks — 10.4%**  |  |
| 272159 | Barclays PLC (GBP) | 1260078 |
| 92932 | HSBC Holdings PLC (GBP) | 1124848 |
| 999170 | Lloyds Banking Group PLC <br> (GBP) | 1051946 |
| 226870 | NatWest Group PLC (GBP) | 1592562 |
| 92276 | Standard Chartered PLC (GBP) | 1528814 |
|  |  | 6558248 |
|  | **Beverages — 1.7%**  |  |
| 20035 | Coca-Cola HBC AG (GBP) | 1046137 |
|  | **Broadline Retail — 2.0%**  |  |
| 156427 | B&M European Value Retail <br> S.A. (GBP) | 582747 |
| 3842 | Next PLC (GBP) | 656049 |
|  |  | 1238796 |
|  | **Capital Markets — 6.7%**  |  |
| 25596 | 3i Group PLC (GBP) | 1447531 |
| 3233 | London Stock Exchange <br> Group PLC (GBP) | 471956 |
| 112762 | Schroders PLC (GBP) | 559383 |
| 105097 | St. James's Place PLC (GBP) | 1708050 |
|  |  | 4186920 |
|  | **Chemicals — 0.3%**  |  |
| 5390 | Croda International PLC (GBP) | 216334 |
|  | **Commercial Services &** <br> **Supplies — 0.3%**  |  |
| 45521 | Rentokil Initial PLC (GBP) | 220007 |
|  | **Consumer Staples Distribution** <br> **& Retail — 4.9%**  |  |
| 266738 | J Sainsbury PLC (GBP) | 1061064 |
| 194353 | Marks & Spencer Group PLC <br> (GBP) | 945461 |
| 198152 | Tesco PLC (GBP) | 1091506 |
|  |  | 3098031 |
|  | **Containers & Packaging —** <br> **0.6%**  |  |
| 8455 | Smurfit WestRock PLC (GBP) | 364652 |
|  | **Diversified Consumer Services** <br> **— 1.0%**  |  |
| 42695 | Pearson PLC (GBP) | 627954 |
|  | **Diversified REITs — 0.9%**  |  |
| 50624 | British Land (The) Co., PLC <br> (GBP) | 261556 |
| 101304 | LondonMetric Property PLC <br> (GBP) | 282281 |
|  |  | 543837 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Diversified Telecommunication** <br> **Services — 2.1%**  |  |
| 506625 | BT Group PLC (GBP) | $1347370 |
|  | **Electric Utilities — 1.8%**  |  |
| 45498 | SSE PLC (GBP) | 1143508 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 0.5%**  |  |
| 6785 | Halma PLC (GBP) | 298029 |
|  | **Financial Services — 2.6%**  |  |
| 184431 | M&G PLC (GBP) | 650617 |
| 68461 | Wise PLC, Class A (GBP) (b) | 977316 |
|  |  | 1627933 |
|  | **Food Products — 2.0%**  |  |
| 44652 | Associated British Foods PLC <br> (GBP) | 1261377 |
|  | **Health Care Equipment &** <br> **Supplies — 0.4%**  |  |
| 18403 | Smith & Nephew PLC (GBP) | 281153 |
|  | **Hotels, Restaurants & Leisure** <br> **— 7.2%**  |  |
| 50344 | Carnival PLC (GBP) (b) | 1263921 |
| 27415 | Compass Group PLC (GBP) | 928359 |
| 3522 | Flutter Entertainment PLC <br> (GBP) (b) | 997832 |
| 7332 | InterContinental Hotels <br> Group PLC (GBP) | 835735 |
| 12386 | Whitbread PLC (GBP) | 479955 |
|  |  | 4505802 |
|  | **Household Durables — 3.6%**  |  |
| 18713 | Berkeley Group Holdings PLC <br> (GBP) | 991492 |
| 45688 | Persimmon PLC (GBP) | 812766 |
| 298851 | Taylor Wimpey PLC (GBP) | 487132 |
|  |  | 2291390 |
|  | **Industrial Conglomerates —** <br> **1.2%**  |  |
| 7099 | DCC PLC (GBP) | 460716 |
| 10614 | Smiths Group PLC (GBP) | 327225 |
|  |  | 787941 |
|  | **Insurance — 8.2%**  |  |
| 13924 | Admiral Group PLC (GBP) | 624986 |
| 116755 | Aviva PLC (GBP) | 992350 |
| 111726 | Beazley PLC (GBP) | 1433918 |
| 84233 | Hiscox Ltd. (GBP) | 1451057 |
| 71548 | Phoenix Group Holdings PLC <br> (GBP) | 646714 |
|  |  | 5149025 |
|  | **Interactive Media & Services** <br> **— 1.0%**  |  |
| 56855 | Rightmove PLC (GBP) | 615437 |

---

See Notes to Financial Statements

------

**First Trust United Kingdom AlphaDEX**<sup>®</sup> **Fund (FKU)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (Continued)** | **COMMON STOCKS (a) (Continued)** | **COMMON STOCKS (a) (Continued)** |
|  | **Leisure Products — 1.5%**  |  |
| 4112 | Games Workshop Group PLC <br> (GBP) | $915509 |
|  | **Machinery — 1.4%**  |  |
| 20038 | IMI PLC (GBP) | 575956 |
| 8354 | Weir Group (The) PLC (GBP) | 285531 |
|  |  | 861487 |
|  | **Media — 0.7%**  |  |
| 66152 | WPP PLC (GBP) | 465458 |
|  | **Metals & Mining — 5.1%**  |  |
| 11475 | Antofagasta PLC (GBP) | 285016 |
| 153120 | Evraz PLC (GBP) (b) (c) (d) (e) | 0 |
| 90715 | Fresnillo PLC (GBP) | 1793082 |
| 19315 | Rio Tinto PLC (GBP) | 1125462 |
|  |  | 3203560 |
|  | **Multi-Utilities — 2.4%**  |  |
| 546253 | Centrica PLC (GBP) | 1211321 |
| 19205 | National Grid PLC (GBP) | 279829 |
|  |  | 1491150 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 3.5%**  |  |
| 139274 | BP PLC (GBP) | 699123 |
| 71436 | Harbour Energy PLC (GBP) | 192092 |
| 36843 | Shell PLC (GBP) | 1291366 |
|  |  | 2182581 |
|  | **Paper & Forest Products —** <br> **1.6%**  |  |
| 61224 | Mondi PLC (GBP) | 999642 |
|  | **Passenger Airlines — 4.1%**  |  |
| 162900 | easyJet PLC (GBP) | 1190021 |
| 302167 | International Consolidated <br> Airlines Group S.A. (GBP) | 1415189 |
|  |  | 2605210 |
|  | **Personal Care Products —** <br> **0.4%**  |  |
| 4012 | Unilever PLC (GBP) | 243687 |
|  | **Pharmaceuticals — 1.6%**  |  |
| 48344 | Haleon PLC (GBP) | 248449 |
| 27463 | Hikma Pharmaceuticals PLC <br> (GBP) | 749416 |
|  |  | 997865 |
|  | **Residential REITs — 1.3%**  |  |
| 67867 | UNITE Group (The) PLC (GBP) | 789509 |
|  | **Software — 1.2%**  |  |
| 42996 | Sage Group (The) PLC (GBP) | 738024 |
|  | **Specialty Retail — 3.4%**  |  |
| 570746 | JD Sports Fashion PLC (GBP) | 695217 |
| 366804 | Kingfisher PLC (GBP) | 1464155 |
|  |  | 2159372 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Tobacco — 3.2%**  |  |
| 12670 | British American Tobacco PLC <br> (GBP) | $602265 |
| 35732 | Imperial Brands PLC (GBP) | 1411093 |
|  |  | 2013358 |
|  | **Trading Companies &** <br> **Distributors — 3.2%**  |  |
| 11024 | Ashtead Group PLC (GBP) | 706515 |
| 5535 | Bunzl PLC (GBP) | 176264 |
| 8586 | Diploma PLC (GBP) | 576077 |
| 45986 | Howden Joinery Group PLC <br> (GBP) | 540329 |
|  |  | 1999185 |
|  | **Water Utilities — 0.4%**  |  |
| 17351 | United Utilities Group PLC <br> (GBP) | 271868 |
|  | **Wireless Telecommunication** <br> **Services — 2.3%**  |  |
| 1335640 | Vodafone Group PLC (GBP) | 1425989 |
|  | **Total Common Stocks** | 62478031 |
|  | (Cost $51,010,910) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 61381 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 4.21% (f) | 61381 |
|  | (Cost $61,381) |  |
|  | **Total Investments — 99.5%** | 62539412 |
|  | (Cost $51,072,291) |  |
|  | **Net Other Assets and** <br> **Liabilities — 0.5%** | 294012 |
|  | **Net Assets — 100.0%** | $62833424 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Securities
 are issued in U.S. dollars unless otherwise indicated
 in the security description.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Pursuant
 to procedures adopted by the Trust's Board of Trustees,
 this security has been determined to be illiquid by First
 Trust Advisors L.P., the Fund's advisor.

&nbsp;&nbsp;&nbsp;&nbsp;(d) This
 security is fair valued by the Advisor's Pricing Committee
 in accordance with procedures approved by the Trust's
 Board of Trustees, and in accordance with provisions of
 the Investment Company Act of 1940 and rules thereunder,
 as amended. At June 30, 2025, securities noted as such
 are valued at $0 or 0.0% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) This
 security's value was determined using significant unobservable
 inputs (see Note 2A - Portfolio Valuation in the Notes
 to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(f) Rate
 shown reflects yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Financial Statements

------

**First Trust United Kingdom AlphaDEX**<sup>®</sup> **Fund (FKU)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| Abbreviations throughout the Portfolio of Investments: | Abbreviations throughout the Portfolio of Investments: |
| GBP | – British Pound Sterling |
| REITs | – Real Estate Investment Trusts |
| USD | – United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Currency Exposure Diversification** | **% of Total** <br>**Investments**<br>|
| GBP | 99.9% |
| USD | 0.1 |
| Total | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Allocation**<sup>†</sup> <br>| **% of Net** <br>**Assets**<br>|
| United Kingdom | 88.6% |
| Ireland | 2.9 |
| Bermuda | 2.3 |
| Spain | 2.3 |
| Switzerland | 1.7 |
| Luxembourg | 0.9 |
| Jersey | 0.7 |
| United States | 0.1 |
| Total Investments | 99.5 |
| Net Other Assets and Liabilities | 0.5 |
| Total | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>†</sup> 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, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks: |  |  |  |  |
| Metals & Mining | $3203560 | $3203560 | $— | $—\*\* |
| Other Industry <br> Categories\*<br>| 59274471 | 59274471 |  |  |
| Money Market Funds | 61381 | 61381 |  |  |
| Total Investments | $62539412 | $62539412 | $— | $—\*\* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* 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

------

**First Trust India NIFTY 50 Equal Weight ETF (NFTY)**

**Portfolio of Investments**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) — 101.8%** | **COMMON STOCKS (a) — 101.8%** | **COMMON STOCKS (a) — 101.8%** |
|  | **Aerospace & Defense — 2.1%**  |  |
| 904518 | Bharat Electronics Ltd. (INR) | $4445596 |
|  | **Automobiles — 12.0%**  |  |
| 43778 | Bajaj Auto Ltd. (INR) | 4275706 |
| 65868 | Eicher Motors Ltd. (INR) | 4344477 |
| 85398 | Hero MotoCorp Ltd. (INR) | 4219215 |
| 114222 | Mahindra & Mahindra Ltd. <br> (INR) | 4239639 |
| 28768 | Maruti Suzuki India Ltd. (INR) | 4159552 |
| 544521 | Tata Motors Ltd. (INR) | 4368359 |
|  |  | 25606948 |
|  | **Banks — 12.2%**  |  |
| 302711 | Axis Bank Ltd. (INR) | 4232871 |
| 185476 | HDFC Bank Ltd. (INR) | 4328711 |
| 257595 | ICICI Bank Ltd. (INR) | 4342710 |
| 442612 | IndusInd Bank Ltd. (INR) | 4500955 |
| 167074 | Kotak Mahindra Bank Ltd. <br> (INR) | 4214839 |
| 459071 | State Bank of India (INR) | 4391312 |
|  |  | 26011398 |
|  | **Chemicals — 2.1%**  |  |
| 161095 | Asian Paints Ltd. (INR) | 4397615 |
|  | **Construction & Engineering** <br> **— 2.0%**  |  |
| 101464 | Larsen & Toubro Ltd. (INR) | 4341798 |
|  | **Construction Materials —** <br> **4.1%**  |  |
| 129698 | Grasim Industries Ltd. (INR) | 4301842 |
| 31303 | UltraTech Cement Ltd. (INR) | 4414030 |
|  |  | 8715872 |
|  | **Consumer Finance — 4.1%**  |  |
| 395775 | Bajaj Finance Ltd. (INR) | 4321867 |
| 544037 | Shriram Finance Ltd. (INR) | 4484055 |
|  |  | 8805922 |
|  | **Electric Utilities — 2.1%**  |  |
| 1264519 | Power Grid Corp. of India Ltd. <br> (INR) | 4421983 |
|  | **Financial Services — 4.2%**  |  |
| 182563 | Bajaj Finserv Ltd. (INR) | 4376743 |
| 1210945 | Jio Financial Services Ltd. <br> (INR) (b) | 4613763 |
|  |  | 8990506 |
|  | **Food Products — 4.0%**  |  |
| 152753 | Nestle India Ltd. (INR) | 4391114 |
| 326036 | Tata Consumer Products Ltd. <br> (INR) | 4177717 |
|  |  | 8568831 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Health Care Providers &** <br> **Services — 2.1%**  |  |
| 52156 | Apollo Hospitals Enterprise Ltd. <br> (INR) | $4404311 |
|  | **Hotels, Restaurants & Leisure** <br> **— 2.1%**  |  |
| 1418835 | Eternal Ltd. (INR) (b) | 4370164 |
|  | **Independent Power and** <br> **Renewable Electricity** <br>**Producers — 2.0%**  |  |
| 1110109 | NTPC Ltd. (INR) | 4335069 |
|  | **Insurance — 4.1%**  |  |
| 467813 | HDFC Life Insurance Co., Ltd. <br> (INR) (c) (d) | 4441933 |
| 199316 | SBI Life Insurance Co., Ltd. <br> (INR) (c) (d) | 4272418 |
|  |  | 8714351 |
|  | **IT Services — 10.0%**  |  |
| 213895 | HCL Technologies Ltd. (INR) | 4311321 |
| 227432 | Infosys Ltd. (INR) | 4247908 |
| 106619 | Tata Consultancy Services Ltd. <br> (INR) | 4304046 |
| 215413 | Tech Mahindra Ltd. (INR) | 4237427 |
| 1363274 | Wipro Ltd. (INR) | 4228120 |
|  |  | 21328822 |
|  | **Metals & Mining — 6.1%**  |  |
| 546019 | Hindalco Industries Ltd. (INR) | 4411255 |
| 358514 | JSW Steel Ltd. (INR) | 4266133 |
| 2348485 | Tata Steel Ltd. (INR) | 4374930 |
|  |  | 13052318 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 6.1%**  |  |
| 937536 | Coal India Ltd. (INR) | 4284832 |
| 1518249 | Oil & Natural Gas Corp., Ltd. <br> (INR) | 4323363 |
| 250310 | Reliance Industries Ltd. (INR) | 4379841 |
|  |  | 12988036 |
|  | **Personal Care Products —** <br> **2.0%**  |  |
| 161179 | Hindustan Unilever Ltd. (INR) | 4312516 |
|  | **Pharmaceuticals — 6.0%**  |  |
| 243232 | Cipla Ltd. (INR) | 4271025 |
| 273762 | Dr. Reddy's Laboratories Ltd. <br> (INR) | 4096534 |
| 219981 | Sun Pharmaceutical Industries <br> Ltd. (INR) | 4298299 |
|  |  | 12665858 |
|  | **Specialty Retail — 2.1%**  |  |
| 59969 | Trent Ltd. (INR) | 4347683 |

---

See Notes to Financial Statements

------

**First Trust India NIFTY 50 Equal Weight ETF (NFTY)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (Continued)** | **COMMON STOCKS (a) (Continued)** | **COMMON STOCKS (a) (Continued)** |
|  | **Textiles, Apparel & Luxury** <br> **Goods — 2.0%**  |  |
| 100564 | Titan Co., Ltd. (INR) | $4327207 |
|  | **Tobacco — 2.0%**  |  |
| 882142 | ITC Ltd. (INR) | 4283676 |
|  | **Trading Companies &** <br> **Distributors — 2.1%**  |  |
| 145331 | Adani Enterprises Ltd. (INR) | 4438900 |
|  | **Transportation Infrastructure** <br> **— 2.1%**  |  |
| 263642 | Adani Ports & Special Economic <br> Zone Ltd. (INR) | 4458181 |
|  | **Wireless Telecommunication** <br> **Services — 2.1%**  |  |
| 186854 | Bharti Airtel Ltd. (INR) | 4378519 |
|  | **Total Investments — 101.8%** | 216712080 |
|  | (Cost $162,692,043) |  |
|  | **Net Other Assets and** <br> **Liabilities — (1.8)%** | (3796954)<br>|
|  | **Net Assets — 100.0%** | $212915126 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Securities
 are issued in U.S. dollars unless otherwise indicated
 in the security description.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(d) This
 security may be resold to qualified foreign investors and foreign
 institutional buyers under Regulation S of the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations throughout the Portfolio of Investments: <br> INR – Indian Rupee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Currency Exposure Diversification** | **% of Total** <br>**Investments**<br>|
| INR | 100.0% |
| Total | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Allocation**<sup>†</sup> <br>| **% of Net** <br>**Assets**<br>|
| India | 101.8% |
| Total Investments | 101.8 |
| Net Other Assets and Liabilities | (1.8) |
| Total | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>†</sup> 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, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $216712080 | $216712080 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

**First Trust Switzerland AlphaDEX**<sup>®</sup> **Fund (FSZ)**

**Portfolio of Investments**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) — 97.3%** | **COMMON STOCKS (a) — 97.3%** | **COMMON STOCKS (a) — 97.3%** |
|  | **Banks — 0.9%**  |  |
| 5127 | Banque Cantonale Vaudoise <br> (CHF) | $590918 |
|  | **Building Products — 2.1%**  |  |
| 1428 | Belimo Holding AG (CHF) | 1454186 |
|  | **Capital Markets — 16.4%**  |  |
| 97584 | EFG International AG (CHF) | 1807908 |
| 36487 | Julius Baer Group Ltd. (CHF) | 2466649 |
| 6150 | Swissquote Group Holding S.A. <br> (CHF) | 3483282 |
| 46311 | UBS Group AG (CHF) | 1567144 |
| 8918 | VZ Holding AG (CHF) | 1951182 |
|  |  | 11276165 |
|  | **Construction Materials —** <br> **4.5%**  |  |
| 41261 | Holcim AG (CHF) | 3062919 |
|  | **Containers & Packaging —** <br> **1.9%**  |  |
| 71824 | SIG Group AG (CHF) | 1327040 |
|  | **Diversified Telecommunication** <br> **Services — 3.5%**  |  |
| 3394 | Swisscom AG (CHF) | 2406106 |
|  | **Electric Utilities — 4.5%**  |  |
| 14250 | BKW AG (CHF) | 3112389 |
|  | **Electrical Equipment — 4.7%**  |  |
| 45832 | Accelleron Industries AG (CHF) | 3223172 |
|  | **Food Products — 5.3%**  |  |
| 711 | Barry Callebaut AG (CHF) | 774219 |
| 1745 | Emmi AG (CHF) | 1744011 |
| 11433 | Nestle S.A. (CHF) | 1135879 |
|  |  | 3654109 |
|  | **Health Care Equipment &** <br> **Supplies — 2.1%**  |  |
| 16700 | Alcon AG (CHF) | 1477522 |
|  | **Insurance — 12.2%**  |  |
| 11461 | Helvetia Holding AG (CHF) | 2688124 |
| 612 | Swiss Life Holding AG (CHF) | 619058 |
| 16314 | Swiss Re AG (CHF) | 2819919 |
| 3178 | Zurich Insurance Group AG <br> (CHF) | 2221336 |
|  |  | 8348437 |
|  | **Life Sciences Tools & Services** <br> **— 3.2%**  |  |
| 2397 | Lonza Group AG (CHF) | 1706856 |
| 4341 | Siegfried Holding AG (CHF) | 488564 |
|  |  | 2195420 |
|  | **Machinery — 8.3%**  |  |
| 24942 | Georg Fischer AG (CHF) | 2038552 |
| 1710 | Schindler Holding AG (CHF) | 635768 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Machinery (Continued)**  |  |
| 13633 | SFS Group AG (CHF) | $1869394 |
| 6535 | Sulzer AG (CHF) | 1179421 |
|  |  | 5723135 |
|  | **Marine Transportation —** <br> **1.3%**  |  |
| 4120 | Kuehne + Nagel International <br> AG (CHF) | 891295 |
|  | **Pharmaceuticals — 8.7%**  |  |
| 24130 | Novartis AG (CHF) | 2924673 |
| 1675 | Roche Holding AG (CHF) | 545491 |
| 46066 | Sandoz Group AG (CHF) | 2520872 |
|  |  | 5991036 |
|  | **Professional Services — 4.0%**  |  |
| 76578 | Adecco Group AG (CHF) | 2275770 |
| 4710 | SGS S.A. (CHF) | 477856 |
|  |  | 2753626 |
|  | **Real Estate Management &** <br> **Development — 0.9%**  |  |
| 3321 | PSP Swiss Property AG (CHF) | 611504 |
|  | **Software — 0.7%**  |  |
| 6678 | Temenos AG (CHF) | 477631 |
|  | **Specialty Retail — 2.8%**  |  |
| 35339 | Avolta AG (CHF) | 1916042 |
|  | **Technology Hardware, Storage** <br> **& Peripherals — 1.5%**  |  |
| 11409 | Logitech International S.A. <br> (CHF) | 1027234 |
|  | **Textiles, Apparel & Luxury** <br> **Goods — 3.1%**  |  |
| 12972 | Swatch Group (The) AG (CHF) | 2110637 |
|  | **Trading Companies &** <br> **Distributors — 1.4%**  |  |
| 12721 | DKSH Holding AG (CHF) | 987603 |
|  | **Transportation Infrastructure** <br> **— 3.3%**  |  |
| 7869 | Flughafen Zurich AG (CHF) | 2241344 |
|  | **Total Common Stocks** | 66859470 |
|  | (Cost $55,403,173) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 68452 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 4.21% (b) | 68452 |
|  | (Cost $68,452) |  |
|  | **Total Investments — 97.4%** | 66927922 |
|  | (Cost $55,471,625) |  |
|  | **Net Other Assets and** <br> **Liabilities — 2.6%** | 1757074 |
|  | **Net Assets — 100.0%** | $68684996 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Financial Statements

------

**First Trust Switzerland AlphaDEX**<sup>®</sup> **Fund (FSZ)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Securities
 are issued in U.S. dollars unless otherwise indicated
 in the security description.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Rate
 shown reflects yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations throughout the Portfolio of Investments: <br> CHF – Swiss Franc <br> USD – United States Dollar

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Currency Exposure Diversification** | **% of Total** <br>**Investments**<br>|
| CHF | 99.9% |
| USD | 0.1 |
| Total | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Allocation**<sup>†</sup> <br>| **% of Net** <br>**Assets**<br>|
| Switzerland | 97.3% |
| United States | 0.1 |
| Total Investments | 97.4 |
| Net Other Assets and Liabilities | 2.6 |
| Total | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>†</sup> 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, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $66859470 | $66859470 | $— | $— |
| Money Market Funds | 68452 | 68452 |  |  |
| Total Investments | $66927922 | $66927922 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

**First Trust Developed Markets ex-US Small Cap AlphaDEX**<sup>®</sup> **Fund (FDTS)**

**Portfolio of Investments**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) — 99.7%** | **COMMON STOCKS (a) (b) — 99.7%** | **COMMON STOCKS (a) (b) — 99.7%** |
|  | **Australia — 4.4%** |  |
| 2779 | Eagers Automotive Ltd. (AUD) | $31916 |
| 46585 | Firefinch Ltd. <br> (AUD) (c) (d) (e) (f) (g) | 0 |
| 8981 | Genesis Minerals Ltd. (AUD) (d) | 25417 |
| 5765 | Gold Road Resources Ltd. <br> (AUD) | 12407 |
| 6263 | Helia Group Ltd. (AUD) | 23207 |
| 8588 | Iluka Resources Ltd. (AUD) | 21478 |
| 26445 | Karoon Energy Ltd. (AUD) | 33417 |
| 6063 | MA Financial Group Ltd. (AUD) | 30287 |
| 2175 | Magellan Financial Group Ltd. <br> (AUD) | 12253 |
| 543 | Monadelphous Group Ltd. <br> (AUD) | 6276 |
| 8981 | New Hope Corp., Ltd. (AUD) | 21870 |
| 18719 | Perenti Ltd. (AUD) | 19958 |
| 5003 | Perseus Mining Ltd. (AUD) | 11195 |
| 3515 | Ramelius Resources Ltd. (AUD) | 5830 |
| 2465 | Regis Healthcare Ltd. (AUD) | 12719 |
| 10625 | Regis Resources Ltd. (AUD) (d) | 30699 |
| 19646 | Stanmore Resources Ltd. (AUD) | 24179 |
| 1007 | Temple & Webster Group Ltd. <br> (AUD) (d) | 14130 |
|  |  | 337238 |
|  | **Austria — 0.7%** |  |
| 868 | Kontron AG (EUR) | 25561 |
| 1961 | UNIQA Insurance Group AG <br> (EUR) | 26565 |
|  |  | 52126 |
|  | **Belgium — 1.2%** |  |
| 436 | Bekaert S.A. (EUR) | 18001 |
| 366 | Gimv N.V. (EUR) | 18021 |
| 2816 | Proximus SADP (EUR) | 27400 |
| 3861 | X-Fab Silicon Foundries SE <br> (EUR) (d) (e) (h) (i) | 30586 |
|  |  | 94008 |
|  | **Bermuda — 4.2%** |  |
| 78000 | Brilliance China Automotive <br> Holdings Ltd. (HKD) | 31598 |
| 18000 | CGN New Energy Holdings Co., <br> Ltd. (HKD) | 5687 |
| 4831 | Conduit Holdings Ltd. (GBP) | 24900 |
| 1948 | Golden Ocean Group Ltd. <br> (NOK) | 14446 |
| 10500 | Johnson Electric Holdings Ltd. <br> (HKD) | 28892 |
| 6500 | Kerry Properties Ltd. (HKD) | 16768 |
| 10750 | Luk Fook Holdings International <br> Ltd. (HKD) | 27457 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Bermuda (Continued)** |  |
| 93000 | Pacific Basin Shipping Ltd. <br> (HKD) | $23931 |
| 15500 | Shenzhen International Holdings <br> Ltd. (HKD) | 15283 |
| 64000 | Sinofert Holdings Ltd. (HKD) | 10436 |
| 18000 | Sinopec Kantons Holdings Ltd. <br> (HKD) | 10433 |
| 1114 | Stolt-Nielsen Ltd. (NOK) | 28294 |
| 693 | Teekay Tankers Ltd., Class A | 28912 |
| 384000 | United Energy Group Ltd. <br> (HKD) (e) | 25437 |
| 16250 | Yue Yuen Industrial Holdings <br> Ltd. (HKD) | 24882 |
|  |  | 317356 |
|  | **Canada — 6.5%** |  |
| 271 | ADENTRA, Inc. (CAD) | 5741 |
| 1339 | Athabasca Oil Corp. (CAD) (d) | 5546 |
| 7026 | Baytex Energy Corp. (CAD) | 12589 |
| 334 | Boardwalk Real Estate <br> Investment Trust (CAD) | 17167 |
| 600 | Canadian Solar, Inc. (d) | 6624 |
| 3464 | Cardinal Energy Ltd. (CAD) (e) | 17145 |
| 2896 | Extendicare, Inc. (CAD) | 30071 |
| 4269 | Fortuna Mining Corp. (CAD) (d) | 27932 |
| 4160 | IAMGOLD Corp. (CAD) (d) | 30641 |
| 2408 | K92 Mining, Inc. (CAD) (d) | 27161 |
| 2133 | Killam Apartment Real Estate <br> Investment Trust (CAD) | 30716 |
| 150 | Linamar Corp. (CAD) | 7138 |
| 1648 | NuVista Energy Ltd. (CAD) (d) | 18129 |
| 2075 | OceanaGold Corp. (CAD) | 29287 |
| 2224 | Orla Mining Ltd. (CAD) (d) | 22342 |
| 2003 | Paramount Resources Ltd., <br> Class A (CAD) | 31874 |
| 1113 | Parex Resources, Inc. (CAD) | 11369 |
| 447 | Precision Drilling Corp. <br> (CAD) (d) | 21169 |
| 1906 | Secure Waste Infrastructure <br> Corp. (CAD) (e) | 21793 |
| 210 | TerraVest Industries, Inc. (CAD) | 26078 |
| 937 | Torex Gold Resources, Inc. <br> (CAD) (d) | 30565 |
| 801 | Transcontinental, Inc., Class A <br> (CAD) | 12300 |
| 1603 | Trican Well Service Ltd. (CAD) | 5309 |
| 1744 | Wesdome Gold Mines Ltd. <br> (CAD) (d) | 24295 |
| 3227 | Whitecap Resources, Inc. (CAD) | 21683 |
|  |  | 494664 |
|  | **Cayman Islands — 3.0%** |  |
| 102000 | JS Global Lifestyle Co., Ltd. <br> (HKD) (d) (h) (i) | 25728 |

