# EDGAR Filing Document

**Accession Number:** 0001510337
**File Stem:** 0001445546-26-001916
**Filing Date:** 2026-3
**Character Count:** 537818
**Document Hash:** 0f33de55254fd46d98e15663d43bab58
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001445546-26-001916.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001445546-26-001916

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 48

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22519
- **FILM NUMBER:** 26734475

**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 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            |

?xml version='1.0' encoding='ASCII'? 2d288725-33d6-4106-9e18-359b40215876

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

------

#### FORM N-CSR

------

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

811-22519

First Trust Exchange-Traded AlphaDEX<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:

December 31, 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 annual reports transmitted to shareholders pursuant to Rule 30e-1 under the Act.

![TSR - First Trust Fund Logo](images_30345.jpg)

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

#### FPA \| Nasdaq, Inc.

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the First Trust Asia Pacific ex-Japan AlphaDEX<sup>®</sup> Fund (the "Fund") for the year of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FPA. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Asia Pacific ex-Japan AlphaDEX<sup>®</sup> Fund | $980.81%<sup>(1)</sup> |

---

<sup>(1)</sup> Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 42.31% during the 12 months ended December 31, 2025. The Fund outperformed its benchmark, the MSCI Pacific ex-Japan Index, which returned 20.62% for the same Period.

During the Period, investments in South Korea received the greatest allocation of any country, with an average weight of 46.7% and contributed 32.5% to overall Fund return, the greatest contribution of any country. Investments in Taiwan contributed -0.5% to overall Fund return, the most negative contribution of any country, and held an average weight of 0.7%. The Fund's currency exposure contributed 3.6% to overall Fund return.

#### FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

#### Investment Performance of $10,000
![Fund Performance - Growth of 10K](chartimages_11228281.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of December 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Asia Pacific ex-Japan AlphaDEX<sup>®</sup> Fund | 42.31% | 7.23% | 6.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq AlphaDEX<sup>®</sup> Asia Pacific Ex-Japan<sup>TM</sup> Index | 43.92% | 8.57% | 7.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq Developed Markets Asia Pacific Ex-Japan<sup>TM</sup> Index | 40.29% | 5.76% | 8.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI Pacific ex-Japan Index | 20.62% | 5.74% | 7.34% |

---

 **Visit www.ftportfolios.com/etf/FPA for more recent performance information.**

 **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (As of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$24301244 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$153982 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;104% |

---

#### WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| SK Square Co., Ltd. | 2.8% |
| SK hynix, Inc. | 2.3% |
| Hyundai Motor Co. | 2.1% |
| Hyosung Heavy Industries Corp. | 2.1% |
| Korea Electric Power Corp. | 2.0% |
| Hyundai Mobis Co., Ltd. | 1.9% |
| HD Hyundai Co., Ltd. | 1.9% |
| Kia Corp. | 1.9% |
| Woodside Energy Group Ltd. | 1.6% |
| Hanwha Ocean Co., Ltd. | 1.6% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11228291.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_30345.jpg)

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

#### FEP \| Nasdaq, Inc.

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the First Trust Europe AlphaDEX<sup>®</sup> Fund (the "Fund") for the year of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FEP. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Europe AlphaDEX<sup>®</sup> Fund | $1030.81%<sup>(1)</sup> |

---

<sup>(1)</sup> Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 55.13% during the 12 months ended December 31, 2025. The Fund outperformed its benchmark, the MSCI Europe Index, which returned 35.41% for the same Period.

During the Period, investments in the United Kingdom received the greatest allocation of any country, with an average weight of 18.5% and contributed 8.6% to overall Fund return. With an average weight of 18.0%, investments in Germany contributed 11.7% to overall Fund return, the greatest contribution of any country. No country contributed negatively to overall Fund return. The Fund's currency exposure contributed 15.3% to overall Fund return.

#### FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

#### Investment Performance of $10,000
![Fund Performance - Growth of 10K](chartimages_11228239.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of December 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Europe AlphaDEX<sup>®</sup> Fund | 55.13% | 10.91% | 9.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq AlphaDEX<sup>®</sup> Europe<sup>TM</sup> Index | 56.05% | 11.68% | 10.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq Developed Markets Europe<sup>TM</sup> Index | 36.05% | 9.90% | 8.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI Europe Index | 35.41% | 10.30% | 8.52% |

---

 **Visit www.ftportfolios.com/etf/FEP for more recent performance information.**

 **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (As of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$408463397 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;202 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2256568 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;92% |

---

#### WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Bank of America Corp., Repurchase Agreement | 2.1% |
| HOCHTIEF AG | 1.1% |
| Fresnillo PLC | 1.1% |
| SSAB AB, Class B | 1.0% |
| Standard Chartered PLC | 1.0% |
| Endeavour Mining PLC | 1.0% |
| ACS Actividades de Construccion y Servicios S.A. | 1.0% |
| Rio Tinto PLC | 0.9% |
| Banco Bilbao Vizcaya Argentaria S.A. | 0.9% |
| UNIQA Insurance Group AG | 0.9% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11228249.jpg)

Repurchase agreements are held as collateral for securities lending arrangements.

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FEP to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or 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_30345.jpg)

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

#### FLN \| Nasdaq, Inc.

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the First Trust Latin America AlphaDEX<sup>®</sup> Fund (the "Fund") for the year of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FLN. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Latin America AlphaDEX<sup>®</sup> Fund | $1030.81%<sup>(1)</sup> |

---

<sup>(1)</sup> Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 54.67% during the 12 months ended December 31, 2025. The Fund underperformed its benchmark, the MSCI EM Latin America Index, which returned 54.81% for the same Period.

During the Period, investments in Brazil received the greatest allocation of any country, with an average weight of 53.5% and contributed 27.0% to overall Fund return, the greatest contribution of any country. No country contributed negatively to overall Fund return. The Fund's currency exposure contributed 15.7% to overall Fund return.

#### FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

#### Investment Performance of $10,000
![Fund Performance - Growth of 10K](chartimages_11228323.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of December 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Latin America AlphaDEX<sup>®</sup> Fund | 54.67% | 8.14% | 10.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq AlphaDEX<sup>®</sup> Latin America<sup>TM</sup> Index | 57.10% | 9.59% | 11.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq Latin America<sup>TM</sup> Index | 54.95% | 7.72% | 8.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI EM Latin America Index | 54.81% | 8.65% | 8.79% |

---

 **Visit www.ftportfolios.com/etf/FLN for more recent performance information.**

 **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (As of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$15910073 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$110201 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;100% |

---

#### WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Latam Airlines Group S.A. | 3.7% |
| Eneva S.A. | 3.7% |
| Industrias Penoles S.A.B. de C.V. | 3.7% |
| Falabella S.A. | 3.7% |
| Vibra Energia S.A. | 3.4% |
| Banco BTG Pactual S.A. | 3.3% |
| PRIO S.A. | 3.3% |
| Prologis Property Mexico S.A. de C.V. | 3.3% |
| Cemex S.A.B. de C.V., Series CPO | 3.2% |
| Cia Energetica de Minas Gerais | 3.1% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11228333.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_30345.jpg)

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

#### FCA \| Nasdaq, Inc.

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the First Trust China AlphaDEX<sup>®</sup> Fund (the "Fund") for the year of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FCA. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust China AlphaDEX<sup>®</sup> Fund | $980.81%<sup>(1)</sup> |

---

<sup>(1)</sup> Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 42.95% during the 12 months ended December 31, 2025. The Fund outperformed its benchmark, the MSCI China Index, which returned 31.17% for the same Period.

During the Period, investments in the Industrials sector received the greatest allocation of any sector, with an average weight of 23.9% and contributed 7.8% to overall Fund return. With an average weight of 11.1%, investments in the Materials sector contributed 13.1% to overall Fund return, the greatest contribution of any sector. Investments in the Utilities sector contributed -0.4% to overall Fund return, the most negative contribution of any sector, and held an average weight of 3.7%. The Fund's currency exposure contributed -0.2% to overall Fund return.

#### FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

#### Investment Performance of $10,000
![Fund Performance - Growth of 10K](chartimages_11228407.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of December 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust China AlphaDEX<sup>®</sup> Fund | 42.95% | 4.15% | 7.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq AlphaDEX<sup>®</sup> China<sup>TM</sup> Index | 44.36% | 4.96% | 8.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq China<sup>TM</sup> Index | 32.96% | -2.17% | 4.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI China Index | 31.17% | -3.20% | 5.54% |

---

**Visit www.ftportfolios.com/etf/FCA for more recent performance information.**

**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (As of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$60892772 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;52 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$379849 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;101% |

---

#### WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| Bank of America Corp., Repurchase Agreement | 8.1% |
| China Hongqiao Group Ltd. | 4.7% |
| Goldwind Science & Technology Co., Ltd., Class H | 3.7% |
| China Reinsurance Group Corp., Class H | 3.5% |
| New China Life Insurance Co., Ltd., Class H | 3.3% |
| Shandong Gold Mining Co., Ltd., Class H | 3.3% |
| Baidu, Inc., Class A | 3.2% |
| PetroChina Co., Ltd., Class H | 3.2% |
| People's Insurance Co. Group of China (The) Ltd., Class H | 2.9% |
| China Coal Energy Co., Ltd., Class H | 2.8% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11228417.jpg)

Repurchase agreements are held as collateral for securities lending arrangements.

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FCA to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or 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_30345.jpg)

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

#### FJP \| Nasdaq, Inc.

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the First Trust Japan AlphaDEX<sup>®</sup> Fund (the "Fund") for the year of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FJP. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Japan AlphaDEX<sup>®</sup> Fund | $940.81%<sup>(1)</sup> |

---

<sup>(1)</sup> Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 32.14% during the 12 months ended December 31, 2025. The Fund outperformed its benchmark, the MSCI Japan Index, which returned 24.60% for the same Period.

During the Period, investments in the Industrials sector received the greatest allocation of any sector, with an average weight of 34.8% and contributed 16.5% to overall Fund return, the greatest contribution of any sector. No sector contributed negatively to overall Fund return. The Fund's currency exposure contributed 0.6% to overall Fund return.

#### FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

#### Investment Performance of $10,000
![Fund Performance - Growth of 10K](chartimages_11228449.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of December 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Japan AlphaDEX<sup>®</sup> Fund | 32.14% | 8.38% | 5.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq AlphaDEX<sup>®</sup> Japan<sup>TM</sup> Index | 32.90% | 8.99% | 6.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq Japan<sup>TM</sup> Index | 24.78% | 6.47% | 7.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI Japan Index | 24.60% | 6.60% | 7.62% |

---

 **Visit www.ftportfolios.com/etf/FJP for more recent performance information.**

 **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (As of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$207222947 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1445567 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;91% |

---

#### WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Bank of America Corp., Repurchase Agreement | 9.1% |
| Fujikura Ltd. | 2.3% |
| Taisei Corp. | 2.2% |
| Kajima Corp. | 1.9% |
| Inpex Corp. | 1.9% |
| Kandenko Co., Ltd. | 1.9% |
| Kansai Electric Power (The) Co., Inc. | 1.8% |
| Subaru Corp. | 1.7% |
| Central Japan Railway Co. | 1.7% |
| Suzuki Motor Corp. | 1.6% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11228459.jpg)

Repurchase agreements are held as collateral for securities lending arrangements.

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FJP to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or 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_30345.jpg)

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

#### FDT \| NASDAQ, INC.

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the First Trust Developed Markets ex-US AlphaDEX<sup>®</sup> Fund (the "Fund") for the year of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FDT. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Developed Markets ex-US AlphaDEX<sup>®</sup> Fund | $1020.81%<sup>(1)</sup> |

---

<sup>(1)</sup> Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 51.78% during the 12 months ended December 31, 2025. The Fund outperformed its benchmark, the MSCI World ex USA Index, which returned 31.85% for the same Period.

During the Period, investments in Japan received the greatest allocation of any country, with an average weight of 25.7% and contributed 10.3% to overall Fund return, the greatest contribution of any country. Investments in Taiwan contributed -0.2% to overall Fund return, the most negative contribution of any country, and held an average weight of 0.2%. The Fund's currency exposure contributed 8.4% to overall Fund return.

#### FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

#### Investment Performance of $10,000
![Fund Performance - Growth of 10K](chartimages_11228491.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of December 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Developed Markets ex-US AlphaDEX<sup>®</sup> Fund | 51.78% | 10.77% | 8.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq AlphaDEX<sup>®</sup> Developed Markets Ex-US<sup>TM</sup> Index | 53.17% | 11.76% | 9.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq Developed Markets Ex-US<sup>TM</sup> Index | 34.23% | 8.86% | 8.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI World ex USA Index | 31.85% | 9.46% | 8.55% |

---

 **Visit www.ftportfolios.com/etf/FDT for more recent performance information.**

 **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (As of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$789234288 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;301 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$4367706 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;109% |

---

#### WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| JPMorgan Chase & Co., Repurchase Agreement | 4.9% |
| SK Square Co., Ltd. | 0.9% |
| HOCHTIEF AG | 0.7% |
| SK hynix, Inc. | 0.7% |
| Taisei Corp. | 0.7% |
| Hyundai Motor Co. | 0.7% |
| OceanaGold Corp. | 0.7% |
| Hyosung Heavy Industries Corp. | 0.6% |
| Sumitomo Pharma Co., Ltd. | 0.6% |
| IAMGOLD Corp. | 0.6% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11228501.jpg)

Repurchase agreements are held as collateral for securities lending arrangements.

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FDT to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or 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_30345.jpg)

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

#### FEM \| Nasdaq, Inc.

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the First Trust Emerging Markets AlphaDEX<sup>®</sup> Fund (the "Fund") for the year of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FEM. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Emerging Markets AlphaDEX<sup>®</sup> Fund | $920.81%<sup>(1)</sup> |

---

<sup>(1)</sup> Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 26.35% during the 12 months ended December 31, 2025. The Fund underperformed its benchmark, the MSCI Emerging Markets Index, which returned 33.57% for the same Period.

During the Period, investments in China received the greatest allocation of any country, with an average weight of 38.4% and contributed 12.9% to overall Fund return, the greatest contribution of any country. Investments in Turkey contributed -1.0% to overall Fund return, the most negative contribution of any country, and held an average weight of 6.3%. The Fund's currency exposure contributed 2.9% to overall Fund return.

#### FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

#### Investment Performance of $10,000
![Fund Performance - Growth of 10K](chartimages_11228533.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of December 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Emerging Markets AlphaDEX<sup>®</sup> Fund | 26.35% | 6.13% | 8.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq AlphaDEX<sup>®</sup> Emerging Markets<sup>TM</sup> Index | 27.73% | 7.26% | 9.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq Emerging Markets<sup>TM</sup> Index | 27.14% | 6.03% | 8.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI Emerging Markets Index | 33.57% | 4.20% | 8.42% |

---

**Visit www.ftportfolios.com/etf/FEM for more recent performance information.**

**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (As of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$477720466 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;157 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$3398480 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;111% |

---

#### WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| JPMorgan Chase & Co., Repurchase Agreement | 5.1% |
| Aluminum Corp. of China Ltd., Class H | 1.5% |
| Jiangxi Copper Co., Ltd., Class H | 1.4% |
| Wiwynn Corp. | 1.3% |
| Bumi Resources Minerals Tbk PT | 1.3% |
| China Hongqiao Group Ltd. | 1.3% |
| Gold Circuit Electronics Ltd. | 1.3% |
| PetroChina Co., Ltd., Class H | 1.2% |
| Industrias Penoles S.A.B. de C.V. | 1.2% |
| Astra International Tbk PT | 1.2% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11228543.jpg)

Repurchase agreements are held as collateral for securities lending arrangements.

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FEM to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or 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_30345.jpg)

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

#### FGM \| NASDAQ, INC.

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the First Trust Germany AlphaDEX<sup>®</sup> Fund (the "Fund") for the year of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FGM. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| First Trust Germany AlphaDEX<sup>®</sup> Fund | $105 | 0.80% |

---

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 63.48% during the 12 months ended December 31, 2025. The Fund outperformed its benchmark, the MSCI Germany Index, which returned 36.28% for the same Period.

During the Period, investments in the Industrials sector received the greatest allocation of any sector, with an average weight of 37.3% and contributed 29.6% to overall Fund return, the greatest contribution of any sector. No sector contributed negatively to overall Fund return. The Fund's currency exposure contributed 16.5% to overall Fund return.

#### FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

#### Investment Performance of $10,000
![Fund Performance - Growth of 10K](chartimages_11228575.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of December 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Germany AlphaDEX<sup>®</sup> Fund | 63.48% | 6.61% | 7.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq AlphaDEX<sup>®</sup> Germany<sup>TM</sup> Index | 64.56% | 6.78% | 8.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq Germany<sup>TM</sup> Index | 36.25% | 8.05% | 7.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI Germany Index | 36.28% | 8.61% | 7.59% |

---

 **Visit www.ftportfolios.com/etf/FGM for more recent performance information.**

 **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (As of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$84314203 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;42 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$355477 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;66% |

---

#### WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| HOCHTIEF AG | 5.6% |
| Aurubis AG | 4.9% |
| RWE AG | 4.5% |
| Bank of America Corp., Repurchase Agreement | 4.4% |
| Bayerische Motoren Werke AG | 4.3% |
| Siemens Energy AG | 4.3% |
| Mercedes-Benz Group AG | 4.2% |
| Commerzbank AG | 3.8% |
| Nordex SE | 3.6% |
| Auto1 Group SE | 3.5% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11228585.jpg)

Repurchase agreements are held as collateral for securities lending arrangements.

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FGM to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or 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_30345.jpg)

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

#### FKU \| NASDAQ, INC.

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the First Trust United Kingdom AlphaDEX<sup>®</sup> Fund (the "Fund") for the year of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FKU. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust United Kingdom AlphaDEX<sup>®</sup> Fund | $960.81%<sup>(1)</sup> |

---

<sup>(1)</sup> Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 37.60% during the 12 months ended December 31, 2025. The Fund outperformed its benchmark, the MSCI United Kingdom Index, which returned 35.11% for the same Period.

During the Period, investments in the Financials sector received the greatest allocation of any sector, with an average weight of 27.6% and contributed 14.9% to overall Fund return, the greatest contribution of any sector. No sector contributed negatively to overall Fund return. The Fund's currency exposure contributed 8.8% to overall Fund return.

#### FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

#### Investment Performance of $10,000
![Fund Performance - Growth of 10K](chartimages_11228617.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of December 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust United Kingdom AlphaDEX<sup>®</sup> Fund | 37.60% | 10.30% | 6.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq AlphaDEX<sup>®</sup> United Kingdom<sup>TM</sup> Index | 39.19% | 11.66% | 7.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq United Kingdom<sup>TM</sup> Index | 35.13% | 12.12% | 7.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI United Kingdom Index | 35.11% | 13.33% | 7.83% |

---

 **Visit www.ftportfolios.com/etf/FKU for more recent performance information.**

 **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (As of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$86499266 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$524815 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;65% |

---

#### WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Fresnillo PLC | 4.6% |
| Rio Tinto PLC | 2.8% |
| Endeavour Mining PLC | 2.8% |
| Lion Finance Group PLC | 2.6% |
| International Consolidated Airlines Group S.A. | 2.4% |
| Standard Chartered PLC | 2.4% |
| Anglogold Ashanti PLC | 2.3% |
| St. James's Place PLC | 2.3% |
| Barclays PLC | 2.3% |
| M&G PLC | 2.2% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11228627.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_30345.jpg)

### First Trust India NIFTY 50 Equal Weight ETF

#### NFTY \| Nasdaq, Inc.

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the First Trust India NIFTY 50 Equal Weight ETF (the "Fund") for the year of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/NFTY. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust India NIFTY 50 Equal Weight ETF | $830.81%<sup>(1)</sup> |

---

<sup>(1)</sup> Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 5.73% during the 12 months ended December 31, 2025. The Fund underperformed its benchmark, the NIFTY 50 Index, which returned 6.57% for the same Period.

During the Period, investments in the Financials sector received the greatest allocation of any sector, with an average weight of 23.4% and contributed 5.1% to overall Fund return, the greatest contribution of any sector. Investments in the Information Technology sector contributed -1.6% to overall Fund return, the most negative contribution of any sector, and held an average weight of 9.6%. The Fund's currency exposure contributed

-5.0% to overall Fund return.

#### FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

#### Investment Performance of $10,000
![Fund Performance - Growth of 10K](chartimages_11228659.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of December 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust India NIFTY 50 Equal Weight ETF | 5.73% | 10.79% | 9.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;NIFTY 50 Equal Weight Index<sup>(1)</sup> | 9.36% | 14.62% | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;NIFTY 50 Index | 6.57% | 10.02% | 10.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI India Index | 2.62% | 9.88% | 9.70% |

---

(1) On April 17, 2018, the Fund's underlying index changed from the Nasdaq AlphaDEX<sup>®</sup> Taiwan Index to the NIFTY 50 Equal Weight Index. Therefore, the Fund's performance and total returns shown for the periods prior to April 17, 2018, are not necessarily indicative of the performance that the Fund, based on the current index, would have generated. Since the Fund's new underlying index had an inception date of September 29, 2017, it was not in existence for all the periods disclosed.

**Visit www.ftportfolios.com/etf/NFTY for more recent performance information.**

**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (As of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$175555041 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1724255 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

#### WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| Tata Steel Ltd. | 2.1% |
| JSW Steel Ltd. | 2.1% |
| Shriram Finance Ltd. | 2.1% |
| Axis Bank Ltd. | 2.1% |
| Bajaj Auto Ltd. | 2.0% |
| Oil & Natural Gas Corp., Ltd. | 2.0% |
| Tata Motors Passenger Vehicles Ltd. | 2.0% |
| Mahindra & Mahindra Ltd. | 2.0% |
| Kotak Mahindra Bank Ltd. | 2.0% |
| NTPC Ltd. | 2.0% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11228669.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_30345.jpg)

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

#### FSZ \| Nasdaq, Inc.

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the First Trust Switzerland AlphaDEX<sup>®</sup> Fund (the "Fund") for the year of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FSZ. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Switzerland AlphaDEX<sup>®</sup> Fund | $930.81%<sup>(1)</sup> |

---

<sup>(1)</sup> Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 30.16% during the 12 months ended December 31, 2025. The Fund underperformed its benchmark, the MSCI Switzerland Index, which returned 33.47% for the same Period.

During the Period, investments in the Financials sector received the greatest allocation of any sector, with an average weight of 29.3% and contributed 13.8% to overall Fund return, the greatest contribution of any sector. Investments in the Information Technology sector contributed -0.1% to overall Fund return, the most negative contribution of any sector, and held an average weight of 2.5%. The Fund's currency exposure contributed 15.8% to overall Fund return.

#### FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

#### Investment Performance of $10,000
![Fund Performance - Growth of 10K](chartimages_11228701.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of December 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Switzerland AlphaDEX<sup>®</sup> Fund | 30.16% | 8.18% | 9.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq AlphaDEX<sup>®</sup> Switzerland<sup>TM</sup> Index | 30.86% | 8.57% | 9.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq Switzerland<sup>TM</sup> Index | 33.36% | 8.02% | 8.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI Switzerland Index | 33.47% | 8.08% | 8.73% |

---

 **Visit www.ftportfolios.com/etf/FSZ for more recent performance information.**

 **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (As of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$44291372 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;41 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$532637 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;80% |

---

#### WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Holcim AG | 5.2% |
| Helvetia Baloise Holding AG | 4.4% |
| Avolta AG | 4.3% |
| Swissquote Group Holding S.A. | 4.2% |
| Sandoz Group AG | 4.2% |
| Swatch Group (The) AG | 4.1% |
| EFG International AG | 4.1% |
| SFS Group AG | 3.9% |
| Adecco Group AG | 3.8% |
| BKW AG | 3.8% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11228711.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_30345.jpg)

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

#### FDTS \| NASDAQ, INC.

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the First Trust Developed Markets ex-US Small Cap AlphaDEX<sup>®</sup> Fund (the "Fund") for the year of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FDTS. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(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 | $1010.81%<sup>(1)</sup> |

---

<sup>(1)</sup> Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 49.71% during the 12 months ended December 31, 2025. The Fund outperformed its benchmark, the MSCI World ex-USA Index, which returned 31.85% for the same Period.

During the Period, investments in Japan received the greatest allocation of any country, with an average weight of 37.1% and contributed 17.7% to overall Fund return, the greatest contribution of any country. No country contributed negatively to overall Fund return. The Fund's currency exposure contributed 6.2% to overall Fund return.

#### FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

#### Investment Performance of $10,000
![Fund Performance - Growth of 10K](chartimages_11228743.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of December 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Developed Markets ex-US Small Cap AlphaDEX<sup>®</sup> Fund | 49.71% | 10.13% | 8.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq AlphaDEX<sup>®</sup> Developed Markets Ex-US Small Cap<sup>TM</sup> Index | 50.88% | 11.15% | 9.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq Developed Markets Ex-US Small Cap<sup>TM</sup> Index | 36.02% | 6.90% | 7.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI World ex-USA Index | 31.85% | 9.46% | 8.55% |

---

 **Visit www.ftportfolios.com/etf/FDTS for more recent performance information.**

 **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (As of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$8781034 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;404 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$59137 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;119% |

---

#### WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Bank of America Corp., Repurchase Agreement | 3.2% |
| Hankook Tire & Technology Co., Ltd. | 0.6% |
| Migdal Insurance & Financial Holding Ltd. | 0.5% |
| Wasion Holdings Ltd. | 0.5% |
| Baytex Energy Corp. | 0.5% |
| Aris Mining Corp. | 0.5% |
| Hyosung Corp. | 0.5% |
| Modec, Inc. | 0.5% |
| Toa Corp. | 0.5% |
| Mitsui Mining & Smelting Co., Ltd. | 0.5% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11228753.jpg)

Repurchase agreements are held as collateral for securities lending arrangements.

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FDTS to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or 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_30345.jpg)

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

#### FEMS \| Nasdaq, Inc.

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the First Trust Emerging Markets Small Cap AlphaDEX<sup>®</sup> Fund (the "Fund") for the year of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FEMS. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

 **This report describes changes to the Fund that occurred during or after the reporting period.**

#### WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Emerging Markets Small Cap AlphaDEX<sup>®</sup> Fund | $870.81%<sup>(1)</sup> |

---

<sup>(1)</sup> Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 15.61% during the 12 months ended December 31, 2025. The Fund underperformed its benchmark, the MSCI Emerging Markets Index, which returned 33.57% for the same Period.

During the Period, investments in China represented the greatest allocation of any country, with an average weight of 21.6% and contributed 7.2% to overall Fund return. With an average weight of 15.0%, investments in Brazil contributed 8.0% to overall Fund return, the greatest contribution of any sector. Investments in Turkey contributed -3.0%, the most negative contribution of any sector, and held an average weight of 10.4%. The Fund's currency exposure contributed 3.0% to overall Fund return.

#### FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

#### Investment Performance of $10,000
![Fund Performance - Growth of 10K](chartimages_11228785.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of December 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Emerging Markets Small Cap AlphaDEX<sup>®</sup> Fund | 15.61% | 5.54% | 8.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq AlphaDEX<sup>®</sup> Emerging Markets Small Cap<sup>TM</sup> Index | 16.99% | 7.16% | 10.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq Emerging Markets Small Cap<sup>TM</sup> Index | 15.24% | 6.08% | 8.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI Emerging Markets Index | 33.57% | 4.20% | 8.42% |

---

 **Visit www.ftportfolios.com/etf/FEMS for more recent performance information.**

 **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (As of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$242553465 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;205 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2076440 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;114% |

---

#### WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Bank of America Corp., Repurchase Agreement | 4.8% |
| Energi Mega Persada Tbk PT | 1.6% |
| EZconn Corp. | 1.3% |
| IOI Properties Group Bhd | 1.1% |
| Petrosea Tbk PT | 1.0% |
| Telkom S.A. SOC Ltd. | 1.0% |
| JHSF Participacoes S.A. | 1.0% |
| Thungela Resources Ltd. | 0.9% |
| Bradespar S.A. | 0.9% |
| Ral Yatirim Holding A/S | 0.9% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11228795.jpg)

Repurchase agreements are held as collateral for securities lending arrangements.

#### HOW HAS THE FUND MATERIALLY CHANGED?
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus and any applicable supplements at www.ftportfolios.com/fund-documents/etf/FEMS or upon request at 1-800-621-1675 or info@ftportfolios.com.

During the fiscal year ended December 31, 2025, the Index was updated such that it may include as constituents, and the Fund may invest in, equity securities of companies domiciled in China that list and trade directly on Chinese stock exchanges ("China A Shares").

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FEMS to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or 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_30345.jpg)

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

#### FEUZ \| NASDAQ, INC.

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the First Trust Eurozone AlphaDEX<sup>®</sup> ETF (the "Fund") for the year of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FEUZ. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Eurozone AlphaDEX<sup>®</sup> ETF | $1040.81%<sup>(1)</sup> |

---

<sup>(1)</sup> Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 56.57% during the 12 months ended December 31, 2025. The Fund outperformed its benchmark, the MSCI EMU Index, which returned 40.30% for the same Period.

During the Period, investments in Germany received the greatest allocation of any country, with an average weight of 27.9% and contributed 17.3% to overall Fund return, the greatest contribution of any country. No country contributed negatively to overall Fund return. The Fund's currency exposure contributed 16.0% to overall Fund return.

#### FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

#### Investment Performance of $10,000
![Fund Performance - Growth of 10K](chartimages_11228827.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of December 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Eurozone AlphaDEX<sup>®</sup> ETF | 56.57% | 10.86% | 9.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq AlphaDEX<sup>®</sup> Eurozone<sup>TM</sup> Index | 57.52% | 11.51% | 9.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq Eurozone<sup>TM</sup> Index | 41.74% | 10.50% | 8.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI EMU Index | 40.30% | 10.55% | 9.00% |

---

 **Visit www.ftportfolios.com/etf/FEUZ for more recent performance information.**

 **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (As of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$92144629 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;151 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$476312 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;91% |

---

#### WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Bank of America Corp., Repurchase Agreement | 2.6% |
| HOCHTIEF AG | 1.5% |
| Nordex SE | 1.4% |
| ArcelorMittal S.A. | 1.3% |
| ACS Actividades de Construccion y Servicios S.A. | 1.3% |
| Banco Bilbao Vizcaya Argentaria S.A. | 1.2% |
| UNIQA Insurance Group AG | 1.2% |
| RWE AG | 1.2% |
| Aurubis AG | 1.2% |
| Deutsche Lufthansa AG | 1.2% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11228837.jpg)

Repurchase agreements are held as collateral for securities lending arrangements.

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FEUZ to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or 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) Not applicable to the Registrant.

**Item 2. Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The First Trust Exchange-Traded AlphaDEX<sup>®</sup> Fund II ("Registrant"), as of
the end of the period covered by this report, has adopted a code of ethics that applies to the Registrant's principal executive
officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless
of whether these individuals are employed by the Registrant or a third party.

&nbsp;&nbsp;&nbsp;&nbsp;(c) There have been no amendments, during the period covered by this report, to a provision of the code
of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller,
or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party, and
that relates to any element of the code of ethics description.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Registrant, during the period covered by this report, has not granted any waivers, including an
implicit waiver, from a provision of the code of ethics that applies to the Registrant's principal executive officer, principal
financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals
are employed by the Registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item's
instructions.

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) A copy of the code of ethics that applies to the Registrant's principal executive officer, principal
financial officer, principal accounting officer or controller is filed as an exhibit pursuant to Item 13(a)(1).

**Item 3. Audit Committee Financial Expert.**

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

**Item 4. Principal Accountant Fees and Services.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Audit Fees (Registrant) -- The aggregate fees billed for professional services rendered by the principal
accountant for the audit of the Registrant's annual financial statements or services that are normally provided by the accountant
in connection with statutory and regulatory filings or engagements were $337,500 for the fiscal year ended 2024 and $337,500 for the fiscal
year ended 2025.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;Registrant: | &nbsp;&nbsp;Advisor and Distributor: |
| &nbsp;&nbsp;(b) 0% | &nbsp;&nbsp; (b) 0% |
| &nbsp;&nbsp;(c) 0% | &nbsp;&nbsp; (c) 0% |
| &nbsp;&nbsp;(d) 0% | &nbsp;&nbsp; (d) 0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(f) The percentage of hours expended on the principal accountant's engagement to audit the Registrant's
financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's
full-time, permanent employees was less than fifty percent.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the Registrant's accountant for services rendered to
the Registrant, and rendered to the Registrant's investment advisor (not including any sub-advisor whose role is primarily portfolio
management and is subcontracted with or overseen by another investment advisor), and any entity controlling, controlled by, or under common
control with the advisor that provides ongoing services to the Registrant for the fiscal year ended 2024 were $329,099 for the Registrant,
$28,080 for the Registrant's investment advisor and $32,400 for the Registrant's distributor; and for the fiscal year ended
2025 were $258,135 for the Registrant, $28,620 for the Registrant's investment advisor and $32,940 for the Registrant's distributor.

&nbsp;&nbsp;&nbsp;&nbsp;(h) The Registrant's audit committee of its Board of Trustees has determined that the provision
of non-audit services that were rendered to the Registrant's investment advisor (not including any sub-advisor whose role is primarily
portfolio management and is subcontracted with or overseen by another investment advisor), and any entity controlling, controlled by,
or under common control with the investment advisor that provides ongoing services to the Registrant that were not pre-approved pursuant
to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not applicable to the Registrant.

(j) Not applicable to the Registrant.

**Item 5. Audit Committee of Listed Registrants.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has a separately designated standing audit committee established in accordance with
Section 3(a)(58)(A) of the Securities Exchange Act of 1934 consisting of all the independent directors of the Registrant. The audit
committee of the Registrant is comprised of: Thomas J. Driscoll, Richard E. Erickson, Thomas R. Kadlec, Denise M. Keefe, Robert F. Keith,
Niel B. Nielson and Bronwyn Wright.

(b) Not applicable to the Registrant.