---

See Notes to Financial Statements

------

**First Trust Developed Markets ex-US Small Cap AlphaDEX**<sup>®</sup> **Fund (FDTS)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** |
|  | **Cayman Islands (Continued)** |  |
| 3500 | Kingboard Holdings Ltd. (HKD) | $11191 |
| 10000 | Minth Group Ltd. (HKD) | 28535 |
| 6000 | Mobvista, Inc. (HKD) (d) (h) (i) | 5427 |
| 37500 | Mongolian Mining Corp. <br> (HKD) (d) | 30335 |
| 32000 | Nexteer Automotive Group Ltd. <br> (HKD) | 23236 |
| 22000 | TCL Electronics Holdings Ltd. <br> (HKD) | 26736 |
| 6500 | United Laboratories International <br> Holdings (The) Ltd. (HKD) | 12437 |
| 20000 | Vobile Group Ltd. <br> (HKD) (d) (e) (i) | 8204 |
| 30000 | VSTECS Holdings Ltd. (HKD) | 29694 |
| 24000 | Wasion Holdings Ltd. (HKD) | 25498 |
|  |  | 227021 |
|  | **Denmark — 1.1%** |  |
| 1031 | D/S Norden A/S (DKK) | 32751 |
| 795 | DFDS A/S (DKK) (d) | 14108 |
| 272 | Matas A/S (DKK) | 5729 |
| 147 | Per Aarsleff Holding A/S (DKK) | 15248 |
| 166 | Sydbank A/S (DKK) | 12313 |
|  |  | 80149 |
|  | **Finland — 0.1%** |  |
| 114 | Hiab Oyj (EUR) | 6902 |
|  | **France — 2.7%** |  |
| 3367 | Clariane SE (EUR) (d) | 20624 |
| 2190 | Emeis S.A. (EUR) (d) | 28996 |
| 4954 | Etablissements Maurel et Prom <br> S.A. (EUR) | 28186 |
| 524 | Mersen S.A. (EUR) | 13641 |
| 527 | Opmobility (EUR) | 6742 |
| 185 | Rubis S.C.A. (EUR) | 5975 |
| 1607 | Television Francaise 1 S.A. <br> (EUR) | 16687 |
| 186 | Trigano S.A. (EUR) | 32405 |
| 290 | Vicat SACA (EUR) | 20086 |
| 343 | Viridien (EUR) (d) | 24444 |
| 24 | VusionGroup (EUR) | 7752 |
|  |  | 205538 |
|  | **Germany — 2.2%** |  |
| 363 | Bilfinger SE (EUR) | 34913 |
| 5797 | CECONOMY AG (EUR) (d) | 24719 |
| 173 | Eckert & Ziegler SE (EUR) | 13888 |
| 907 | flatexDEGIRO AG (EUR) | 25620 |
| 108 | Hornbach Holding AG & Co. <br> KGaA (EUR) | 13485 |
| 612 | Mutares SE & Co. KGaA (EUR) | 26025 |
| 1013 | Nordex SE (EUR) (d) | 20071 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Germany (Continued)** |  |
| 205 | Salzgitter AG (EUR) | $4946 |
| 199 | Stabilus SE (EUR) | 6470 |
|  |  | 170137 |
|  | **Greece — 0.0%** |  |
| 3231 | FF Group (EUR) (c) (d) (f) (g) | 0 |
|  | **Hong Kong — 0.7%** |  |
| 32000 | China Jinmao Holdings Group <br> Ltd. (HKD) | 4851 |
| 35000 | CITIC Telecom International <br> Holdings Ltd. (HKD) | 10701 |
| 5600 | Dah Sing Financial Holdings <br> Ltd. (HKD) | 21223 |
| 3000 | Shanghai Industrial Holdings <br> Ltd. (HKD) | 5182 |
| 32000 | Shougang Fushan Resources <br> Group Ltd. (HKD) | 11659 |
|  |  | 53616 |
|  | **Ireland — 0.1%** |  |
| 926 | Dalata Hotel Group PLC (EUR) | 7036 |
|  | **Israel — 3.0%** |  |
| 858 | Cellcom Israel Ltd. (ILS) (d) | 6964 |
| 5159 | El Al Israel Airlines (ILS) (d) | 20217 |
| 1637 | Harel Insurance Investments & <br> Financial Services Ltd. (ILS) | 45840 |
| 621 | IDI Insurance Co., Ltd. (ILS) | 40487 |
| 520 | Menora Mivtachim Holdings <br> Ltd. (ILS) | 40957 |
| 11500 | Migdal Insurance & Financial <br> Holding Ltd. (ILS) | 31653 |
| 913 | Next Vision Stabilized Systems <br> Ltd. (ILS) | 34072 |
| 73 | Rami Levy Chain Stores <br> Hashikma Marketing 2006 <br> Ltd. (ILS) | 7046 |
|  |  | 227236 |
|  | **Italy — 1.2%** |  |
| 279 | Avio S.p.A. (EUR) (i) | 7773 |
| 1710 | Fila S.p.A. (EUR) | 19478 |
| 2178 | Maire S.p.A. (EUR) | 28760 |
| 7584 | Webuild S.p.A. (EUR) | 32125 |
|  |  | 88136 |
|  | **Japan — 34.4%** |  |
| 1100 | Ai Holdings Corp. (JPY) | 17913 |
| 1200 | Aichi Steel Corp. (JPY) | 17808 |
| 1900 | Aisan Industry Co., Ltd. (JPY) | 22179 |
| 600 | Alpen Co., Ltd. (JPY) | 9883 |
| 500 | Anycolor, Inc. (JPY) | 18124 |
| 1600 | ARE Holdings, Inc. (JPY) | 20055 |
| 300 | Artience Co., Ltd. (JPY) | 6281 |
| 400 | ASAHI YUKIZAI Corp. (JPY) | 11236 |
| 2500 | Belluna Co., Ltd. (JPY) | 15433 |

---

See Notes to Financial Statements

------

**First Trust Developed Markets ex-US Small Cap AlphaDEX**<sup>®</sup> **Fund (FDTS)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** |
|  | **Japan (Continued)** |  |
| 700 | Central Glass Co., Ltd. (JPY) | $14452 |
| 1800 | Chugoku Electric Power (The) <br> Co., Inc. (JPY) | 8912 |
| 900 | Citizen Watch Co., Ltd. (JPY) | 5344 |
| 1800 | Daicel Corp. (JPY) | 15118 |
| 600 | Dai-Dan Co., Ltd. (JPY) | 18520 |
| 3300 | Daido Steel Co., Ltd. (JPY) | 22817 |
| 500 | Daishi Hokuetsu Financial <br> Group, Inc. (JPY) | 11579 |
| 400 | DeNA Co., Ltd. (JPY) | 7422 |
| 300 | Digital Garage, Inc. (JPY) | 9843 |
| 200 | Dowa Holdings Co., Ltd. (JPY) | 6489 |
| 900 | Electric Power Development <br> Co., Ltd. (JPY) | 15349 |
| 700 | Exedy Corp. (JPY) | 20076 |
| 500 | FCC Co., Ltd. (JPY) | 9698 |
| 300 | Ferrotec Holdings Corp. (JPY) | 6343 |
| 900 | Food & Life Cos., Ltd. (JPY) | 43842 |
| 900 | Fuji Media Holdings, Inc. (JPY) | 20805 |
| 100 | Fujita Kanko, Inc. (JPY) | 7736 |
| 1900 | Furukawa Co., Ltd. (JPY) | 28209 |
| 200 | Furukawa Electric Co., Ltd. <br> (JPY) | 9768 |
| 600 | GENDA, Inc. (JPY) (d) | 3641 |
| 1200 | Glory Ltd. (JPY) | 28024 |
| 300 | GMO internet group, Inc. (JPY) | 7514 |
| 800 | Godo Steel Ltd. (JPY) | 20833 |
| 2600 | GREE Holdings, Inc. (JPY) | 9407 |
| 1000 | GS Yuasa Corp. (JPY) | 18722 |
| 1800 | G-Tekt Corp. (JPY) | 22112 |
| 300 | H2O Retailing Corp. (JPY) | 3944 |
| 300 | Hanwa Co., Ltd. (JPY) | 11333 |
| 600 | Happinet Corp. (JPY) | 23832 |
| 1100 | Hazama Ando Corp. (JPY) | 11084 |
| 900 | Heiwado Co., Ltd. (JPY) | 17687 |
| 4100 | Hokkaido Electric Power Co., <br> Inc. (JPY) | 21385 |
| 1200 | Hokuhoku Financial Group, Inc. <br> (JPY) | 22803 |
| 2800 | Hokuriku Electric Power Co. <br> (JPY) | 13990 |
| 1100 | Hyakugo Bank (The) Ltd. (JPY) | 5278 |
| 2600 | IDOM, Inc. (JPY) | 19138 |
| 3100 | Iino Kaiun Kaisha Ltd. (JPY) | 21785 |
| 900 | Ishihara Sangyo Kaisha Ltd. <br> (JPY) | 12693 |
| 1600 | Iwatani Corp. (JPY) | 17016 |
| 1300 | Iyogin Holdings, Inc. (JPY) | 14286 |
| 1300 | Japan Investment Adviser Co., <br> Ltd. (JPY) | 15437 |
| 500 | Japan Lifeline Co., Ltd. (JPY) | 5191 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Japan (Continued)** |  |
| 3300 | Japan Petroleum Exploration <br> Co., Ltd. (JPY) | $23260 |
| 200 | JINS Holdings, Inc. (JPY) | 11861 |
| 400 | J-Oil Mills, Inc. (JPY) | 5444 |
| 1200 | Kandenko Co., Ltd. (JPY) | 27774 |
| 600 | Kaneka Corp. (JPY) | 16583 |
| 600 | Kato Sangyo Co., Ltd. (JPY) | 22916 |
| 1500 | Keikyu Corp. (JPY) | 15661 |
| 300 | KH Neochem Co., Ltd. (JPY) | 5262 |
| 700 | Ki-Star Real Estate Co., Ltd. <br> (JPY) | 22482 |
| 1300 | Kitz Corp. (JPY) | 10707 |
| 700 | Kojima Co., Ltd. (JPY) | 6003 |
| 300 | Krosaki Harima Corp. (JPY) | 6916 |
| 2800 | Kumiai Chemical Industry Co., <br> Ltd. (JPY) | 15516 |
| 100 | Kurabo Industries Ltd. (JPY) | 5187 |
| 1200 | Kyoei Steel Ltd. (JPY) | 17133 |
| 800 | Life Corp. (JPY) | 12288 |
| 300 | Lintec Corp. (JPY) | 6160 |
| 100 | Makino Milling Machine Co., <br> Ltd. (JPY) | 7993 |
| 500 | Mars Group Holdings Corp. <br> (JPY) | 10027 |
| 3300 | Mazda Motor Corp. (JPY) | 19923 |
| 600 | Megmilk Snow Brand Co., Ltd. <br> (JPY) | 11375 |
| 5800 | Metaplanet, Inc. (JPY) (d) | 66456 |
| 400 | Mitsubishi Logisnext Co., Ltd. <br> (JPY) | 5466 |
| 600 | Mitsubishi Materials Corp. (JPY) | 9502 |
| 5700 | Mitsubishi Motors Corp. (JPY) | 16169 |
| 1900 | Mitsui E&S Co., Ltd. (JPY) | 37603 |
| 900 | Mitsui Mining & Smelting Co., <br> Ltd. (JPY) | 31493 |
| 600 | Mitsui-Soko Holdings Co., Ltd. <br> (JPY) | 16395 |
| 900 | Modec, Inc. (JPY) | 38686 |
| 1700 | Namura Shipbuilding Co., Ltd. <br> (JPY) | 37127 |
| 800 | Nanto Bank (The) Ltd. (JPY) | 22805 |
| 400 | NGK Insulators Ltd. (JPY) | 5035 |
| 1500 | NHK Spring Co., Ltd. (JPY) | 16380 |
| 2400 | Nikkiso Co., Ltd. (JPY) | 21383 |
| 1400 | Nikkon Holdings Co., Ltd. (JPY) | 31197 |
| 1800 | Nippn Corp. (JPY) | 26612 |
| 500 | Nippon Kayaku Co., Ltd. (JPY) | 4496 |
| 1000 | Nippon Light Metal Holdings <br> Co., Ltd. (JPY) | 11312 |
| 2300 | Nippon Paper Industries Co., <br> Ltd. (JPY) | 16579 |

---

See Notes to Financial Statements

------

**First Trust Developed Markets ex-US Small Cap AlphaDEX**<sup>®</sup> **Fund (FDTS)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** |
|  | **Japan (Continued)** |  |
| 200 | Nippon Shinyaku Co., Ltd. <br> (JPY) | $4369 |
| 400 | Nishi-Nippon Railroad Co., Ltd. <br> (JPY) | 5651 |
| 400 | Nishio Holdings Co., Ltd. (JPY) | 11180 |
| 800 | Nissin Corp. (JPY) | 44943 |
| 600 | Nittetsu Mining Co., Ltd. (JPY) | 30999 |
| 1500 | Nojima Corp. (JPY) | 32811 |
| 1100 | NOK Corp. (JPY) | 16247 |
| 700 | Noritake Co., Ltd. (JPY) | 17767 |
| 1500 | North Pacific Bank Ltd. (JPY) | 6021 |
| 1000 | NS United Kaiun Kaisha Ltd. <br> (JPY) | 27152 |
| 1100 | Odakyu Electric Railway Co., <br> Ltd. (JPY) | 12879 |
| 3900 | Oki Electric Industry Co., Ltd. <br> (JPY) | 43603 |
| 2800 | Pacific Industrial Co., Ltd. (JPY) | 26249 |
| 1800 | Pasona Group, Inc. (JPY) | 27974 |
| 2200 | Penta-Ocean Construction Co., <br> Ltd. (JPY) | 13806 |
| 600 | Raito Kogyo Co., Ltd. (JPY) | 11929 |
| 2000 | Rengo Co., Ltd. (JPY) | 10852 |
| 700 | Ryobi Ltd. (JPY) | 10427 |
| 1200 | Sakata INX Corp. (JPY) | 16224 |
| 200 | Sakata Seed Corp. (JPY) | 4868 |
| 200 | San-A Co., Ltd. (JPY) | 4100 |
| 500 | Sanken Electric Co., Ltd. <br> (JPY) (d) | 27996 |
| 1100 | Sanki Engineering Co., Ltd. <br> (JPY) | 30936 |
| 400 | Sankyu, Inc. (JPY) | 21477 |
| 300 | SBS Holdings, Inc. (JPY) | 6050 |
| 600 | Shibaura Machine Co., Ltd. <br> (JPY) | 13249 |
| 2000 | Shikoku Electric Power Co., Inc. <br> (JPY) | 16770 |
| 500 | Shinnihon Corp. (JPY) | 5781 |
| 2100 | Shizuoka Gas Co., Ltd. (JPY) | 15604 |
| 800 | Showa Sangyo Co., Ltd. (JPY) | 16566 |
| 600 | Sugi Holdings Co., Ltd. (JPY) | 13729 |
| 400 | Sumitomo Osaka Cement Co., <br> Ltd. (JPY) | 10508 |
| 5300 | Sumitomo Pharma Co., Ltd. <br> (JPY) (d) | 35737 |
| 1800 | Sumitomo Riko Co., Ltd. (JPY) | 20849 |
| 600 | Sumitomo Seika Chemicals Co., <br> Ltd. (JPY) | 18083 |
| 600 | Taiheiyo Cement Corp. (JPY) | 14933 |
| 500 | Taiyo Holdings Co., Ltd. (JPY) | 24513 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Japan (Continued)** |  |
| 500 | Takasago International Corp. <br> (JPY) | $24235 |
| 3000 | Teijin Ltd. (JPY) | 24332 |
| 2400 | Toa Corp. (JPY) | 25216 |
| 2200 | Toho Bank (The) Ltd. (JPY) | 5057 |
| 2300 | Tohoku Electric Power Co., Inc. <br> (JPY) | 16778 |
| 700 | Tokai Rika Co., Ltd. (JPY) | 10801 |
| 100 | Token Corp. (JPY) | 9819 |
| 600 | Tokuyama Corp. (JPY) | 12566 |
| 1500 | Tokyo Steel Manufacturing Co., <br> Ltd. (JPY) | 15760 |
| 4300 | TOMONY Holdings, Inc. (JPY) | 16124 |
| 600 | Toshiba TEC Corp. (JPY) | 12237 |
| 600 | Towa Pharmaceutical Co., Ltd. <br> (JPY) | 12462 |
| 600 | Toyo Tanso Co., Ltd. (JPY) | 20395 |
| 1400 | Toyo Tire Corp. (JPY) | 29691 |
| 1200 | Toyoda Gosei Co., Ltd. (JPY) | 23674 |
| 400 | Toyota Boshoku Corp. (JPY) | 5464 |
| 1000 | TRE Holdings Corp. (JPY) | 9507 |
| 800 | Trusco Nakayama Corp. (JPY) | 11472 |
| 2800 | TSI Holdings Co., Ltd. (JPY) | 22127 |
| 800 | Tsubakimoto Chain Co. (JPY) | 9983 |
| 1700 | Tsugami Corp. (JPY) | 21934 |
| 2300 | Tsukishima Holdings Co., Ltd. <br> (JPY) | 34004 |
| 300 | TV Asahi Holdings Corp. (JPY) | 5821 |
| 300 | UACJ Corp. (JPY) | 11000 |
| 300 | Uchida Yoko Co., Ltd. (JPY) | 19978 |
| 300 | Valor Holdings Co., Ltd. (JPY) | 5252 |
| 1300 | YAMABIKO Corp. (JPY) | 19174 |
| 700 | Yokohama Rubber (The) Co., <br> Ltd. (JPY) | 19308 |
| 1000 | Yonex Co., Ltd. (JPY) | 20138 |
|  |  | 2610677 |
|  | **Jersey — 0.4%** |  |
| 3843 | Yellow Cake PLC <br> (GBP) (d) (h) (i) | 27773 |
|  | **Luxembourg — 0.1%** |  |
| 321 | APERAM S.A. (EUR) | 10376 |
|  | **Netherlands — 2.1%** |  |
| 1449 | Fugro N.V. (EUR) | 20363 |
| 4670 | Koninklijke BAM Groep N.V. <br> (EUR) | 41560 |
| 618 | Koninklijke Heijmans N.V. <br> (EUR) | 40002 |
| 4309 | MFE-MediaForEurope N.V., <br> Class A (EUR) | 14771 |
| 2246 | OCI N.V. (EUR) | 20292 |
| 241 | Signify N.V. (EUR) (h) (i) | 6524 |

---

See Notes to Financial Statements

------

**First Trust Developed Markets ex-US Small Cap AlphaDEX**<sup>®</sup> **Fund (FDTS)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** |
|  | **Netherlands (Continued)** |  |
| 204 | Van Lanschot Kempen N.V. <br> (EUR) | $13121 |
| 300 | Wereldhave N.V. (EUR) | 6036 |
|  |  | 162669 |
|  | **Norway — 2.4%** |  |
| 8109 | Aker Solutions ASA (NOK) | 28013 |
| 1301 | Europris ASA (NOK) (h) (i) | 11023 |
| 3576 | Hoegh Autoliners ASA (NOK) | 31629 |
| 17185 | MPC Container Ships ASA <br> (NOK) | 27228 |
| 645 | Protector Forsikring ASA <br> (NOK) | 27453 |
| 1154 | SpareBank 1 Nord Norge (NOK) | 16839 |
| 299 | SpareBank 1 SMN (NOK) | 5753 |
| 3761 | Wallenius Wilhelmsen ASA <br> (NOK) | 30896 |
|  |  | 178834 |
|  | **Portugal — 0.9%** |  |
| 3212 | CTT-Correios de Portugal S.A. <br> (EUR) | 28566 |
| 1104 | NOS SGPS S.A. (EUR) | 5033 |
| 22625 | Sonae SGPS S.A. (EUR) | 32195 |
|  |  | 65794 |
|  | **Singapore — 0.9%** |  |
| 36200 | Capitaland India Trust (SGD) | 29894 |
| 49000 | Digital Core REIT Management <br> Pte Ltd. | 25970 |
| 34000 | Singapore Post Ltd. (SGD) | 16311 |
|  |  | 72175 |
|  | **South Korea — 17.8%** |  |
| 1147 | Amorepacific Holdings Corp. <br> (KRW) | 26984 |
| 329 | APR Corp. (KRW) (d) | 37590 |
| 328 | Binggrae Co., Ltd. (KRW) | 20658 |
| 177 | CJ Logistics Corp. (KRW) | 11462 |
| 139 | Cosmax, Inc. (KRW) | 28787 |
| 189 | Coway Co., Ltd. (KRW) | 13556 |
| 663 | Daesang Corp. (KRW) | 10758 |
| 2427 | Daewoo Engineering & <br> Construction Co., Ltd. <br> (KRW) (d) | 7517 |
| 715 | DB HiTek Co., Ltd. (KRW) | 24794 |
| 735 | DL E&C Co., Ltd. (KRW) | 28211 |
| 1484 | DN Automotive Corp. (KRW) | 24411 |
| 306 | Doosan Bobcat, Inc. (KRW) | 13196 |
| 78 | Doosan Co., Ltd. (KRW) | 37913 |
| 613 | DoubleUGames Co., Ltd. <br> (KRW) | 25935 |
| 283 | E-MART, Inc. (KRW) | 17908 |
| 121 | F&F Co., Ltd. (KRW) | 7083 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **South Korea (Continued)** |  |
| 451 | GS Engineering & Construction <br> Corp. (KRW) | $6934 |
| 415 | GS Holdings Corp. (KRW) | 14345 |
| 2523 | Hankook & Company Co., Ltd. <br> (KRW) | 35893 |
| 969 | Hankook Tire & Technology <br> Co., Ltd. (KRW) | 28540 |
| 933 | Hanwha Corp. (KRW) | 65191 |
| 1798 | Hanwha Engine (KRW) (d) | 37902 |
| 2567 | HDC Holdings Co., Ltd. (KRW) | 44698 |
| 46 | Hugel, Inc. (KRW) (d) | 13225 |
| 71 | Hyosung Heavy Industries Corp. <br> (KRW) | 46874 |
| 70 | Hyosung TNC Corp. (KRW) | 12967 |
| 255 | Hyundai Department Store Co., <br> Ltd. (KRW) | 14284 |
| 283 | Hyundai Elevator Co., Ltd. <br> (KRW) | 18033 |
| 1063 | Hyundai Engineering & <br> Construction Co., Ltd. (KRW) | 61830 |
| 700 | Hyundai Marine & Fire <br> Insurance Co., Ltd. (KRW) (d) | 13719 |
| 173 | Hyundai Wia Corp. (KRW) | 5871 |
| 851 | iM Financial Group Co., Ltd. <br> (KRW) | 7926 |
| 875 | Innocean Worldwide, Inc. <br> (KRW) | 12857 |
| 439 | JB Financial Group Co., Ltd. <br> (KRW) | 6685 |
| 200 | Jusung Engineering Co., Ltd. <br> (KRW) | 4601 |
| 918 | Kangwon Land, Inc. (KRW) | 12448 |
| 61 | KCC Corp. (KRW) | 14102 |
| 262 | Kolon Industries, Inc. (KRW) | 8551 |
| 571 | Korea Electric Terminal Co., <br> Ltd. (KRW) | 27585 |
| 643 | Korea Gas Corp. (KRW) | 19844 |
| 127 | Kumho Petrochemical Co., Ltd. <br> (KRW) | 10568 |
| 6457 | Kumho Tire Co., Inc. (KRW) (d) | 21554 |
| 143 | LG Innotek Co., Ltd. (KRW) | 15618 |
| 742 | LG Uplus Corp. (KRW) | 7862 |
| 92 | LIG Nex1 Co., Ltd. (KRW) | 36811 |
| 251 | LS Eco Energy Ltd. (KRW) | 6426 |
| 607 | LX International Corp. (KRW) | 14010 |
| 569 | LX Semicon Co., Ltd. (KRW) | 27278 |
| 2501 | Mirae Asset Securities Co., Ltd. <br> (KRW) | 39750 |
| 805 | Naturecell Co., Ltd. (KRW) (d) | 16612 |
| 65 | Orion Corp. (KRW) | 5240 |
| 1430 | Orion Holdings Corp. (KRW) | 23311 |
| 9059 | Pan Ocean Co., Ltd. (KRW) | 24936 |

---

See Notes to Financial Statements

------

**First Trust Developed Markets ex-US Small Cap AlphaDEX**<sup>®</sup> **Fund (FDTS)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** |
|  | **South Korea (Continued)** |  |
| 69 | PharmaResearch Co. Ltd. <br> (KRW) | $25231 |
| 370 | Poongsan Corp. (KRW) | 35284 |
| 87 | Rainbow Robotics (KRW) (d) | 18082 |
| 1546 | Samsung E&A Co., Ltd (KRW) | 25316 |
| 589 | Sebang Global Battery Co., Ltd. <br> (KRW) | 29939 |
| 56 | Shinsegae, Inc. (KRW) | 7817 |
| 124 | SK Gas Ltd. (KRW) | 23705 |
| 997 | SL Corp. (KRW) | 23085 |
| 71 | SM Entertainment Co., Ltd. <br> (KRW) | 7418 |
| 780 | Youngone Corp. (KRW) | 36526 |
|  |  | 1354047 |
|  | **Spain — 1.1%** |  |
| 473 | Construcciones y Auxiliar de <br> Ferrocarriles S.A. (EUR) | 25992 |
| 352 | Grenergy Renovables S.A. <br> (EUR) (d) | 25501 |
| 533 | Let's GOWEX S.A. <br> (EUR) (c) (d) (f) (g) (j) | 0 |
| 1503 | Tecnicas Reunidas S.A. <br> (EUR) (d) | 34701 |
|  |  | 86194 |
|  | **Sweden — 2.7%** |  |
| 2381 | Ambea AB (SEK) (h) (i) | 28363 |
| 4338 | Attendo AB (SEK) (h) (i) | 29070 |
| 675 | Betsson AB, Class B (SEK) | 14262 |
| 807 | Bure Equity AB (SEK) | 24276 |
| 896 | Clas Ohlson AB, Class B (SEK) | 30628 |
| 407 | INVISIO AB (SEK) | 15379 |
| 385 | Loomis AB (SEK) | 16180 |
| 460 | Modern Times Group MTG AB, <br> Class B (SEK) (d) | 5835 |
| 1109 | NCC AB, Class B (SEK) | 20678 |
| 4022 | Storskogen Group AB, Class B <br> (SEK) | 4797 |
| 2322 | Truecaller AB, Class B (SEK) | 16468 |
|  |  | 205936 |
|  | **Switzerland — 0.5%** |  |
| 58 | Aryzta AG (CHF) (d) | 5910 |
| 46 | Cembra Money Bank AG (CHF) | 5780 |
| 344 | Implenia AG (CHF) | 24062 |
|  |  | 35752 |
|  | **United Kingdom — 5.3%** |  |
| 1726 | Big Yellow Group PLC (GBP) | 23976 |
| 18490 | Currys PLC (GBP) (d) | 30888 |
| 2747 | Drax Group PLC (GBP) | 26131 |
| 541 | Future PLC (GBP) | 5414 |
| 7602 | Hochschild Mining PLC (GBP) | 26671 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **United Kingdom (Continued)** |  |
| 325 | JET2 PLC (GBP) | $8231 |
| 1215 | Johnson Matthey PLC (GBP) | 28952 |
| 22689 | Jupiter Fund Management PLC <br> (GBP) | 31144 |
| 221 | Lion Finance Group PLC (GBP) | 21478 |
| 1906 | Mitchells & Butlers PLC <br> (GBP) (d) | 7496 |
| 3503 | Mitie Group PLC (GBP) | 6799 |
| 1874 | OSB Group PLC (GBP) | 13440 |
| 5457 | Quilter PLC (GBP) (h) (i) | 11753 |
| 13587 | RWS Holdings PLC (GBP) | 16524 |
| 3275 | Safestore Holdings PLC (GBP) | 31828 |
| 8917 | SigmaRoc PLC (GBP) (d) | 13170 |
| 4376 | Target Healthcare REIT PLC <br> (GBP) | 6259 |
| 390 | TBC Bank Group PLC (GBP) | 24839 |
| 1589 | TORM PLC, Class A (DKK) (e) | 26781 |
| 2145 | XPS Pensions Group PLC <br> (GBP) (i) | 11291 |
| 5472 | Zigup PLC (GBP) | 26664 |
|  |  | 399729 |
|  | **Total Common Stocks** | 7571119 |
|  | (Cost $6,021,947) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 1.4%** | **REPURCHASE AGREEMENTS — 1.4%** | **REPURCHASE AGREEMENTS — 1.4%** |
| $105239 | Bank of America Corp., <br> 4.39% (k), dated 06/30/25, <br> due 07/01/25, with a maturity <br> value of $105,252. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.00% to <br> 4.88%, due 04/30/26 to <br> 06/30/30. The value of the <br> collateral including accrued <br> interest is $107,344. (l) | 105239 |
|  | (Cost $105,239) |  |
|  | **Total Investments — 101.1%** | 7676358 |
|  | (Cost $6,127,186) |  |
|  | **Net Other Assets and** <br> **Liabilities — (1.1)%** | (80195)<br>|
|  | **Net Assets — 100.0%** | $7596163 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities
 are issued in U.S. dollars unless otherwise indicated
 in the security description.