**Item 6. Investments.**

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

![](img42ef966a1.gif)

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

Annual Financial Statements and Other Information

For the Year Ended December 31, 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 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) |

---

![](img76c75f9b2.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**

**Annual Financial Statements and Other Information**

**December 31, 2025** 

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_00432e5d-fe32-4b06-a8c8-2b537bb521e9_SOI-TOC-ScheduleofInvestments-4414_1) |  |
| [First Trust Asia Pacific ex-Japan AlphaDEX](#xx_00432e5d-fe32-4b06-a8c8-2b537bb521e9_SOI-TOC-ScheduleofInvestments-4414_1)<sup>®</sup>[Fund (FPA)](#xx_00432e5d-fe32-4b06-a8c8-2b537bb521e9_SOI-TOC-ScheduleofInvestments-4414_1) | 1 |
| [First Trust Europe AlphaDEX](#xx_00432e5d-fe32-4b06-a8c8-2b537bb521e9_SOI-TOC-ScheduleofInvestments-4415_1)<sup>®</sup>[Fund (FEP)](#xx_00432e5d-fe32-4b06-a8c8-2b537bb521e9_SOI-TOC-ScheduleofInvestments-4415_1) | 4 |
| [First Trust Latin America AlphaDEX](#xx_00432e5d-fe32-4b06-a8c8-2b537bb521e9_SOI-TOC-ScheduleofInvestments-4416_1)<sup>®</sup>[Fund (FLN)](#xx_00432e5d-fe32-4b06-a8c8-2b537bb521e9_SOI-TOC-ScheduleofInvestments-4416_1) | 9 |
| [First Trust China AlphaDEX](#xx_00432e5d-fe32-4b06-a8c8-2b537bb521e9_SOI-TOC-ScheduleofInvestments-4418_1)<sup>®</sup>[Fund (FCA)](#xx_00432e5d-fe32-4b06-a8c8-2b537bb521e9_SOI-TOC-ScheduleofInvestments-4418_1) | 11 |
| [First Trust Japan AlphaDEX](#xx_00432e5d-fe32-4b06-a8c8-2b537bb521e9_SOI-TOC-ScheduleofInvestments-4419_1)<sup>®</sup>[Fund (FJP)](#xx_00432e5d-fe32-4b06-a8c8-2b537bb521e9_SOI-TOC-ScheduleofInvestments-4419_1) | 14 |
| [First Trust Developed Markets ex-US AlphaDEX](#xx_00432e5d-fe32-4b06-a8c8-2b537bb521e9_SOI-TOC-ScheduleofInvestments-4420_1)<sup>®</sup>[Fund (FDT)](#xx_00432e5d-fe32-4b06-a8c8-2b537bb521e9_SOI-TOC-ScheduleofInvestments-4420_1) | 18 |
| [First Trust Emerging Markets AlphaDEX](#xx_00432e5d-fe32-4b06-a8c8-2b537bb521e9_SOI-TOC-ScheduleofInvestments-4421_1)<sup>®</sup>[Fund (FEM)](#xx_00432e5d-fe32-4b06-a8c8-2b537bb521e9_SOI-TOC-ScheduleofInvestments-4421_1) | 24 |
| [First Trust Germany AlphaDEX](#xx_00432e5d-fe32-4b06-a8c8-2b537bb521e9_SOI-TOC-ScheduleofInvestments-4422_1)<sup>®</sup>[Fund (FGM)](#xx_00432e5d-fe32-4b06-a8c8-2b537bb521e9_SOI-TOC-ScheduleofInvestments-4422_1) | 29 |
| [First Trust United Kingdom AlphaDEX](#xx_00432e5d-fe32-4b06-a8c8-2b537bb521e9_SOI-TOC-ScheduleofInvestments-4423_1)<sup>®</sup>[Fund (FKU)](#xx_00432e5d-fe32-4b06-a8c8-2b537bb521e9_SOI-TOC-ScheduleofInvestments-4423_1) | 32 |
| [First Trust India NIFTY 50 Equal Weight ETF (NFTY)](#xx_00432e5d-fe32-4b06-a8c8-2b537bb521e9_SOI-TOC-ScheduleofInvestments-4424_1) | 35 |
| [First Trust Switzerland AlphaDEX](#xx_00432e5d-fe32-4b06-a8c8-2b537bb521e9_SOI-TOC-ScheduleofInvestments-4425_1)<sup>®</sup>[Fund (FSZ)](#xx_00432e5d-fe32-4b06-a8c8-2b537bb521e9_SOI-TOC-ScheduleofInvestments-4425_1) | 37 |
| [First Trust Developed Markets ex-US Small Cap AlphaDEX](#xx_00432e5d-fe32-4b06-a8c8-2b537bb521e9_SOI-TOC-ScheduleofInvestments-4426_1)<sup>®</sup>[Fund (FDTS)](#xx_00432e5d-fe32-4b06-a8c8-2b537bb521e9_SOI-TOC-ScheduleofInvestments-4426_1) | 39 |
| [First Trust Emerging Markets Small Cap AlphaDEX](#xx_00432e5d-fe32-4b06-a8c8-2b537bb521e9_SOI-TOC-ScheduleofInvestments-4427_1)<sup>®</sup>[Fund (FEMS)](#xx_00432e5d-fe32-4b06-a8c8-2b537bb521e9_SOI-TOC-ScheduleofInvestments-4427_1) | 47 |
| [First Trust Eurozone AlphaDEX](#xx_00432e5d-fe32-4b06-a8c8-2b537bb521e9_SOI-TOC-ScheduleofInvestments-4428_1)<sup>®</sup>[ETF (FEUZ)](#xx_00432e5d-fe32-4b06-a8c8-2b537bb521e9_SOI-TOC-ScheduleofInvestments-4428_1) | 53 |
| [Statements of Assets and Liabilities](#xx_00432e5d-fe32-4b06-a8c8-2b537bb521e9_SAL1-TOC-StatementofAssetsandLiabilities-4414_2) | 58 |
| [Statements of Operations](#xx_00432e5d-fe32-4b06-a8c8-2b537bb521e9_SOP1-TOC-StatementofOperations-4414_1) | 62 |
| [Statements of Changes in Net Assets](#xx_00432e5d-fe32-4b06-a8c8-2b537bb521e9_SOC1-TOC-StatementofChanges-4414_1) | 66 |
| [Financial Highlights](#xx_00432e5d-fe32-4b06-a8c8-2b537bb521e9_FIHI-TOC-FinancialHighlights-4414_1) | 72 |
| [Notes to Financial Statements](#xx_00432e5d-fe32-4b06-a8c8-2b537bb521e9_NTF-TOC-NotestoFinancialStatements-4414_1) | 86 |
| [Report of Independent Registered Public Accounting Firm](#xx_00432e5d-fe32-4b06-a8c8-2b537bb521e9_AUD-TOC-RIRPAFirm-4414_1) | 99 |
| [Other Information](#xx_00432e5d-fe32-4b06-a8c8-2b537bb521e9_AI-TOC-AdditionalInformation-4414_1) | 100 |

---

**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**

**December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) — 99.8%** | **COMMON STOCKS (a) (b) — 99.8%** | **COMMON STOCKS (a) (b) — 99.8%** |
|  | **Australia — 14.5%** |  |
| 5948 | ALS Ltd. (AUD) | $87486 |
| 5208 | Charter Hall Group (AUD) | 84978 |
| 20206 | Eagers Automotive Ltd. (AUD) | 332258 |
| 43762 | Evolution Mining Ltd. (AUD) | 370315 |
| 19029 | Fortescue Ltd. (AUD) | 279506 |
| 32110 | Harvey Norman Holdings Ltd. <br> (AUD) | 148715 |
| 1176 | HUB24 Ltd. (AUD) | 75538 |
| 1021 | JB Hi-Fi Ltd. (AUD) | 65561 |
| 21146 | Lynas Rare Earths Ltd. <br> (AUD) (c) | 175551 |
| 384 | Pro Medicus Ltd. (AUD) | 56601 |
| 10850 | Qantas Airways Ltd. (AUD) | 75159 |
| 91613 | Ramelius Resources Ltd. (AUD) | 254334 |
| 2913 | Rio Tinto Ltd. (AUD) | 285417 |
| 52817 | Santos Ltd. (AUD) | 217477 |
| 5526 | Sonic Healthcare Ltd. (AUD) | 83381 |
| 94037 | Vicinity Ltd. (AUD) | 160655 |
| 25724 | Woodside Energy Group Ltd. <br> (AUD) | 404968 |
| 111779 | Yancoal Australia Ltd. (AUD) | 369996 |
|  |  | 3527896 |
|  | **Bermuda — 5.4%** |  |
| 182500 | Alibaba Health Information <br> Technology Ltd. (HKD) (c) | 118420 |
| 160413 | China Gas Holdings Ltd. (HKD) | 158296 |
| 30833 | China Resources Gas Group Ltd. <br> (HKD) | 89615 |
| 60250 | Johnson Electric Holdings Ltd. <br> (HKD) | 230078 |
| 350533 | Kunlun Energy Co., Ltd. (HKD) | 334647 |
| 24092 | Orient Overseas International <br> Ltd. (HKD) | 388186 |
|  |  | 1319242 |
|  | **Cayman Islands — 13.7%** |  |
| 132333 | Bosideng International Holdings <br> Ltd. (HKD) | 75836 |
| 40424 | China Resources Land Ltd. <br> (HKD) | 141279 |
| 247500 | China State Construction <br> International Holdings Ltd. <br> (HKD) | 289710 |
| 32364 | CK Asset Holdings Ltd. (HKD) | 163510 |
| 35996 | CK Hutchison Holdings Ltd. <br> (HKD) | 244901 |
| 478833 | FIT Hon Teng Ltd. <br> (HKD) (c) (d) (e) (f) | 304550 |
| 124917 | Geely Automobile Holdings Ltd. <br> (HKD) | 287306 |
| 148750 | Kingboard Laminates Holdings <br> Ltd. (HKD) | 252099 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Cayman Islands (Continued)** |  |
| 36900 | MGM China Holdings Ltd. <br> (HKD) | $62158 |
| 91167 | Minth Group Ltd. (HKD) | 371570 |
| 299750 | Sino Biopharmaceutical Ltd. <br> (HKD) | 238022 |
| 60833 | SITC International Holdings Co., <br> Ltd. (HKD) | 217766 |
| 115167 | Want Want China Holdings Ltd. <br> (HKD) | 68662 |
| 290137 | WH Group Ltd. (HKD) (d) (e) | 323215 |
| 270983 | Xinyi Glass Holdings Ltd. <br> (HKD) (f) | 287950 |
|  |  | 3328534 |
|  | **Hong Kong — 9.4%** |  |
| 73333 | Beijing Enterprises Holdings <br> Ltd. (HKD) | 299826 |
| 167333 | China Merchants Port Holdings <br> Co., Ltd. (HKD) | 325520 |
| 85074 | China Overseas Land & <br> Investment Ltd. (HKD) | 133907 |
| 378700 | China Power International <br> Development Ltd. (HKD) | 157169 |
| 22250 | China Resources Beer Holdings <br> Co., Ltd. (HKD) | 74961 |
| 137000 | China Resources Power <br> Holdings Co., Ltd. (HKD) | 304710 |
| 40157 | China Taiping Insurance <br> Holdings Co., Ltd. (HKD) | 96436 |
| 9466 | CLP Holdings Ltd. (HKD) | 84654 |
| 86400 | Guangdong Investment Ltd. <br> (HKD) | 75380 |
| 544000 | Guotai Junan International <br> Holdings Ltd. (HKD) | 178241 |
| 182333 | MMG Ltd. (HKD) (c) | 205463 |
| 69500 | MTR Corp., Ltd. (HKD) | 266116 |
| 6446 | Sun Hung Kai Properties Ltd. <br> (HKD) | 78435 |
|  |  | 2280818 |
|  | **Singapore — 6.7%** |  |
| 26314 | BOC Aviation Ltd. <br> (HKD) (d) (e) | 246143 |
| 137700 | Genting Singapore Ltd. (SGD) | 77667 |
| 70800 | Mapletree Pan Asia Commercial <br> Trust (SGD) | 80968 |
| 85400 | Seatrium Ltd. (SGD) | 143507 |
| 16800 | Sembcorp Industries Ltd. (SGD) | 78681 |
| 62400 | Singapore Airlines Ltd. (SGD) | 310689 |
| 38900 | UOL Group Ltd. (SGD) | 264498 |
| 106600 | Wilmar International Ltd. (SGD) | 255429 |
| 60100 | Yangzijiang Shipbuilding <br> Holdings Ltd. (SGD) | 162710 |
|  |  | 1620292 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** |
|  | **South Korea — 49.8%** |  |
| 2204 | APR Corp. (KRW) | $353423 |
| 3356 | Coway Co., Ltd. (KRW) | 202448 |
| 2387 | DB Insurance Co., Ltd. (KRW) | 217234 |
| 498 | Hanwha Aerospace Co., Ltd. <br> (KRW) | 325305 |
| 4994 | Hanwha Ocean Co., Ltd. <br> (KRW) (c) | 393821 |
| 3545 | HD Hyundai Co., Ltd. (KRW) | 463873 |
| 1340 | HD Korea Shipbuilding & <br> Offshore Engineering Co., <br> Ltd. (KRW) | 378592 |
| 27476 | HMM Co., Ltd. (KRW) | 391002 |
| 411 | Hyosung Heavy Industries Corp. <br> (KRW) | 508133 |
| 2665 | Hyundai Glovis Co., Ltd. <br> (KRW) | 334108 |
| 1846 | Hyundai Mobis Co., Ltd. (KRW) | 477983 |
| 2562 | Hyundai Motor Co. (KRW) | 527322 |
| 1509 | Hyundai Rotem Co., Ltd. <br> (KRW) | 196828 |
| 5471 | Kia Corp. (KRW) | 462579 |
| 899 | KIWOOM Securities Co., Ltd. <br> (KRW) | 180667 |
| 15281 | Korea Electric Power Corp. <br> (KRW) | 500686 |
| 2280 | Korea Investment Holdings Co., <br> Ltd. (KRW) | 255927 |
| 239 | Korea Zinc Co., Ltd. (KRW) | 218336 |
| 24215 | Korean Air Lines Co., Ltd. <br> (KRW) | 379055 |
| 38229 | LG Display Co., Ltd. (KRW) | 313411 |
| 4372 | LG Electronics, Inc. (KRW) | 278912 |
| 28711 | LG Uplus Corp. (KRW) | 293378 |
| 430 | LIG Nex1 Co., Ltd. (KRW) | 125667 |
| 15482 | Mirae Asset Securities Co., Ltd. <br> (KRW) | 250949 |
| 1469 | Peptron, Inc. (KRW) | 259016 |
| 798 | POSCO Holdings, Inc. (KRW) | 168956 |
| 1708 | Samsung Electro-Mechanics Co., <br> Ltd. (KRW) | 302343 |
| 3940 | Samsung Electronics Co., Ltd. <br> (KRW) | 327935 |
| 20124 | Samsung Heavy Industries Co., <br> Ltd. (KRW) (c) | 336669 |
| 2814 | Samsung Life Insurance Co., <br> Ltd. (KRW) | 307859 |
| 1342 | Samsung SDS Co., Ltd. (KRW) | 159767 |
| 144 | Samyang Foods Co., Ltd. <br> (KRW) | 123053 |
| 3112 | Shinhan Financial Group Co., <br> Ltd. (KRW) | 166126 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **South Korea (Continued)** |  |
| 1268 | SK hynix, Inc. (KRW) | $573023 |
| 2734 | SK Square Co., Ltd. (KRW) (c) | 698422 |
| 8116 | SK Telecom Co., Ltd. (KRW) | 301417 |
| 1049 | SK, Inc. (KRW) | 186782 |
| 8491 | Woori Financial Group, Inc. <br> (KRW) | 165040 |
|  |  | 12106047 |
|  | **Switzerland — 0.3%** |  |
| 2998 | BeOne Medicines Ltd., Class H <br> (HKD) (c) | 69069 |
|  | **Total Common Stocks** | 24251898 |
|  | (Cost $20,517,667) |  |
| **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** |
| 37667 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 3.65% (g) | 37667 |
|  | (Cost $37,667) |  |

---

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 1.5%** | **REPURCHASE AGREEMENTS — 1.5%** | **REPURCHASE AGREEMENTS — 1.5%** |
| $369576 | Bank of America Corp., <br> 3.82% (g), dated 12/31/25, <br> due 01/02/26, with a maturity <br> value of $369,654. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 3.63% to <br> 4.75%, due 12/31/29 to <br> 05/15/55. The value of the <br> collateral including accrued <br> interest is $376,968. (h) | 369576 |
|  | (Cost $369,576) |  |
|  | **Total Investments — 101.5%** | 24659141 |
|  | (Cost $20,924,910) |  |
|  | **Net Other Assets and** <br> **Liabilities — (1.5)%** | (357897)<br>|
|  | **Net Assets — 100.0%** | $24301244 |

---

&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.