See Notes to Financial Statements

------

**First Trust Developed Markets ex-US Small Cap AlphaDEX**<sup>®</sup> **Fund (FDTS)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Pursuant
 to procedures adopted by the Trust's Board of Trustees,
 this security has been determined to be illiquid by First
 Trust Advisors L.P., the Fund's advisor.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(e) All
 or a portion of this security is on loan (see Note 2E - Securities
 Lending in the Notes to Financial Statements). The remaining
 contractual maturity of all of the securities lending transactions
 is overnight and continuous. The aggregate value
 of such securities is $84,744 and the total value of the collateral
 held by the Fund, including for securities sold and pending
 settlement, is $105,239.

&nbsp;&nbsp;&nbsp;&nbsp;(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, 2025, securities noted as such
 are valued at $0 or 0.0% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(g) This
 security's value was determined using significant unobservable
 inputs (see Note 2A - Portfolio Valuation in the Notes
 to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(i) This
 security may be resold to qualified foreign investors and foreign
 institutional buyers under Regulation S of the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;(j) This
 issuer has filed for protection in bankruptcy court.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Rate
 shown reflects yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(l) This
 security serves as collateral for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Abbreviations throughout the Portfolio of Investments: | Abbreviations throughout the Portfolio of Investments: |
| AUD | – Australian Dollar |
| CAD | – Canadian Dollar |
| CHF | – Swiss Franc |
| DKK | – Danish Krone |
| EUR | – Euro |
| GBP | – British Pound Sterling |
| HKD | – Hong Kong Dollar |
| ILS | – Israeli Shekel |
| JPY | – Japanese Yen |
| KRW | – South Korean Won |
| NOK | – Norwegian Krone |
| SEK | – Swedish Krona |
| SGD | – Singapore Dollar |
| USD | – United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Currency Exposure Diversification** | **% of Total** <br>**Investments**<br>|
| JPY | 34.0% |
| KRW | 17.6 |
| EUR | 12.4 |
| HKD | 6.5 |
| CAD | 6.3 |
| GBP | 5.5 |
| AUD | 4.4 |
| ILS | 3.0 |
| NOK | 2.9 |
| SEK | 2.7 |
| USD | 2.2 |
| DKK | 1.4 |
| SGD | 0.6 |
| CHF | 0.5 |
| Total | 100.0% |

---

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks: |  |  |  |  |
| Australia | $337238 | $337238 | $— | $—\*\* |
| Greece | —\*\* |  |  | —\*\* |
| Spain | 86194 | 86194 |  | —\*\* |
| Other Country <br> Categories\*<br>| 7147687 | 7147687 |  |  |
| Repurchase Agreements | 105239 |  | 105239 |  |
| Total Investments | $7676358 | $7571119 | $105239 | $—\*\* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* 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

See Notes to Financial Statements

------

**First Trust Developed Markets ex-US Small Cap AlphaDEX**<sup>®</sup> **Fund (FDTS)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

accordance with the Securities Lending Agency Agreement on a gross basis were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Securities Lending Agency Agreement** | **Securities Lending Agency Agreement** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(1)</sup> <br>| $84744 |
| Non-cash Collateral<sup>(2)</sup> <br>| (84744)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> 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. 

<sup>(2)</sup> At June 30, 2025, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments. 

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(3)</sup> <br>| $105239 |
| Non-cash Collateral<sup>(4)</sup> <br>| (105239)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(3)</sup> The amount is included in "Investments, at value" on the Statements of Assets and Liabilities. 

<sup>(4)</sup> At June 30, 2025, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

**First Trust Emerging Markets Small Cap AlphaDEX**<sup>®</sup> **Fund (FEMS)**

**Portfolio of Investments**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) — 99.1%** | **COMMON STOCKS (a) (b) — 99.1%** | **COMMON STOCKS (a) (b) — 99.1%** |
|  | **Brazil — 18.9%** |  |
| 103508 | Banco ABC Brasil S.A. <br> (Preference Shares) (BRL) | $426560 |
| 592380 | Bradespar S.A. (Preference <br> Shares) (BRL) | 1711797 |
| 599408 | C&A Modas S.A. (BRL) | 2168994 |
| 537191 | Cia de Saneamento de Minas <br> Gerais Copasa MG (BRL) | 2765499 |
| 393237 | Cia De Sanena Do Parana (BRL) | 2756879 |
| 5076327 | Cogna Educacao S.A. (BRL) | 2625477 |
| 345728 | Cury Construtora e <br> Incorporadora S.A. (BRL) | 1878465 |
| 266348 | Cyrela Brazil Realty S.A. <br> Empreendimentos e <br> Participacoes (BRL) | 1281467 |
| 202536 | Direcional Engenharia S.A. <br> (BRL) | 1521695 |
| 391496 | EcoRodovias Infraestrutura e <br> Logistica S.A. (BRL) (c) | 539711 |
| 212190 | Energisa S.A. (BRL) | 1887140 |
| 279014 | Ez Tec Empreendimentos e <br> Participacoes S.A. (BRL) | 714854 |
| 1543203 | Grendene S.A. (BRL) | 1562205 |
| 724200 | Grupo SBF S.A. (BRL) | 1626188 |
| 165774 | Intelbras S.A. Industria de <br> Telecomunicacao Eletronica <br> Brasileira (BRL) | 486664 |
| 165580 | IRB-Brasil Resseguros S.A. <br> (BRL) (c) | 1378741 |
| 379929 | Isa Energia Brasil S.A. <br> (Preference Shares) (BRL) | 1620945 |
| 2538164 | JHSF Participacoes S.A. (BRL) | 2489999 |
| 173500 | Lojas Renner S.A. (BRL) | 628459 |
| 1040150 | Marcopolo S.A. (Preference <br> Shares) (BRL) | 1523917 |
| 587460 | Marfrig Global Foods S.A. <br> (BRL) | 2476088 |
| 711253 | Metalurgica Gerdau S.A. <br> (Preference Shares) (BRL) | 1169036 |
| 1516784 | Minerva S.A. (BRL) (c) | 1367956 |
| 257356 | Petroreconcavo S.A. (BRL) | 678786 |
| 252007 | Randon S.A. Implementos e <br> Participacoes (Preference <br> Shares) (BRL) | 413278 |
| 307523 | Sao Martinho S.A. (BRL) | 994493 |
| 63587 | TOTVS S.A. (BRL) | 494010 |
| 732196 | Tres Tentos Agroindustrial S.A. <br> (BRL) | 2036311 |
| 483349 | Vamos Locacao de Caminhoes <br> Maquinas e Equipamentos <br> S.A. (BRL) | 371869 |
| 596711 | Vibra Energia S.A. (BRL) | 2378892 |
| 213364 | Vivara Participacoes S.A. (BRL) | 1061499 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Brazil (Continued)** |  |
| 134298 | Vulcabras S.A. (BRL) | $521313 |
| 374107 | YDUQS Participacoes S.A. <br> (BRL) | 1135452 |
|  |  | 46694639 |
|  | **Cayman Islands — 15.0%** |  |
| 1301108 | 361 Degrees International Ltd. <br> (HKD) | 827079 |
| 963787 | 3SBio, Inc. (HKD) (d) (e) | 2903657 |
| 484348 | AK Medical Holdings Ltd. <br> (HKD) (d) (e) | 369588 |
| 1118749 | China Conch Venture Holdings <br> Ltd. (HKD) | 1291201 |
| 3303723 | China Lesso Group Holdings <br> Ltd. (HKD) | 1763400 |
| 11550 | China Metal Recycling Holdings <br> Ltd. (HKD) (c) (f) (g) (h) | 0 |
| 2324451 | China Resources Medical <br> Holdings Co., Ltd. (HKD) | 1214052 |
| 2142948 | China Yongda Automobiles <br> Services Holdings Ltd. (HKD) | 614225 |
| 3171951 | China Zhongwang Holdings Ltd. <br> (HKD) (c) (f) (g) (h) | 0 |
| 1947741 | COFCO Joycome Foods Ltd. <br> (HKD) (c) (e) (i) | 392032 |
| 312073 | Consun Pharmaceutical Group <br> Ltd. (HKD) | 450024 |
| 1718637 | Country Garden Services <br> Holdings Co., Ltd. (HKD) | 1436220 |
| 1265289 | Dongyue Group Ltd. (HKD) | 1689212 |
| 1145097 | EEKA Fashion Holdings Ltd. <br> (HKD) | 1155315 |
| 215420 | Everest Medicines Ltd. <br> (HKD) (c) (d) (e) (i) | 1706906 |
| 1898737 | Fufeng Group Ltd. (HKD) | 1666545 |
| 1309994 | Greentown China Holdings Ltd. <br> (HKD) | 1577009 |
| 2001444 | Greentown Management <br> Holdings Co., Ltd. <br> (HKD) (d) (e) (i) | 754689 |
| 946148 | InnoCare Pharma Ltd. <br> (HKD) (c) (d) (e) | 1578932 |
| 226224 | JF SmartInvest Holdings Ltd. <br> (HKD) | 1380408 |
| 4411682 | Lonking Holdings Ltd. (HKD) | 1185823 |
| 2115252 | Meitu, Inc. (HKD) (d) (e) | 2433229 |
| 2447514 | Newborn Town, Inc. <br> (HKD) (c) (e) | 3064868 |
| 1939378 | Q Technology Group Co., Ltd. <br> (HKD) (e) (i) | 2050566 |
| 1254201 | Tianneng Power International <br> Ltd. (HKD) (i) | 1004965 |
| 183968 | Wanguo Gold Group Ltd. <br> (HKD) | 734705 |

---

See Notes to Financial Statements

------

**First Trust Emerging Markets Small Cap AlphaDEX**<sup>®</sup> **Fund (FEMS)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** |
|  | **Cayman Islands (Continued)** |  |
| 349941 | Wisdom Marine Lines Co., Ltd. <br> (TWD) | $649281 |
| 446202 | XD, Inc. (HKD) (e) | 2742597 |
| 118845 | Zhen Ding Technology Holding <br> Ltd. (TWD) | 408870 |
|  |  | 37045398 |
|  | **Chile — 3.6%** |  |
| 54682 | Banco Itau Chile S.A. (CLP) | 757169 |
| 198280 | Cia Cervecerias Unidas S.A. <br> (CLP) | 1287743 |
| 22225491 | Cia Sud Americana de Vapores <br> S.A. (CLP) | 1136056 |
| 496725 | Embotelladora Andina S.A., <br> Class B (Preference Shares) <br> (CLP) | 2026622 |
| 1443908 | Engie Energia Chile S.A. (CLP) | 2014845 |
| 187853 | Parque Arauco S.A. (CLP) | 396223 |
| 4007664 | SMU S.A. (CLP) | 718400 |
| 580534 | Vina Concha y Toro S.A. (CLP) | 669877 |
|  |  | 9006935 |
|  | **China — 6.2%** |  |
| 4969203 | Angang Steel Co., Ltd., Class H <br> (HKD) (c) | 1044489 |
| 262800 | Anhui Expressway Co., Ltd., <br> Class H (HKD) | 421822 |
| 2853799 | BAIC Motor Corp., Ltd., <br> Class H (HKD) (c) (d) (e) | 705275 |
| 1288784 | Bank of Chongqing Co., Ltd., <br> Class H (HKD) | 1338045 |
| 5387890 | Beijing Jingneng Clean Energy <br> Co., Ltd., Class H (HKD) | 1619809 |
| 172604 | CanSino Biologics, Inc., Class H <br> (HKD) (c) (d) (e) | 757483 |
| 6035495 | China BlueChemical Ltd., <br> Class H (HKD) | 1614601 |
| 676741 | China Communications Services <br> Corp., Ltd., Class H (HKD) | 366391 |
| 1293001 | China Datang Corp. Renewable <br> Power Co., Ltd., Class H <br> (HKD) (i) | 401903 |
| 2157026 | China National Building <br> Material Co., Ltd., Class H <br> (HKD) | 1030433 |
| 1740550 | Legend Holdings Corp., Class H <br> (HKD) (c) (d) (e) | 1973375 |
| 6198895 | Maanshan Iron & Steel Co., Ltd., <br> Class H (HKD) (c) (i) | 1539863 |
| 208380 | Shanghai Conant Optical Co., <br> Ltd., Class H (HKD) (i) | 992798 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **China (Continued)** |  |
| 510649 | Shanghai MicroPort MedBot <br> Group Co., Ltd. (HKD) (c) | $1051228 |
| 182572 | Yangtze Optical Fibre & Cable <br> Joint Stock Ltd., Co., Class H <br> (HKD) (d) (e) (i) | 495390 |
|  |  | 15352905 |
|  | **Colombia — 0.8%** |  |
| 202766 | Grupo de Inversiones <br> Suramericana S.A. (Preference <br> Shares) (COP) | 1866226 |
|  | **Czech Republic — 0.3%** |  |
| 117082 | Moneta Money Bank A/S <br> (CZK) (d) (e) | 807681 |
|  | **Hong Kong — 0.8%** |  |
| 1025427 | China Nonferrous Mining Corp., <br> Ltd. (HKD) | 952282 |
| 1102119 | Genertec Universal Medical <br> Group Co., Ltd. (HKD) (d) (e) | 786230 |
| 464616 | Morimatsu International <br> Holdings Co., Ltd., <br> Series REGS (HKD) (e) (i) | 357490 |
|  |  | 2096002 |
|  | **India — 0.8%** |  |
| 8782 | Amber Enterprises India Ltd. <br> (INR) (c) | 693211 |
| 408135 | Manappuram Finance Ltd. (INR) | 1310496 |
|  |  | 2003707 |
|  | **Indonesia — 8.0%** |  |
| 16624860 | Alamtri Resources Indonesia <br> Tbk PT (IDR) | 1873945 |
| 11256098 | Aneka Tambang Tbk (IDR) | 2107702 |
| 6931721 | Bank Tabungan Negara Persero <br> Tbk PT (IDR) | 476062 |
| 9737418 | Bukit Asam Tbk PT (IDR) | 1475457 |
| 18477631 | Bumi Resources Minerals Tbk <br> PT (IDR) (c) | 450702 |
| 24538294 | Ciputra Development Tbk PT <br> (IDR) | 1443429 |
| 33768294 | Elang Mahkota Teknologi Tbk <br> PT (IDR) | 1006705 |
| 6234323 | Indah Kiat Pulp & Paper Tbk PT <br> (IDR) | 2208029 |
| 1336509 | Indo Tambangraya Megah Tbk <br> PT (IDR) | 1811099 |
| 864024 | Indofood Sukses Makmur Tbk <br> PT (IDR) | 432411 |
| 15260133 | Japfa Comfeed Indonesia Tbk <br> PT (IDR) | 1424029 |
| 23939799 | Medco Energi Internasional Tbk <br> PT (IDR) | 1835852 |
| 15780253 | Perusahaan Gas Negara Tbk PT <br> (IDR) | 1569763 |

---

See Notes to Financial Statements

------

**First Trust Emerging Markets Small Cap AlphaDEX**<sup>®</sup> **Fund (FEMS)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** |
|  | **Indonesia (Continued)** |  |
| 2514169 | Petrosea Tbk PT (IDR) | $432062 |
| 7644328 | Sawit Sumbermas Sarana Tbk <br> PT (IDR) | 619174 |
| 61345734 | Surya Citra Media Tbk PT (IDR) | 566792 |
|  |  | 19733213 |
|  | **Malaysia — 2.3%** |  |
| 14945000 | Bumi Armada Bhd (MYR) | 1597257 |
| 3355000 | Dayang Enterprise Holdings Bhd <br> (MYR) | 1466144 |
| 1011600 | Genting Bhd (MYR) | 732782 |
| 5183633 | Guan Chong Bhd (MYR) | 1526590 |
| 1635800 | Tanco Holdings Bhd (MYR) (j) | 355482 |
|  |  | 5678255 |
|  | **Malta — 1.0%** |  |
| 1887421 | MAS PLC (ZAR) (c) | 2587458 |
|  | **Mexico — 4.2%** |  |
| 1251503 | FIBRA Macquarie Mexico <br> (MXN) (d) (e) | 2000191 |
| 299332 | Genomma Lab Internacional <br> S.A.B. de C.V., Class B <br> (MXN) | 326857 |
| 1201887 | Gentera S.A.B. de C.V. (MXN) | 2567809 |
| 1135078 | La Comer S.A.B. de C.V. <br> (MXN) | 2487378 |
| 705854 | Megacable Holdings S.A.B. de <br> C.V., Series CPO (MXN) | 1978249 |
| 971680 | Orbia Advance Corp. S.A.B. de <br> C.V. (MXN) | 676802 |
| 42620 | Qualitas Controladora S.A.B. de <br> C.V. (MXN) | 437659 |
|  |  | 10474945 |
|  | **Morocco — 1.2%** |  |
| 8427 | Akdital Holding (MAD) | 1358824 |
| 19284 | Alliances Developpement <br> Immobilier S.A. (MAD) | 1017919 |
| 156539 | Douja Promotion Groupe <br> Addoha S.A. (MAD) (c) | 643472 |
|  |  | 3020215 |
|  | **Philippines — 2.2%** |  |
| 2284500 | Converge Information and <br> Communications Technology <br> Solutions., Inc. (PHP) | 789213 |
| 2936280 | DigiPlus Interactive Corp. (PHP) | 2710573 |
| 5139400 | JG Summit Holdings, Inc. (PHP) | 1822922 |
|  |  | 5322708 |
|  | **Poland — 3.8%** |  |
| 36371 | Asseco Poland S.A. (PLN) | 2040372 |
| 285337 | Cyfrowy Polsat S.A. <br> (PLN) (c) (i) | 1396068 |
| 468887 | Enea S.A. (PLN) (c) | 2544545 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Poland (Continued)** |  |
| 328082 | Orange Polska S.A. (PLN) | $831959 |
| 1161650 | Tauron Polska Energia S.A. <br> (PLN) (c) | 2711113 |
|  |  | 9524057 |
|  | **Russia — 0.0%** |  |
| 653736712 | Federal Grid Co. - Rosseti PJSC <br> (RUB) (c) (f) (g) (h) | 0 |
| 580351 | Mechel PJSC <br> (RUB) (c) (f) (g) (h) | 0 |
|  |  | 0 |
|  | **South Africa — 6.1%** |  |
| 46700 | African Rainbow Minerals Ltd. <br> (ZAR) | 453896 |
| 183717 | Exxaro Resources Ltd. (ZAR) | 1524736 |
| 653738 | Hyprop Investments Ltd. (ZAR) | 1578978 |
| 164991 | JSE Ltd. (ZAR) | 1241923 |
| 1970670 | Life Healthcare Group Holdings <br> Ltd. (ZAR) | 1589560 |
| 873257 | Momentum Group Ltd. (ZAR) | 1691392 |
| 156383 | Motus Holdings Ltd. (ZAR) | 831039 |
| 1630046 | Redefine Properties Ltd. (ZAR) | 421697 |
| 239662 | Resilient REIT Ltd. (ZAR) | 816303 |
| 941363 | Sappi Ltd. (ZAR) | 1582431 |
| 550519 | Telkom S.A. SOC Ltd. <br> (ZAR) (c) | 1678572 |
| 337574 | Thungela Resources Ltd. (ZAR) | 1616770 |
|  |  | 15027297 |
|  | **Taiwan — 9.0%** |  |
| 452222 | Advancetek Enterprise Co., Ltd. <br> (TWD) | 1113062 |
| 54668 | Arcadyan Technology Corp. <br> (TWD) | 375220 |
| 485224 | Capital Securities Corp. (TWD) | 325565 |
| 848305 | ChipMOS Technologies, Inc. <br> (TWD) | 782617 |
| 404952 | Flytech Technology Co., Ltd. <br> (TWD) | 1656572 |
| 105886 | Fusheng Precision Co., Ltd. <br> (TWD) | 1076549 |
| 213549 | Greatek Electronics, Inc. (TWD) | 421805 |
| 470380 | Hannstar Board Corp. (TWD) | 990291 |
| 590108 | Huang Hsiang Construction <br> Corp. (TWD) | 871668 |
| 1629196 | Innolux Corp. (TWD) | 652526 |
| 312194 | Johnson Health Tech Co., Ltd. <br> (TWD) | 1854226 |
| 924844 | Kindom Development Co., Ltd. <br> (TWD) | 1595650 |
| 52905 | L&K Engineering Co., Ltd. <br> (TWD) | 555093 |
| 34073 | Nan Pao Resins Chemical Co., <br> Ltd. (TWD) | 349338 |

---

See Notes to Financial Statements

------

**First Trust Emerging Markets Small Cap AlphaDEX**<sup>®</sup> **Fund (FEMS)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** |
|  | **Taiwan (Continued)** |  |
| 1045362 | Pou Chen Corp. (TWD) | $1107557 |
| 2029773 | Rechi Precision Co., Ltd. (TWD) | 1691941 |
| 1051319 | Ruentex Development Co., Ltd. <br> (TWD) | 1070681 |
| 1040646 | Ruentex Industries Ltd. (TWD) | 1905880 |
| 249755 | TA Chen Stainless Pipe (TWD) | 296249 |
| 586268 | Tatung Co., Ltd. (TWD) | 796756 |
| 679582 | Tigerair Taiwan Co., Ltd. <br> (TWD) (c) | 2012318 |
| 732168 | Weikeng Industrial Co., Ltd. <br> (TWD) | 834629 |
|  |  | 22336193 |
|  | **Thailand — 5.0%** |  |
| 6658600 | AP Thailand PCL (THB) | 1280155 |
| 992200 | Bangchak Corp. PCL (THB) | 930891 |
| 3050500 | Banpu PCL (THB) | 377222 |
| 137000 | Electricity Generating PCL <br> (THB) | 425639 |
| 800500 | KCE Electronics PCL (THB) | 448159 |
| 3837600 | Prima Marine PCL (THB) | 666972 |
| 497800 | Ratch Group PCL (THB) | 370570 |
| 2674100 | Regional Container Lines PCL <br> (THB) | 2118140 |
| 26552300 | Sansiri PCL (THB) | 1045471 |
| 1745600 | Sri Trang Agro-Industry PCL <br> (THB) | 638986 |
| 6982300 | Star Petroleum Refining PCL <br> (THB) (d) (e) | 1084650 |
| 3927500 | Supalai PCL (THB) | 1751798 |
| 1539000 | Thai Oil PCL (THB) | 1278210 |
|  |  | 12416863 |
|  | **Turkey — 9.1%** |  |
| 95262 | AG Anadolu Grubu Holding A/S <br> (TRY) | 622037 |
| 2704426 | Ahlatci Dogal Gaz Dagitim <br> Enerji VE Yatirim A/S (TRY) | 1892254 |
| 453646 | Anadolu Anonim Turk Sigorta <br> Sirketi (TRY) | 1059555 |
| 102575 | Arcelik A/S (TRY) (c) | 315574 |
| 123794 | Astor Transformator Enerji <br> Turizm Insaat Ve Petrol <br> Sanayi Ticaret A/S (TRY) | 288983 |
| 166623 | Aygaz A/S (TRY) | 535634 |
| 3218081 | Baticim Bati Anadolu Cimento <br> Sanayii A/S (TRY) (j) | 370157 |
| 1092273 | Cimsa Cimento Sanayi VE <br> Ticaret A/S (TRY) | 1316727 |
| 4419551 | Dogan Sirketler Grubu Holding <br> A/S (TRY) | 1728184 |
| 184151 | Dogus Otomotiv Servis ve <br> Ticaret A/S (TRY) | 805648 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Turkey (Continued)** |  |
| 5438133 | Emlak Konut Gayrimenkul <br> Yatirim Ortakligi A/S (TRY) | $2458361 |
| 106943 | Gubre Fabrikalari T.A.S. <br> (TRY) (c) | 613171 |
| 1397219 | Is Yatirim Menkul Degerler A/S <br> (TRY) | 1280798 |
| 959278 | Kardemir Karabuk Demir Celik <br> Sanayi ve Ticaret A/S, <br> Class D (TRY) (c) | 581092 |
| 85187 | Migros Ticaret A/S (TRY) | 1058479 |
| 1478761 | NET Holding A/S (TRY) (c) | 1678648 |
| 1847965 | Oyak Cimento Fabrikalari A/S <br> (TRY) | 1008966 |
| 272803 | Pegasus Hava Tasimaciligi A/S <br> (TRY) (c) | 1760782 |
| 468767 | Tekfen Holding A/S (TRY) (c) | 1280882 |
| 3835367 | Turkiye Sinai Kalkinma Bankasi <br> A/S (TRY) (c) | 1202112 |
| 233218 | Ulker Biskuvi Sanayi A/S (TRY) | 618514 |
|  |  | 22476558 |
|  | **Virgin Islands — 0.8%** |  |
| 146240 | DPC Dash Ltd. (HKD) (c) | 1913241 |
|  | **Total Common Stocks** | 245384496 |
|  | (Cost $218,287,779) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 260709 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 4.21% (k) | 260709 |
|  | (Cost $260,709) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 1.9%** | **REPURCHASE AGREEMENTS — 1.9%** | **REPURCHASE AGREEMENTS — 1.9%** |
| $4836028 | Bank of America Corp., <br> 4.39% (k), dated 06/30/25, <br> due 07/01/25, with a maturity <br> value of $4,836,618. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.00% to <br> 4.88%, due 04/30/26 to <br> 06/30/30. The value of the <br> collateral including accrued <br> interest is $4,932,749. (l) | 4836028 |
|  | (Cost $4,836,028) |  |
|  | **Total Investments — 101.1%** | 250481233 |
|  | (Cost $223,384,516) |  |
|  | **Net Other Assets and** <br> **Liabilities — (1.1)%** | (2831938)<br>|
|  | **Net Assets — 100.0%** | $247649295 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Financial Statements

------

**First Trust Emerging Markets Small Cap AlphaDEX**<sup>®</sup> **Fund (FEMS)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities
 are issued in U.S. dollars unless otherwise indicated
 in the security description.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(e) This
 security may be resold to qualified foreign investors and foreign
 institutional buyers under Regulation S of the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Pursuant
 to procedures adopted by the Trust's Board of Trustees,
 this security has been determined to be illiquid by First
 Trust Advisors L.P., the Fund's advisor.

&nbsp;&nbsp;&nbsp;&nbsp;(g) This
 security is fair valued by the Advisor's Pricing Committee
 in accordance with procedures approved by the Trust's
 Board of Trustees, and in accordance with provisions of
 the Investment Company Act of 1940 and rules thereunder,
 as amended. At June 30, 2025, securities noted as such
 are valued at $0 or 0.0% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(h) This
 security's value was determined using significant unobservable
 inputs (see Note 2A - Portfolio Valuation in the Notes
 to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(i) All
 or a portion of this security is on loan (see Note 2E - Securities
 Lending in the Notes to Financial Statements). The remaining
 contractual maturity of all of the securities lending transactions
 is overnight and continuous. The aggregate value
 of such securities is $4,565,378 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $4,836,028.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Non-income
 producing security which makes payment-in- kind
 distributions.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Rate
 shown reflects yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(l) This
 security serves as collateral for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Abbreviations throughout the Portfolio of Investments: | Abbreviations throughout the Portfolio of Investments: |
| BRL | – Brazilian Real |
| CLP | – Chilean Peso |
| COP | – Colombian Peso |
| CZK | – Czech Koruna |
| HKD | – Hong Kong Dollar |
| IDR | – Indonesian Rupiah |
| INR | – Indian Rupee |
| MAD | – Moroccan Dirham |
| 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 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Currency Exposure Diversification** | **% of Total** <br>**Investments**<br>|
| HKD | 22.1% |
| BRL | 18.6 |
| TWD | 9.3 |
| TRY | 9.0 |
| IDR | 7.9 |
| ZAR | 7.0 |
| THB | 5.0 |
| MXN | 4.2 |
| PLN | 3.8 |
| CLP | 3.6 |
| MYR | 2.3 |
| PHP | 2.1 |
| USD | 2.0 |
| MAD | 1.2 |
| INR | 0.8 |
| COP | 0.8 |
| CZK | 0.3 |
| RUB | 0.0<sup>‡</sup> <br>|
| Total | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>‡</sup> <br>| Investments are valued at $0. |

---

See Notes to Financial Statements

------

**First Trust Emerging Markets Small Cap AlphaDEX**<sup>®</sup> **Fund (FEMS)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks: |  |  |  |  |
| Cayman Islands | $37045398 | $37045398 | $— | $—\*\* |
| Russia | —\*\* |  |  | —\*\* |
| Thailand | 12416863 |  | 12416863 |  |
| Other Country <br> Categories\*<br>| 195922235 | 195922235 |  |  |
| Money Market <br> Funds<br>| 260709 | 260709 |  |  |
| Repurchase <br> Agreements<br>| 4836028 |  | 4836028 |  |
| Total Investments | $250481233 | $233228342 | $17252891 | $—\*\* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Securities Lending Agency Agreement** | **Securities Lending Agency Agreement** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(1)</sup> <br>| $4565378 |
| Non-cash Collateral<sup>(2)</sup> <br>| (4565378)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> 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. 

<sup>(2)</sup> At June 30, 2025, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments. 

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(3)</sup> <br>| $4836028 |
| Non-cash Collateral<sup>(4)</sup> <br>| (4836028)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(3)</sup> The amount is included in "Investments, at value" on the Statements of Assets and Liabilities. 

<sup>(4)</sup> At June 30, 2025, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

**First Trust Eurozone AlphaDEX**<sup>®</sup> **ETF (FEUZ)**

**Portfolio of Investments**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) — 99.6%** | **COMMON STOCKS (a) (b) — 99.6%** | **COMMON STOCKS (a) (b) — 99.6%** |
|  | **Austria — 4.8%** |  |
| 2023 | ANDRITZ AG (EUR) | $150367 |
| 4404 | BAWAG Group AG <br> (EUR) (c) (d) | 562348 |
| 1641 | Erste Group Bank AG (EUR) | 139758 |
| 9131 | OMV AG (EUR) | 496707 |
| 13228 | Raiffeisen Bank International <br> AG (EUR) | 403261 |
| 3196 | Verbund AG (EUR) | 245273 |
| 12865 | Vienna Insurance Group AG <br> Wiener Versicherung Gruppe <br> (EUR) | 662246 |
| 9297 | voestalpine AG (EUR) | 261739 |
|  |  | 2921699 |
|  | **Belgium — 4.3%** |  |
| 523 | Ackermans & van Haaren N.V. <br> (EUR) | 133687 |
| 3779 | Ageas S.A./N.V. (EUR) | 255293 |
| 8257 | Colruyt Group N.V. (EUR) | 357152 |
| 3040 | Groupe Bruxelles Lambert N.V. <br> (EUR) | 258905 |
| 5593 | KBC Ancora (EUR) | 384756 |
| 2490 | KBC Group N.V. (EUR) | 257116 |
| 2216 | Sofina S.A. (EUR) | 730896 |
| 9543 | Warehouses De Pauw C.V.A. <br> (EUR) | 232693 |
|  |  | 2610498 |
|  | **Finland — 2.0%** |  |
| 13844 | Fortum Oyj (EUR) | 259128 |
| 1779 | Konecranes Oyj (EUR) | 141137 |
| 21610 | Nokia Oyj (EUR) | 112157 |
| 8886 | Nordea Bank Abp (EUR) | 131993 |
| 5720 | Orion Oyj, Class B (EUR) | 430214 |
| 12003 | Stora Enso Oyj, Class R (EUR) | 130418 |
|  |  | 1205047 |
|  | **France — 16.2%** |  |
| 5943 | Arkema S.A. (EUR) | 437886 |
| 5309 | AXA S.A. (EUR) | 260594 |
| 4080 | BNP Paribas S.A. (EUR) | 366798 |
| 11490 | Bouygues S.A. (EUR) | 519732 |
| 758 | Capgemini SE (EUR) | 129514 |
| 32166 | Carrefour S.A. (EUR) | 453544 |
| 1141 | Cie de Saint-Gobain S.A. (EUR) | 133921 |
| 9681 | Cie Generale des Etablissements <br> Michelin S.C.A. (EUR) | 359675 |
| 24940 | Credit Agricole S.A. (EUR) | 471960 |
| 2926 | Eiffage S.A. (EUR) | 411018 |
| 20368 | Elis S.A. (EUR) (e) | 583979 |
| 11599 | Engie S.A. (EUR) | 272237 |
| 983 | Ipsen S.A. (EUR) | 117067 |
| 548 | Kering S.A. (EUR) | 119137 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **France (Continued)** |  |
| 13531 | Klepierre S.A. (EUR) (e) | $532996 |
| 34878 | Orange S.A. (EUR) | 530608 |
| 8987 | Renault S.A. (EUR) | 414241 |
| 432 | Safran S.A. (EUR) | 140399 |
| 3929 | SCOR SE (EUR) | 129682 |
| 10108 | Societe Generale S.A. (EUR) | 578073 |
| 7976 | SPIE S.A. (EUR) | 448158 |
| 5655 | Teleperformance SE (EUR) | 548360 |
| 1703 | Thales S.A. (EUR) | 500711 |
| 8766 | TotalEnergies SE (EUR) | 537981 |
| 23975 | Vallourec SACA (EUR) | 443249 |
| 3526 | Wendel SE (EUR) | 372150 |
|  |  | 9813670 |
|  | **Germany — 27.8%** |  |
| 1188 | Allianz SE (EUR) | 481536 |
| 6008 | Aurubis AG (EUR) (e) | 624912 |
| 25761 | Auto1 Group SE <br> (EUR) (c) (d) (f) | 830246 |
| 7098 | Bayerische Motoren Werke AG <br> (EUR) | 630930 |
| 1755 | Brenntag SE (EUR) | 116183 |
| 24938 | Commerzbank AG (EUR) | 786684 |
| 8100 | Continental AG (EUR) | 707019 |
| 5635 | Daimler Truck Holding AG <br> (EUR) | 266639 |
| 23967 | Deutsche Bank AG (EUR) | 710600 |
| 769 | Deutsche Boerse AG (EUR) | 250829 |
| 78100 | Deutsche Lufthansa AG (EUR) | 660547 |
| 9169 | Deutsche Telekom AG (EUR) | 334496 |
| 5298 | DHL Group (EUR) | 244702 |
| 11381 | Dr. Ing hc F Porsche AG <br> (Preference Shares) <br> (EUR) (c) (d) | 562260 |
| 22477 | E.ON SE (EUR) | 413701 |
| 5424 | Fraport AG Frankfurt Airport <br> Services Worldwide (EUR) (f) | 408590 |
| 2978 | Freenet AG (EUR) | 96960 |
| 4583 | Fresenius Medical Care AG <br> (EUR) | 262640 |
| 2657 | Fresenius SE & Co. KGaA <br> (EUR) | 133581 |
| 3742 | GEA Group AG (EUR) | 261829 |
| 1992 | Heidelberg Materials AG (EUR) | 468006 |
| 1423 | Henkel AG & Co. KGaA <br> (Preference Shares) (EUR) | 111737 |
| 6775 | Hensoldt AG (EUR) | 777314 |
| 3331 | HOCHTIEF AG (EUR) | 656445 |
| 10923 | KION Group AG (EUR) | 607827 |
| 834 | Krones AG (EUR) | 137538 |
| 9650 | Mercedes-Benz Group AG <br> (EUR) | 564839 |

---

See Notes to Financial Statements

------

**First Trust Eurozone AlphaDEX**<sup>®</sup> **ETF (FEUZ)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** |
|  | **Germany (Continued)** |  |
| 359 | Muenchener <br> Rueckversicherungs-<br> Gesellschaft AG in Muenchen <br> (EUR) | $232841 |
| 396 | Rheinmetall AG (EUR) | 838246 |
| 15838 | RWE AG (EUR) | 660997 |
| 1085 | Scout24 SE (EUR) (c) (d) | 149663 |
| 5828 | Siemens Energy AG (EUR) (f) | 673193 |
| 4326 | Talanx AG (EUR) | 560031 |
| 55258 | thyssenkrupp AG (EUR) | 593763 |
| 5590 | Volkswagen AG (Preference <br> Shares) (EUR) | 590126 |
| 5521 | Wacker Chemie AG (EUR) (e) | 403216 |
|  |  | 16810666 |
|  | **Greece — 5.1%** |  |
| 241520 | Alpha Bank S.A. (EUR) | 850653 |
| 84792 | Eurobank Ergasias Services and <br> Holdings S.A. (EUR) | 291253 |
| 20918 | Hellenic Telecommunications <br> Organization S.A. (EUR) | 397697 |
| 7728 | Metlen Energy & Metals S.A. <br> (EUR) | 418930 |
| 22136 | National Bank of Greece S.A. <br> (EUR) | 282394 |
| 82878 | Piraeus Financial Holdings S.A. <br> (EUR) | 574239 |
| 15147 | Public Power Corp. S.A. (EUR) | 247296 |
|  |  | 3062462 |
|  | **Ireland — 2.0%** |  |
| 52735 | AIB Group PLC (EUR) | 433904 |
| 19288 | Bank of Ireland Group PLC <br> (EUR) | 274576 |
| 8423 | Ryanair Holdings PLC, ADR | 485754 |
|  |  | 1194234 |
|  | **Italy — 16.6%** |  |
| 235037 | A2A S.p.A. (EUR) | 632631 |
| 12181 | Azimut Holding S.p.A. (EUR) | 389996 |
| 4038 | Banca Generali S.p.A. (EUR) | 224415 |
| 14067 | Banca Mediolanum S.p.A. <br> (EUR) | 242257 |
| 57295 | Banca Monte dei Paschi di Siena <br> S.p.A. (EUR) | 487419 |
| 44764 | Banco BPM S.p.A. (EUR) | 522659 |
| 43519 | BPER Banca S.p.A. (EUR) | 395548 |
| 11826 | Buzzi S.p.A. (EUR) | 655568 |
| 25022 | Credito Emiliano S.p.A. (EUR) | 369613 |
| 13951 | Enel S.p.A. (EUR) | 132389 |
| 29260 | Eni S.p.A. (EUR) | 474265 |
| 5748 | FinecoBank Banca Fineco S.p.A <br> (EUR) | 127530 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Italy (Continued)** |  |
| 6460 | Generali (EUR) | $229886 |
| 26148 | Hera S.p.A. (EUR) | 126346 |
| 66281 | Intesa Sanpaolo S.p.A. (EUR) | 381909 |
| 31527 | Italgas S.p.A. (EUR) | 267389 |
| 11665 | Leonardo S.p.A. (EUR) | 656537 |
| 28101 | Lottomatica Group S.p.A. (EUR) | 779875 |
| 12116 | Mediobanca Banca di Credito <br> Finanziario S.p.A. (EUR) | 281660 |
| 42586 | Nexi S.p.A. (EUR) (c) (d) | 254534 |
| 76428 | Pirelli & C S.p.A. <br> (EUR) (c) (d) (e) | 527028 |
| 19098 | Poste Italiane S.p.A. <br> (EUR) (c) (d) (e) | 410337 |
| 48852 | Saipem S.p.A. (EUR) | 133793 |
| 1009570 | Telecom Italia S.p.A. (EUR) (f) | 497810 |
| 6089 | UniCredit S.p.A. (EUR) | 408190 |
| 21316 | Unipol Assicurazioni S.p.A. <br> (EUR) | 422463 |
|  |  | 10032047 |
|  | **Luxembourg — 1.5%** |  |
| 15805 | ArcelorMittal S.A. (EUR) | 500254 |
| 23165 | Tenaris S.A. (EUR) | 435914 |
|  |  | 936168 |
|  | **Netherlands — 6.5%** |  |
| 16207 | ABN AMRO Bank N.V. <br> (EUR) (c) (d) | 443677 |
| 7897 | ASR Nederland N.V. (EUR) | 524464 |
| 1565 | Euronext N.V. (EUR) (c) (d) | 267492 |
| 5814 | ING Groep N.V. (EUR) | 127562 |
| 20821 | Iveco Group N.V. (EUR) | 409587 |
| 3026 | Koninklijke Ahold Delhaize <br> N.V. (EUR) | 126539 |
| 7825 | Koninklijke Vopak N.V. (EUR) | 389162 |
| 2040 | NN Group N.V. (EUR) | 135579 |
| 2457 | Prosus N.V. (EUR) | 137389 |
| 26148 | STMicroelectronics N.V. (EUR) | 798827 |
| 13881 | Technip Energies N.V. (EUR) | 584391 |
|  |  | 3944669 |
|  | **Portugal — 1.8%** |  |
| 563127 | Banco Comercial Portugues <br> S.A., Class R (EUR) | 438201 |
| 67218 | EDP S.A. (EUR) | 291539 |
| 12889 | Galp Energia SGPS S.A. (EUR) | 236394 |
| 5336 | Jeronimo Martins SGPS S.A. <br> (EUR) | 135014 |
|  |  | 1101148 |
|  | **Spain — 11.0%** |  |
| 1732 | Acciona S.A. (EUR) (e) | 311745 |
| 7931 | ACS Actividades de <br> Construccion y Servicios S.A. <br> (EUR) | 550731 |

---

See Notes to Financial Statements

------

**First Trust Eurozone AlphaDEX**<sup>®</sup> **ETF (FEUZ)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** |
|  | **Spain (Continued)** |  |
| 33349 | Banco Bilbao Vizcaya <br> Argentaria S.A. (EUR) | $512847 |
| 202618 | Banco de Sabadell S.A. (EUR) | 645137 |
| 84402 | Banco Santander S.A. (EUR) | 698636 |
| 51045 | Bankinter S.A. (EUR) | 666225 |
| 58317 | CaixaBank S.A. (EUR) | 505181 |
| 4269 | Endesa S.A. (EUR) (e) | 135221 |
| 19572 | Indra Sistemas S.A. (EUR) (e) | 849804 |
| 3560 | Logista Integral S.A. (EUR) | 116580 |
| 73604 | Mapfre S.A. (EUR) | 300856 |
| 42517 | Repsol S.A. (EUR) (e) | 622783 |
| 306540 | Unicaja Banco S.A. <br> (EUR) (c) (d) | 724346 |
|  |  | 6640092 |
|  | **Total Common Stocks** | 60272400 |
|  | (Cost $52,263,818) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 22141 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 4.21% (g) | 22141 |
|  | (Cost $22,141) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 6.5%** | **REPURCHASE AGREEMENTS — 6.5%** | **REPURCHASE AGREEMENTS — 6.5%** |
| $3944290 | Bank of America Corp., <br> 4.39% (g), dated 06/30/25, <br> due 07/01/25, with a maturity <br> value of $3,944,771. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.00% to <br> 4.88%, due 04/30/26 to <br> 06/30/30. The value of the <br> collateral including accrued <br> interest is $4,023,176. (h) | 3944290 |
|  | (Cost $3,944,290) |  |
|  | **Total Investments — 106.2%** | 64238831 |
|  | (Cost $56,230,249) |  |
|  | **Net Other Assets and** <br> **Liabilities — (6.2)%** | (3734967)<br>|
|  | **Net Assets — 100.0%** | $60503864 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities
 are issued in U.S. dollars unless otherwise indicated
 in the security description.

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(d) This
 security may be resold to qualified foreign investors and foreign
 institutional buyers under Regulation S of the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;(e) All
 or a portion of this security is on loan (see Note 2E - Securities
 Lending in the Notes to Financial Statements). The remaining
 contractual maturity of all of the securities lending transactions
 is overnight and continuous. The aggregate value
 of such securities is $3,799,626 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $3,944,290.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Rate
 shown reflects yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(h) This
 security serves as collateral for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Abbreviations throughout the Portfolio of Investments: | Abbreviations throughout the Portfolio of Investments: |
| ADR | – American Depositary Receipt |
| EUR | – Euro |
| USD | – United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Currency Exposure Diversification** | **% of Total** <br>**Investments**<br>|
| EUR | 93.1% |
| USD | 6.9 |
| Total | 100.0% |

---

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**6/30/2025**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $60272400 | $60272400 | $— | $— |
| Money Market Funds | 22141 | 22141 |  |  |
| Repurchase Agreements | 3944290 |  | 3944290 |  |
| Total Investments | $64238831 | $60294541 | $3944290 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* 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 -

See Notes to Financial Statements

------

**First Trust Eurozone AlphaDEX**<sup>®</sup> **ETF (FEUZ)**

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Securities Lending Agency Agreement** | **Securities Lending Agency Agreement** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(1)</sup> <br>| $3799626 |
| Non-cash Collateral<sup>(2)</sup> <br>| (3799626)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> 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. 

<sup>(2)</sup> At June 30, 2025, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments. 

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(3)</sup> <br>| $3944290 |
| Non-cash Collateral<sup>(4)</sup> <br>| (3944290)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(3)</sup> The amount is included in "Investments, at value" on the Statements of Assets and Liabilities. 

<sup>(4)</sup> At June 30, 2025, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

This page intentionally left blank.

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund II**

**Statements of Assets and Liabilities**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **First Trust Asia** <br> **Pacific ex-Japan** <br> **AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FPA)** <br>| **First Trust** <br> **Europe** <br> **AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FEP)** <br>| **First Trust** <br> **Latin America** <br> **AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FLN)** <br>|
| **ASSETS:** |  |  |  |
| Investments, at value | $22926478 | &nbsp;&nbsp; $300093497 | &nbsp;&nbsp; $12806201 |
| Cash |  | &nbsp;&nbsp; 199660 | &nbsp;&nbsp; — |
| Foreign currency, at value | 8699 | &nbsp;&nbsp; 290043 | &nbsp;&nbsp; 7521 |
| Receivables: |  |  |  |
| Dividends | 65284 | &nbsp;&nbsp; 404425 | &nbsp;&nbsp; 165255 |
| Investment securities sold |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Interest |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 1079 |
| Capital shares sold |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Reclaims |  | &nbsp;&nbsp; 1696998 | &nbsp;&nbsp; — |
| Securities lending income |  | &nbsp;&nbsp; 10273 | &nbsp;&nbsp; — |
| Total Assets | 23000461 | &nbsp;&nbsp; 302694896 | &nbsp;&nbsp; 12980056 |
| **LIABILITIES:** |  |  |  |
| Due to custodian | 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26339 |
| Payables: |  |  |  |
| Investment advisory fees | 11823 | &nbsp;&nbsp; 184856 | &nbsp;&nbsp; 8335 |
| Investment securities purchased |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Capital shares redeemed |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Deferred foreign capital gains tax |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Collateral for securities on loan |  | &nbsp;&nbsp; 14559507 | &nbsp;&nbsp; — |
| Total Liabilities | 11824 | &nbsp;&nbsp; 14744363 | &nbsp;&nbsp; 34674 |
| **NET ASSETS** | $22988637 | &nbsp;&nbsp; $287950533 | &nbsp;&nbsp; $12945382 |
| **NET ASSETS consist of:** |  |  |  |
| Paid-in capital | $34334414 | &nbsp;&nbsp; $470512317 | &nbsp;&nbsp; $56350799 |
| Par value | 6500 | &nbsp;&nbsp; 60500 | &nbsp;&nbsp; 6500 |
| Accumulated distributable earnings (loss) | (11352277)<br>| &nbsp;&nbsp; (182622284)<br>| &nbsp;&nbsp; (43411917)<br>|
| **NET ASSETS** | $22988637 | &nbsp;&nbsp; $287950533 | &nbsp;&nbsp; $12945382 |
| **NET ASSET VALUE,** per share | $35.37 | &nbsp;&nbsp; $47.60 | &nbsp;&nbsp; $19.92 |
| Number of shares outstanding (unlimited number of shares authorized, <br> par value $0.01 per share)<br>| 650002 | &nbsp;&nbsp; 6050002 | &nbsp;&nbsp; 650002 |
| Investments, at cost | $18376636 | &nbsp;&nbsp; $233955649 | &nbsp;&nbsp; $10367636 |
| Foreign currency, at cost (proceeds) | $8702 | &nbsp;&nbsp; $277540 | &nbsp;&nbsp; $7141 |
| Securities on loan, at value | $— | &nbsp;&nbsp; $13956021 | &nbsp;&nbsp; $— |

---

See Notes to Financial Statements

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **First Trust Brazil** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FBZ)** <br>| **First Trust China** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FCA)** <br>| **First Trust Japan** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FJP)** <br>| **First Trust** <br> **Developed** <br> **Markets ex-US** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FDT)** <br>| **First Trust** <br> **Emerging** <br> **Markets** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FEM)** <br>| **First Trust** <br> **Germany** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FGM)** <br>|
| $7153515 | &nbsp;&nbsp; $39060550 | &nbsp;&nbsp; $191232353 | &nbsp;&nbsp; $542838367 | &nbsp;&nbsp; $420376871 | &nbsp;&nbsp; $61805860 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 58810 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6958 |
| 4 | &nbsp;&nbsp; 55888 | &nbsp;&nbsp; 199510 | &nbsp;&nbsp; 184252 | &nbsp;&nbsp; 291936 | &nbsp;&nbsp; 28 |
| 78055 | &nbsp;&nbsp; 294661 | &nbsp;&nbsp; 275063 | &nbsp;&nbsp; 797718 | &nbsp;&nbsp; 3359930 | &nbsp;&nbsp; 16705 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17668 | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 951717 | &nbsp;&nbsp; 348217 | &nbsp;&nbsp; 91628 |
|  | &nbsp;&nbsp; 4029 | &nbsp;&nbsp; 4619 | &nbsp;&nbsp; 14622 | &nbsp;&nbsp; 10472 | &nbsp;&nbsp; — |
| 7231574 | &nbsp;&nbsp; 39415128 | &nbsp;&nbsp; 191711545 | &nbsp;&nbsp; 544845486 | &nbsp;&nbsp; 424405094 | &nbsp;&nbsp; 61921179 |
| 4617 | &nbsp;&nbsp; 24710 | &nbsp;&nbsp; 113122 | &nbsp;&nbsp; 330799 | &nbsp;&nbsp; 270764 | &nbsp;&nbsp; 22397 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 267614 | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 998399 | &nbsp;&nbsp; 14811375 | &nbsp;&nbsp; 23499621 | &nbsp;&nbsp; 8342401 | &nbsp;&nbsp; — |
| 4617 | &nbsp;&nbsp; 1023109 | &nbsp;&nbsp; 14924497 | &nbsp;&nbsp; 23830420 | &nbsp;&nbsp; 8880779 | &nbsp;&nbsp; 22397 |
| $7226957 | &nbsp;&nbsp; $38392019 | &nbsp;&nbsp; $176787048 | &nbsp;&nbsp; $521015066 | &nbsp;&nbsp; $415524315 | &nbsp;&nbsp; $61898782 |
| $35223502 | &nbsp;&nbsp; $43179174 | &nbsp;&nbsp; $204058594 | &nbsp;&nbsp; $720933482 | &nbsp;&nbsp; $585286073 | &nbsp;&nbsp; $89330597 |
| 6000 | &nbsp;&nbsp; 16000 | &nbsp;&nbsp; 29500 | &nbsp;&nbsp; 75864 | &nbsp;&nbsp; 169500 | &nbsp;&nbsp; 11000 |
| (28002545)<br>| &nbsp;&nbsp; (4803155)<br>| &nbsp;&nbsp; (27301046)<br>| &nbsp;&nbsp; (199994280)<br>| &nbsp;&nbsp; (169931258)<br>| &nbsp;&nbsp; (27442815)<br>|
| $7226957 | &nbsp;&nbsp; $38392019 | &nbsp;&nbsp; $176787048 | &nbsp;&nbsp; $521015066 | &nbsp;&nbsp; $415524315 | &nbsp;&nbsp; $61898782 |
| $12.04 | &nbsp;&nbsp; $23.99 | &nbsp;&nbsp; $59.93 | &nbsp;&nbsp; $68.68 | &nbsp;&nbsp; $24.51 | &nbsp;&nbsp; $56.27 |
| 600002 | &nbsp;&nbsp; 1600002 | &nbsp;&nbsp; 2950002 | &nbsp;&nbsp; 7586412 | &nbsp;&nbsp; 16950002 | &nbsp;&nbsp; 1100002 |
| $5479402 | &nbsp;&nbsp; $32746072 | &nbsp;&nbsp; $161009292 | &nbsp;&nbsp; $426057281 | &nbsp;&nbsp; $374281058 | &nbsp;&nbsp; $57092780 |
| $4 | &nbsp;&nbsp; $55890 | &nbsp;&nbsp; $200772 | &nbsp;&nbsp; $185187 | &nbsp;&nbsp; $291711 | &nbsp;&nbsp; $27 |
| $— | &nbsp;&nbsp; $933358 | &nbsp;&nbsp; $13597089 | &nbsp;&nbsp; $21518670 | &nbsp;&nbsp; $7869699 | &nbsp;&nbsp; $— |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund II**