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 $345,401 and the total value of the collateral
 held by the Fund, including for securities sold and pending
 settlement, is $369,576.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Rate
 shown reflects yield as of December 31, 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 |
| HKD | – Hong Kong Dollar |
| KRW | – South Korean Won |
| SGD | – Singapore Dollar |
| USD | – United States Dollar |

---

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

---

| | |
|:---|:---|
| **Currency Exposure Diversification** | **% of Total** <br>**Investments**<br>|
| KRW | 49.1% |
| HKD | 29.4 |
| AUD | 14.3 |
| SGD | 5.6 |
| USD | 1.6 |
| Total | 100.0% |

---

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**12/31/2025**<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\* | $24251898 | &nbsp;&nbsp; $24251898 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market Funds | 37667 | &nbsp;&nbsp; 37667 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Repurchase Agreements | 369576 | &nbsp;&nbsp; — | &nbsp;&nbsp; 369576 | &nbsp;&nbsp; — |
| Total Investments | $24659141 | &nbsp;&nbsp; $24289565 | &nbsp;&nbsp; $369576 | &nbsp;&nbsp; $— |

---

&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>| $345401 |
| Non-cash Collateral<sup>(2)</sup> <br>| (345401)<br>|
| Net Amount | $— |

---

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

&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>| $369576 |
| Non-cash Collateral<sup>(4)</sup> <br>| (369576)<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 December 31, 2025, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments. 

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

<sup>(4)</sup> At December 31, 2025, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

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

**Portfolio of Investments**

**December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) — 100.0%** | **COMMON STOCKS (a) (b) — 100.0%** | **COMMON STOCKS (a) (b) — 100.0%** |
|  | **Austria — 4.2%** |  |
| 19519 | Erste Group Bank AG (EUR) | $2360392 |
| 35762 | OMV AG (EUR) | 1997145 |
| 18450 | Raiffeisen Bank International <br> AG (EUR) | 830436 |
| 214199 | UNIQA Insurance Group AG <br> (EUR) | 3891690 |
| 26249 | Verbund AG (EUR) | 1912563 |
| 46231 | Vienna Insurance Group AG <br> Wiener Versicherung Gruppe <br> (EUR) | 3651017 |
| 53476 | voestalpine AG (EUR) | 2374281 |
|  |  | 17017524 |
|  | **Belgium — 1.7%** |  |
| 4973 | Ackermans & Van Haaren N.V. <br> (EUR) | 1355869 |
| 80767 | Colruyt Group N.V. (EUR) | 2989894 |
| 9223 | UCB S.A. (EUR) | 2586151 |
|  |  | 6931914 |
|  | **Bermuda — 0.3%** |  |
| 79253 | Aegon Ltd. (EUR) | 618437 |
| 34521 | Hiscox Ltd. (GBP) | 662156 |
|  |  | 1280593 |
|  | **Denmark — 5.3%** |  |
| 1626 | A.P. Moller - Maersk A/S, <br> Class B (DKK) | 3745430 |
| 6285 | Genmab A/S (DKK) (c) | 2004468 |
| 355039 | H. Lundbeck A/S (DKK) | 2411002 |
| 100452 | ISS A/S (DKK) | 3432878 |
| 19649 | NKT A/S (DKK) (c) | 2468627 |
| 68488 | ROCKWOOL A/S, Class B <br> (DKK) | 2428893 |
| 67481 | Vestas Wind Systems A/S <br> (DKK) | 1841071 |
| 43825 | Zealand Pharma A/S (DKK) (c) | 3216033 |
|  |  | 21548402 |
|  | **Finland — 0.8%** |  |
| 85110 | Wartsila Oyj Abp (EUR) | 3040643 |
|  | **France — 8.1%** |  |
| 24109 | Amundi S.A. (EUR) (d) (e) | 2000300 |
| 40413 | Arkema S.A. (EUR) | 2476776 |
| 28263 | Bouygues S.A. (EUR) | 1473069 |
| 4385 | Capgemini SE (EUR) | 733049 |
| 83993 | Carrefour S.A. (EUR) | 1404621 |
| 70930 | Cie Generale des Etablissements <br> Michelin S.C.A. (EUR) | 2359832 |
| 32386 | Credit Agricole S.A. (EUR) | 667953 |
| 9970 | Eiffage S.A. (EUR) | 1434128 |
| 66367 | Elis S.A. (EUR) | 1892144 |
| 59322 | Engie S.A. (EUR) | 1562316 |
| 65324 | Klepierre S.A. (EUR) | 2590175 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **France (Continued)** |  |
| 11554 | Legrand S.A. (EUR) | $1727832 |
| 12896 | Nexans S.A. (EUR) | 1906545 |
| 1806 | Safran S.A. (EUR) | 631204 |
| 34472 | Sanofi S.A. (EUR) | 3351107 |
| 28829 | Societe Generale S.A. (EUR) | 2328220 |
| 20223 | Sodexo S.A. (EUR) | 1038576 |
| 52334 | TotalEnergies SE (EUR) | 3418943 |
|  |  | 32996790 |
|  | **Germany — 19.3%** |  |
| 1516 | Allianz SE (EUR) | 695715 |
| 25499 | Aurubis AG (EUR) (f) | 3721826 |
| 93360 | Auto1 Group SE (EUR) (c) | 2995262 |
| 31682 | Bayerische Motoren Werke AG <br> (EUR) | 3467848 |
| 84372 | Commerzbank AG (EUR) | 3579454 |
| 19299 | Continental AG (EUR) | 1541344 |
| 15467 | Daimler Truck Holding AG <br> (EUR) | 678358 |
| 54243 | Deutsche Bank AG (EUR) | 2110640 |
| 375624 | Deutsche Lufthansa AG (EUR) | 3710684 |
| 37338 | Deutsche Telekom AG (EUR) | 1213709 |
| 28548 | DHL Group (EUR) | 1567771 |
| 39355 | Dr. Ing hc F Porsche AG <br> (Preference Shares) <br> (EUR) (d) (e) | 2109922 |
| 146653 | Evonik Industries AG (EUR) | 2302548 |
| 14727 | Fraport AG Frankfurt Airport <br> Services Worldwide (EUR) (c) | 1210635 |
| 36371 | Fresenius Medical Care AG <br> (EUR) | 1742211 |
| 14227 | FUCHS SE (Preference Shares) <br> (EUR) | 637684 |
| 15769 | Henkel AG & Co. KGaA <br> (Preference Shares) (EUR) | 1289436 |
| 19634 | Hensoldt AG (EUR) | 1693621 |
| 11882 | HOCHTIEF AG (EUR) | 4705770 |
| 37702 | KION Group AG (EUR) | 3023976 |
| 8727 | Krones AG (EUR) | 1392759 |
| 23998 | LEG Immobilien SE (EUR) | 1755600 |
| 50634 | Mercedes-Benz Group AG <br> (EUR) | 3574466 |
| 4954 | Merck KGaA (EUR) | 713769 |
| 2767 | MTU Aero Engines AG (EUR) | 1155356 |
| 99363 | Nordex SE (EUR) (c) | 3400379 |
| 30900 | RENK Group AG (EUR) | 1947137 |
| 813 | Rheinmetall AG (EUR) | 1491436 |
| 57275 | RWE AG (EUR) | 3046428 |
| 286254 | Schaeffler AG (EUR) | 2812348 |
| 16332 | Siemens Energy AG (EUR) (c) | 2310879 |
| 9568 | Talanx AG (EUR) | 1279601 |
| 261933 | thyssenkrupp AG (EUR) | 2854753 |
| 139883 | TUI AG (EUR) (c) | 1476883 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** |
|  | **Germany (Continued)** |  |
| 80648 | United Internet AG (EUR) | $2623439 |
| 23554 | Volkswagen AG (Preference <br> Shares) (EUR) | 2866329 |
|  |  | 78699976 |
|  | **Greece — 2.3%** |  |
| 749179 | Alpha Bank S.A. (EUR) | 3151954 |
| 496076 | Eurobank S.A. (EUR) | 1996733 |
| 100776 | Hellenic Telecommunications <br> Organization S.A. (EUR) | 1996760 |
| 18533 | JUMBO S.A. (EUR) | 607661 |
| 75065 | Piraeus Bank S.A. (EUR) | 599342 |
| 38622 | Public Power Corp. S.A. (EUR) | 826071 |
|  |  | 9178521 |
|  | **Ireland — 1.0%** |  |
| 140384 | AIB Group PLC (EUR) | 1517808 |
| 32880 | Ryanair Holdings PLC, ADR | 2373607 |
|  |  | 3891415 |
|  | **Italy — 10.0%** |  |
| 1215764 | A2A S.p.A. (EUR) | 3300445 |
| 63521 | Banca Mediolanum S.p.A. <br> (EUR) | 1453431 |
| 127665 | Banco BPM S.p.A. (EUR) | 1953413 |
| 57394 | BPER Banca S.p.A. (EUR) | 782412 |
| 57903 | Buzzi S.p.A. (EUR) | 3538471 |
| 39525 | Credito Emiliano S.p.A. (EUR) | 709752 |
| 109278 | Eni S.p.A. (EUR) | 2072753 |
| 96959 | Fincantieri S.p.A. (EUR) (c) | 1902900 |
| 424147 | Hera S.p.A. (EUR) | 2003797 |
| 40100 | Leonardo S.p.A. (EUR) | 2316688 |
| 23620 | Lottomatica Group S.p.A. (EUR) | 621783 |
| 214887 | Maire S.p.A. (EUR) | 3295581 |
| 337313 | Nexi S.p.A. (EUR) (d) (e) | 1673246 |
| 373831 | Pirelli & C S.p.A. (EUR) (d) (e) | 2572691 |
| 26814 | Poste Italiane S.p.A. <br> (EUR) (d) (e) | 676873 |
| 32169 | Prysmian S.p.A. (EUR) | 3265593 |
| 881573 | Saipem S.p.A. (EUR) (f) | 2512357 |
| 105803 | Snam S.p.A. (EUR) | 703264 |
| 10677 | SOL S.p.A. (EUR) | 614205 |
| 1216040 | Telecom Italia S.p.A. (EUR) (c) | 734266 |
| 16806 | UniCredit S.p.A. (EUR) | 1400698 |
| 118615 | Unipol Assicurazioni S.p.A. <br> (EUR) | 2867379 |
|  |  | 40971998 |
|  | **Jersey — 0.3%** |  |
| 257003 | WPP PLC (GBP) | 1169187 |
|  | **Luxembourg — 2.0%** |  |
| 70831 | ArcelorMittal S.A. (EUR) | 3253871 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Luxembourg (Continued)** |  |
| 497701 | Aroundtown S.A. (EUR) (c) | $1548809 |
| 178249 | Tenaris S.A. (EUR) | 3458481 |
|  |  | 8261161 |
|  | **Netherlands — 3.3%** |  |
| 19876 | ABN AMRO Bank N.V. <br> (EUR) (d) (e) | 695842 |
| 2743 | Airbus SE (EUR) | 639556 |
| 881 | Argenx SE (EUR) (c) | 742139 |
| 649 | ASML Holding N.V. (EUR) | 702755 |
| 18739 | ASR Nederland N.V. (EUR) | 1334977 |
| 49064 | ING Groep N.V. (EUR) | 1384415 |
| 15712 | Koninklijke Ahold Delhaize <br> N.V. (EUR) | 643865 |
| 69349 | Koninklijke Vopak N.V. (EUR) | 3087176 |
| 27098 | Prosus N.V. (EUR) | 1683036 |
| 67547 | Technip Energies N.V. (EUR) | 2578300 |
|  |  | 13492061 |
|  | **Norway — 4.0%** |  |
| 16221 | Aker ASA, Class A (NOK) | 1235886 |
| 50166 | Aker BP ASA (NOK) | 1278536 |
| 130414 | Equinor ASA (NOK) | 3066281 |
| 21701 | Gjensidige Forsikring ASA <br> (NOK) | 650169 |
| 375648 | Norsk Hydro ASA (NOK) | 2914253 |
| 243702 | Orkla ASA (NOK) | 2719888 |
| 37856 | Vend Marketplaces ASA (NOK) | 1051556 |
| 87065 | Yara International ASA (NOK) | 3575884 |
|  |  | 16492453 |
|  | **Portugal — 0.5%** |  |
| 1437881 | Banco Comercial Portugues <br> S.A., Class R (EUR) | 1514395 |
| 33630 | Galp Energia SGPS S.A. (EUR) | 578206 |
|  |  | 2092601 |
|  | **Spain — 8.0%** |  |
| 12668 | Acciona S.A. (EUR) | 2767571 |
| 39817 | ACS Actividades de <br> Construccion y Servicios S.A. <br> (EUR) | 3970376 |
| 165697 | Banco Bilbao Vizcaya <br> Argentaria S.A. (EUR) | 3904274 |
| 492282 | Banco de Sabadell S.A. (EUR) | 1946750 |
| 122044 | Banco Santander S.A. (EUR) | 1444299 |
| 40399 | Bankinter S.A. (EUR) | 672035 |
| 175739 | Grifols S.A. (EUR) | 2209852 |
| 42645 | Indra Sistemas S.A. (EUR) (f) | 2432647 |
| 612052 | International Consolidated <br> Airlines Group S.A. (GBP) | 3418027 |
| 671842 | Mapfre S.A. (EUR) | 3380844 |
| 126514 | Merlin Properties Socimi S.A. <br> (EUR) | 1848081 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** |
|  | **Spain (Continued)** |  |
| 118747 | Puig Brands S.A., Class B <br> (EUR) | $2075128 |
| 107827 | Repsol S.A. (EUR) | 2017986 |
| 232405 | Unicaja Banco S.A. <br> (EUR) (d) (e) | 758733 |
|  |  | 32846603 |
|  | **Sweden — 4.3%** |  |
| 62540 | Boliden AB (SEK) (c) | 3499767 |
| 48686 | Essity AB, Class B (SEK) | 1402436 |
| 7739 | Evolution AB (SEK) (d) (e) | 529411 |
| 48147 | Industrivarden AB, Class C <br> (SEK) | 2170315 |
| 31255 | Saab AB, Class B (SEK) | 1825090 |
| 42260 | Securitas AB, Class B (SEK) | 675682 |
| 49073 | Skanska AB, Class B (SEK) | 1344823 |
| 547997 | SSAB AB, Class B (SEK) | 4146361 |
| 619965 | Volvo Car AB, Class B <br> (SEK) (c) (f) | 2067336 |
|  |  | 17661221 |
|  | **Switzerland — 2.4%** |  |
| 22681 | Accelleron Industries AG (CHF) | 1762423 |
| 22696 | Adecco Group AG (CHF) | 662456 |
| 7319 | Galderma Group AG (CHF) | 1497803 |
| 37584 | Holcim AG (CHF) | 3689600 |
| 3646 | Swissquote Group Holding S.A. <br> (CHF) | 2241639 |
|  |  | 9853921 |
|  | **United Kingdom — 21.9%** |  |
| 57789 | 3i Group PLC (GBP) | 2541759 |
| 717906 | Aberdeen Group PLC (GBP) | 1989587 |
| 14103 | Admiral Group PLC (GBP) | 603760 |
| 27144 | Anglogold Ashanti PLC (ZAR) | 2349120 |
| 68718 | Antofagasta PLC (GBP) | 3037275 |
| 115218 | Associated British Foods PLC <br> (GBP) | 3303391 |
| 177679 | Babcock International <br> Group PLC (GBP) | 2977004 |
| 91815 | BAE Systems PLC (GBP) | 2121273 |
| 498014 | Barclays PLC (GBP) | 3195031 |
| 208429 | Beazley PLC (GBP) | 2337511 |
| 49280 | Berkeley Group Holdings PLC <br> (GBP) | 2593300 |
| 407200 | British Land (The) Co., PLC <br> (GBP) | 2216391 |
| 494499 | BT Group PLC (GBP) | 1226799 |
| 47793 | Carnival PLC (GBP) (c) | 1461099 |
| 283681 | Centrica PLC (GBP) | 648336 |
| 407426 | easyJet PLC (GBP) | 2804153 |
| 76237 | Endeavour Mining PLC (GBP) | 3978995 |
| 114619 | Evraz PLC (GBP) (c) (g) (h) (i) | 0 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **United Kingdom (Continued)** |  |
| 100136 | Fresnillo PLC (GBP) | $4500161 |
| 227876 | Harbour Energy PLC (GBP) | 603885 |
| 55664 | Hikma Pharmaceuticals PLC <br> (GBP) | 1162996 |
| 90453 | HSBC Holdings PLC (GBP) | 1431164 |
| 175535 | IG Group Holdings PLC (GBP) | 3111442 |
| 14959 | Imperial Brands PLC (GBP) | 628912 |
| 438670 | J Sainsbury PLC (GBP) | 1921735 |
| 1983727 | JD Sports Fashion PLC (GBP) | 2258422 |
| 306195 | Kingfisher PLC (GBP) | 1290619 |
| 162421 | Land Securities Group PLC <br> (GBP) | 1361773 |
| 259820 | LondonMetric Property PLC <br> (GBP) | 664373 |
| 373615 | M&G PLC (GBP) | 1442346 |
| 46160 | Mondi PLC (GBP) | 565092 |
| 90608 | NatWest Group PLC (GBP) | 796073 |
| 134205 | Pearson PLC (GBP) | 1899460 |
| 226997 | Prudential PLC (GBP) | 3501935 |
| 48349 | Rio Tinto PLC (GBP) | 3906398 |
| 158862 | Rolls-Royce Holdings PLC <br> (GBP) | 2462578 |
| 71434 | Shell PLC (GBP) | 2638322 |
| 37217 | St. James's Place PLC (GBP) | 694555 |
| 164619 | Standard Chartered PLC (GBP) | 4042970 |
| 424355 | Tesco PLC (GBP) | 2527128 |
| 1635371 | Tritax Big Box REIT PLC <br> (GBP) | 3355082 |
| 262936 | UNITE Group (The) PLC (GBP) | 1982998 |
| 1097086 | Vodafone Group PLC (GBP) | 1462249 |
|  |  | 89597452 |
|  | **United States — 0.3%** |  |
| 10335 | Autoliv, Inc., SDR (SEK) | 1251673 |
|  | **Total Common Stocks** | 408276109 |
|  | (Cost $331,291,361) |  |

---

&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)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 2.1%** | **REPURCHASE AGREEMENTS — 2.1%** | **REPURCHASE AGREEMENTS — 2.1%** |
| $8794172 | Bank of America Corp., <br> 3.82% (j), dated 12/31/25, due <br> 01/02/26, with a maturity <br> value of $8,796,038. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 3.63% to <br> 4.75%, due 12/31/29 to <br> 05/15/55. The value of the <br> collateral including accrued <br> interest is $8,970,058. (k) | $8794172 |
|  | (Cost $8,794,172) |  |
|  | **Total Investments — 102.1%** | 417070281 |
|  | (Cost $340,085,533) |  |
|  | **Net Other Assets and** <br> **Liabilities — (2.1)%** | (8606884)<br>|
|  | **Net Assets — 100.0%** | $408463397 |

---

&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) All
 or a portion of this security is on loan (see Note 2E - Securities
 Lending in the Notes to Financial Statements). The remaining
 contractual maturity of all of the securities lending transactions
 is overnight and continuous. The aggregate value
 of such securities is $8,347,362 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $8,794,172.