**Statements of Assets and Liabilities (Continued)**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **First Trust** <br> **United Kingdom** <br> **AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FKU)** <br>| **First Trust** <br> **India NIFTY** <br> **50 Equal Weight** <br> **ETF** <br>**(NFTY)** <br>| **First Trust** <br> **Switzerland** <br> **AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FSZ)** <br>|
| **ASSETS:** |  |  |  |
| Investments, at value | $62539412 | &nbsp;&nbsp; $216712080 | &nbsp;&nbsp; $66927922 |
| Cash | 253 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Foreign currency, at value | 74148 | &nbsp;&nbsp; 17375467 | &nbsp;&nbsp; 19 |
| Receivables: |  |  |  |
| Dividends | 236354 | &nbsp;&nbsp; 469577 | &nbsp;&nbsp; 474 |
| Investment securities sold | 2649 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1205834 |
| Interest |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Capital shares sold |  | &nbsp;&nbsp; 6038 | &nbsp;&nbsp; — |
| Reclaims | 19806 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1852665 |
| Securities lending income |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Assets | 62872622 | &nbsp;&nbsp; 234563162 | &nbsp;&nbsp; 69986914 |
| **LIABILITIES:** |  |  |  |
| Due to custodian |  | &nbsp;&nbsp; 1614876 | &nbsp;&nbsp; — |
| Payables: |  |  |  |
| Investment advisory fees | 39198 | &nbsp;&nbsp; 151188 | &nbsp;&nbsp; 44822 |
| Investment securities purchased |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 1257096 |
| Capital shares redeemed |  | &nbsp;&nbsp; 15094382 | &nbsp;&nbsp; — |
| Deferred foreign capital gains tax |  | &nbsp;&nbsp; 4787590 | &nbsp;&nbsp; — |
| Collateral for securities on loan |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Liabilities | 39198 | &nbsp;&nbsp; 21648036 | &nbsp;&nbsp; 1301918 |
| **NET ASSETS** | $62833424 | &nbsp;&nbsp; $212915126 | &nbsp;&nbsp; $68684996 |
| **NET ASSETS consist of:** |  |  |  |
| Paid-in capital | $103846649 | &nbsp;&nbsp; $172500659 | &nbsp;&nbsp; $79141829 |
| Par value | 13500 | &nbsp;&nbsp; 35500 | &nbsp;&nbsp; 9000 |
| Accumulated distributable earnings (loss) | (41026725)<br>| &nbsp;&nbsp; 40378967 | &nbsp;&nbsp; (10465833)<br>|
| **NET ASSETS** | $62833424 | &nbsp;&nbsp; $212915126 | &nbsp;&nbsp; $68684996 |
| **NET ASSET VALUE,** per share | $46.54 | &nbsp;&nbsp; $59.98 | &nbsp;&nbsp; $76.32 |
| Number of shares outstanding (unlimited number of shares authorized, <br> par value $0.01 per share)<br>| 1350002 | &nbsp;&nbsp; 3550002 | &nbsp;&nbsp; 900002 |
| Investments, at cost | $51072291 | &nbsp;&nbsp; $162692043 | &nbsp;&nbsp; $55471625 |
| Foreign currency, at cost (proceeds) | $74148 | &nbsp;&nbsp; $17375130 | &nbsp;&nbsp; $18 |
| Securities on loan, at value | $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

See Notes to Financial Statements

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **First Trust** <br> **Developed** <br> **Markets ex-US** <br> **Small Cap** <br> **AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FDTS)** <br>| **First Trust** <br> **Emerging** <br> **Markets Small** <br> **Cap** <br> **AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FEMS)** <br>| **First Trust** <br> **Eurozone** <br> **AlphaDEX**<sup>®</sup> <br> **ETF** <br>**(FEUZ)** <br>|
| $7676358 | &nbsp;&nbsp; $250481233 | &nbsp;&nbsp; $64238831 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 20742 |
| 22897 | &nbsp;&nbsp; 357917 | &nbsp;&nbsp; 17396 |
| 10991 | &nbsp;&nbsp; 1678145 | &nbsp;&nbsp; 36695 |
|  | &nbsp;&nbsp; 54002 | &nbsp;&nbsp; — |
| 1780 | &nbsp;&nbsp; 58175 | &nbsp;&nbsp; 171642 |
| 269 | &nbsp;&nbsp; 18570 | &nbsp;&nbsp; 2117 |
| 7712295 | &nbsp;&nbsp; 252648042 | &nbsp;&nbsp; 64487423 |
| 6033 | &nbsp;&nbsp; 531 | &nbsp;&nbsp; — |
| 4860 | &nbsp;&nbsp; 162188 | &nbsp;&nbsp; 39269 |
| 105239 | &nbsp;&nbsp; 4836028 | &nbsp;&nbsp; 3944290 |
| 116132 | &nbsp;&nbsp; 4998747 | &nbsp;&nbsp; 3983559 |
| $7596163 | &nbsp;&nbsp; $247649295 | &nbsp;&nbsp; $60503864 |
| $11027876 | &nbsp;&nbsp; $280763372 | &nbsp;&nbsp; $74219310 |
| 1500 | &nbsp;&nbsp; 61000 | &nbsp;&nbsp; 11000 |
| (3433213)<br>| &nbsp;&nbsp; (33175077)<br>| &nbsp;&nbsp; (13726446)<br>|
| $7596163 | &nbsp;&nbsp; $247649295 | &nbsp;&nbsp; $60503864 |
| $50.64 | &nbsp;&nbsp; $40.60 | &nbsp;&nbsp; $55.00 |
| 150002 | &nbsp;&nbsp; 6100002 | &nbsp;&nbsp; 1100002 |
| $6127186 | &nbsp;&nbsp; $223384516 | &nbsp;&nbsp; $56230249 |
| $22804 | &nbsp;&nbsp; $357526 | &nbsp;&nbsp; $17085 |
| $84744 | &nbsp;&nbsp; $4565378 | &nbsp;&nbsp; $3799626 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund II**

**Statements of Operations**

**For the Six Months Ended June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **First Trust Asia** <br> **Pacific ex-Japan** <br> **AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FPA)** <br>| **First Trust** <br> **Europe** <br> **AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FEP)** <br>| **First Trust** <br> **Latin America** <br> **AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FLN)** <br>|
| **INVESTMENT INCOME:** |  |  |  |
| Dividends | $364799 | &nbsp;&nbsp; $7932057 | &nbsp;&nbsp; $331440 |
| Securities lending income (net of fees) | 13734 | &nbsp;&nbsp; 38780 | &nbsp;&nbsp; — |
| Foreign withholding tax | (20262)<br>| &nbsp;&nbsp; (399875)<br>| &nbsp;&nbsp; (17089)<br>|
| Total investment income | 358271 | &nbsp;&nbsp; 7570962 | &nbsp;&nbsp; 314351 |
| **EXPENSES:** |  |  |  |
| Investment advisory fees | 58456<br>| &nbsp;&nbsp; 898045<br>| &nbsp;&nbsp; 46774<br>|
| Total expenses | 58456 | &nbsp;&nbsp; 898045 | &nbsp;&nbsp; 46774 |
| **NET INVESTMENT INCOME (LOSS)** | 299815 | &nbsp;&nbsp; 6672917 | &nbsp;&nbsp; 267577 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| Investments | (84411)<br>| &nbsp;&nbsp; 975181 | &nbsp;&nbsp; 21033 |
| In-kind redemptions | 74229 | &nbsp;&nbsp; 310592 | &nbsp;&nbsp; (119570)<br>|
| Foreign currency transactions | (23042)<br>| &nbsp;&nbsp; 3412 | &nbsp;&nbsp; (15428)<br>|
| Foreign capital gains tax |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gain (loss) | (33224)<br>| &nbsp;&nbsp; 1289185 | &nbsp;&nbsp; (113965)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Investments | 3821751 | &nbsp;&nbsp; 60967727 | &nbsp;&nbsp; 3292665 |
| Foreign currency translation | 67 | &nbsp;&nbsp; 200510 | &nbsp;&nbsp; 20834 |
| Deferred foreign capital gains tax |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation) | 3821818 | &nbsp;&nbsp; 61168237 | &nbsp;&nbsp; 3313499 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 3788594 | &nbsp;&nbsp; 62457422 | &nbsp;&nbsp; 3199534 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $4088409 | &nbsp;&nbsp; $69130339 | &nbsp;&nbsp; $3467111 |

---

See Notes to Financial Statements

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **First Trust Brazil** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FBZ)** <br>| **First Trust China** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FCA)** <br>| **First Trust Japan** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FJP)** <br>| **First Trust** <br> **Developed** <br> **Markets ex-US** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FDT)** <br>| **First Trust** <br> **Emerging** <br> **Markets** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FEM)** <br>| **First Trust** <br> **Germany** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FGM)** <br>|
| $168541 | &nbsp;&nbsp; $812790 | &nbsp;&nbsp; $2426072 | &nbsp;&nbsp; $11456770 | &nbsp;&nbsp; $10915533 | &nbsp;&nbsp; $514243 |
|  | &nbsp;&nbsp; 53033 | &nbsp;&nbsp; 23496 | &nbsp;&nbsp; 96144 | &nbsp;&nbsp; 44776 | &nbsp;&nbsp; 242 |
| (58)<br>| &nbsp;&nbsp; (38615)<br>| &nbsp;&nbsp; (242426)<br>| &nbsp;&nbsp; (1045941)<br>| &nbsp;&nbsp; (1153233)<br>| &nbsp;&nbsp; (75900)<br>|
| 168483 | &nbsp;&nbsp; 827208 | &nbsp;&nbsp; 2207142 | &nbsp;&nbsp; 10506973 | &nbsp;&nbsp; 9807076 | &nbsp;&nbsp; 438585 |
| 23381<br>| &nbsp;&nbsp; 151775<br>| &nbsp;&nbsp; 654690<br>| &nbsp;&nbsp; 1741649<br>| &nbsp;&nbsp; 1562530<br>| &nbsp;&nbsp; 63892<br>|
| 23381 | &nbsp;&nbsp; 151775 | &nbsp;&nbsp; 654690 | &nbsp;&nbsp; 1741649 | &nbsp;&nbsp; 1562530 | &nbsp;&nbsp; 63892 |
| 145102 | &nbsp;&nbsp; 675433 | &nbsp;&nbsp; 1552452 | &nbsp;&nbsp; 8765324 | &nbsp;&nbsp; 8244546 | &nbsp;&nbsp; 374693 |
| (376050)<br>| &nbsp;&nbsp; (1617200)<br>| &nbsp;&nbsp; (1507510)<br>| &nbsp;&nbsp; 5450404 | &nbsp;&nbsp; (10661322)<br>| &nbsp;&nbsp; (18820)<br>|
|  | &nbsp;&nbsp; 906733 | &nbsp;&nbsp; 6069049 | &nbsp;&nbsp; 1127982 | &nbsp;&nbsp; 1358181 | &nbsp;&nbsp; 436460 |
| 467 | &nbsp;&nbsp; (395)<br>| &nbsp;&nbsp; 64922 | &nbsp;&nbsp; (240607)<br>| &nbsp;&nbsp; (203081)<br>| &nbsp;&nbsp; 981 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (11065)<br>| &nbsp;&nbsp; — |
| (375583)<br>| &nbsp;&nbsp; (710862)<br>| &nbsp;&nbsp; 4626461 | &nbsp;&nbsp; 6337779 | &nbsp;&nbsp; (9517287)<br>| &nbsp;&nbsp; 418621 |
| 2022938 | &nbsp;&nbsp; 6258487 | &nbsp;&nbsp; 18506422 | &nbsp;&nbsp; 98534004 | &nbsp;&nbsp; 43722320 | &nbsp;&nbsp; 4979122 |
| 6781 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 413 | &nbsp;&nbsp; 103208 | &nbsp;&nbsp; 117816 | &nbsp;&nbsp; 7158 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 117786 | &nbsp;&nbsp; — |
| 2029719 | &nbsp;&nbsp; 6258499 | &nbsp;&nbsp; 18506835 | &nbsp;&nbsp; 98637212 | &nbsp;&nbsp; 43957922 | &nbsp;&nbsp; 4986280 |
| 1654136 | &nbsp;&nbsp; 5547637 | &nbsp;&nbsp; 23133296 | &nbsp;&nbsp; 104974991 | &nbsp;&nbsp; 34440635 | &nbsp;&nbsp; 5404901 |
| $1799238 | &nbsp;&nbsp; $6223070 | &nbsp;&nbsp; $24685748 | &nbsp;&nbsp; $113740315 | &nbsp;&nbsp; $42685181 | &nbsp;&nbsp; $5779594 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund II**

**Statements of Operations (Continued)**

**For the Six Months Ended June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **First Trust** <br> **United Kingdom** <br> **AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FKU)** <br>| **First Trust** <br> **India NIFTY** <br> **50 Equal Weight** <br> **ETF** <br>**(NFTY)** <br>| **First Trust** <br> **Switzerland** <br> **AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FSZ)** <br>|
| **INVESTMENT INCOME:** |  |  |  |
| Dividends | $1274221 | &nbsp;&nbsp; $2148913 | &nbsp;&nbsp; $1860600 |
| Securities lending income (net of fees) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Foreign withholding tax | (20316)<br>| &nbsp;&nbsp; (430452)<br>| &nbsp;&nbsp; (234653)<br>|
| Total investment income | 1253905 | &nbsp;&nbsp; 1718461 | &nbsp;&nbsp; 1625947 |
| **EXPENSES:** |  |  |  |
| Investment advisory fees | 232615<br>| &nbsp;&nbsp; 944241<br>| &nbsp;&nbsp; 267375<br>|
| Total expenses | 232615 | &nbsp;&nbsp; 944241 | &nbsp;&nbsp; 267375 |
| **NET INVESTMENT INCOME (LOSS)** | 1021290 | &nbsp;&nbsp; 774220 | &nbsp;&nbsp; 1358572 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| Investments | (1980013)<br>| &nbsp;&nbsp; (3006090)<br>| &nbsp;&nbsp; 540614 |
| In-kind redemptions | 4091828 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3222239 |
| Foreign currency transactions | 14105 | &nbsp;&nbsp; (165299)<br>| &nbsp;&nbsp; (3526)<br>|
| Foreign capital gains tax |  | &nbsp;&nbsp; (2308122)<br>| &nbsp;&nbsp; — |
| Net realized gain (loss) | 2125920 | &nbsp;&nbsp; (5479511)<br>| &nbsp;&nbsp; 3759327 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Investments | 9525976 | &nbsp;&nbsp; 20556319 | &nbsp;&nbsp; 8663170 |
| Foreign currency translation | 6239 | &nbsp;&nbsp; 1135 | &nbsp;&nbsp; 206884 |
| Deferred foreign capital gains tax |  | &nbsp;&nbsp; (1596034)<br>| &nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation) | 9532215 | &nbsp;&nbsp; 18961420 | &nbsp;&nbsp; 8870054 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 11658135 | &nbsp;&nbsp; 13481909 | &nbsp;&nbsp; 12629381 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $12679425 | &nbsp;&nbsp; $14256129 | &nbsp;&nbsp; $13987953 |

---

See Notes to Financial Statements

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **First Trust** <br> **Developed** <br> **Markets ex-US** <br> **Small Cap** <br> **AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FDTS)** <br>| **First Trust** <br> **Emerging** <br> **Markets Small** <br> **Cap** <br> **AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FEMS)** <br>| **First Trust** <br> **Eurozone** <br> **AlphaDEX**<sup>®</sup> <br> **ETF** <br>**(FEUZ)** <br>|
| $163292 | &nbsp;&nbsp; $6653242 | &nbsp;&nbsp; $1737500 |
| 1957 | &nbsp;&nbsp; 191246 | &nbsp;&nbsp; 6681 |
| (19484)<br>| &nbsp;&nbsp; (681881)<br>| &nbsp;&nbsp; (207605)<br>|
| 145765 | &nbsp;&nbsp; 6162607 | &nbsp;&nbsp; 1536576 |
| 25861<br>| &nbsp;&nbsp; 1013860<br>| &nbsp;&nbsp; 154558<br>|
| 25861 | &nbsp;&nbsp; 1013860 | &nbsp;&nbsp; 154558 |
| 119904 | &nbsp;&nbsp; 5148747 | &nbsp;&nbsp; 1382018 |
| (87957)<br>| &nbsp;&nbsp; (16789666)<br>| &nbsp;&nbsp; (1832383)<br>|
|  | &nbsp;&nbsp; 1589798 | &nbsp;&nbsp; 2492191 |
| (193)<br>| &nbsp;&nbsp; (140348)<br>| &nbsp;&nbsp; (1577)<br>|
|  | &nbsp;&nbsp; (9413)<br>| &nbsp;&nbsp; — |
| (88150)<br>| &nbsp;&nbsp; (15349629)<br>| &nbsp;&nbsp; 658231 |
| 1619547 | &nbsp;&nbsp; 24807113 | &nbsp;&nbsp; 9420337 |
| 383 | &nbsp;&nbsp; 42883 | &nbsp;&nbsp; 16791 |
|  | &nbsp;&nbsp; 62081 | &nbsp;&nbsp; — |
| 1619930 | &nbsp;&nbsp; 24912077 | &nbsp;&nbsp; 9437128 |
| 1531780 | &nbsp;&nbsp; 9562448 | &nbsp;&nbsp; 10095359 |
| $1651684 | &nbsp;&nbsp; $14711195 | &nbsp;&nbsp; $11477377 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund II**

**Statements of Changes in Net Assets** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First Trust Asia Pacific ex-Japan** <br> **AlphaDEX**<sup>®</sup> **Fund (FPA)** | **First Trust Asia Pacific ex-Japan** <br> **AlphaDEX**<sup>®</sup> **Fund (FPA)** | **First Trust Europe AlphaDEX**<sup>®</sup> <br> **Fund (FEP)** | **First Trust Europe AlphaDEX**<sup>®</sup> <br> **Fund (FEP)** |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**12/31/2024** <br>| **Six Months** <br>**Ended** <br>**6/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**12/31/2024** <br>|
| **OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $299815 | &nbsp;&nbsp; $422434 | &nbsp;&nbsp; $6672917 | &nbsp;&nbsp; $7465542 |
| Net realized gain (loss) | (33224)<br>| &nbsp;&nbsp; 1243371 | &nbsp;&nbsp; 1289185 | &nbsp;&nbsp; 17306254 |
| Net change in unrealized appreciation (depreciation) | 3821818 | &nbsp;&nbsp; (1202754)<br>| &nbsp;&nbsp; 61168237 | &nbsp;&nbsp; (16597473)<br>|
| Net increase (decrease) in net assets resulting from <br> operations<br>| 4088409 | &nbsp;&nbsp; 463051 | &nbsp;&nbsp; 69130339 | &nbsp;&nbsp; 8174323 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |
| Investment operations | (285051)<br>| &nbsp;&nbsp; (466052)<br>| &nbsp;&nbsp; (6391607)<br>| &nbsp;&nbsp; (9806543)<br>|
| Return of capital |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions to shareholders | (285051)<br>| &nbsp;&nbsp; (466052)<br>| &nbsp;&nbsp; (6391607)<br>| &nbsp;&nbsp; (9806543)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares sold | 6796618<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; 42108780<br>| &nbsp;&nbsp; —<br>|
| Cost of shares redeemed | (1404814) <br>| &nbsp;&nbsp; (4046995) <br>| &nbsp;&nbsp; (1906516) <br>| &nbsp;&nbsp; (36669856) <br>|
| Net increase (decrease) in net assets resulting from <br> shareholder transactions<br>| 5391804 | &nbsp;&nbsp; (4046995)<br>| &nbsp;&nbsp; 40202264 | &nbsp;&nbsp; (36669856)<br>|
| Total increase (decrease) in net assets | 9195162 | &nbsp;&nbsp; (4049996)<br>| &nbsp;&nbsp; 102940996 | &nbsp;&nbsp; (38302076)<br>|
| **NET ASSETS:** |  |  |  |  |
| Beginning of period | 13793475 | &nbsp;&nbsp; 17843471 | &nbsp;&nbsp; 185009537 | &nbsp;&nbsp; 223311613 |
| End of period | $22988637 | &nbsp;&nbsp; $13793475 | &nbsp;&nbsp; $287950533 | &nbsp;&nbsp; $185009537 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |  |  |
| Shares outstanding, beginning of period | 500002 | &nbsp;&nbsp; 650002 | &nbsp;&nbsp; 5150002 | &nbsp;&nbsp; 6150002 |
| Shares sold | 200000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 950000 | &nbsp;&nbsp; — |
| Shares redeemed | (50000)<br>| &nbsp;&nbsp; (150000)<br>| &nbsp;&nbsp; (50000)<br>| &nbsp;&nbsp; (1000000)<br>|
| Shares outstanding, end of period | 650002 | &nbsp;&nbsp; 500002 | &nbsp;&nbsp; 6050002 | &nbsp;&nbsp; 5150002 |

---

See Notes to Financial Statements

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **First Trust Latin America AlphaDEX**<sup>®</sup> <br> **Fund (FLN)** | **First Trust Latin America AlphaDEX**<sup>®</sup> <br> **Fund (FLN)** | **First Trust Brazil AlphaDEX**<sup>®</sup> **Fund** <br> **(FBZ)** | **First Trust Brazil AlphaDEX**<sup>®</sup> **Fund** <br> **(FBZ)** | **First Trust China AlphaDEX**<sup>®</sup> **Fund** <br> **(FCA)** | **First Trust China AlphaDEX**<sup>®</sup> **Fund** <br> **(FCA)** |
| **Six Months** <br>**Ended** <br>**6/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**12/31/2024** <br>| **Six Months** <br>**Ended** <br>**6/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**12/31/2024** <br>| **Six Months** <br>**Ended** <br>**6/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**12/31/2024** <br>|
| $267577 | &nbsp;&nbsp; $1417420 | &nbsp;&nbsp; $145102 | &nbsp;&nbsp; $270369 | &nbsp;&nbsp; $675433 | &nbsp;&nbsp; $341066 |
| (113965)<br>| &nbsp;&nbsp; 4215629 | &nbsp;&nbsp; (375583)<br>| &nbsp;&nbsp; 249099 | &nbsp;&nbsp; (710862)<br>| &nbsp;&nbsp; (513897)<br>|
| 3313499 | &nbsp;&nbsp; (15701133)<br>| &nbsp;&nbsp; 2029719 | &nbsp;&nbsp; (2002029)<br>| &nbsp;&nbsp; 6258499 | &nbsp;&nbsp; 939388 |
| 3467111 | &nbsp;&nbsp; (10068084)<br>| &nbsp;&nbsp; 1799238 | &nbsp;&nbsp; (1482561)<br>| &nbsp;&nbsp; 6223070 | &nbsp;&nbsp; 766557 |
| (238906)<br>| &nbsp;&nbsp; (1439862)<br>| &nbsp;&nbsp; (109955)<br>| &nbsp;&nbsp; (235401)<br>| &nbsp;&nbsp; (593761)<br>| &nbsp;&nbsp; (313487)<br>|
| (238906)<br>| &nbsp;&nbsp; (1439862)<br>| &nbsp;&nbsp; (109955)<br>| &nbsp;&nbsp; (235401)<br>| &nbsp;&nbsp; (593761)<br>| &nbsp;&nbsp; (313487)<br>|
| 929471<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; 539341<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; 45358525<br>|
| (4176691) <br>| &nbsp;&nbsp; (50268605) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (15145281) <br>| &nbsp;&nbsp; (4402064) <br>|
| (3247220)<br>| &nbsp;&nbsp; (50268605)<br>| &nbsp;&nbsp; 539341 | &nbsp;&nbsp; — | &nbsp;&nbsp; (15145281)<br>| &nbsp;&nbsp; 40956461 |
| (19015)<br>| &nbsp;&nbsp; (61776551)<br>| &nbsp;&nbsp; 2228624 | &nbsp;&nbsp; (1717962)<br>| &nbsp;&nbsp; (9515972)<br>| &nbsp;&nbsp; 41409531 |
| 12964397 | &nbsp;&nbsp; 74740948 | &nbsp;&nbsp; 4998333 | &nbsp;&nbsp; 6716295 | &nbsp;&nbsp; 47907991 | &nbsp;&nbsp; 6498460 |
| $12945382 | &nbsp;&nbsp; $12964397 | &nbsp;&nbsp; $7226957 | &nbsp;&nbsp; $4998333 | &nbsp;&nbsp; $38392019 | &nbsp;&nbsp; $47907991 |
| 850002 | &nbsp;&nbsp; 3600002 | &nbsp;&nbsp; 550002 | &nbsp;&nbsp; 550002 | &nbsp;&nbsp; 2350002 | &nbsp;&nbsp; 350002 |
| 50000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2200000 |
| (250000)<br>| &nbsp;&nbsp; (2750000)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (750000)<br>| &nbsp;&nbsp; (200000)<br>|
| 650002 | &nbsp;&nbsp; 850002 | &nbsp;&nbsp; 600002 | &nbsp;&nbsp; 550002 | &nbsp;&nbsp; 1600002 | &nbsp;&nbsp; 2350002 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund II**

**Statements of Changes in Net Assets (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First Trust Japan AlphaDEX**<sup>®</sup> <br> **Fund (FJP)** | **First Trust Japan AlphaDEX**<sup>®</sup> <br> **Fund (FJP)** | **First Trust Developed Markets** <br> **ex-US AlphaDEX**<sup>®</sup> **Fund (FDT)** | **First Trust Developed Markets** <br> **ex-US AlphaDEX**<sup>®</sup> **Fund (FDT)** |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**12/31/2024** <br>| **Six Months** <br>**Ended** <br>**6/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**12/31/2024** <br>|
| **OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $1552452 | &nbsp;&nbsp; $3816921 | &nbsp;&nbsp; $8765324 | &nbsp;&nbsp; $12287791 |
| Net realized gain (loss) | 4626461 | &nbsp;&nbsp; 10840439 | &nbsp;&nbsp; 6337779 | &nbsp;&nbsp; 44570918 |
| Net change in unrealized appreciation (depreciation) | 18506835 | &nbsp;&nbsp; (4191041)<br>| &nbsp;&nbsp; 98637212 | &nbsp;&nbsp; (28811214)<br>|
| Net increase (decrease) in net assets resulting from <br> operations<br>| 24685748 | &nbsp;&nbsp; 10466319 | &nbsp;&nbsp; 113740315 | &nbsp;&nbsp; 28047495 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |
| Investment operations | (1364670)<br>| &nbsp;&nbsp; (6101123)<br>| &nbsp;&nbsp; (8186899)<br>| &nbsp;&nbsp; (15547549)<br>|
| Return of capital |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions to shareholders | (1364670)<br>| &nbsp;&nbsp; (6101123)<br>| &nbsp;&nbsp; (8186899)<br>| &nbsp;&nbsp; (15547549)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares sold | 5802903<br>| &nbsp;&nbsp; 55503822<br>| &nbsp;&nbsp; 34024609<br>| &nbsp;&nbsp; 11289085<br>|
| Cost of shares redeemed | (44720794) <br>| &nbsp;&nbsp; (55023040) <br>| &nbsp;&nbsp; (10836594) <br>| &nbsp;&nbsp; (41154062) <br>|
| Net increase (decrease) in net assets resulting from <br> shareholder transactions<br>| (38917891)<br>| &nbsp;&nbsp; 480782 | &nbsp;&nbsp; 23188015 | &nbsp;&nbsp; (29864977)<br>|
| Total increase (decrease) in net assets | (15596813)<br>| &nbsp;&nbsp; 4845978 | &nbsp;&nbsp; 128741431 | &nbsp;&nbsp; (17365031)<br>|
| **NET ASSETS:** |  |  |  |  |
| Beginning of period | 192383861 | &nbsp;&nbsp; 187537883 | &nbsp;&nbsp; 392273635 | &nbsp;&nbsp; 409638666 |
| End of period | $176787048 | &nbsp;&nbsp; $192383861 | &nbsp;&nbsp; $521015066 | &nbsp;&nbsp; $392273635 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |  |  |
| Shares outstanding, beginning of period | 3700002 | &nbsp;&nbsp; 3700002 | &nbsp;&nbsp; 7236412 | &nbsp;&nbsp; 7786412 |
| Shares sold | 100000 | &nbsp;&nbsp; 1050000 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 200000 |
| Shares redeemed | (850000)<br>| &nbsp;&nbsp; (1050000)<br>| &nbsp;&nbsp; (200000)<br>| &nbsp;&nbsp; (750000)<br>|
| Shares outstanding, end of period | 2950002 | &nbsp;&nbsp; 3700002 | &nbsp;&nbsp; 7586412 | &nbsp;&nbsp; 7236412 |