&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 December 31, 2025, securities noted
 as such are valued at $0 or 0.0% of net assets.

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

&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 December 31, 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 | 58.6% |
| GBP | 22.2 |
| DKK | 5.2 |
| SEK | 4.5 |
| NOK | 3.9 |
| USD | 2.7 |
| CHF | 2.3 |
| ZAR | 0.6 |
| Total | 100.0% |

---

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**12/31/2025**<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 | $89597452 | &nbsp;&nbsp; $89597452 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $—<br> \*\*<br>|
| Other Country <br> Categories\*<br>| 318678657 | &nbsp;&nbsp; 318678657 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Repurchase <br> Agreements<br>| 8794172 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8794172 | &nbsp;&nbsp; — |
| Total Investments | $417070281 | &nbsp;&nbsp; $408276109 | &nbsp;&nbsp; $8794172 | &nbsp;&nbsp; $—<br> \*\*<br>|

---

&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)**

**December 31, 2025**

------

**Offsetting Assets and Liabilities**

------

Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).

The Fund's loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:

&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>| $8347362 |
| Non-cash Collateral<sup>(2)</sup> <br>| (8347362)<br>|
| Net Amount | $— |

---

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

&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>| $8794172 |
| Non-cash Collateral<sup>(4)</sup> <br>| (8794172)<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 December 31, 2025, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments. 

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

<sup>(4)</sup> At December 31, 2025, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

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

**Portfolio of Investments**

**December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) — 98.7%** | **COMMON STOCKS (a) (b) — 98.7%** | **COMMON STOCKS (a) (b) — 98.7%** |
|  | **Bermuda — 1.3%** |  |
| 742 | Credicorp Ltd. | $212954 |
|  | **Brazil — 57.9%** |  |
| 87037 | Ambev S.A. (BRL) | 220144 |
| 50418 | Axia Energia (BRL) | 465652 |
| 59484 | Banco Bradesco S.A. (Preference <br> Shares) (BRL) | 197457 |
| 54511 | Banco BTG Pactual S.A. (BRL) | 523051 |
| 47636 | Banco do Brasil S.A. (BRL) | 190553 |
| 17896 | Banco Santander Brasil S.A. <br> (BRL) | 111234 |
| 31638 | BB Seguridade Participacoes <br> S.A. (BRL) | 208716 |
| 16395 | Cia de Saneamento Basico do <br> Estado de Sao Paulo SABESP <br> (BRL) | 399093 |
| 235937 | Cia Energetica de Minas Gerais <br> (Preference Shares) (BRL) | 482229 |
| 86585 | Cia Paranaense de Energia - <br> Copel (BRL) | 206676 |
| 26212 | Embraer S.A. (BRL) | 423812 |
| 158954 | Eneva S.A. (BRL) (c) | 585372 |
| 14239 | Equatorial S.A. (BRL) | 100041 |
| 126704 | Gerdau S.A. (Preference Shares) <br> (BRL) | 471462 |
| 41612 | Itau Unibanco Holding S.A. <br> (Preference Shares) (BRL) | 297904 |
| 187153 | Itausa S.A. (Preference Shares) <br> (BRL) | 398913 |
| 13337 | Localiza Rent a Car S.A. (BRL) | 106044 |
| 513 | Localiza Rent a Car S.A. <br> (Preference Shares) (BRL) (c) | 3885 |
| 83620 | Petroleo Brasileiro S.A. - <br> Petrobras (Preference Shares) <br> (BRL) | 470308 |
| 10552 | Porto Seguro S.A. (BRL) | 93124 |
| 68993 | PRIO S.A. (BRL) (c) | 521500 |
| 50013 | Rede D'Or Sao Luiz S.A. <br> (BRL) (d) (e) | 370642 |
| 42175 | Suzano S.A. (BRL) | 395986 |
| 46329 | Telefonica Brasil S.A. (BRL) | 279847 |
| 67167 | TIM S.A. (BRL) | 261571 |
| 34366 | TOTVS S.A. (BRL) | 263903 |
| 71844 | Ultrapar Participacoes S.A. <br> (BRL) | 274016 |
| 27413 | Vale S.A. (BRL) | 359987 |
| 114589 | Vibra Energia S.A. (BRL) | 529684 |
|  |  | 9212806 |
|  | **Cayman Islands — 2.9%** |  |
| 18513 | NU Holdings Ltd., Class A (c) | 309907 |
| 10449 | StoneCo Ltd., Class A (c) | 154541 |
|  |  | 464448 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Chile — 13.5%** |  |
| 6706 | Banco de Credito e Inversiones <br> S.A. (CLP) | $434739 |
| 1491778 | Banco Santander Chile (CLP) | 117741 |
| 53975 | Empresas Copec S.A. (CLP) | 423009 |
| 83330 | Falabella S.A. (CLP) | 581286 |
| 21738307 | Latam Airlines Group S.A. <br> (CLP) | 588559 |
|  |  | 2145334 |
|  | **Colombia — 2.1%** |  |
| 7577 | Grupo Cibest S.A. (Preference <br> Shares) (COP) | 119984 |
| 33124 | Interconexion Electrica S.A. ESP <br> (COP) | 216231 |
|  |  | 336215 |
|  | **Mexico — 21.0%** |  |
| 283437 | America Movil S.A.B. de C.V., <br> Series B (MXN) | 293235 |
| 441748 | Cemex S.A.B. de C.V., <br> Series CPO (MXN) | 507063 |
| 67105 | Fibra Uno Administracion S.A. <br> de C.V. (MXN) | 100578 |
| 10179 | Fomento Economico Mexicano <br> S.A.B. de C.V., Series UBD <br> (MXN) | 102799 |
| 27847 | Grupo Bimbo S.A.B. de C.V., <br> Series A (MXN) | 91424 |
| 12594 | Grupo Comercial Chedraui S.A. <br> de C.V. (MXN) | 86247 |
| 39271 | Grupo Financiero Banorte <br> S.A.B. de C.V., Class O <br> (MXN) | 364065 |
| 107893 | Grupo Financiero Inbursa S.A.B. <br> de C.V., Class O (MXN) | 261052 |
| 22679 | Grupo Mexico S.A.B. de C.V., <br> Series B (MXN) | 214139 |
| 11064 | Industrias Penoles S.A.B. de <br> C.V. (MXN) (c) | 581687 |
| 123426 | Prologis Property Mexico S.A. <br> de C.V. (MXN) | 517077 |
| 14499 | Promotora y Operadora de <br> Infraestructura S.A.B. de C.V. <br> (MXN) | 215253 |
|  |  | 3334619 |
|  | **Total Investments — 98.7%** | 15706376 |
|  | (Cost $12,073,172) |  |
|  | **Net Other Assets and** <br> **Liabilities — 1.3%** | 203697 |
|  | **Net Assets — 100.0%** | $15910073 |

---

&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)**

**December 31, 2025**

&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 |
| USD | – United States Dollar |

---

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

---

| | |
|:---|:---|
| **Currency Exposure Diversification** | **% of Total** <br>**Investments**<br>|
| BRL | 58.7% |
| MXN | 21.2 |
| CLP | 13.7 |
| USD | 4.3 |
| COP | 2.1 |
| Total | 100.0% |

---

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**12/31/2025**<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\* | $15706376 | &nbsp;&nbsp; $15706376 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for country breakout.

See Notes to Financial Statements

------

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

**Portfolio of Investments**

**December 31, 2025**

&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%** |
|  | **Air Freight & Logistics —** <br> **3.0%**  |  |
| 404463 | JD Logistics, Inc. <br> (HKD) (b) (c) (d) | $593492 |
| 2003481 | Sinotrans Ltd., Class H (HKD) | 1248523 |
|  |  | 1842015 |
|  | **Automobiles — 1.5%**  |  |
| 145733 | Zhejiang Leapmotor Technology <br> Co., Ltd., Class H <br> (HKD) (b) (c) (d) | 910422 |
|  | **Banks — 1.6%**  |  |
| 326106 | Bank of Chongqing Co., Ltd., <br> Class H (HKD) | 328926 |
| 335232 | China Construction Bank Corp., <br> Class H (HKD) | 331239 |
| 678318 | China Everbright Bank Co., Ltd., <br> Class H (HKD) | 317252 |
|  |  | 977417 |
|  | **Biotechnology — 8.0%**  |  |
| 449655 | 3SBio, Inc. (HKD) (b) (d) | 1397029 |
| 101468 | Innovent Biologics, Inc. <br> (HKD) (b) (c) (d) | 994120 |
| 195307 | Remegen Co., Ltd., Class H <br> (HKD) (b) (c) (d) (e) | 1806841 |
| 256067 | Shanghai Junshi Biosciences <br> Co., Ltd., Class H <br> (HKD) (b) (c) (d) (e) | 702130 |
|  |  | 4900120 |
|  | **Capital Markets — 1.4%**  |  |
| 201682 | GF Securities Co., Ltd., Class H <br> (HKD) (e) | 456348 |
| 991820 | Shenwan Hongyuan Group Co., <br> Ltd., Class H <br> (HKD) (b) (d) (e) | 387415 |
|  |  | 843763 |
|  | **Construction & Engineering** <br> **— 4.0%**  |  |
| 7592524 | China Energy Engineering <br> Corp., Ltd., Class H <br> (HKD) (e) | 1034098 |
| 2827367 | China Railway Group Ltd., <br> Class H (HKD) | 1391396 |
|  |  | 2425494 |
|  | **Construction Materials —** <br> **1.2%**  |  |
| 266482 | Anhui Conch Cement Co., Ltd., <br> Class H (HKD) | 756026 |
|  | **Consumer Staples Distribution** <br> **& Retail — 1.4%**  |  |
| 123584 | JD Health International, Inc. <br> (HKD) (b) (c) (d) | 881302 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Diversified Telecommunication** <br> **Services — 2.3%**  |  |
| 947599 | China Tower Corp., Ltd., <br> Class H (HKD) (b) (d) | $1407512 |
|  | **Electrical Equipment — 6.1%**  |  |
| 396583 | Dongfang Electric Corp., Ltd., <br> Class H (HKD) (e) | 1273925 |
| 1423096 | Goldwind Science & <br> Technology Co., Ltd., Class H <br> (HKD) | 2452069 |
|  |  | 3725994 |
|  | **Energy Equipment & Services** <br> **— 1.2%**  |  |
| 826056 | China Oilfield Services Ltd., <br> Class H (HKD) | 741919 |
|  | **Health Care Providers &** <br> **Services — 1.8%**  |  |
| 433933 | Sinopharm Group Co., Ltd., <br> Class H (HKD) | 1083899 |
|  | **Independent Power and** <br> **Renewable Electricity** <br>**Producers — 1.2%**  |  |
| 1329000 | Datang International Power <br> Generation Co., Ltd., Class H <br> (HKD) | 377387 |
| 638394 | Huadian Power International <br> Corp., Ltd., Class H (HKD) | 333851 |
|  |  | 711238 |
|  | **Insurance — 10.6%**  |  |
| 10891283 | China Reinsurance Group Corp., <br> Class H (HKD) | 2351029 |
| 310817 | New China Life Insurance Co., <br> Ltd., Class H (HKD) | 2170571 |
| 2225268 | People's Insurance Co. Group of <br> China (The) Ltd., Class H <br> (HKD) | 1929994 |
|  |  | 6451594 |
|  | **Interactive Media & Services** <br> **— 5.3%**  |  |
| 127393 | Baidu, Inc., Class A (HKD) (c) | 2152489 |
| 1177080 | Meitu, Inc. (HKD) (b) (d) | 1058702 |
|  |  | 3211191 |
|  | **Marine Transportation —** <br> **2.8%**  |  |
| 974175 | COSCO SHIPPING Holdings <br> Co., Ltd., Class H (HKD) (e) | 1721113 |
|  | **Metals & Mining — 18.9%**  |  |
| 1007582 | Aluminum Corp. of China Ltd., <br> Class H (HKD) | 1575581 |
| 739152 | China Hongqiao Group Ltd. <br> (HKD) | 3098043 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (Continued)** | **COMMON STOCKS (a) (Continued)** | **COMMON STOCKS (a) (Continued)** |
|  | **Metals & Mining (Continued)**  |  |
| 666657 | CMOC Group Ltd., Class H <br> (HKD) | $1648076 |
| 174521 | Jiangxi Copper Co., Ltd., <br> Class H (HKD) | 961551 |
| 487701 | Shandong Gold Mining Co., <br> Ltd., Class H (HKD) (b) (d) | 2168201 |
| 1020951 | Wanguo Gold Group Ltd. <br> (HKD) | 1000919 |
| 260455 | Zhaojin Mining Industry Co., <br> Ltd., Class H (HKD) | 1028741 |
|  |  | 11481112 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 13.7%**  |  |
| 1463640 | China Coal Energy Co., Ltd., <br> Class H (HKD) | 1871230 |
| 2586910 | China Petroleum & Chemical <br> Corp., Class H (HKD) | 1552272 |
| 1225650 | COSCO SHIPPING Energy <br> Transportation Co., Ltd., <br> Class H (HKD) | 1511845 |
| 689027 | Inner Mongolia Yitai Coal Co., <br> Ltd., Class B | 1316042 |
| 1969347 | PetroChina Co., Ltd., Class H <br> (HKD) | 2120489 |
|  |  | 8371878 |
|  | **Passenger Airlines — 3.5%**  |  |
| 444910 | Air China Ltd., Class H <br> (HKD) (c) (e) | 404168 |
| 2523489 | China Eastern Airlines Corp., <br> Ltd., Class H (HKD) (c) (e) | 1728217 |
|  |  | 2132385 |
|  | **Real Estate Management &** <br> **Development — 2.1%**  |  |
| 1147807 | Longfor Group Holdings Ltd. <br> (HKD) (b) (d) | 1262445 |
|  | **Software — 0.5%**  |  |
| 172075 | Kingdee International Software <br> Group Co., Ltd. (HKD) (c) | 293841 |
|  | **Specialty Retail — 2.0%**  |  |
| 49894 | Pop Mart International Group <br> Ltd. (HKD) (b) (d) | 1203323 |
|  | **Technology Hardware, Storage** <br> **& Peripherals — 1.1%**  |  |
| 133012 | Xiaomi Corp., Class B <br> (HKD) (b) (c) (d) | 671665 |
|  | **Textiles, Apparel & Luxury** <br> **Goods — 1.7%**  |  |
| 13154 | Laopu Gold Co., Ltd., Class H <br> (HKD) | 1044518 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Transportation Infrastructure** <br> **— 2.9%**  |  |
| 807393 | Qingdao Port International Co., <br> Ltd., Class H (HKD) (b) (d) | $722044 |
| 1103556 | Zhejiang Expressway Co., Ltd., <br> Class H (HKD) | 1016678 |
|  |  | 1738722 |
|  | **Total Common Stocks** | 60790908 |
|  | (Cost $50,737,098) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 82268 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 3.65% (f) | 82268 |
|  | (Cost $82,268) |  |

---

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 8.9%** | **REPURCHASE AGREEMENTS — 8.9%** | **REPURCHASE AGREEMENTS — 8.9%** |
| $5381150 | Bank of America Corp., <br> 3.82% (f), dated 12/31/25, due <br> 01/02/26, with a maturity <br> value of $5,382,292. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 3.63% to <br> 4.75%, due 12/31/29 to <br> 05/15/55. The value of the <br> collateral including accrued <br> interest is $5,488,775. (g) | 5381150 |
|  | (Cost $5,381,150) |  |
|  | **Total Investments — 108.8%** | 66254326 |
|  | (Cost $56,200,516) |  |
|  | **Net Other Assets and** <br> **Liabilities — (8.8)%** | (5361554)<br>|
|  | **Net Assets — 100.0%** | $60892772 |

---

&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) Non-income
 producing security.

&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.