---

See Notes to Financial Statements

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **First Trust Emerging Markets** <br> **AlphaDEX**<sup>®</sup> **Fund (FEM)** | **First Trust Emerging Markets** <br> **AlphaDEX**<sup>®</sup> **Fund (FEM)** | **First Trust Germany AlphaDEX**<sup>®</sup> **Fund** <br> **(FGM)** | **First Trust Germany AlphaDEX**<sup>®</sup> **Fund** <br> **(FGM)** | **First Trust United Kingdom** <br> **AlphaDEX**<sup>®</sup> **Fund (FKU)** | **First Trust United Kingdom** <br> **AlphaDEX**<sup>®</sup> **Fund (FKU)** |
| **Six Months** <br>**Ended** <br>**6/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**12/31/2024** <br>| **Six Months** <br>**Ended** <br>**6/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**12/31/2024** <br>| **Six Months** <br>**Ended** <br>**6/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**12/31/2024** <br>|
| $8244546 | &nbsp;&nbsp; $18404938 | &nbsp;&nbsp; $374693 | &nbsp;&nbsp; $206964 | &nbsp;&nbsp; $1021290 | &nbsp;&nbsp; $1822667 |
| (9517287)<br>| &nbsp;&nbsp; 17569003 | &nbsp;&nbsp; 418621 | &nbsp;&nbsp; (497360)<br>| &nbsp;&nbsp; 2125920 | &nbsp;&nbsp; 2327910 |
| 43957922 | &nbsp;&nbsp; (19250521)<br>| &nbsp;&nbsp; 4986280 | &nbsp;&nbsp; 504626 | &nbsp;&nbsp; 9532215 | &nbsp;&nbsp; 2683829 |
| 42685181 | &nbsp;&nbsp; 16723420 | &nbsp;&nbsp; 5779594 | &nbsp;&nbsp; 214230 | &nbsp;&nbsp; 12679425 | &nbsp;&nbsp; 6834406 |
| (6164101)<br>| &nbsp;&nbsp; (14849591)<br>| &nbsp;&nbsp; (412501)<br>| &nbsp;&nbsp; (206602)<br>| &nbsp;&nbsp; (936361)<br>| &nbsp;&nbsp; (2686743)<br>|
| (6164101)<br>| &nbsp;&nbsp; (14849591)<br>| &nbsp;&nbsp; (412501)<br>| &nbsp;&nbsp; (206602)<br>| &nbsp;&nbsp; (936361)<br>| &nbsp;&nbsp; (2686743)<br>|
| —<br>| &nbsp;&nbsp; 7086040<br>| &nbsp;&nbsp; 50948246<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; 6753575<br>| &nbsp;&nbsp; 52210852<br>|
| (27343400) <br>| &nbsp;&nbsp; (19168195) <br>| &nbsp;&nbsp; (2111751) <br>| &nbsp;&nbsp; (7836857) <br>| &nbsp;&nbsp; (20505620) <br>| &nbsp;&nbsp; (11728720) <br>|
| (27343400)<br>| &nbsp;&nbsp; (12082155)<br>| &nbsp;&nbsp; 48836495 | &nbsp;&nbsp; (7836857)<br>| &nbsp;&nbsp; (13752045)<br>| &nbsp;&nbsp; 40482132 |
| 9177680 | &nbsp;&nbsp; (10208326)<br>| &nbsp;&nbsp; 54203588 | &nbsp;&nbsp; (7829229)<br>| &nbsp;&nbsp; (2008981)<br>| &nbsp;&nbsp; 44629795 |
| 406346635 | &nbsp;&nbsp; 416554961 | &nbsp;&nbsp; 7695194 | &nbsp;&nbsp; 15524423 | &nbsp;&nbsp; 64842405 | &nbsp;&nbsp; 20212610 |
| $415524315 | &nbsp;&nbsp; $406346635 | &nbsp;&nbsp; $61898782 | &nbsp;&nbsp; $7695194 | &nbsp;&nbsp; $62833424 | &nbsp;&nbsp; $64842405 |
| 18200002 | &nbsp;&nbsp; 18750002 | &nbsp;&nbsp; 200002 | &nbsp;&nbsp; 400002 | &nbsp;&nbsp; 1700002 | &nbsp;&nbsp; 550002 |
|  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 950000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 1450000 |
| (1250000)<br>| &nbsp;&nbsp; (850000)<br>| &nbsp;&nbsp; (50000)<br>| &nbsp;&nbsp; (200000)<br>| &nbsp;&nbsp; (500000)<br>| &nbsp;&nbsp; (300000)<br>|
| 16950002 | &nbsp;&nbsp; 18200002 | &nbsp;&nbsp; 1100002 | &nbsp;&nbsp; 200002 | &nbsp;&nbsp; 1350002 | &nbsp;&nbsp; 1700002 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund II**

**Statements of Changes in Net Assets (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First Trust India NIFTY 50 Equal** <br> **Weight ETF (NFTY)** | **First Trust India NIFTY 50 Equal** <br> **Weight ETF (NFTY)** | **First Trust Switzerland** <br> **AlphaDEX**<sup>®</sup> **Fund (FSZ)** | **First Trust Switzerland** <br> **AlphaDEX**<sup>®</sup> **Fund (FSZ)** |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**12/31/2024** <br>| **Six Months** <br>**Ended** <br>**6/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**12/31/2024** <br>|
| **OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $774220 | &nbsp;&nbsp; $599210 | &nbsp;&nbsp; $1358572 | &nbsp;&nbsp; $1421053 |
| Net realized gain (loss) | (5479511)<br>| &nbsp;&nbsp; 321257 | &nbsp;&nbsp; 3759327 | &nbsp;&nbsp; 3305109 |
| Net change in unrealized appreciation (depreciation) | 18961420 | &nbsp;&nbsp; 2328677 | &nbsp;&nbsp; 8870054 | &nbsp;&nbsp; (5544260)<br>|
| Net increase (decrease) in net assets resulting from <br> operations<br>| 14256129 | &nbsp;&nbsp; 3249144 | &nbsp;&nbsp; 13987953 | &nbsp;&nbsp; (818098)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |
| Investment operations |  | &nbsp;&nbsp; (4004107)<br>| &nbsp;&nbsp; (1041507)<br>| &nbsp;&nbsp; (1453362)<br>|
| Return of capital |  | &nbsp;&nbsp; (196609)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions to shareholders |  | &nbsp;&nbsp; (4200716)<br>| &nbsp;&nbsp; (1041507)<br>| &nbsp;&nbsp; (1453362)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares sold | —<br>| &nbsp;&nbsp; 151028379<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; 3212070<br>|
| Cost of shares redeemed | (73095563) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (19901908) <br>| &nbsp;&nbsp; (9741239) <br>|
| Net increase (decrease) in net assets resulting from <br> shareholder transactions<br>| (73095563)<br>| &nbsp;&nbsp; 151028379 | &nbsp;&nbsp; (19901908)<br>| &nbsp;&nbsp; (6529169)<br>|
| Total increase (decrease) in net assets | (58839434)<br>| &nbsp;&nbsp; 150076807 | &nbsp;&nbsp; (6955462)<br>| &nbsp;&nbsp; (8800629)<br>|
| **NET ASSETS:** |  |  |  |  |
| Beginning of period | 271754560 | &nbsp;&nbsp; 121677753 | &nbsp;&nbsp; 75640458 | &nbsp;&nbsp; 84441087 |
| End of period | $212915126 | &nbsp;&nbsp; $271754560 | &nbsp;&nbsp; $68684996 | &nbsp;&nbsp; $75640458 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |  |  |
| Shares outstanding, beginning of period | 4850002 | &nbsp;&nbsp; 2250002 | &nbsp;&nbsp; 1200002 | &nbsp;&nbsp; 1300002 |
| Shares sold |  | &nbsp;&nbsp; 2600000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 50000 |
| Shares redeemed | (1300000)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (300000)<br>| &nbsp;&nbsp; (150000)<br>|
| Shares outstanding, end of period | 3550002 | &nbsp;&nbsp; 4850002 | &nbsp;&nbsp; 900002 | &nbsp;&nbsp; 1200002 |

---

See Notes to Financial Statements

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **First Trust Developed Markets ex-US** <br> **Small Cap AlphaDEX**<sup>®</sup> **Fund (FDTS)** | **First Trust Developed Markets ex-US** <br> **Small Cap AlphaDEX**<sup>®</sup> **Fund (FDTS)** | **First Trust Emerging Markets Small** <br> **Cap AlphaDEX**<sup>®</sup> **Fund (FEMS)** | **First Trust Emerging Markets Small** <br> **Cap AlphaDEX**<sup>®</sup> **Fund (FEMS)** | **First Trust Eurozone AlphaDEX**<sup>®</sup> **ETF** <br> **(FEUZ)** | **First Trust Eurozone AlphaDEX**<sup>®</sup> **ETF** <br> **(FEUZ)** |
| **Six Months** <br>**Ended** <br>**6/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**12/31/2024** <br>| **Six Months** <br>**Ended** <br>**6/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**12/31/2024** <br>| **Six Months** <br>**Ended** <br>**6/30/2025** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**12/31/2024** <br>|
| $119904 | &nbsp;&nbsp; $214599 | &nbsp;&nbsp; $5148747 | &nbsp;&nbsp; $9981095 | &nbsp;&nbsp; $1382018 | &nbsp;&nbsp; $1002138 |
| (88150)<br>| &nbsp;&nbsp; 683529 | &nbsp;&nbsp; (15349629)<br>| &nbsp;&nbsp; 14390438 | &nbsp;&nbsp; 658231 | &nbsp;&nbsp; 3166644 |
| 1619930 | &nbsp;&nbsp; (655779)<br>| &nbsp;&nbsp; 24912077 | &nbsp;&nbsp; (9713372)<br>| &nbsp;&nbsp; 9437128 | &nbsp;&nbsp; (2883402)<br>|
| 1651684 | &nbsp;&nbsp; 242349 | &nbsp;&nbsp; 14711195 | &nbsp;&nbsp; 14658161 | &nbsp;&nbsp; 11477377 | &nbsp;&nbsp; 1285380 |
| (111271)<br>| &nbsp;&nbsp; (278153)<br>| &nbsp;&nbsp; (3824141)<br>| &nbsp;&nbsp; (11953498)<br>| &nbsp;&nbsp; (1114962)<br>| &nbsp;&nbsp; (919132)<br>|
| (111271)<br>| &nbsp;&nbsp; (278153)<br>| &nbsp;&nbsp; (3824141)<br>| &nbsp;&nbsp; (11953498)<br>| &nbsp;&nbsp; (1114962)<br>| &nbsp;&nbsp; (919132)<br>|
| —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; 2115682<br>| &nbsp;&nbsp; 46725312<br>| &nbsp;&nbsp; 43729596<br>|
| —<br>| &nbsp;&nbsp; (2038710) <br>| &nbsp;&nbsp; (53142734) <br>| &nbsp;&nbsp; (41256391) <br>| &nbsp;&nbsp; (14787005) <br>| &nbsp;&nbsp; (44099283) <br>|
|  | &nbsp;&nbsp; (2038710)<br>| &nbsp;&nbsp; (53142734)<br>| &nbsp;&nbsp; (39140709)<br>| &nbsp;&nbsp; 31938307 | &nbsp;&nbsp; (369687)<br>|
| 1540413 | &nbsp;&nbsp; (2074514)<br>| &nbsp;&nbsp; (42255680)<br>| &nbsp;&nbsp; (36436046)<br>| &nbsp;&nbsp; 42300722 | &nbsp;&nbsp; (3439)<br>|
| 6055750 | &nbsp;&nbsp; 8130264 | &nbsp;&nbsp; 289904975 | &nbsp;&nbsp; 326341021 | &nbsp;&nbsp; 18203142 | &nbsp;&nbsp; 18206581 |
| $7596163 | &nbsp;&nbsp; $6055750 | &nbsp;&nbsp; $247649295 | &nbsp;&nbsp; $289904975 | &nbsp;&nbsp; $60503864 | &nbsp;&nbsp; $18203142 |
| 150002 | &nbsp;&nbsp; 200002 | &nbsp;&nbsp; 7550002 | &nbsp;&nbsp; 8550002 | &nbsp;&nbsp; 450002 | &nbsp;&nbsp; 450002 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 950000 | &nbsp;&nbsp; 1050000 |
|  | &nbsp;&nbsp; (50000)<br>| &nbsp;&nbsp; (1450000)<br>| &nbsp;&nbsp; (1050000)<br>| &nbsp;&nbsp; (300000)<br>| &nbsp;&nbsp; (1050000)<br>|
| 150002 | &nbsp;&nbsp; 150002 | &nbsp;&nbsp; 6100002 | &nbsp;&nbsp; 7550002 | &nbsp;&nbsp; 1100002 | &nbsp;&nbsp; 450002 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund II**

**Financial Highlights**

**For a share outstanding throughout each period**

**First Trust Asia Pacific ex-Japan AlphaDEX**<sup>®</sup> **Fund (FPA)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **2024**  | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $27.59 | &nbsp;&nbsp;&nbsp;&nbsp; $27.45 | &nbsp;&nbsp;&nbsp;&nbsp; $25.58 | &nbsp;&nbsp;&nbsp;&nbsp; $31.57 | &nbsp;&nbsp;&nbsp;&nbsp; $32.25 | &nbsp;&nbsp;&nbsp;&nbsp; $28.57 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | 0.61<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br>|
| Net realized and unrealized gain (loss) | 7.71<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.87<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.88) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.37) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.61<br>|
| Total from investment operations | 8.32<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.69<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.91) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.19<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (0.54) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.93) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.79) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.08) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.59) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.51) <br>|
| Return of capital | —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.03) <br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Total distributions | (0.54) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.93) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.82) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.08) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.59) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.51) <br>|
| Net asset value, end of period | $35.37<br>| &nbsp;&nbsp;&nbsp;&nbsp; $27.59<br>| &nbsp;&nbsp;&nbsp;&nbsp; $27.45<br>| &nbsp;&nbsp;&nbsp;&nbsp; $25.58<br>| &nbsp;&nbsp;&nbsp;&nbsp; $31.57<br>| &nbsp;&nbsp;&nbsp;&nbsp; $32.25<br>|
| **Total return** (b) | 30.34<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.84<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.67<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (15.62)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.75<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.89<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $22989<br>| &nbsp;&nbsp;&nbsp;&nbsp; $13793<br>| &nbsp;&nbsp;&nbsp;&nbsp; $17843<br>| &nbsp;&nbsp;&nbsp;&nbsp; $11511<br>| &nbsp;&nbsp;&nbsp;&nbsp; $25258<br>| &nbsp;&nbsp;&nbsp;&nbsp; $17736<br>|
| Ratio of total expenses to average net assets | 0.80<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>|
| Ratio of net investment income (loss) to average net <br> assets<br>| 4.10<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.89<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.12<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.63<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.03<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.33<br> % <br>|
| Portfolio turnover rate (d) | 48<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 75<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 90<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 82<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 102<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 103<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(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

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund II**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Europe AlphaDEX**<sup>®</sup> **Fund (FEP)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **2024**  | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $35.92 | &nbsp;&nbsp;&nbsp;&nbsp; $36.31 | &nbsp;&nbsp;&nbsp;&nbsp; $32.38 | &nbsp;&nbsp;&nbsp;&nbsp; $43.31 | &nbsp;&nbsp;&nbsp;&nbsp; $38.50 | &nbsp;&nbsp;&nbsp;&nbsp; $37.64 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | 1.23<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br>|
| Net realized and unrealized gain (loss) | 11.52<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.02<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10.90) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.26<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br>|
| Total from investment operations | 12.75<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.38<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.12<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9.97) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.31<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (1.07) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.77) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.19) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.96) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.50) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.88) <br>|
| Net asset value, end of period | $47.60<br>| &nbsp;&nbsp;&nbsp;&nbsp; $35.92<br>| &nbsp;&nbsp;&nbsp;&nbsp; $36.31<br>| &nbsp;&nbsp;&nbsp;&nbsp; $32.38<br>| &nbsp;&nbsp;&nbsp;&nbsp; $43.31<br>| &nbsp;&nbsp;&nbsp;&nbsp; $38.50<br>|
| **Total return** (b) | 35.55<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.71<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.01<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (22.87)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.53<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.95<br> % <br>|
| **Ratios to average net assets/supplemental** <br> **data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $287951<br>| &nbsp;&nbsp;&nbsp;&nbsp; $185010<br>| &nbsp;&nbsp;&nbsp;&nbsp; $223312<br>| &nbsp;&nbsp;&nbsp;&nbsp; $254167<br>| &nbsp;&nbsp;&nbsp;&nbsp; $573909<br>| &nbsp;&nbsp;&nbsp;&nbsp; $442765<br>|
| Ratio of total expenses to average net assets | 0.80<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>|
| Ratio of net investment income (loss) to <br> average net assets<br>| 5.94<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.57<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.20<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.23<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.33<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> % <br>|
| Portfolio turnover rate (d) | 47<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 86<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 101<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 88<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 105<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 109<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(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

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund II**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Latin America AlphaDEX**<sup>®</sup> **Fund (FLN)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **2024**  | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $15.25 | &nbsp;&nbsp;&nbsp;&nbsp; $20.76 | &nbsp;&nbsp;&nbsp;&nbsp; $16.75 | &nbsp;&nbsp;&nbsp;&nbsp; $17.35 | &nbsp;&nbsp;&nbsp;&nbsp; $19.43 | &nbsp;&nbsp;&nbsp;&nbsp; $22.67 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | 0.40<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br>|
| Net realized and unrealized gain (loss) | 4.65<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.23) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.96<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.65) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.16) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.44) <br>|
| Total from investment operations | 5.05<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.56) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.88<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.27) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.92) <br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (0.38) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.95) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.87) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.93) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.81) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.20) <br>|
| Return of capital | —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.12) <br>|
| Total distributions | (0.38) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.95) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.87) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.93) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.81) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.32) <br>|
| Net asset value, end of period | $19.92<br>| &nbsp;&nbsp;&nbsp;&nbsp; $15.25<br>| &nbsp;&nbsp;&nbsp;&nbsp; $20.76<br>| &nbsp;&nbsp;&nbsp;&nbsp; $16.75<br>| &nbsp;&nbsp;&nbsp;&nbsp; $17.35<br>| &nbsp;&nbsp;&nbsp;&nbsp; $19.43<br>|
| **Total return** (b) | 33.20<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (22.67)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.64<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.17<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.66)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (12.32)% <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $12945<br>| &nbsp;&nbsp;&nbsp;&nbsp; $12964<br>| &nbsp;&nbsp;&nbsp;&nbsp; $74741<br>| &nbsp;&nbsp;&nbsp;&nbsp; $70358<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7805<br>| &nbsp;&nbsp;&nbsp;&nbsp; $13599<br>|
| Ratio of total expenses to average net assets | 0.80<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>|
| Ratio of net investment income (loss) to average net <br> assets<br>| 4.58<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.45<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.00<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.82<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.28<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> % <br>|
| Portfolio turnover rate (d) | 40<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 75<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 99<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 104<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 91<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 34<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(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

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund II**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Brazil AlphaDEX**<sup>®</sup> **Fund (FBZ)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **2024**  | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $9.09 | &nbsp;&nbsp;&nbsp;&nbsp; $12.21 | &nbsp;&nbsp;&nbsp;&nbsp; $10.56 | &nbsp;&nbsp;&nbsp;&nbsp; $11.47 | &nbsp;&nbsp;&nbsp;&nbsp; $13.39 | &nbsp;&nbsp;&nbsp;&nbsp; $17.24 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | 0.26<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br>|
| Net realized and unrealized gain (loss) | 2.88<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.18) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.18<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.82) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.08) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.60) <br>|
| Total from investment operations | 3.14<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.69) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.70<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.14) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.51) <br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (0.19) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.43) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.75) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.04) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.78) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.28) <br>|
| Return of capital | —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.30) <br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.06) <br>|
| Total distributions | (0.19) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.43) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.05) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.04) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.78) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.34) <br>|
| Net asset value, end of period | $12.04<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.09<br>| &nbsp;&nbsp;&nbsp;&nbsp; $12.21<br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.56<br>| &nbsp;&nbsp;&nbsp;&nbsp; $11.47<br>| &nbsp;&nbsp;&nbsp;&nbsp; $13.39<br>|
| **Total return** (b) | 34.63<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (22.45)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.92<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.45<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (9.00)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (19.48)% <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $7227<br>| &nbsp;&nbsp;&nbsp;&nbsp; $4998<br>| &nbsp;&nbsp;&nbsp;&nbsp; $6716<br>| &nbsp;&nbsp;&nbsp;&nbsp; $63377<br>| &nbsp;&nbsp;&nbsp;&nbsp; $12039<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9373<br>|
| Ratio of total expenses to average net assets | 0.80<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>|
| Ratio of net investment income (loss) to average net <br> assets<br>| 4.96<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.39<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.88<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.88<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.36<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> % <br>|
| Portfolio turnover rate (d) | 35<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 63<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 55<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 95<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 225<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 154<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(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

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund II**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust China AlphaDEX**<sup>®</sup> **Fund (FCA)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **2024**  | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $20.39 | &nbsp;&nbsp;&nbsp;&nbsp; $18.57 | &nbsp;&nbsp;&nbsp;&nbsp; $21.60 | &nbsp;&nbsp;&nbsp;&nbsp; $27.57 | &nbsp;&nbsp;&nbsp;&nbsp; $29.16 | &nbsp;&nbsp;&nbsp;&nbsp; $26.87 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | 0.37<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22<br>|
| Net realized and unrealized gain (loss) | 3.60<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.14<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.07) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.97) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.47) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.26<br>|
| Total from investment operations | 3.97<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.86<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.97) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.69) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.25) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.48<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (0.37) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.04) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.06) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.28) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.34) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.19) <br>|
| Net asset value, end of period | $23.99<br>| &nbsp;&nbsp;&nbsp;&nbsp; $20.39<br>| &nbsp;&nbsp;&nbsp;&nbsp; $18.57<br>| &nbsp;&nbsp;&nbsp;&nbsp; $21.60<br>| &nbsp;&nbsp;&nbsp;&nbsp; $27.57<br>| &nbsp;&nbsp;&nbsp;&nbsp; $29.16<br>|
| **Total return** (b) | 19.48<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.43<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (9.32)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (17.10)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.18)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.58<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $38392<br>| &nbsp;&nbsp;&nbsp;&nbsp; $47908<br>| &nbsp;&nbsp;&nbsp;&nbsp; $6498<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7560<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9649<br>| &nbsp;&nbsp;&nbsp;&nbsp; $13121<br>|
| Ratio of total expenses to average net assets | 0.80<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>|
| Ratio of net investment income (loss) to average net <br> assets<br>| 3.56<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.72<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.32<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.19<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.66<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.16<br> % <br>|
| Portfolio turnover rate (d) | 59<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 62<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 113<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 117<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 166<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 83<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(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

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund II**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Japan AlphaDEX**<sup>®</sup> **Fund (FJP)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **2024**  | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $52.00 | &nbsp;&nbsp;&nbsp;&nbsp; $50.69 | &nbsp;&nbsp;&nbsp;&nbsp; $42.88 | &nbsp;&nbsp;&nbsp;&nbsp; $49.86 | &nbsp;&nbsp;&nbsp;&nbsp; $51.42 | &nbsp;&nbsp;&nbsp;&nbsp; $51.10 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | 0.51<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br>|
| Net realized and unrealized gain (loss) | 7.88<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.93<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.51<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.23) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.16) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br>|
| Total from investment operations | 8.39<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.95<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.57<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.04) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.35) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (0.46) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.64) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.76) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.94) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.21) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.51) <br>|
| Net asset value, end of period | $59.93<br>| &nbsp;&nbsp;&nbsp;&nbsp; $52.00<br>| &nbsp;&nbsp;&nbsp;&nbsp; $50.69<br>| &nbsp;&nbsp;&nbsp;&nbsp; $42.88<br>| &nbsp;&nbsp;&nbsp;&nbsp; $49.86<br>| &nbsp;&nbsp;&nbsp;&nbsp; $51.42<br>|
| **Total return** (b) | 16.16<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.84<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.42<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (12.04)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.69)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71<br> % <br>|
| **Ratios to average net assets/supplemental** <br> **data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $176787<br>| &nbsp;&nbsp;&nbsp;&nbsp; $192384<br>| &nbsp;&nbsp;&nbsp;&nbsp; $187538<br>| &nbsp;&nbsp;&nbsp;&nbsp; $85768<br>| &nbsp;&nbsp;&nbsp;&nbsp; $34901<br>| &nbsp;&nbsp;&nbsp;&nbsp; $41136<br>|
| Ratio of total expenses to average net assets | 0.80<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>|
| Ratio of net investment income (loss) to average <br> net assets<br>| 1.90<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.94<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.21<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.92<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.53<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> % <br>|
| Portfolio turnover rate (d) | 45<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 82<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 61<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 79<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 126<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 136<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(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

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund II**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Developed Markets ex-US AlphaDEX**<sup>®</sup> **Fund (FDT)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **2024**  | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $54.21 | &nbsp;&nbsp;&nbsp;&nbsp; $52.61 | &nbsp;&nbsp;&nbsp;&nbsp; $48.27 | &nbsp;&nbsp;&nbsp;&nbsp; $60.64 | &nbsp;&nbsp;&nbsp;&nbsp; $56.88 | &nbsp;&nbsp;&nbsp;&nbsp; $55.79 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | 1.20<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.56<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.67<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.52<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br>|
| Net realized and unrealized gain (loss) | 14.35<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.05<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.07<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12.95) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.55<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.78<br>|
| Total from investment operations | 15.55<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.70<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.63<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11.28) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.07<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.46<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (1.08) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.10) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.29) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.09) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.31) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.37) <br>|
| Net asset value, end of period | $68.68<br>| &nbsp;&nbsp;&nbsp;&nbsp; $54.21<br>| &nbsp;&nbsp;&nbsp;&nbsp; $52.61<br>| &nbsp;&nbsp;&nbsp;&nbsp; $48.27<br>| &nbsp;&nbsp;&nbsp;&nbsp; $60.64<br>| &nbsp;&nbsp;&nbsp;&nbsp; $56.88<br>|
| **Total return** (b) | 28.73<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.02<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.89<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (18.57)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.70<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.61<br> % <br>|
| **Ratios to average net assets/supplemental** <br> **data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $521015<br>| &nbsp;&nbsp;&nbsp;&nbsp; $392274<br>| &nbsp;&nbsp;&nbsp;&nbsp; $409639<br>| &nbsp;&nbsp;&nbsp;&nbsp; $419333<br>| &nbsp;&nbsp;&nbsp;&nbsp; $414579<br>| &nbsp;&nbsp;&nbsp;&nbsp; $360418<br>|
| Ratio of total expenses to average net assets | 0.80<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>|
| Ratio of net investment income (loss) to <br> average net assets<br>| 4.03<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.98<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.05<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.09<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.42<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.39<br> % <br>|
| Portfolio turnover rate (d) | 53<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 97<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 109<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 95<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 111<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 117<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(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

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund II**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Emerging Markets AlphaDEX**<sup>®</sup> **Fund (FEM)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **2024**  | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $22.33 | &nbsp;&nbsp;&nbsp;&nbsp; $22.22 | &nbsp;&nbsp;&nbsp;&nbsp; $21.10 | &nbsp;&nbsp;&nbsp;&nbsp; $26.24 | &nbsp;&nbsp;&nbsp;&nbsp; $25.31 | &nbsp;&nbsp;&nbsp;&nbsp; $26.36 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | 0.48<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br>|
| Net realized and unrealized gain (loss) | 2.06<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.08) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.19) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) <br>|
| Total from investment operations | 2.54<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.22<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.85) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.01<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.37) <br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (0.36) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.81) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.10) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.29) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.08) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.68) <br>|
| Net asset value, end of period | $24.51<br>| &nbsp;&nbsp;&nbsp;&nbsp; $22.33<br>| &nbsp;&nbsp;&nbsp;&nbsp; $22.22<br>| &nbsp;&nbsp;&nbsp;&nbsp; $21.10<br>| &nbsp;&nbsp;&nbsp;&nbsp; $26.24<br>| &nbsp;&nbsp;&nbsp;&nbsp; $25.31<br>|
| **Total return** (b) | 11.40<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.97<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.87<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (14.33)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.90<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.92)% <br>|
| **Ratios to average net assets/supplemental** <br> **data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $415524<br>| &nbsp;&nbsp;&nbsp;&nbsp; $406347<br>| &nbsp;&nbsp;&nbsp;&nbsp; $416555<br>| &nbsp;&nbsp;&nbsp;&nbsp; $372378<br>| &nbsp;&nbsp;&nbsp;&nbsp; $436915<br>| &nbsp;&nbsp;&nbsp;&nbsp; $441711<br>|
| Ratio of total expenses to average net assets | 0.80<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>|
| Ratio of net investment income (loss) to <br> average net assets<br>| 4.22<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.29<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.40<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.90<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.03<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.53<br> % <br>|
| Portfolio turnover rate (d) | 53<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 94<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 105<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 106<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 119<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 111<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(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

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund II**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Germany AlphaDEX**<sup>®</sup> **Fund (FGM)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **2024**  | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $38.48 | &nbsp;&nbsp;&nbsp;&nbsp; $38.81 | &nbsp;&nbsp;&nbsp;&nbsp; $35.36 | &nbsp;&nbsp;&nbsp;&nbsp; $53.78 | &nbsp;&nbsp;&nbsp;&nbsp; $51.56 | &nbsp;&nbsp;&nbsp;&nbsp; $44.39 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | 1.13<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.77<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br>|
| Net realized and unrealized gain (loss) | 17.04<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.28) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.81<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18.27) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.08<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.17<br>|
| Total from investment operations | 18.17<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.55<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16.50) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.99<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.85<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (0.38) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.83) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.10) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.92) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.77) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.68) <br>|
| Net asset value, end of period | $56.27<br>| &nbsp;&nbsp;&nbsp;&nbsp; $38.48<br>| &nbsp;&nbsp;&nbsp;&nbsp; $38.81<br>| &nbsp;&nbsp;&nbsp;&nbsp; $35.36<br>| &nbsp;&nbsp;&nbsp;&nbsp; $53.78<br>| &nbsp;&nbsp;&nbsp;&nbsp; $51.56<br>|
| **Total return** (c) | 47.21<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.39<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.88<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (30.39)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.74<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.90<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $61899<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7695<br>| &nbsp;&nbsp;&nbsp;&nbsp; $15524<br>| &nbsp;&nbsp;&nbsp;&nbsp; $14144<br>| &nbsp;&nbsp;&nbsp;&nbsp; $99497<br>| &nbsp;&nbsp;&nbsp;&nbsp; $95381<br>|
| Ratio of total expenses to average net assets | 0.80<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>|
| Ratio of net investment income (loss) to average net <br> assets<br>| 4.69<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.01<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.23<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.67<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> % <br>|
| Portfolio turnover rate (e) | 12<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 92<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 82<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 152<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 106<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 per share amount does not correlate with the aggregate realized and unrealized gain (loss) due to the timing of the Fund share sales and repurchases
 in relation to market value fluctuation of the underlying investments.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Total
 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions
 at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect
 the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated
 for the time period presented and is not annualized for periods of less than a year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Portfolio
 turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received
 or delivered from processing creations or redemptions and in-kind transactions.