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

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

&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 $5,091,610 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $5,381,150.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Rate
 shown reflects yield as of December 31, 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 | 89.8% |
| USD | 10.2 |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| **Country Allocation**<sup>†</sup> <br>| **% of Net** <br>**Assets**<br>|
| China | 75.8% |
| Cayman Islands | 24.0 |
| United States | 9.0 |
| Total Investments | 108.8 |
| Net Other Assets and Liabilities | (8.8) |
| Total | 100.0% |

---

&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 December 31, 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>**12/31/2025**<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\* | $60790908 | &nbsp;&nbsp; $60790908 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market Funds | 82268 | &nbsp;&nbsp; 82268 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Repurchase Agreements | 5381150 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5381150 | &nbsp;&nbsp; — |
| Total Investments | $66254326 | &nbsp;&nbsp; $60873176 | &nbsp;&nbsp; $5381150 | &nbsp;&nbsp; $— |

---

&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>| $5091610 |
| Non-cash Collateral<sup>(2)</sup> <br>| (5091610)<br>|
| Net Amount | $— |

---

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

&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>| $5381150 |
| Non-cash Collateral<sup>(4)</sup> <br>| (5381150)<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 December 31, 2025, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments. 

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

<sup>(4)</sup> At December 31, 2025, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

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

**Portfolio of Investments**

**December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) — 99.9%** | **COMMON STOCKS (a) — 99.9%** | **COMMON STOCKS (a) — 99.9%** |
|  | **Air Freight & Logistics —** <br> **1.3%**  |  |
| 121600 | NIPPON EXPRESS <br> HOLDINGS, Inc. (JPY) (b) | $2601389 |
|  | **Automobile Components —** <br> **5.8%**  |  |
| 142800 | Aisin Corp. (JPY) | 2667472 |
| 29800 | Bridgestone Corp. (JPY) (b) | 668521 |
| 45100 | Denso Corp. (JPY) | 621334 |
| 55000 | Niterra Co., Ltd. (JPY) | 2419593 |
| 56800 | Sumitomo Electric Industries <br> Ltd. (JPY) | 2293539 |
| 88500 | Yokohama Rubber (The) Co., <br> Ltd. (JPY) (b) | 3399544 |
|  |  | 12070003 |
|  | **Automobiles — 7.0%**  |  |
| 252200 | Honda Motor Co., Ltd. (JPY) | 2473054 |
| 144100 | Isuzu Motors Ltd. (JPY) | 2244203 |
| 174800 | Subaru Corp. (JPY) | 3788598 |
| 252300 | Suzuki Motor Corp. (JPY) | 3760178 |
| 105800 | Toyota Motor Corp. (JPY) | 2266757 |
|  |  | 14532790 |
|  | **Banks — 0.6%**  |  |
| 26600 | Rakuten Bank Ltd. (JPY) (c) | 1173769 |
|  | **Broadline Retail — 1.1%**  |  |
| 126900 | Ryohin Keikaku Co., Ltd. (JPY) | 2253804 |
|  | **Capital Markets — 1.5%**  |  |
| 139900 | SBI Holdings, Inc. (JPY) | 3014316 |
|  | **Chemicals — 4.2%**  |  |
| 342400 | Asahi Kasei Corp. (JPY) | 3036221 |
| 232000 | Mitsubishi Chemical Group <br> Corp. (JPY) | 1355357 |
| 52200 | Mitsui Chemicals, Inc. (JPY) | 667163 |
| 63600 | NOF Corp. (JPY) | 1222546 |
| 166700 | Tosoh Corp. (JPY) | 2503054 |
|  |  | 8784341 |
|  | **Commercial Services &** <br> **Supplies — 1.6%**  |  |
| 120400 | Dai Nippon Printing Co., Ltd. <br> (JPY) | 2070720 |
| 44800 | TOPPAN Holdings, Inc. (JPY) | 1333075 |
|  |  | 3403795 |
|  | **Construction & Engineering** <br> **— 10.0%**  |  |
| 116800 | Kajima Corp. (JPY) | 4350919 |
| 131900 | Kandenko Co., Ltd. (JPY) | 4233869 |
| 82900 | Kinden Corp. (JPY) | 3595121 |
| 40200 | Obayashi Corp. (JPY) | 838954 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Construction & Engineering** <br> **(Continued)**  |  |
| 163700 | Shimizu Corp. (JPY) | $2788773 |
| 52300 | Taisei Corp. (JPY) | 4953208 |
|  |  | 20760844 |
|  | **Consumer Finance — 0.3%**  |  |
| 22600 | Credit Saison Co., Ltd. (JPY) | 607130 |
|  | **Consumer Staples Distribution** <br> **& Retail — 4.3%**  |  |
| 179100 | Aeon Co., Ltd. (JPY) | 2832167 |
| 38400 | Cosmos Pharmaceutical Corp. <br> (JPY) | 1947211 |
| 19400 | Kobe Bussan Co., Ltd. (JPY) | 469395 |
| 29700 | MatsukiyoCocokara & Co. (JPY) | 514214 |
| 133500 | Sugi Holdings Co., Ltd. (JPY) | 3140625 |
|  |  | 8903612 |
|  | **Electric Utilities — 5.6%**  |  |
| 197500 | Chubu Electric Power Co., Inc. <br> (JPY) | 3041177 |
| 257200 | Kansai Electric Power (The) Co., <br> Inc. (JPY) | 4031065 |
| 204900 | Kyushu Electric Power Co., Inc. <br> (JPY) | 2196292 |
| 549500 | Tokyo Electric Power Co. <br> Holdings, Inc. (JPY) (c) | 2305837 |
|  |  | 11574371 |
|  | **Electrical Equipment — 3.5%**  |  |
| 26400 | Fuji Electric Co., Ltd. (JPY) | 1997191 |
| 46400 | Fujikura Ltd. (JPY) | 5166088 |
|  |  | 7163279 |
|  | **Entertainment — 1.9%**  |  |
| 35700 | Capcom Co., Ltd. (JPY) | 832103 |
| 15400 | Konami Group Corp. (JPY) | 2097051 |
| 20600 | Toho Co., Ltd. (JPY) | 1049464 |
|  |  | 3978618 |
|  | **Financial Services — 1.0%**  |  |
| 82900 | Mitsubishi HC Capital, Inc. <br> (JPY) | 693833 |
| 108100 | Tokyo Century Corp. (JPY) | 1399903 |
|  |  | 2093736 |
|  | **Food Products — 0.5%**  |  |
| 45000 | Ajinomoto Co., Inc. (JPY) | 952918 |
|  | **Gas Utilities — 1.6%**  |  |
| 95200 | Osaka Gas Co., Ltd. (JPY) | 3300153 |
|  | **Ground Transportation —** <br> **3.5%**  |  |
| 136000 | Central Japan Railway Co. (JPY) | 3765526 |
| 64300 | Keisei Electric Railway Co., Ltd. <br> (JPY) | 529129 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (Continued)** | **COMMON STOCKS (a) (Continued)** | **COMMON STOCKS (a) (Continued)** |
|  | **Ground Transportation** <br> **(Continued)**  |  |
| 85100 | Seibu Holdings, Inc. (JPY) | $2338294 |
| 26600 | West Japan Railway Co. (JPY) | 530845 |
|  |  | 7163794 |
|  | **Health Care Technology —** <br> **0.6%**  |  |
| 88500 | M3, Inc. (JPY) | 1194388 |
|  | **Hotels, Restaurants & Leisure** <br> **— 2.4%**  |  |
| 62700 | Food & Life Cos., Ltd. (JPY) | 3167423 |
| 266500 | Metaplanet, Inc. (JPY) (b) (c) | 689048 |
| 29200 | Skylark Holdings Co., Ltd. <br> (JPY) (b) | 627285 |
| 10100 | Zensho Holdings Co., Ltd. (JPY) | 578700 |
|  |  | 5062456 |
|  | **Household Durables — 4.1%**  |  |
| 54000 | Open House Group Co., Ltd. <br> (JPY) | 3172293 |
| 226100 | Panasonic Holdings Corp. (JPY) | 2920795 |
| 241200 | Sumitomo Forestry Co., Ltd. <br> (JPY) (b) | 2470668 |
|  |  | 8563756 |
|  | **Industrial Conglomerates —** <br> **0.3%**  |  |
| 2000 | Hikari Tsushin, Inc. (JPY) | 558606 |
|  | **Insurance — 1.2%**  |  |
| 80900 | Japan Post Insurance Co., Ltd. <br> (JPY) | 2433611 |
|  | **IT Services — 0.3%**  |  |
| 20800 | NEC Corp. (JPY) | 705107 |
|  | **Leisure Products — 0.4%**  |  |
| 34000 | Bandai Namco Holdings, Inc. <br> (JPY) | 905567 |
|  | **Machinery — 6.2%**  |  |
| 63300 | Ebara Corp. (JPY) | 1488746 |
| 196800 | IHI Corp. (JPY) | 3460710 |
| 10700 | Japan Steel Works (The) Ltd. <br> (JPY) | 524549 |
| 40400 | Kawasaki Heavy Industries Ltd. <br> (JPY) | 2677170 |
| 18600 | Komatsu Ltd. (JPY) | 593718 |
| 162600 | Kubota Corp. (JPY) (b) | 2300836 |
| 73100 | Mitsubishi Heavy Industries Ltd. <br> (JPY) | 1792033 |
|  |  | 12837762 |
|  | **Marine Transportation —** <br> **4.1%**  |  |
| 215100 | Kawasaki Kisen Kaisha Ltd. <br> (JPY) (b) | 2994976 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Marine Transportation** <br> **(Continued)**  |  |
| 91200 | Mitsui OSK Lines Ltd. (JPY) (b) | $2742288 |
| 84800 | Nippon Yusen KK (JPY) | 2749071 |
|  |  | 8486335 |
|  | **Media — 2.1%**  |  |
| 213100 | CyberAgent, Inc. (JPY) | 1820275 |
| 79300 | Fuji Media Holdings, Inc. <br> (JPY) (b) | 1868086 |
| 26300 | Nippon Television Holdings, <br> Inc. (JPY) | 638863 |
|  |  | 4327224 |
|  | **Metals & Mining — 4.0%**  |  |
| 157300 | JFE Holdings, Inc. (JPY) | 2005916 |
| 279300 | Kobe Steel Ltd. (JPY) | 3692737 |
| 643500 | Nippon Steel Corp. (JPY) (b) | 2636608 |
|  |  | 8335261 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 4.1%**  |  |
| 368800 | ENEOS Holdings, Inc. (JPY) | 2606369 |
| 200900 | Idemitsu Kosan Co., Ltd. (JPY) | 1517267 |
| 217100 | Inpex Corp. (JPY) (b) | 4333961 |
|  |  | 8457597 |
|  | **Paper & Forest Products —** <br> **1.3%**  |  |
| 484600 | Oji Holdings Corp. (JPY) | 2661216 |
|  | **Passenger Airlines — 1.4%**  |  |
| 62300 | ANA Holdings, Inc. (JPY) | 1184829 |
| 89600 | Japan Airlines Co., Ltd. <br> (JPY) (b) | 1661696 |
|  |  | 2846525 |
|  | **Pharmaceuticals — 0.3%**  |  |
| 12300 | Otsuka Holdings Co., Ltd. (JPY) | 696743 |
|  | **Professional Services — 1.8%**  |  |
| 35600 | BayCurrent, Inc. (JPY) | 1477273 |
| 1249500 | Persol Holdings Co., Ltd. (JPY) | 2318084 |
|  |  | 3795357 |
|  | **Real Estate Management &** <br> **Development — 0.4%**  |  |
| 85500 | Tokyu Fudosan Holdings Corp. <br> (JPY) | 780002 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 1.5%**  |  |
| 24800 | Advantest Corp. (JPY) | 3108708 |
|  | **Technology Hardware, Storage** <br> **& Peripherals — 2.8%**  |  |
| 176400 | Brother Industries Ltd. (JPY) | 3515838 |
| 128800 | Ricoh Co., Ltd. (JPY) | 1129796 |
| 91900 | Seiko Epson Corp. (JPY) | 1163417 |
|  |  | 5809051 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (Continued)** | **COMMON STOCKS (a) (Continued)** | **COMMON STOCKS (a) (Continued)** |
|  | **Textiles, Apparel & Luxury** <br> **Goods — 0.5%**  |  |
| 47800 | Asics Corp. (JPY) | $1145869 |
|  | **Trading Companies &** <br> **Distributors — 4.8%**  |  |
| 60400 | Marubeni Corp. (JPY) | 1678506 |
| 59700 | Mitsui & Co., Ltd. (JPY) | 1769581 |
| 74400 | Sojitz Corp. (JPY) | 2311701 |
| 94300 | Sumitomo Corp. (JPY) | 3258118 |
| 26900 | Toyota Tsusho Corp. (JPY) | 905711 |
|  |  | 9923617 |
|  | **Total Common Stocks** | 206967420 |
|  | (Cost $161,105,716) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 150025 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 3.65% (d) | 150025 |
|  | (Cost $150,025) |  |

---

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 10.0%** | **REPURCHASE AGREEMENTS — 10.0%** | **REPURCHASE AGREEMENTS — 10.0%** |
| $20853330 | Bank of America Corp., <br> 3.82% (d), dated 12/31/25, <br> due 01/02/26, with a maturity <br> value of $20,857,756. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 3.63% to <br> 4.75%, due 12/31/29 to <br> 05/15/55. The value of the <br> collateral including accrued <br> interest is $21,270,403. (e) | 20853330 |
|  | (Cost $20,853,330) |  |
|  | **Total Investments — 110.0%** | 227970775 |
|  | (Cost $182,109,071) |  |
|  | **Net Other Assets and** <br> **Liabilities — (10.0)%** | (20747828)<br>|
|  | **Net Assets — 100.0%** | $207222947 |

---

&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 $17,690,767 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $20,853,330.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Rate
 shown reflects yield as of December 31, 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 | 90.8% |
| USD | 9.2 |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| **Country Allocation**<sup>†</sup> <br>| **% of Net** <br>**Assets**<br>|
| Japan | 99.9% |
| United States | 10.1 |
| Total Investments | 110.0 |
| Net Other Assets and Liabilities | (10.0) |
| 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 December 31, 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>**12/31/2025**<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\* | $206967420 | &nbsp;&nbsp; $206967420 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market Funds | 150025 | &nbsp;&nbsp; 150025 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Repurchase <br> Agreements<br>| 20853330 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20853330 | &nbsp;&nbsp; — |
| Total Investments | $227970775 | &nbsp;&nbsp; $207117445 | &nbsp;&nbsp; $20853330 | &nbsp;&nbsp; $— |

---

&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

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

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>| $17690767 |
| Non-cash Collateral<sup>(2)</sup> <br>| (17690767)<br>|
| Net Amount | $— |

---

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

&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>| $20853330 |
| Non-cash Collateral<sup>(4)</sup> <br>| (20853330)<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 December 31, 2025, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments. 