See Notes to Financial Statements

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund II**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust United Kingdom AlphaDEX**<sup>®</sup> **Fund (FKU)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **2024**  | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $38.14 | &nbsp;&nbsp;&nbsp;&nbsp; $36.75 | &nbsp;&nbsp;&nbsp;&nbsp; $31.73 | &nbsp;&nbsp;&nbsp;&nbsp; $43.97 | &nbsp;&nbsp;&nbsp;&nbsp; $38.06 | &nbsp;&nbsp;&nbsp;&nbsp; $40.99 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | 0.72<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br>|
| Net realized and unrealized gain (loss) | 8.37<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.85<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.37<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12.02) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.93<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.95) <br>|
| Total from investment operations | 9.09<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.94<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.42<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10.48) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.22<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.37) <br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (0.69) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.55) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.40) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.76) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.31) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.56) <br>|
| Net asset value, end of period | $46.54<br>| &nbsp;&nbsp;&nbsp;&nbsp; $38.14<br>| &nbsp;&nbsp;&nbsp;&nbsp; $36.75<br>| &nbsp;&nbsp;&nbsp;&nbsp; $31.73<br>| &nbsp;&nbsp;&nbsp;&nbsp; $43.97<br>| &nbsp;&nbsp;&nbsp;&nbsp; $38.06<br>|
| **Total return** (b) | 23.92<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.01<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.59<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (23.52)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.10<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.25)% <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $62833<br>| &nbsp;&nbsp;&nbsp;&nbsp; $64842<br>| &nbsp;&nbsp;&nbsp;&nbsp; $20213<br>| &nbsp;&nbsp;&nbsp;&nbsp; $31728<br>| &nbsp;&nbsp;&nbsp;&nbsp; $98943<br>| &nbsp;&nbsp;&nbsp;&nbsp; $19030<br>|
| Ratio of total expenses to average net assets | 0.80<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>|
| Ratio of net investment income (loss) to average net <br> assets<br>| 3.51<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.84<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.08<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.29<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.34<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72<br> % <br>|
| Portfolio turnover rate (d) | 34<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 46<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 77<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 98<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 45<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 109<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(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

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund II**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust India NIFTY 50 Equal Weight ETF (NFTY)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **2024**  | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $56.03 | &nbsp;&nbsp;&nbsp;&nbsp; $54.08 | &nbsp;&nbsp;&nbsp;&nbsp; $43.53 | &nbsp;&nbsp;&nbsp;&nbsp; $48.23 | &nbsp;&nbsp;&nbsp;&nbsp; $38.83 | &nbsp;&nbsp;&nbsp;&nbsp; $35.26 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | 0.18<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br>|
| Net realized and unrealized gain (loss) | 3.77<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.70<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.31<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.35) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.65<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.50<br>|
| Total from investment operations | 3.95<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.85<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.62<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.13) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.13<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.80<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.05) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.73) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.23) <br>|
| Net realized gain | —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.86) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.07) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.52) <br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Return of capital | —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.04) <br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Total distributions | —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.90) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.07) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.57) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.73) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.23) <br>|
| Net asset value, end of period | $59.98<br>| &nbsp;&nbsp;&nbsp;&nbsp; $56.03<br>| &nbsp;&nbsp;&nbsp;&nbsp; $54.08<br>| &nbsp;&nbsp;&nbsp;&nbsp; $43.53<br>| &nbsp;&nbsp;&nbsp;&nbsp; $48.23<br>| &nbsp;&nbsp;&nbsp;&nbsp; $38.83<br>|
| **Total return** (b) | 7.05<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.27<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.44<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.45)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.15<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.66<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $212915<br>| &nbsp;&nbsp;&nbsp;&nbsp; $271755<br>| &nbsp;&nbsp;&nbsp;&nbsp; $121678<br>| &nbsp;&nbsp;&nbsp;&nbsp; $73999<br>| &nbsp;&nbsp;&nbsp;&nbsp; $62703<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3883<br>|
| Ratio of total expenses to average net assets | 0.80<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>|
| Ratio of net investment income (loss) to average <br> net assets<br>| 0.66<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> % <br>|
| Portfolio turnover rate (e) | 9<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 30<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 43<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 56<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 57<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 38<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes
 other expenses. If these other expenses were not included, the expense ratio would have been 0.80%.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Portfolio
 turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received
 or delivered from processing creations or redemptions and in-kind transactions.

See Notes to Financial Statements

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund II**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Switzerland AlphaDEX**<sup>®</sup> **Fund (FSZ)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **2024**  | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $63.03 | &nbsp;&nbsp;&nbsp;&nbsp; $64.95 | &nbsp;&nbsp;&nbsp;&nbsp; $54.42 | &nbsp;&nbsp;&nbsp;&nbsp; $71.39 | &nbsp;&nbsp;&nbsp;&nbsp; $60.85 | &nbsp;&nbsp;&nbsp;&nbsp; $54.11 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | 1.40<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.98<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br>|
| Net realized and unrealized gain (loss) | 13.04<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.89) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.58<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17.03) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.92<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.78<br>|
| Total from investment operations | 14.44<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.79) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.90<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15.05) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.70<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.66<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (1.15) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.13) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.37) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.92) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.16) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.92) <br>|
| Net asset value, end of period | $76.32<br>| &nbsp;&nbsp;&nbsp;&nbsp; $63.03<br>| &nbsp;&nbsp;&nbsp;&nbsp; $64.95<br>| &nbsp;&nbsp;&nbsp;&nbsp; $54.42<br>| &nbsp;&nbsp;&nbsp;&nbsp; $71.39<br>| &nbsp;&nbsp;&nbsp;&nbsp; $60.85<br>|
| **Total return** (b) | 22.93<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.25)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.07<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (20.88)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.34<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.50<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $68685<br>| &nbsp;&nbsp;&nbsp;&nbsp; $75640<br>| &nbsp;&nbsp;&nbsp;&nbsp; $84441<br>| &nbsp;&nbsp;&nbsp;&nbsp; $97959<br>| &nbsp;&nbsp;&nbsp;&nbsp; $99943<br>| &nbsp;&nbsp;&nbsp;&nbsp; $97354<br>|
| Ratio of total expenses to average net assets | 0.80<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>|
| Ratio of net investment income (loss) to average net <br> assets<br>| 4.06<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.69<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.20<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.30<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.59<br> % <br>|
| Portfolio turnover rate (d) | 42<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 71<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 68<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 64<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 66<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 86<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(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

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund II**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Developed Markets ex-US Small Cap AlphaDEX**<sup>®</sup> **Fund (FDTS)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **2024**  | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $40.37 | &nbsp;&nbsp;&nbsp;&nbsp; $40.65 | &nbsp;&nbsp;&nbsp;&nbsp; $37.67 | &nbsp;&nbsp;&nbsp;&nbsp; $46.06 | &nbsp;&nbsp;&nbsp;&nbsp; $42.72 | &nbsp;&nbsp;&nbsp;&nbsp; $39.03 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | 0.80<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br>|
| Net realized and unrealized gain (loss) | 10.21<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.98<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.09) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.99<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.09<br>|
| Total from investment operations | 11.01<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.15<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.00) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.73<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.55<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (0.74) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.57) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.17) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.39) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.39) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.86) <br>|
| Net asset value, end of period | $50.64<br>| &nbsp;&nbsp;&nbsp;&nbsp; $40.37<br>| &nbsp;&nbsp;&nbsp;&nbsp; $40.65<br>| &nbsp;&nbsp;&nbsp;&nbsp; $37.67<br>| &nbsp;&nbsp;&nbsp;&nbsp; $46.06<br>| &nbsp;&nbsp;&nbsp;&nbsp; $42.72<br>|
| **Total return** (b) | 27.35<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.14<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.13<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (15.00)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.09<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.18<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $7596<br>| &nbsp;&nbsp;&nbsp;&nbsp; $6056<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8130<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7535<br>| &nbsp;&nbsp;&nbsp;&nbsp; $13817<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8544<br>|
| Ratio of total expenses to average net assets | 0.80<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>|
| Ratio of net investment income (loss) to average net <br> assets<br>| 3.71<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.66<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.99<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.88<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> % <br>|
| Portfolio turnover rate (d) | 56<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 117<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 124<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 109<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 116<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 127<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(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

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund II**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Emerging Markets Small Cap AlphaDEX**<sup>®</sup> **Fund (FEMS)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **2024**  | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $38.40 | &nbsp;&nbsp;&nbsp;&nbsp; $38.17 | &nbsp;&nbsp;&nbsp;&nbsp; $38.78 | &nbsp;&nbsp;&nbsp;&nbsp; $40.29 | &nbsp;&nbsp;&nbsp;&nbsp; $41.24 | &nbsp;&nbsp;&nbsp;&nbsp; $39.28 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | 0.77<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.86<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.57<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br>|
| Net realized and unrealized gain (loss) | 2.05<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.54) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.60) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.01) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.41<br>|
| Total from investment operations | 2.82<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.73<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.56<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.15<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (0.62) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.50) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.79) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.77) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.51) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.19) <br>|
| Net asset value, end of period | $40.60<br>| &nbsp;&nbsp;&nbsp;&nbsp; $38.40<br>| &nbsp;&nbsp;&nbsp;&nbsp; $38.17<br>| &nbsp;&nbsp;&nbsp;&nbsp; $38.78<br>| &nbsp;&nbsp;&nbsp;&nbsp; $40.29<br>| &nbsp;&nbsp;&nbsp;&nbsp; $41.24<br>|
| **Total return** (b) | 7.36<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.43<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.21<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.68<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.73<br> % <br>|
| **Ratios to average net assets/supplemental** <br> **data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $247649<br>| &nbsp;&nbsp;&nbsp;&nbsp; $289905<br>| &nbsp;&nbsp;&nbsp;&nbsp; $326341<br>| &nbsp;&nbsp;&nbsp;&nbsp; $166753<br>| &nbsp;&nbsp;&nbsp;&nbsp; $143030<br>| &nbsp;&nbsp;&nbsp;&nbsp; $152581<br>|
| Ratio of total expenses to average net assets | 0.80<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>|
| Ratio of net investment income (loss) to <br> average net assets<br>| 4.06<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.09<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.59<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.65<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.38<br> % <br>|
| Portfolio turnover rate (d) | 52<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 109<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 124<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 117<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 127<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 123<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(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

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund II**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Eurozone AlphaDEX**<sup>®</sup> **ETF (FEUZ)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Six Months** <br>**Ended** <br>**6/30/2025** <br>**(Unaudited)** | **2024**  | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $40.45 | &nbsp;&nbsp;&nbsp;&nbsp; $40.46 | &nbsp;&nbsp;&nbsp;&nbsp; $36.04 | &nbsp;&nbsp;&nbsp;&nbsp; $46.36 | &nbsp;&nbsp;&nbsp;&nbsp; $42.10 | &nbsp;&nbsp;&nbsp;&nbsp; $40.88 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | 1.72<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br>|
| Net realized and unrealized gain (loss) | 13.86<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.36) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.52<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10.05) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.32<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br>|
| Total from investment operations | 15.58<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.62<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9.20) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.42<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.84<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (1.03) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.80) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.20) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.12) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.16) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.62) <br>|
| Net asset value, end of period | $55.00<br>| &nbsp;&nbsp;&nbsp;&nbsp; $40.45<br>| &nbsp;&nbsp;&nbsp;&nbsp; $40.46<br>| &nbsp;&nbsp;&nbsp;&nbsp; $36.04<br>| &nbsp;&nbsp;&nbsp;&nbsp; $46.36<br>| &nbsp;&nbsp;&nbsp;&nbsp; $42.10<br>|
| **Total return** (c) | 38.58<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.88<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.71<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (19.65)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.90<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.69<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $60504<br>| &nbsp;&nbsp;&nbsp;&nbsp; $18203<br>| &nbsp;&nbsp;&nbsp;&nbsp; $18207<br>| &nbsp;&nbsp;&nbsp;&nbsp; $16219<br>| &nbsp;&nbsp;&nbsp;&nbsp; $81135<br>| &nbsp;&nbsp;&nbsp;&nbsp; $27363<br>|
| Ratio of total expenses to average net assets | 0.80<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>|
| Ratio of net investment income (loss) to average net <br> assets<br>| 7.15<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.71<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.84<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.09<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.27<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> % <br>|
| Portfolio turnover rate (e) | 48<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 77<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 90<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 56<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 59<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 93<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 per share amount does not correlate with the aggregate realized and unrealized gain (loss) due to the timing of the Fund share sales and repurchases
 in relation to market value fluctuation of the underlying investments.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Total
 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions
 at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect
 the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated
 for the time period presented and is not annualized for periods of less than a year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Portfolio
 turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received
 or delivered from processing creations or redemptions and in-kind transactions.

See Notes to Financial Statements

------

**Notes to Financial Statements**

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund II**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization**

First Trust Exchange-Traded AlphaDEX<sup>®</sup> 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").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| First Trust Asia Pacific ex-Japan AlphaDEX<sup>®</sup> Fund – (ticker "FPA") |
| First Trust Europe AlphaDEX<sup>®</sup> Fund – (ticker "FEP") |
| First Trust Latin America AlphaDEX<sup>®</sup> Fund – (ticker "FLN") |
| First Trust Brazil AlphaDEX<sup>®</sup> Fund – (ticker "FBZ") |
| First Trust China AlphaDEX<sup>®</sup> Fund – (ticker "FCA") |
| First Trust Japan AlphaDEX<sup>®</sup> Fund – (ticker "FJP") |
| First Trust Developed Markets ex-US AlphaDEX<sup>®</sup> Fund – (ticker "FDT") |
| First Trust Emerging Markets AlphaDEX<sup>®</sup> Fund – (ticker "FEM") |
| First Trust Germany AlphaDEX<sup>®</sup> Fund – (ticker "FGM") |
| First Trust United Kingdom AlphaDEX<sup>®</sup> Fund – (ticker "FKU") |
| First Trust India NIFTY 50 Equal Weight ETF – (ticker "NFTY") |
| First Trust Switzerland AlphaDEX<sup>®</sup> Fund – (ticker "FSZ") |
| First Trust Developed Markets ex-US Small Cap AlphaDEX<sup>®</sup> Fund – (ticker "FDTS") |
| First Trust Emerging Markets Small Cap AlphaDEX<sup>®</sup> Fund – (ticker "FEMS") |
| First Trust Eurozone AlphaDEX<sup>®</sup> 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Fund**  | **Index** |
| First Trust Asia Pacific ex-Japan AlphaDEX<sup>®</sup> Fund | Nasdaq AlphaDEX<sup>®</sup> Asia Pacific Ex-Japan<sup>TM</sup> Index |
| First Trust Europe AlphaDEX<sup>®</sup> Fund | Nasdaq AlphaDEX<sup>®</sup> Europe<sup>TM</sup> Index |
| First Trust Latin America AlphaDEX<sup>®</sup> Fund | Nasdaq AlphaDEX<sup>®</sup> Latin America<sup>TM</sup> Index |
| First Trust Brazil AlphaDEX<sup>®</sup> Fund | Nasdaq AlphaDEX<sup>®</sup> Brazil<sup>TM</sup> Index |
| First Trust China AlphaDEX<sup>®</sup> Fund | Nasdaq AlphaDEX<sup>®</sup> China<sup>TM</sup> Index |
| First Trust Japan AlphaDEX<sup>®</sup> Fund | Nasdaq AlphaDEX<sup>®</sup> Japan<sup>TM</sup> Index |
| First Trust Developed Markets ex-US AlphaDEX<sup>®</sup> Fund | Nasdaq AlphaDEX<sup>®</sup> Developed Markets Ex-US<sup>TM</sup> Index |
| First Trust Emerging Markets AlphaDEX<sup>®</sup> Fund | Nasdaq AlphaDEX<sup>®</sup> Emerging Markets<sup>TM</sup> Index |
| First Trust Germany AlphaDEX<sup>®</sup> Fund | Nasdaq AlphaDEX<sup>®</sup> Germany<sup>TM</sup> Index |
| First Trust United Kingdom AlphaDEX<sup>®</sup> Fund | Nasdaq AlphaDEX<sup>®</sup> United Kingdom<sup>TM</sup> Index |
| First Trust India NIFTY 50 Equal Weight ETF | NIFTY 50 Equal Weight<sup>TM</sup> Index |
| First Trust Switzerland AlphaDEX<sup>®</sup> Fund | Nasdaq AlphaDEX<sup>®</sup> Switzerland<sup>TM</sup> Index |
| First Trust Developed Markets ex-US Small Cap AlphaDEX<sup>®</sup> <br> Fund<br>| &nbsp;&nbsp;&nbsp; Nasdaq AlphaDEX<sup>®</sup> Developed Markets Ex-US Small Cap<sup>TM</sup> <br> Index<br>|
| First Trust Emerging Markets Small Cap AlphaDEX<sup>®</sup> Fund | Nasdaq AlphaDEX<sup>®</sup> Emerging Markets Small Cap<sup>TM</sup> Index |
| First Trust Eurozone AlphaDEX<sup>®</sup> ETF | Nasdaq AlphaDEX<sup>®</sup> Eurozone<sup>TM</sup> Index |

---

**2. Significant Accounting Policies** 

The Funds are each considered an investment company and follow accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, "Financial Services-Investment Companies." The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The preparation of the financial statements in accordance with accounting principles generally accepted in the

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund II**

**June 30, 2025 (Unaudited)**

United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**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;

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund II**

**June 30, 2025 (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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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, 2025, is included with each Fund's Portfolio of Investments.

**B. Securities Transactions and Investment Income** 

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recorded as soon as the information becomes available after the ex-dividend date. Interest income, if any, is recorded on the accrual basis.

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund II**

**June 30, 2025 (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

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund II**

**June 30, 2025 (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, 2025, FEP, FCA, FJP, FDT, FEM, FDTS, FEMS, and FEUZ had securities in the securities lending program. During the six months ended June 30, 2025, FPA, FEP, FCA, FJP, FDT, FEM, FGM, FDTS, FEMS, and FEUZ participated in the securities lending program.

In the event of a default by a borrower with respect to any loan, BNY will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If, despite such efforts by BNY to exercise these remedies, a Fund sustains losses as a result of a borrower's default, BNY will indemnify the Fund by purchasing replacement securities at its own expense, or paying the Fund an amount equal to the market value of the replacement securities, subject to certain limitations which are set forth in detail in the Securities Lending Agency Agreement between the Trust on behalf of the Funds and BNY.

**F. Repurchase Agreements** 

Repurchase agreements involve the purchase of securities subject to the seller's agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement ("MRA"). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The underlying securities for all repurchase agreements are held at the Funds' custodian or designated sub-custodians under tri-party repurchase agreements.

MRAs govern transactions between a Fund and select counterparties. The MRAs contain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral for repurchase agreements.

Repurchase agreements received for lending securities are collateralized by U.S. Treasury securities. The U.S. Treasury securities are held in a joint custody account at BNY on behalf of the Funds participating in the securities lending program. In the event the counterparty defaults on the repurchase agreement, the U.S. Treasury securities can either be maintained as part of a Fund's portfolio or sold for cash. A Fund could suffer a loss to the extent that the proceeds from the sale of the underlying collateral held by the Fund are less than the repurchase price and the Fund's costs associated with the delay and enforcement of the MRA.

While the Funds may invest in repurchase agreements, any repurchase agreements held by the Funds during the six months ended June 30, 2025, were received as collateral for lending securities.

**G. Dividends and Distributions to Shareholders**

Dividends from net investment income of each Fund, if any, are declared and paid quarterly, or as the Board of Trustees may determine from time to time. Distributions of net realized capital gains earned by each Fund, if any, are distributed at least annually. Each Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Distributions from net investment income and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on portfolio securities held by the Funds and have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense and gain/loss in different periods for financial statement and tax purposes, will reverse at some time in the future.

The tax character of distributions paid by each Fund during the fiscal year ended December 31, 2024 were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | Distributions <br>paid from <br>Ordinary <br>Income<br>| Distributions <br>paid from <br>Capital <br>Gains<br>| Distributions <br>paid from <br>Return of <br>Capital<br>|
| First Trust Asia Pacific ex-Japan AlphaDEX<sup>®</sup> Fund | $466052 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| First Trust Europe AlphaDEX<sup>®</sup> Fund | 9806543 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Latin America AlphaDEX<sup>®</sup> Fund | 1439862 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund II**

**June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | Distributions<br> paid from<br> Ordinary<br> Income<br>| Distributions<br> paid from<br> Capital<br> Gains<br>| Distributions<br> paid from<br> Return of<br> Capital<br>|
| First Trust Brazil AlphaDEX<sup>®</sup> Fund | $235401 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| First Trust China AlphaDEX<sup>®</sup> Fund | 313487 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Japan AlphaDEX<sup>®</sup> Fund | 6101123 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Developed Markets ex-US AlphaDEX<sup>®</sup> Fund | 15547549 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Emerging Markets AlphaDEX<sup>®</sup> Fund | 14849591 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Germany AlphaDEX<sup>®</sup> Fund | 206602 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust United Kingdom AlphaDEX<sup>®</sup> Fund | 2686743 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust India NIFTY 50 Equal Weight ETF | 2979680 | &nbsp;&nbsp; 1024427 | &nbsp;&nbsp; 196609 |
| First Trust Switzerland AlphaDEX<sup>®</sup> Fund | 1453362 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Developed Markets ex-US Small Cap AlphaDEX<sup>®</sup> Fund | 278153 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Emerging Markets Small Cap AlphaDEX<sup>®</sup> Fund | 11953498 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Eurozone AlphaDEX<sup>®</sup> ETF | 919132 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

As of December 31, 2024, the components of distributable earnings on a tax basis for each Fund were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | Undistributed <br>Ordinary <br>Income<br>| Accumulated <br>Capital and <br>Other <br>Gain (Loss)<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| First Trust Asia Pacific ex-Japan AlphaDEX<sup>®</sup> Fund | $— | &nbsp;&nbsp; $(15829960)<br>| &nbsp;&nbsp; $674325 |
| First Trust Europe AlphaDEX<sup>®</sup> Fund | 337283 | &nbsp;&nbsp; (248849675)<br>| &nbsp;&nbsp; 3151376 |
| First Trust Latin America AlphaDEX<sup>®</sup> Fund |  | &nbsp;&nbsp; (45539735)<br>| &nbsp;&nbsp; (1100387)<br>|
| First Trust Brazil AlphaDEX<sup>®</sup> Fund | (25063)<br>| &nbsp;&nbsp; (29090886)<br>| &nbsp;&nbsp; (575879)<br>|
| First Trust China AlphaDEX<sup>®</sup> Fund | 29107 | &nbsp;&nbsp; (10498620)<br>| &nbsp;&nbsp; 37049 |
| First Trust Japan AlphaDEX<sup>®</sup> Fund |  | &nbsp;&nbsp; (59545624)<br>| &nbsp;&nbsp; 8923500 |
| First Trust Developed Markets ex-US AlphaDEX<sup>®</sup> Fund | 43415 | &nbsp;&nbsp; (318483865)<br>| &nbsp;&nbsp; 12892754 |
| First Trust Emerging Markets AlphaDEX<sup>®</sup> Fund | 96236 | &nbsp;&nbsp; (206629718)<br>| &nbsp;&nbsp; 81144 |
| First Trust Germany AlphaDEX<sup>®</sup> Fund |  | &nbsp;&nbsp; (32533842)<br>| &nbsp;&nbsp; (276066)<br>|
| First Trust United Kingdom AlphaDEX<sup>®</sup> Fund |  | &nbsp;&nbsp; (53812458)<br>| &nbsp;&nbsp; 1042669 |
| First Trust India NIFTY 50 Equal Weight ETF | (1037814)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 27160652 |
| First Trust Switzerland AlphaDEX<sup>®</sup> Fund | 40751 | &nbsp;&nbsp; (25946254)<br>| &nbsp;&nbsp; 2493224 |
| First Trust Developed Markets ex-US Small Cap AlphaDEX<sup>®</sup> Fund |  | &nbsp;&nbsp; (4867870)<br>| &nbsp;&nbsp; (105756)<br>|
| First Trust Emerging Markets Small Cap AlphaDEX<sup>®</sup> Fund | 89988 | &nbsp;&nbsp; (43084261)<br>| &nbsp;&nbsp; (1067858)<br>|
| First Trust Eurozone AlphaDEX<sup>®</sup> ETF | 113438 | &nbsp;&nbsp; (22770866)<br>| &nbsp;&nbsp; (1431433)<br>|

---

**H. Income and Other Taxes**

Each Fund intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, each Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of each Fund's taxable income exceeds the distributions from such taxable income for the calendar year.

Certain countries assess a capital gains tax on securities sold in their local markets. This tax is accrued as the securities in these foreign markets appreciate in value and is paid at the time of sale to the extent a capital gain is realized. Taxes accrued on securities in an unrealized appreciation position are included in "Net change in unrealized appreciation (depreciation) on deferred foreign capital gains tax" on the Statements of Operations. The capital gains tax paid on securities sold, if any, is included in "Net realized gain (loss) on foreign capital gains tax" on the Statements of Operations.