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

<sup>(4)</sup> At December 31, 2025, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

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

**Portfolio of Investments**

**December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) — 99.8%** | **COMMON STOCKS (a) (b) — 99.8%** | **COMMON STOCKS (a) (b) — 99.8%** |
|  | **Australia — 4.0%** |  |
| 209270 | Eagers Automotive Ltd. (AUD) | $3441142 |
| 453244 | Evolution Mining Ltd. (AUD) | 3835360 |
| 262775 | Fortescue Ltd. (AUD) | 3859748 |
| 166282 | Harvey Norman Holdings Ltd. <br> (AUD) | 770122 |
| 219005 | Lynas Rare Earths Ltd. <br> (AUD) (c) | 1818148 |
| 1265112 | Ramelius Resources Ltd. (AUD) | 3512183 |
| 30169 | Rio Tinto Ltd. (AUD) | 2955977 |
| 547025 | Santos Ltd. (AUD) | 2252409 |
| 486968 | Vicinity Ltd. (AUD) | 831946 |
| 266426 | Woodside Energy Group Ltd. <br> (AUD) | 4194299 |
| 1157697 | Yancoal Australia Ltd. <br> (AUD) (d) | 3832052 |
|  |  | 31303386 |
|  | **Austria — 0.6%** |  |
| 15240 | OMV AG (EUR) | 851085 |
| 164281 | UNIQA Insurance Group AG <br> (EUR) | 2984751 |
| 14774 | Vienna Insurance Group AG <br> Wiener Versicherung Gruppe <br> (EUR) | 1166752 |
|  |  | 5002588 |
|  | **Belgium — 0.5%** |  |
| 61948 | Colruyt Group N.V. (EUR) | 2293238 |
| 5891 | UCB S.A. (EUR) | 1651850 |
|  |  | 3945088 |
|  | **Bermuda — 1.3%** |  |
| 830398 | China Gas Holdings Ltd. (HKD) | 819440 |
| 466667 | Johnson Electric Holdings Ltd. <br> (HKD) | 1782073 |
| 3635986 | Kunlun Energy Co., Ltd. (HKD) | 3471209 |
| 250431 | Orient Overseas International <br> Ltd. (HKD) | 4035110 |
|  |  | 10107832 |
|  | **Canada — 12.3%** |  |
| 14483 | Agnico Eagle Mines Ltd. (CAD) | 2456058 |
| 23328 | Alamos Gold, Inc., Class A <br> (CAD) | 900793 |
| 222937 | ARC Resources Ltd. (CAD) (d) | 4182454 |
| 40329 | Aritzia, Inc. (CAD) (c) | 3448041 |
| 33800 | AtkinsRealis Group, Inc. (CAD) | 2181837 |
| 493441 | B2Gold Corp. (CAD) | 2221752 |
| 99027 | Barrick Mining Corp. (CAD) | 4313740 |
| 17407 | Bombardier, Inc., Class B <br> (CAD) (c) | 2961302 |
| 9688 | Cameco Corp. (CAD) | 887099 |
| 76290 | Canadian Natural Resources Ltd. <br> (CAD) | 2584039 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Canada (Continued)** |  |
| 95738 | Capstone Copper Corp. <br> (CAD) (c) | $961181 |
| 16521 | Celestica, Inc. (CAD) (c) | 4887029 |
| 95779 | Cenovus Energy, Inc. (CAD) | 1620333 |
| 110044 | DPM Metals, Inc. (CAD) | 3401017 |
| 112627 | Eldorado Gold Corp. (CAD) (c) | 4047860 |
| 52511 | Finning International, Inc. <br> (CAD) | 2845246 |
| 3653 | Franco-Nevada Corp. (CAD) | 757215 |
| 161047 | Hudbay Minerals, Inc. (CAD) | 3197356 |
| 314690 | IAMGOLD Corp. (CAD) (c) | 5193056 |
| 131051 | Kinross Gold Corp. (CAD) | 3691255 |
| 37650 | Lundin Gold, Inc. (CAD) | 3127648 |
| 68646 | Magna International, Inc. (CAD) | 3659486 |
| 454012 | New Gold, Inc. (CAD) (c) | 3956128 |
| 190445 | OceanaGold Corp. (CAD) | 5397480 |
| 40575 | OR Royalties, Inc. (CAD) | 1437293 |
| 62949 | Pan American Silver Corp. <br> (CAD) | 3263598 |
| 37583 | Power Corp. of Canada (CAD) | 1997508 |
| 66960 | Saputo, Inc. (CAD) | 2015313 |
| 10947 | Shopify, Inc., Class A (CAD) (c) | 1762622 |
| 99908 | SSR Mining, Inc. (CAD) (c) | 2190253 |
| 58291 | Suncor Energy, Inc. (CAD) | 2587219 |
| 56796 | Tourmaline Oil Corp. (CAD) | 2547761 |
| 14533 | Wheaton Precious Metals Corp. <br> (CAD) | 1708531 |
| 532780 | Whitecap Resources, Inc. (CAD) | 4463932 |
|  |  | 96853435 |
|  | **Cayman Islands — 3.8%** |  |
| 416415 | China Resources Land Ltd. <br> (HKD) | 1455342 |
| 2555020 | China State Construction <br> International Holdings Ltd. <br> (HKD) | 2990766 |
| 123479 | CK Hutchison Holdings Ltd. <br> (HKD) | 840096 |
| 4959567 | FIT Hon Teng Ltd. <br> (HKD) (c) (d) (e) (f) | 3154414 |
| 1294474 | Geely Automobile Holdings Ltd. <br> (HKD) | 2977255 |
| 1539713 | Kingboard Laminates Holdings <br> Ltd. (HKD) | 2609482 |
| 934669 | Minth Group Ltd. (HKD) | 3809436 |
| 3109553 | Sino Biopharmaceutical Ltd. <br> (HKD) | 2469199 |
| 422301 | SITC International Holdings Co., <br> Ltd. (HKD) | 1511726 |
| 3753012 | WH Group Ltd. (HKD) (e) (f) | 4180890 |
| 3507508 | Xinyi Glass Holdings Ltd. <br> (HKD) (d) | 3727124 |
|  |  | 29725730 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** |
|  | **Denmark — 2.0%** |  |
| 2072 | A.P. Moller - Maersk A/S, <br> Class B (DKK) | $4772774 |
| 226910 | H. Lundbeck A/S (DKK) | 1540902 |
| 102718 | ISS A/S (DKK) | 3510318 |
| 43767 | ROCKWOOL A/S, Class B <br> (DKK) | 1552175 |
| 56026 | Zealand Pharma A/S (DKK) (c) | 4111385 |
|  |  | 15487554 |
|  | **Finland — 0.2%** |  |
| 54394 | Wartsila Oyj Abp (EUR) | 1943282 |
|  | **France — 2.0%** |  |
| 20539 | Amundi S.A. (EUR) (e) (f) | 1704101 |
| 25828 | Arkema S.A. (EUR) | 1582911 |
| 67993 | Cie Generale des Etablissements <br> Michelin S.C.A. (EUR) | 2262118 |
| 28275 | Elis S.A. (EUR) | 806129 |
| 62621 | Klepierre S.A. (EUR) | 2482998 |
| 35247 | Sanofi S.A. (EUR) | 3426447 |
| 12281 | Societe Generale S.A. (EUR) | 991809 |
| 40141 | TotalEnergies SE (EUR) | 2622383 |
|  |  | 15878896 |
|  | **Germany — 6.0%** |  |
| 32588 | Aurubis AG (EUR) (d) | 4756534 |
| 95472 | Auto1 Group SE (EUR) (c) | 3063021 |
| 32405 | Bayerische Motoren Werke AG <br> (EUR) | 3546986 |
| 64709 | Commerzbank AG (EUR) | 2745258 |
| 480140 | Deutsche Lufthansa AG (EUR) | 4743168 |
| 16768 | Dr. Ing hc F Porsche AG <br> (Preference Shares) <br> (EUR) (e) (f) | 898975 |
| 93727 | Evonik Industries AG (EUR) | 1471575 |
| 15499 | Fresenius Medical Care AG <br> (EUR) | 742419 |
| 12550 | Hensoldt AG (EUR) | 1082558 |
| 15193 | HOCHTIEF AG (EUR) | 6017065 |
| 12048 | KION Group AG (EUR) | 966338 |
| 20448 | LEG Immobilien SE (EUR) | 1495896 |
| 51780 | Mercedes-Benz Group AG <br> (EUR) | 3655367 |
| 63502 | Nordex SE (EUR) (c) | 2173152 |
| 23702 | RENK Group AG (EUR) | 1493561 |
| 349 | Rheinmetall AG (EUR) | 640235 |
| 36604 | RWE AG (EUR) | 1946948 |
| 6962 | Siemens Energy AG (EUR) (c) | 985081 |
| 167411 | thyssenkrupp AG (EUR) | 1824578 |
| 22581 | Volkswagen AG (Preference <br> Shares) (EUR) | 2747923 |
|  |  | 46996638 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Greece — 0.4%** |  |
| 766098 | Alpha Bank S.A. (EUR) | $3223136 |
|  | **Hong Kong — 2.1%** |  |
| 761087 | Beijing Enterprises Holdings <br> Ltd. (HKD) | 3111746 |
| 1736683 | China Merchants Port Holdings <br> Co., Ltd. (HKD) | 3378439 |
| 1959335 | China Power International <br> Development Ltd. (HKD) (d) | 813169 |
| 1419268 | China Resources Power <br> Holdings Co., Ltd. (HKD) (d) | 3156685 |
| 415686 | China Taiping Insurance <br> Holdings Co., Ltd. (HKD) | 998262 |
| 5637157 | Guotai Junan International <br> Holdings Ltd. (HKD) | 1847013 |
| 959540 | MTR Corp., Ltd. (HKD) | 3674084 |
|  |  | 16979398 |
|  | **Israel — 1.9%** |  |
| 39910 | Bank Hapoalim BM (ILS) | 902958 |
| 120373 | Harel Insurance Investments & <br> Financial Services Ltd. (ILS) | 4698424 |
| 41334 | Menora Mivtachim Holdings <br> Ltd. (ILS) | 5184029 |
| 108336 | Phoenix Financial Ltd. (ILS) | 4483737 |
|  |  | 15269148 |
|  | **Italy — 3.1%** |  |
| 1243233 | A2A S.p.A. (EUR) | 3375015 |
| 54394 | Banco BPM S.p.A. (EUR) | 832287 |
| 74013 | Buzzi S.p.A. (EUR) | 4522959 |
| 46561 | Eni S.p.A. (EUR) | 883155 |
| 61967 | Fincantieri S.p.A. (EUR) (c) | 1216153 |
| 25626 | Leonardo S.p.A. (EUR) | 1480485 |
| 274671 | Maire S.p.A. (EUR) | 4212448 |
| 287446 | Nexi S.p.A. (EUR) (e) (f) | 1425880 |
| 358390 | Pirelli & C S.p.A. (EUR) (e) (f) | 2466427 |
| 41113 | Prysmian S.p.A. (EUR) | 4173531 |
|  |  | 24588340 |
|  | **Japan — 28.8%** |  |
| 32800 | Advantest Corp. (JPY) | 4111517 |
| 200700 | Aeon Co., Ltd. (JPY) | 3173735 |
| 24900 | AGC, Inc. (JPY) (d) | 825496 |
| 234600 | Aisin Corp. (JPY) | 4382275 |
| 125900 | ANA Holdings, Inc. (JPY) | 2394383 |
| 309400 | Asahi Kasei Corp. (JPY) | 2743594 |
| 113200 | Central Japan Railway Co. (JPY) | 3134247 |
| 233400 | Chubu Electric Power Co., Inc. <br> (JPY) | 3593979 |
| 135300 | CyberAgent, Inc. (JPY) | 1155716 |
| 47700 | Dai Nippon Printing Co., Ltd. <br> (JPY) | 820377 |
| 22600 | Daiwa House Industry Co., Ltd. <br> (JPY) | 749967 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** |
|  | **Japan (Continued)** |  |
| 56200 | Denso Corp. (JPY) | $774257 |
| 142000 | Ebara Corp. (JPY) | 3339683 |
| 127800 | ENEOS Holdings, Inc. (JPY) | 903183 |
| 46600 | Food & Life Cos., Ltd. (JPY) | 2354097 |
| 41500 | Fujikura Ltd. (JPY) | 4620531 |
| 233100 | Hachijuni Bank (The) Ltd. (JPY) | 2526093 |
| 95100 | Haseko Corp. (JPY) | 1886943 |
| 235400 | Honda Motor Co., Ltd. (JPY) | 2308315 |
| 26700 | Ibiden Co., Ltd. (JPY) | 1147330 |
| 217600 | IHI Corp. (JPY) | 3826476 |
| 224700 | Inpex Corp. (JPY) (d) | 4485680 |
| 257000 | Isuzu Motors Ltd. (JPY) | 4002499 |
| 161100 | Japan Airlines Co., Ltd. <br> (JPY) (d) | 2987714 |
| 28600 | Japan Post Insurance Co., Ltd. <br> (JPY) | 860337 |
| 198400 | JFE Holdings, Inc. (JPY) | 2530031 |
| 111300 | Kajima Corp. (JPY) | 4146039 |
| 148100 | Kandenko Co., Ltd. (JPY) | 4753874 |
| 283500 | Kansai Electric Power (The) Co., <br> Inc. (JPY) | 4443262 |
| 285200 | Kawasaki Kisen Kaisha Ltd. <br> (JPY) (d) | 3971024 |
| 262700 | Keisei Electric Railway Co., Ltd. <br> (JPY) | 2161774 |
| 71200 | Kinden Corp. (JPY) | 3087727 |
| 343500 | Kobe Steel Ltd. (JPY) | 4541551 |
| 160700 | Koito Manufacturing Co., Ltd. <br> (JPY) | 2369874 |
| 46600 | Komatsu Ltd. (JPY) | 1487487 |
| 64500 | Kubota Corp. (JPY) (d) | 912693 |
| 38200 | Kyoto Financial Group, Inc. <br> (JPY) | 835747 |
| 243600 | Kyushu Electric Power Co., Inc. <br> (JPY) | 2611111 |
| 50300 | M3, Inc. (JPY) | 678844 |
| 162400 | Marubeni Corp. (JPY) | 4513069 |
| 111100 | Mazda Motor Corp. (JPY) | 864600 |
| 253900 | Mebuki Financial Group, Inc. <br> (JPY) | 1682509 |
| 63200 | Mitsubishi Electric Corp. (JPY) | 1849923 |
| 98300 | Mitsubishi HC Capital, Inc. <br> (JPY) | 822723 |
| 133600 | Mitsui OSK Lines Ltd. (JPY) (d) | 4017211 |
| 193800 | NGK Insulators Ltd. (JPY) | 4145964 |
| 142900 | NIPPON EXPRESS <br> HOLDINGS, Inc. (JPY) (d) | 3057060 |
| 30400 | Nippon Television Holdings, <br> Inc. (JPY) | 738458 |
| 118900 | Nippon Yusen KK (JPY) | 3854534 |
| 42000 | Niterra Co., Ltd. (JPY) | 1847689 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Japan (Continued)** |  |
| 49400 | Obayashi Corp. (JPY) | $1030954 |
| 593900 | Oji Holdings Corp. (JPY) | 3261445 |
| 62800 | Open House Group Co., Ltd. <br> (JPY) | 3689259 |
| 112000 | Osaka Gas Co., Ltd. (JPY) | 3882533 |
| 61100 | Otsuka Holdings Co., Ltd. (JPY) | 3461059 |
| 298400 | Panasonic Holdings Corp. (JPY) | 3854778 |
| 29100 | Rakuten Bank Ltd. (JPY) (c) | 1284086 |
| 47800 | Resonac Holdings Corp. (JPY) | 1991463 |
| 275800 | Ricoh Co., Ltd. (JPY) | 2419236 |
| 186600 | SBI Holdings, Inc. (JPY) | 4020525 |
| 17800 | SCREEN Holdings Co., Ltd. <br> (JPY) | 1731818 |
| 44900 | Seibu Holdings, Inc. (JPY) | 1233718 |
| 126600 | Seiko Epson Corp. (JPY) | 1602706 |
| 231000 | Shimizu Corp. (JPY) | 3935288 |
| 46300 | Shionogi & Co., Ltd. (JPY) | 839749 |
| 77100 | SoftBank Group Corp. (JPY) | 2165730 |
| 92000 | Sojitz Corp. (JPY) | 2858555 |
| 198200 | Subaru Corp. (JPY) | 4295767 |
| 67400 | Sugi Holdings Co., Ltd. (JPY) | 1585604 |
| 112000 | Sumitomo Corp. (JPY) | 3869663 |
| 113900 | Sumitomo Electric Industries <br> Ltd. (JPY) | 4599192 |
| 136400 | Sumitomo Forestry Co., Ltd. <br> (JPY) (d) | 1397177 |
| 25200 | Sumitomo Metal Mining Co., <br> Ltd. (JPY) | 1022704 |
| 351000 | Sumitomo Pharma Co., Ltd. <br> (JPY) (c) | 5194190 |
| 26000 | Suntory Beverage & Food Ltd. <br> (JPY) (d) | 784614 |
| 222400 | Suzuki Motor Corp. (JPY) | 3314561 |
| 59100 | Taisei Corp. (JPY) | 5597220 |
| 63700 | Tokyo Century Corp. (JPY) | 824920 |
| 173000 | Tokyo Electric Power Co. <br> Holdings, Inc. (JPY) (c) | 725951 |
| 68500 | Tokyo Gas Co., Ltd. (JPY) | 2713499 |
| 98100 | Tokyu Fudosan Holdings Corp. <br> (JPY) | 894950 |
| 95000 | TOPPAN Holdings, Inc. (JPY) | 2826832 |
| 109700 | Tosoh Corp. (JPY) | 1647181 |
| 84300 | Toyota Motor Corp. (JPY) | 1806121 |
| 117100 | Toyota Tsusho Corp. (JPY) | 3942706 |
| 37000 | West Japan Railway Co. (JPY) | 738394 |
| 203100 | Yamato Holdings Co., Ltd. <br> (JPY) | 2864198 |
| 109500 | Yokohama Rubber (The) Co., <br> Ltd. (JPY) (d) | 4206215 |
|  |  | 227147763 |
|  | **Luxembourg — 1.1%** |  |
| 67904 | ArcelorMittal S.A. (EUR) | 3119409 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** |
|  | **Luxembourg (Continued)** |  |
| 424124 | Aroundtown S.A. (EUR) (c) | $1319842 |
| 227837 | Tenaris S.A. (EUR) | 4420614 |
|  |  | 8859865 |
|  | **Netherlands — 0.7%** |  |
| 70919 | Koninklijke Vopak N.V. (EUR) | 3157067 |
| 69079 | Technip Energies N.V. (EUR) | 2636777 |
|  |  | 5793844 |
|  | **Norway — 1.2%** |  |
| 133360 | Equinor ASA (NOK) | 3135548 |
| 240087 | Norsk Hydro ASA (NOK) | 1862580 |
| 155757 | Orkla ASA (NOK) | 1738359 |
| 66771 | Yara International ASA (NOK) | 2742380 |
|  |  | 9478867 |
|  | **Singapore — 1.6%** |  |
| 272753 | BOC Aviation Ltd. (HKD) (e) (f) | 2551353 |
| 884800 | Seatrium Ltd. (SGD) (d) | 1486828 |
| 807800 | Singapore Airlines Ltd. (SGD) | 4022032 |
| 402800 | UOL Group Ltd. (SGD) | 2738814 |
| 735800 | Wilmar International Ltd. (SGD) | 1763081 |
|  |  | 12562108 |
|  | **South Korea — 14.5%** |  |
| 18258 | APR Corp. (KRW) | 2927769 |
| 23170 | Coway Co., Ltd. (KRW) | 1397711 |
| 24717 | DB Insurance Co., Ltd. (KRW) | 2249418 |
| 5154 | Hanwha Aerospace Co., Ltd. <br> (KRW) | 3366710 |
| 51728 | Hanwha Ocean Co., Ltd. <br> (KRW) (c) | 4079206 |
| 36715 | HD Hyundai Co., Ltd. (KRW) | 4804261 |
| 13882 | HD Korea Shipbuilding & <br> Offshore Engineering Co., <br> Ltd. (KRW) | 3922095 |
| 284565 | HMM Co., Ltd. (KRW) | 4049552 |
| 4258 | Hyosung Heavy Industries Corp. <br> (KRW) | 5264307 |
| 34496 | Hyundai Glovis Co., Ltd. <br> (KRW) | 4324722 |
| 19114 | Hyundai Mobis Co., Ltd. (KRW) | 4949167 |
| 26538 | Hyundai Motor Co. (KRW) | 5462162 |
| 15631 | Hyundai Rotem Co., Ltd. <br> (KRW) | 2038850 |
| 56659 | Kia Corp. (KRW) | 4790577 |
| 4658 | KIWOOM Securities Co., Ltd. <br> (KRW) | 936095 |
| 126614 | Korea Electric Power Corp. <br> (KRW) | 4148541 |
| 15740 | Korea Investment Holdings Co., <br> Ltd. (KRW) | 1766796 |
| 2478 | Korea Zinc Co., Ltd. (KRW) | 2263752 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **South Korea (Continued)** |  |
| 250793 | Korean Air Lines Co., Ltd. <br> (KRW) | $3925849 |
| 395942 | LG Display Co., Ltd. (KRW) | 3246034 |
| 30188 | LG Electronics, Inc. (KRW) | 1925846 |
| 297356 | LG Uplus Corp. (KRW) | 3038479 |
| 106895 | Mirae Asset Securities Co., Ltd. <br> (KRW) | 1732670 |
| 15215 | Peptron, Inc. (KRW) | 2682732 |
| 4134 | POSCO Holdings, Inc. (KRW) | 875270 |
| 17692 | Samsung Electro-Mechanics Co., <br> Ltd. (KRW) | 3131762 |
| 40802 | Samsung Electronics Co., Ltd. <br> (KRW) | 3396036 |
| 208421 | Samsung Heavy Industries Co., <br> Ltd. (KRW) (c) | 3486825 |
| 29147 | Samsung Life Insurance Co., <br> Ltd. (KRW) | 3188759 |
| 6949 | Samsung SDS Co., Ltd. (KRW) | 827291 |
| 1492 | Samyang Foods Co., Ltd. <br> (KRW) | 1274966 |
| 16117 | Shinhan Financial Group Co., <br> Ltd. (KRW) | 860364 |
| 12951 | SK hynix, Inc. (KRW) | 5852696 |
| 27724 | SK Square Co., Ltd. (KRW) (c) | 7082317 |
| 84059 | SK Telecom Co., Ltd. (KRW) | 3121833 |
| 87946 | Woori Financial Group, Inc. <br> (KRW) | 1709408 |
|  |  | 114100828 |
|  | **Spain — 2.4%** |  |
| 4050 | Acciona S.A. (EUR) | 884801 |
| 50895 | ACS Actividades de <br> Construccion y Servicios S.A. <br> (EUR) | 5075026 |
| 127082 | Banco Bilbao Vizcaya <br> Argentaria S.A. (EUR) | 2994399 |
| 112320 | Grifols S.A. (EUR) | 1412382 |
| 18167 | Indra Sistemas S.A. (EUR) (d) | 1036321 |
| 625871 | International Consolidated <br> Airlines Group S.A. (GBP) | 3495199 |
| 515263 | Mapfre S.A. (EUR) | 2592907 |
| 53907 | Merlin Properties Socimi S.A. <br> (EUR) | 787458 |
| 45946 | Repsol S.A. (EUR) | 859881 |
|  |  | 19138374 |
|  | **Sweden — 1.5%** |  |
| 59962 | Boliden AB (SEK) (c) | 3355501 |
| 41025 | Industrivarden AB, Class C <br> (SEK) | 1849278 |
| 13315 | Saab AB, Class B (SEK) | 777510 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** |
|  | **Sweden (Continued)** |  |
| 560378 | SSAB AB, Class B (SEK) | $4240040 |
| 396228 | Volvo Car AB, Class B <br> (SEK) (c) (d) | 1321262 |
|  |  | 11543591 |
|  | **Switzerland — 0.8%** |  |
| 9666 | Accelleron Industries AG (CHF) | 751095 |
| 48047 | Holcim AG (CHF) | 4716746 |
| 1165 | Swissquote Group Holding S.A. <br> (CHF) | 716267 |
|  |  | 6184108 |
|  | **United Kingdom — 7.0%** |  |
| 73872 | 3i Group PLC (GBP) | 3249145 |
| 611769 | Aberdeen Group PLC (GBP) | 1695441 |
| 11562 | Anglogold Ashanti PLC (ZAR) | 1000609 |
| 43920 | Antofagasta PLC (GBP) | 1941225 |
| 117820 | Associated British Foods PLC <br> (GBP) | 3377993 |
| 181691 | Babcock International <br> Group PLC (GBP) | 3044225 |
| 318294 | Barclays PLC (GBP) | 2042029 |
| 133213 | Beazley PLC (GBP) | 1493971 |
| 31497 | Berkeley Group Holdings PLC <br> (GBP) | 1657491 |
| 173499 | British Land (The) Co., PLC <br> (GBP) | 944355 |
| 260397 | easyJet PLC (GBP) | 1792210 |
| 97439 | Endeavour Mining PLC (GBP) | 5085578 |
| 102394 | Fresnillo PLC (GBP) | 4601636 |
| 168279 | IG Group Holdings PLC (GBP) | 2982826 |
| 1267833 | JD Sports Fashion PLC (GBP) | 1443395 |
| 57181 | Pearson PLC (GBP) | 809307 |
| 174099 | Prudential PLC (GBP) | 2685866 |
| 37082 | Rio Tinto PLC (GBP) | 2996071 |
| 50766 | Rolls-Royce Holdings PLC <br> (GBP) | 786943 |
| 45654 | Shell PLC (GBP) | 1686171 |
| 126253 | Standard Chartered PLC (GBP) | 3100718 |
| 135605 | Tesco PLC (GBP) | 807558 |
| 2090388 | Tritax Big Box REIT PLC <br> (GBP) | 4288582 |
| 252068 | UNITE Group (The) PLC (GBP) | 1901035 |
|  |  | 55414380 |
|  | **Total Common Stocks** | 787528179 |
|  | (Cost $653,650,544) |  |