**Capital Gains.** India's Finance Act, 2024 ("Finance Act, 2024") was enacted into law on July 23, 2024, and amongst the other provisions, it increased long-term and short-term capital gain rates on sales of Indian securities, effective that date. As per the amended provisions, the long-term capital gains on the sale of listed shares (sold on a recognized stock exchange and where Securities

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund II**

**June 30, 2025 (Unaudited)**

Transaction Tax ("STT") is paid) in excess of INR 0.125 million are taxed at the rate of 12.5% (plus applicable surcharge and cess), increased from 10% (plus applicable surcharge and cess), subject to satisfaction of certain conditions. As a grandfathering measure, the cost of acquisition for the purpose of calculation of long-term capital asset acquired before February 1, 2018 shall be deemed to be the higher of the following: (a) the actual cost of acquisition of such asset; and (b) lower of (i) the fair market value of such asset as on January 31, 2018 and (ii) full value of consideration as received on its transfer/disposal of the equity shares. The highest effective tax rate on long-term capital gains earned by a Fund could be 14.95% in the case of a non-corporate entity and 13.65% in the case of a corporate entity.

In the case of the sale of listed shares (sold on a recognized stock exchange and where STT is paid) held by a Fund for one year or less, the income is classified as short-term capital gains and is taxable at 20% (plus applicable surcharge and cess), increased from 15% (plus applicable surcharge and cess), provided the shares are sold on the stock exchange and subjected to STT. The highest effective tax rate on short-term capital gains earned by a Fund could be 23.92% in the case of a non-corporate entity and 21.84% in the case of a corporate entity.

Short-term capital loss can be set-off against both short-term capital gains and long-term capital gains. However, long-term capital loss can be set-off only against long-term capital gains. The unabsorbed (remaining loss after setting off loss during the year against income of the year) short-term and long-term capital loss can be carried forward for immediately succeeding 8 (eight) assessment years.

**Buy back.** Finance Act, 2024 has amended the provisions for taxation of buyback of shares and provided that the gains arising on buyback of shares will be considered as deemed dividend in the hands of the shareholder and taxed accordingly. (Prior to enactment of Finance Act, 2024, the shareholders were exempt from tax on any income arising on buyback and distribution tax at the rate of 20% plus applicable surcharge and cess was payable by the Indian Company on buyback of shares). Further, the cost of acquisition in relation to buyback of shares shall be considered as capital loss in the hands of shareholder and the capital loss can be set off against the capital gain income.

Where the sale of shares is outside the stock exchange and not subject to STT, the long-term capital gains continue to be taxed at 10% (plus applicable surcharge and cess) and short-term capital gains are taxed at 30% (plus applicable surcharge and cess).

**Dividend income.** The dividend income earned by a Fund from Indian Companies shall be chargeable to tax at the rate of 20% (plus applicable surcharge and cess). The highest effective tax rate on dividend income arising to a Fund could be 23.92% in the case of a non-corporate entity and 21.84% in the case of a corporate entity. Note that a Fund will not obtain relief under the US-India tax treaty as the treaty rate of 25% is higher than the domestic rate. Any excess taxes withheld can be offset against capital gains tax liability during the year or claimed as a refund in the annual tax return.

**Interest income.** Interest Income received from the Indian Investee Company shall be continued to be chargeable to tax at the rate of 20% (plus applicable surcharge and cess).

**Other income.** Any other income (other than capital gain, dividend, interest) earned by a Fund shall be chargeable to tax at the rate of 35% (earlier taxable at the rate of 40%) (plus applicable surcharge and cess).

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 2021, 2022, 2023, and 2024 remain open to federal and state audit. As of June 30, 2025, management has evaluated the application of these standards to the Funds and has determined that no provision for income tax is required in the Funds' financial statements for uncertain tax positions.

Each Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. Each Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At December 31, 2024, for federal income tax purposes, each applicable Fund had a

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund II**

**June 30, 2025 (Unaudited)**

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Non-Expiring <br>Capital Loss <br>Carryforwards<br>|
| First Trust Asia Pacific ex-Japan AlphaDEX<sup>®</sup> Fund | $15829960 |
| First Trust Europe AlphaDEX<sup>®</sup> Fund | 248849675 |
| First Trust Latin America AlphaDEX<sup>®</sup> Fund | 45539735 |
| First Trust Brazil AlphaDEX<sup>®</sup> Fund | 29090886 |
| First Trust China AlphaDEX<sup>®</sup> Fund | 10498620 |
| First Trust Japan AlphaDEX<sup>®</sup> Fund | 59545624 |
| First Trust Developed Markets ex-US AlphaDEX<sup>®</sup> Fund\* | 318483865 |
| First Trust Emerging Markets AlphaDEX<sup>®</sup> Fund | 206629718 |
| First Trust Germany AlphaDEX<sup>®</sup> Fund | 32533842 |
| First Trust United Kingdom AlphaDEX<sup>®</sup> Fund | 53812458 |
| First Trust India NIFTY 50 Equal Weight ETF |  |
| First Trust Switzerland AlphaDEX<sup>®</sup> Fund | 25946254 |
| First Trust Developed Markets ex-US Small Cap AlphaDEX<sup>®</sup> Fund | 4867870 |
| First Trust Emerging Markets Small Cap AlphaDEX<sup>®</sup> Fund | 43084261 |
| First Trust Eurozone AlphaDEX<sup>®</sup> ETF | 22770866 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* $68,988,013 of First Trust Developed Markets ex-US AlphaDEX<sup>®</sup> 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, 2024, the following Funds utilized capital loss carryforwards in the following amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Capital <br>Loss <br>Utilized<br>|
| First Trust Asia Pacific ex-Japan AlphaDEX<sup>®</sup> Fund | $1033469 |
| First Trust Europe AlphaDEX<sup>®</sup> Fund | 11294706 |
| First Trust Latin America AlphaDEX<sup>®</sup> Fund | 2746717 |
| First Trust Brazil AlphaDEX<sup>®</sup> Fund | 217155 |
| First Trust Developed Markets ex-US AlphaDEX<sup>®</sup> Fund | 35925997 |
| First Trust Emerging Markets AlphaDEX<sup>®</sup> Fund | 38205993 |
| First Trust United Kingdom AlphaDEX<sup>®</sup> Fund | 381605 |
| First Trust Switzerland AlphaDEX<sup>®</sup> Fund | 1659007 |
| First Trust Developed Markets ex-US Small Cap AlphaDEX<sup>®</sup> Fund | 506646 |
| First Trust Emerging Markets Small Cap AlphaDEX<sup>®</sup> Fund | 8017073 |
| First Trust Eurozone AlphaDEX<sup>®</sup> ETF | 3965 |

---

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, 2024, the following Funds incurred and elected to defer net late year ordinary or capital losses as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Qualified Late Year Losses | Qualified Late Year Losses |
|  | Ordinary Losses | Capital Losses |
| First Trust Brazil AlphaDEX<sup>®</sup> Fund | $25063 | &nbsp;&nbsp; $— |
| First Trust India NIFTY 50 Equal Weight ETF | 1037814 | &nbsp;&nbsp; — |

---

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund II**

**June 30, 2025 (Unaudited)**

As of June 30, 2025, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Tax Cost | Gross <br> Unrealized <br>Appreciation<br>| Gross <br> Unrealized <br>(Depreciation)<br>| Net Unrealized <br>Appreciation <br>(Depreciation)<br>|
| First Trust Asia Pacific ex-Japan AlphaDEX<sup>®</sup> Fund | $18376636 | &nbsp;&nbsp; $4638541 | &nbsp;&nbsp; $(88699)<br>| &nbsp;&nbsp; $4549842 |
| First Trust Europe AlphaDEX<sup>®</sup> Fund | 233955649 | &nbsp;&nbsp; 68991783 | &nbsp;&nbsp; (2853935)<br>| &nbsp;&nbsp; 66137848 |
| First Trust Latin America AlphaDEX<sup>®</sup> Fund | 10367636 | &nbsp;&nbsp; 2518872 | &nbsp;&nbsp; (80307)<br>| &nbsp;&nbsp; 2438565 |
| First Trust Brazil AlphaDEX<sup>®</sup> Fund | 5479402 | &nbsp;&nbsp; 1906075 | &nbsp;&nbsp; (231962)<br>| &nbsp;&nbsp; 1674113 |
| First Trust China AlphaDEX<sup>®</sup> Fund | 32746072 | &nbsp;&nbsp; 6941995 | &nbsp;&nbsp; (627517)<br>| &nbsp;&nbsp; 6314478 |
| First Trust Japan AlphaDEX<sup>®</sup> Fund | 161009292 | &nbsp;&nbsp; 34181933 | &nbsp;&nbsp; (3958872)<br>| &nbsp;&nbsp; 30223061 |
| First Trust Developed Markets ex-US AlphaDEX<sup>®</sup> Fund | 426057281 | &nbsp;&nbsp; 119950325 | &nbsp;&nbsp; (3169239)<br>| &nbsp;&nbsp; 116781086 |
| First Trust Emerging Markets AlphaDEX<sup>®</sup> Fund | 374281058 | &nbsp;&nbsp; 71791596 | &nbsp;&nbsp; (25695783)<br>| &nbsp;&nbsp; 46095813 |
| First Trust Germany AlphaDEX<sup>®</sup> Fund | 57092780 | &nbsp;&nbsp; 5485843 | &nbsp;&nbsp; (772763)<br>| &nbsp;&nbsp; 4713080 |
| First Trust United Kingdom AlphaDEX<sup>®</sup> Fund | 51072291 | &nbsp;&nbsp; 13755542 | &nbsp;&nbsp; (2288421)<br>| &nbsp;&nbsp; 11467121 |
| First Trust India NIFTY 50 Equal Weight ETF | 162692043 | &nbsp;&nbsp; 55856932 | &nbsp;&nbsp; (1836895)<br>| &nbsp;&nbsp; 54020037 |
| First Trust Switzerland AlphaDEX<sup>®</sup> Fund | 55471625 | &nbsp;&nbsp; 13733909 | &nbsp;&nbsp; (2277612)<br>| &nbsp;&nbsp; 11456297 |
| First Trust Developed Markets ex-US Small Cap <br> AlphaDEX<sup>®</sup> Fund<br>| 6127186 | &nbsp;&nbsp; 1770057 | &nbsp;&nbsp; (220885)<br>| &nbsp;&nbsp; 1549172 |
| First Trust Emerging Markets Small Cap AlphaDEX<sup>®</sup> <br> Fund<br>| 223384516 | &nbsp;&nbsp; 44985813 | &nbsp;&nbsp; (17889096)<br>| &nbsp;&nbsp; 27096717 |
| First Trust Eurozone AlphaDEX<sup>®</sup> ETF | 56230249 | &nbsp;&nbsp; 8528049 | &nbsp;&nbsp; (519467)<br>| &nbsp;&nbsp; 8008582 |

---

**I. Expenses**

Expenses that are directly related to the Funds are charged to First Trust pursuant to the Investment Management Agreement, with the exception of the advisory fees, Rule 12b-1 distribution and service fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, and extraordinary expenses, which are paid by each respective Fund.

First Trust Portfolios L.P. ("FTP") has entered into licensing agreements with Nasdaq ("Licensor") for all the Funds except NFTY and with NSE Indices Limited ("NSE") for NFTY (Nasdaq and NSE collectively, the "Licensors"). The respective license agreements allow for the use by First Trust of each Fund's respective index and of certain trademarks and trade names of the Licensors. The Funds are sub-licensees to the applicable license agreements.

**J. Segment Reporting**

Each Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of each Fund. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements**

First Trust, the investment advisor to the Funds, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust is responsible for the selection and ongoing monitoring of the securities in each Fund's portfolio, managing the Funds' business affairs and providing certain administrative services necessary for the management of the Funds.

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund II**

**June 30, 2025 (Unaudited)**

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Breakpoints |  |
| Fund net assets up to and including $2.5 billion | 0.80<br> %<br>|
| Fund net assets greater than $2.5 billion up to and including $5 billion | 0.78<br> %<br>|
| Fund net assets greater than $5 billion up to and including $7.5 billion | 0.76<br> %<br>|
| Fund net assets greater than $7.5 billion up to and including $10 billion | 0.74<br> %<br>|
| Fund net assets greater than $10 billion | 0.72<br> %<br>|

---

The Trust has multiple service agreements with BNY. Under the service agreements, BNY performs custodial, fund accounting, certain administrative services, and transfer agency services for each Fund. As custodian, BNY is responsible for custody of each Fund's assets. As fund accountant and administrator, BNY is responsible for maintaining the books and records of each Fund's securities and cash. As transfer agent, BNY is responsible for maintaining shareholder records for each Fund. BNY is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.

Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates ("Independent Trustees") is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a target outcome fund or an index fund.

Additionally, the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation 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.

**4. Purchases and Sales of Securities** 

For the six months ended June 30, 2025, the cost of purchases and proceeds from sales of investments for each Fund, excluding short-term investments and in-kind transactions, were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| First Trust Asia Pacific ex-Japan AlphaDEX<sup>®</sup> Fund | $11347677 | &nbsp;&nbsp; $7298140 |
| First Trust Europe AlphaDEX<sup>®</sup> Fund | 105257048 | &nbsp;&nbsp; 105453371 |
| First Trust Latin America AlphaDEX<sup>®</sup> Fund | 4582628 | &nbsp;&nbsp; 6612698 |
| First Trust Brazil AlphaDEX<sup>®</sup> Fund | 2559900 | &nbsp;&nbsp; 2012364 |
| First Trust China AlphaDEX<sup>®</sup> Fund | 23129891 | &nbsp;&nbsp; 23756277 |
| First Trust Japan AlphaDEX<sup>®</sup> Fund | 76508480 | &nbsp;&nbsp; 76887077 |
| First Trust Developed Markets ex-US AlphaDEX<sup>®</sup> Fund | 236112937 | &nbsp;&nbsp; 231753788 |
| First Trust Emerging Markets AlphaDEX<sup>®</sup> Fund | 208724580 | &nbsp;&nbsp; 217218547 |
| First Trust Germany AlphaDEX<sup>®</sup> Fund | 2670743 | &nbsp;&nbsp; 2410854 |
| First Trust United Kingdom AlphaDEX<sup>®</sup> Fund | 20465167 | &nbsp;&nbsp; 20517877 |
| First Trust India NIFTY 50 Equal Weight ETF | 22418436 | &nbsp;&nbsp; 98312063 |
| First Trust Switzerland AlphaDEX<sup>®</sup> Fund | 27960134 | &nbsp;&nbsp; 28314928 |
| First Trust Developed Markets ex-US Small Cap AlphaDEX<sup>®</sup> Fund | 3695757 | &nbsp;&nbsp; 3679337 |
| First Trust Emerging Markets Small Cap AlphaDEX<sup>®</sup> Fund | 134397464 | &nbsp;&nbsp; 153720585 |
| First Trust Eurozone AlphaDEX<sup>®</sup> ETF | 18432238 | &nbsp;&nbsp; 18035121 |

---

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund II**

**June 30, 2025 (Unaudited)**

For the six months ended June 30, 2025, the cost of in-kind purchases and proceeds from in-kind sales for each Fund were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| First Trust Asia Pacific ex-Japan AlphaDEX<sup>®</sup> Fund | $2038860 | &nbsp;&nbsp; $775189 |
| First Trust Europe AlphaDEX<sup>®</sup> Fund | 41720067 | &nbsp;&nbsp; 1893427 |
| First Trust Latin America AlphaDEX<sup>®</sup> Fund | 256009 | &nbsp;&nbsp; 1389137 |
| First Trust Brazil AlphaDEX<sup>®</sup> Fund | 33774 | &nbsp;&nbsp; — |
| First Trust China AlphaDEX<sup>®</sup> Fund |  | &nbsp;&nbsp; 14591679 |
| First Trust Japan AlphaDEX<sup>®</sup> Fund | 5662331 | &nbsp;&nbsp; 44176127 |
| First Trust Developed Markets ex-US AlphaDEX<sup>®</sup> Fund | 28092921 | &nbsp;&nbsp; 9703477 |
| First Trust Emerging Markets AlphaDEX<sup>®</sup> Fund |  | &nbsp;&nbsp; 19058012 |
| First Trust Germany AlphaDEX<sup>®</sup> Fund | 50597358 | &nbsp;&nbsp; 2100461 |
| First Trust United Kingdom AlphaDEX<sup>®</sup> Fund | 6692834 | &nbsp;&nbsp; 20397303 |
| First Trust India NIFTY 50 Equal Weight ETF |  | &nbsp;&nbsp; — |
| First Trust Switzerland AlphaDEX<sup>®</sup> Fund |  | &nbsp;&nbsp; 19503690 |
| First Trust Developed Markets ex-US Small Cap AlphaDEX<sup>®</sup> Fund |  | &nbsp;&nbsp; — |
| First Trust Emerging Markets Small Cap AlphaDEX<sup>®</sup> Fund |  | &nbsp;&nbsp; 34066506 |
| First Trust Eurozone AlphaDEX<sup>®</sup> ETF | 46432756 | &nbsp;&nbsp; 14720927 |

---

**5. Creations, Redemptions and Transaction Fees**

Each Fund generally issues and redeems its shares in primary market transactions through a creation and redemption mechanism and does not sell or redeem individual shares. Instead, financial entities known as "Authorized Participants" have contractual arrangements with a Fund or one of the Fund's service providers to purchase and redeem Fund shares directly with the Fund in Creation Units. Prior to the start of trading on every business day, a Fund publishes through the National Securities Clearing Corporation the "basket" of securities, cash or other assets that it will accept in exchange for a Creation Unit of the Fund's shares. An Authorized Participant that wishes to effectuate a creation of a Fund's shares deposits with the Fund the "basket" of securities, cash or other assets identified by the Fund that day, and then receives the Creation Unit of the Fund's shares in return for those assets. After purchasing a Creation Unit, the Authorized Participant may continue to hold the Fund's shares or sell them in the secondary market. The redemption process is the reverse of the purchase process: the Authorized Participant redeems a Creation Unit of a Fund's shares for a basket of securities, cash or other assets. The combination of the creation and redemption process with secondary market trading in a Fund's shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of a Fund's shares at or close to the NAV per share of the Fund.

Each Fund imposes fees in connection with the purchase of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price for each Creation Unit will equal the daily NAV per share of a Fund times the number of shares in a Creation Unit, plus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the creation basket.

Each Fund also imposes fees in connection with the redemption of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price received for each Creation Unit will equal the daily NAV per share of a Fund times the number of shares in a Creation Unit, minus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the redemption basket. Investors who use the services of a broker or other such intermediary in addition to an Authorized Participant to effect a redemption of a Creation Unit may also be assessed an amount to cover the cost of such services. The redemption fee charged by a Fund will comply with Rule 22c-2 of the 1940 Act which limits redemption fees to no more than 2% of the value of the shares redeemed.

**6. Distribution Plan** 

The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the Funds are authorized to pay an amount up to 0.25% of their average daily net assets each year to reimburse FTP, the distributor of the Funds, for amounts expended to finance activities primarily intended to result in the sale of Creation Units or the

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund II**

**June 30, 2025 (Unaudited)**

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, 2026.

**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 was the following subsequent event:

On June 9, 2025, the Board of Trustees of the Trust (the "Board") voted to terminate and liquidate FBZ pursuant to a Plan of Liquidation and Termination (the "Plan") approved by the Board. The Board determined that the termination and liquidation of FBZ was in the best interests of FBZ. FBZ liquidated as a series of the Trust on July 18, 2025.

------

**Other Information**

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund II**

**June 30, 2025 (Unaudited)**

**Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)**

There were no changes in or disagreements with the Funds' accountants during the six months ended June 30, 2025.

**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, 2025.

**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<sup>®</sup> 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<sup>®</sup> Fund (FPA)

First Trust Brazil AlphaDEX<sup>®</sup> Fund (FBZ)

First Trust China AlphaDEX<sup>®</sup> Fund (FCA)

First Trust Developed Markets ex-US AlphaDEX<sup>®</sup> Fund (FDT)

First Trust Developed Markets ex-US Small Cap AlphaDEX<sup>®</sup> Fund (FDTS)

First Trust Emerging Markets AlphaDEX<sup>®</sup> Fund (FEM)

First Trust Emerging Markets Small Cap AlphaDEX<sup>®</sup> Fund (FEMS)

First Trust Europe AlphaDEX<sup>®</sup> Fund (FEP)

First Trust Eurozone AlphaDEX<sup>®</sup> ETF (FEUZ)

First Trust Germany AlphaDEX<sup>®</sup> Fund (FGM)

First Trust India NIFTY 50 Equal Weight ETF (NFTY)

First Trust Japan AlphaDEX<sup>®</sup> Fund (FJP)

First Trust Latin America AlphaDEX<sup>®</sup> Fund (FLN)

First Trust Switzerland AlphaDEX<sup>®</sup> Fund (FSZ)

First Trust United Kingdom AlphaDEX<sup>®</sup> Fund (FKU)

The Board approved the continuation of the Agreement for each Fund for a one-year period ending June 30, 2026 at a meeting held on June 8–9, 2025. 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 22, 2025 and June 8–9, 2025, 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

------

**Other Information (Continued)**

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund II**

**June 30, 2025 (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 22, 2025, prior to which the Independent Trustees and their counsel met separately to discuss the information provided by the Advisor. Following the April meeting, counsel to the Independent Trustees, on behalf of the Independent Trustees, requested certain clarifications and supplements to the materials provided, and the information provided in response to those requests was considered at an executive session of the Independent Trustees and their counsel held prior to the June 8–9, 2025 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 22, 2025 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 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, 2024 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<sup>®</sup> stock selection methodology, and that the performance information included a blend of the old and new indexes. The Board considered the Advisor's explanations of how the AlphaDEX<sup>®</sup>

------

**Other Information (Continued)**

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund II**

**June 30, 2025 (Unaudited)**

stock selection methodology impacts Fund performance in various market environments, and the Advisor's statement that AlphaDEX<sup>®</sup> is designed to provide long-term outperformance. Based on the information provided and its ongoing review of performance, the Board concluded that each Fund was correlated to its underlying index and that the tracking difference for each Fund was within a reasonable range. In addition, the Board reviewed data prepared by Broadridge comparing each Fund's performance to that of its respective Performance Universe and to that of a benchmark index. 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, 2024 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. For FBZ, the Board noted that, at the June 8–9, 2025 meeting, it approved the liquidation and termination of the Fund on or around July 18, 2025 and considered that the continuation of the Agreement for the Fund would facilitate the orderly liquidation of the Fund.

**Disclaimer**

Nasdaq<sup>®</sup> and Nasdaq AlphaDEX<sup>®</sup> Asia Pacific Ex-Japan<sup>TM</sup> Index, Nasdaq AlphaDEX<sup>®</sup> Europe<sup>TM</sup> Index, Nasdaq AlphaDEX<sup>®</sup> Latin America<sup>TM</sup> Index, Nasdaq AlphaDEX<sup>®</sup> Brazil<sup>TM</sup> Index, Nasdaq AlphaDEX<sup>®</sup> China<sup>TM</sup> Index, Nasdaq AlphaDEX<sup>®</sup> Japan<sup>TM</sup> Index, Nasdaq AlphaDEX<sup>®</sup> Developed Markets Ex-US<sup>TM</sup> Index, Nasdaq AlphaDEX<sup>®</sup> Emerging Markets<sup>TM</sup> Index, Nasdaq AlphaDEX<sup>®</sup> Germany<sup>TM</sup> Index, Nasdaq AlphaDEX<sup>®</sup> United Kingdom<sup>TM</sup> Index, Nasdaq AlphaDEX<sup>®</sup> Switzerland<sup>TM</sup> Index, Nasdaq AlphaDEX<sup>®</sup> Developed Markets Ex-US Small Cap<sup>TM</sup> Index, Nasdaq AlphaDEX<sup>®</sup> Emerging Markets Small Cap<sup>TM</sup> Index and Nasdaq AlphaDEX<sup>®</sup> Eurozone<sup>TM</sup> Index ("the Nasdaq Indices") are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the "Corporations") and are licensed for use by First Trust. AlphaDEX<sup>®</sup> is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Nasdaq Indices. The Funds have not been passed on by the Corporations as to their legality or suitability. The Funds are not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUNDS.

The First Trust India NIFTY 50 Equal Weight ETF (the "Product") offered by First Trust is not sponsored, endorsed, sold or promoted by NSE INDICES LIMITED (formerly known as India Index Services & Products Limited (IISL)). NSE INDICES LIMITED does not make any representation or warranty, express or implied (including warranties of merchantability or fitness for particular purpose or use) and disclaims all liability to the owners of the Product or any member of the public regarding the advisability of investing in securities generally or in the Product linked to the NIFTY 50 Equal Weight Index or particularly in the ability of the NIFTY 50 Equal

------

**Other Information (Continued)**

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund II**

**June 30, 2025 (Unaudited)**

Weight Index to track general stock market performance in India. Please read the full Disclaimers in relation to the NIFTY 50 Equal Weight Index in the Prospectus and Statement of Additional Information.

------

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

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

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

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

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

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

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

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

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

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

Not applicable to the Registrant.

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

Not applicable to the Registrant.

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

Not applicable to the Registrant.

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

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

**Item 16. Controls and Procedures.**

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

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

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

(a) Not applicable to the Registrant.

(b) Not applicable to the Registrant.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable to the Registrant.

(b) Not applicable to the Registrant.

**Item 19. Exhibits.**

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

(a)(2) [The certifications required by Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](certs_302.htm)

(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.](certs_906.htm)

**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<sup>®</sup>
 Fund II

---

| | |
|:---|:---|
| By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;/s/ James M. Dykas |
|  | &nbsp;&nbsp;&nbsp;James M. Dykas, President and Chief Executive Officer<br> (principal executive officer) |

---

Date: <u>September 4, 2025</u>

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)\* | &nbsp;&nbsp;&nbsp;/s/ James M. Dykas |
|  | &nbsp;&nbsp;&nbsp;James M. Dykas, President and Chief Executive Officer<br> (principal executive officer) |

---

Date: <u>September 4, 2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;/s/ Derek D. Maltbie |
|  | &nbsp;&nbsp;&nbsp;Derek D. Maltbie, Treasurer, Chief Financial Officer <br> and Chief Accounting Officer<br> (principal financial officer) |

---

Date: <u>September 4, 2025</u>

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Cert

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 <br> of the Sarbanes-Oxley Act**

I, James M. Dykas, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of First Trust Exchange-Traded AlphaDEX<sup>®
</sup>Fund II;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included
in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented
in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control
over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
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; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize,
and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have
a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | September 4, 2025 | &nbsp;&nbsp;&nbsp;/s/ James M. Dykas |
|  |  | &nbsp;&nbsp;&nbsp;James M. Dykas, President and Chief Executive Officer<br> (principal executive officer) |

---

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 <br> of the Sarbanes-Oxley Act**

I, Derek D. Maltbie, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of First Trust Exchange-Traded AlphaDEX<sup>®
</sup>Fund II;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included
in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented
in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control
over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
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; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize,
and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have
a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | September 4, 2025 | &nbsp;&nbsp;&nbsp;/s/ Derek D. Maltbie |
|  |  | &nbsp;&nbsp;&nbsp;Derek D. Maltbie, Treasurer, Chief Financial Officer <br> and Chief Accounting Officer<br> (principal financial officer) |

---

## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 <br> of the Sarbanes-Oxley Act**

I, James M. Dykas, President and Chief Executive Officer of First Trust Exchange-Traded AlphaDEX<sup>®</sup> Fund II (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | September 4, 2025 | &nbsp;&nbsp;&nbsp;/s/ James M. Dykas |
|  |  | &nbsp;&nbsp;&nbsp;James M. Dykas, President and Chief Executive Officer<br> (principal executive officer) |

---

I, Derek D. Maltbie, Treasurer, Chief Financial Officer and Chief Accounting Officer of First Trust Exchange-Traded AlphaDEX<sup>®</sup> Fund II (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | September 4, 2025 | &nbsp;&nbsp;&nbsp;/s/ Derek D. Maltbie |
|  |  | &nbsp;&nbsp;&nbsp;Derek D. Maltbie, Treasurer, Chief Financial Officer <br> and Chief Accounting Officer<br> (principal financial officer) |

---