---

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 5.1%** | **REPURCHASE AGREEMENTS — 5.1%** | **REPURCHASE AGREEMENTS — 5.1%** |
| $40199689 | JPMorgan Chase & Co., <br> 3.82% (g), dated 12/31/25, <br> due 01/02/26, with a maturity <br> value of $40,208,220. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 1.25% to <br> 4.63%, due 08/15/31 to <br> 11/15/49. The value of the <br> collateral including accrued <br> interest is $41,003,684. (h) | $40199689 |
|  | (Cost $40,199,689) |  |
|  | **Total Investments — 104.9%** | 827727868 |
|  | (Cost $693,850,233) |  |
|  | **Net Other Assets and** <br> **Liabilities — (4.9)%** | (38493580)<br>|
|  | **Net Assets — 100.0%** | $789234288 |

---

&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) All
 or a portion of this security is on loan (see Note 2E - Securities
 Lending in the Notes to Financial Statements). The remaining
 contractual maturity of all of the securities lending transactions
 is overnight and continuous. The aggregate value
 of such securities is $37,457,973 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $40,199,689.

&nbsp;&nbsp;&nbsp;&nbsp;(e) This
 security is exempt from registration upon resale under Rule
 144A of the Securities Act of 1933, as amended (the "1933
 Act") and may be resold in transactions exempt from registration,
 normally to qualified institutional buyers. This security
 is not restricted on the foreign exchange where it trades
 freely without any additional registration.

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) Rate
 shown reflects yield as of December 31, 2025.

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

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

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | |
|:---|:---|
| 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>|
| JPY | 27.4% |
| EUR | 15.9 |
| KRW | 13.8 |
| CAD | 11.7 |
| HKD | 7.2 |
| GBP | 7.0 |
| USD | 4.9 |
| AUD | 3.8 |
| DKK | 1.9 |
| ILS | 1.8 |
| SEK | 1.4 |
| SGD | 1.2 |
| NOK | 1.1 |
| CHF | 0.8 |
| ZAR | 0.1 |
| Total | 100.0% |

---

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**12/31/2025**<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\* | $787528179 | &nbsp;&nbsp; $787528179 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Repurchase <br> Agreements<br>| 40199689 | &nbsp;&nbsp; — | &nbsp;&nbsp; 40199689 | &nbsp;&nbsp; — |
| Total Investments | $827727868 | &nbsp;&nbsp; $787528179 | &nbsp;&nbsp; $40199689 | &nbsp;&nbsp; $— |

---

&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>| $37457973 |
| Non-cash Collateral<sup>(2)</sup> <br>| (37457973)<br>|
| Net Amount | $— |

---

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

&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>| $40199689 |
| Non-cash Collateral<sup>(4)</sup> <br>| (40199689)<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 December 31, 2025, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments. 

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

<sup>(4)</sup> At December 31, 2025, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

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

**Portfolio of Investments**

**December 31, 2025**

&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%** |
|  | **Brazil — 10.0%** |  |
| 113501 | Banco BTG Pactual S.A. (BRL) | $1089079 |
| 85344 | Cia de Saneamento Basico do <br> Estado de Sao Paulo SABESP <br> (BRL) | 2077474 |
| 2456305 | Cia Energetica de Minas Gerais <br> (Preference Shares) (BRL) | 5020414 |
| 68222 | Embraer S.A. (BRL) | 1103056 |
| 330970 | Eneva S.A. (BRL) (c) | 1218847 |
| 1319099 | Gerdau S.A. (Preference Shares) <br> (BRL) | 4908331 |
| 1948425 | Itausa S.A. (Preference Shares) <br> (BRL) | 4153037 |
| 870559 | Petroleo Brasileiro S.A. - <br> Petrobras (Preference Shares) <br> (BRL) | 4896324 |
| 718274 | PRIO S.A. (BRL) (c) | 5429246 |
| 329312 | Suzano S.A. (BRL) | 3091948 |
| 321547 | Telefonica Brasil S.A. (BRL) | 1942279 |
| 233088 | TIM S.A. (BRL) | 907724 |
| 747960 | Ultrapar Participacoes S.A. <br> (BRL) | 2852751 |
| 285389 | Vale S.A. (BRL) | 3747724 |
| 1192970 | Vibra Energia S.A. (BRL) | 5514472 |
|  |  | 47952706 |
|  | **Cayman Islands — 8.8%** |  |
| 113308 | Akeso, Inc. (HKD) (c) (d) (e) | 1645162 |
| 45069 | Alibaba Group Holding Ltd. <br> (HKD) | 826944 |
| 59977 | Baidu, Inc., Class A (HKD) (c) | 1013398 |
| 1995960 | China Feihe Ltd. (HKD) (d) (e) | 1041232 |
| 1511285 | China Hongqiao Group Ltd. <br> (HKD) | 6334321 |
| 124128 | ENN Energy Holdings Ltd. <br> (HKD) | 1103686 |
| 1279716 | InnoCare Pharma Ltd., Class H <br> (HKD) (c) (d) (e) (f) | 2022499 |
| 165908 | Innovent Biologics, Inc. <br> (HKD) (c) (d) (e) | 1625462 |
| 2449568 | J&T Global Express Ltd. <br> (HKD) (c) | 3289088 |
| 480324 | JD Health International, Inc. <br> (HKD) (c) (d) (e) | 3425287 |
| 1828834 | JD Logistics, Inc. <br> (HKD) (c) (d) (e) | 2683553 |
| 94384 | Kuaishou Technology <br> (HKD) (d) (e) | 775548 |
| 389690 | Wuxi Biologics Cayman, Inc. <br> (HKD) (c) (d) (e) | 1574242 |
| 408004 | WuXi XDC Cayman, Inc. <br> (HKD) (c) | 3184787 |
| 491452 | XD, Inc. (HKD) (e) | 4095065 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Cayman Islands (Continued)** |  |
| 171443 | XPeng, Inc., Class A (HKD) (c) | $1747980 |
| 1122912 | XtalPi Holdings Ltd. (HKD) (c) | 1364918 |
| 942236 | Zhen Ding Technology Holding <br> Ltd. (TWD) | 4258287 |
|  |  | 42011459 |
|  | **Chile — 1.7%** |  |
| 561928 | Empresas Copec S.A. (CLP) | 4403903 |
| 347015 | Falabella S.A. (CLP) | 2420676 |
| 45262859 | Latam Airlines Group S.A. <br> (CLP) | 1225480 |
|  |  | 8050059 |
|  | **China — 32.7%** |  |
| 4947043 | Aluminum Corp. of China Ltd., <br> Class H (HKD) | 7735813 |
| 1019649 | Anhui Conch Cement Co., Ltd., <br> Class H (HKD) | 2892807 |
| 1222707 | Bank of Communications Co., <br> Ltd., Class H (HKD) | 1013332 |
| 230348 | Beijing Fourth Paradigm <br> Technology Co., Ltd., Class H <br> (HKD) (c) | 1302879 |
| 1126048 | CALB Group Co., Ltd., Class H <br> (HKD) (c) (d) (e) | 3634513 |
| 3438462 | China Coal Energy Co., Ltd., <br> Class H (HKD) | 4395993 |
| 1067590 | China Construction Bank Corp., <br> Class H (HKD) | 1054874 |
| 13422332 | China Energy Engineering <br> Corp., Ltd., Class H (HKD) (f) | 1828115 |
| 2464640 | China Everbright Bank Co., Ltd., <br> Class H (HKD) (f) | 1152722 |
| 1349008 | China Galaxy Securities Co., <br> Ltd., Class H (HKD) | 1738542 |
| 461100 | China Merchants Securities Co., <br> Ltd., Class H (HKD) (d) (e) | 825900 |
| 5786544 | China National Building <br> Material Co., Ltd., Class H <br> (HKD) | 3806790 |
| 3585892 | China Oilfield Services Ltd., <br> Class H (HKD) | 3220654 |
| 3942763 | China Petroleum & Chemical <br> Corp., Class H (HKD) | 2365850 |
| 4063691 | China Railway Group Ltd., <br> Class H (HKD) | 1999812 |
| 15456233 | China Reinsurance Group Corp., <br> Class H (HKD) | 3336435 |
| 2782561 | China Tower Corp., Ltd., <br> Class H (HKD) (d) (e) | 4133065 |
| 777944 | CITIC Securities Co., Ltd., <br> Class H (HKD) | 2738852 |
| 1526548 | CMOC Group Ltd., Class H <br> (HKD) | 3773855 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** |
|  | **China (Continued)** |  |
| 3297159 | COSCO SHIPPING Holdings <br> Co., Ltd., Class H (HKD) (f) | $5825220 |
| 1129488 | CSC Financial Co., Ltd., Class H <br> (HKD) (d) (e) | 1863444 |
| 1442384 | Dongfang Electric Corp., Ltd., <br> Class H (HKD) (f) | 4633302 |
| 704904 | Everbright Securities Co., Ltd., <br> Class H (HKD) (d) (e) | 805196 |
| 1180168 | GF Securities Co., Ltd., Class H <br> (HKD) (f) | 2670379 |
| 2851996 | Goldwind Science & <br> Technology Co., Ltd., Class H <br> (HKD) | 4914139 |
| 3812092 | Huadian Power International <br> Corp., Ltd., Class H (HKD) | 1993552 |
| 1017904 | Huaxin Cement Co., Ltd., <br> Class H (HKD) (f) | 2356847 |
| 2142772 | Inner Mongolia Yitai Coal Co., <br> Ltd., Class B | 4092695 |
| 1308729 | Jiangxi Copper Co., Ltd., <br> Class H (HKD) | 7210647 |
| 8840652 | Metallurgical Corp. of China <br> Ltd., Class H (HKD) (f) | 2078764 |
| 518968 | New China Life Insurance Co., <br> Ltd., Class H (HKD) | 3624181 |
| 1981584 | Orient Securities Co., Ltd., <br> Class H (HKD) (d) (e) | 1741559 |
| 4690726 | People's Insurance Co. Group of <br> China (The) Ltd., Class H <br> (HKD) | 4068305 |
| 5639223 | PetroChina Co., Ltd., Class H <br> (HKD) | 6072017 |
| 561556 | Pharmaron Beijing Co., Ltd., <br> Class H (HKD) (d) (e) | 1413505 |
| 4429948 | Qingdao Port International Co., <br> Ltd., Class H (HKD) (d) (e) | 3961663 |
| 340920 | Remegen Co., Ltd., Class H <br> (HKD) (c) (d) (e) (f) | 3153949 |
| 1080980 | Shandong Gold Mining Co., <br> Ltd., Class H (HKD) (d) (e) | 4805775 |
| 165400 | Shanghai Chicmax Cosmetic <br> Co., Ltd., Class H (HKD) (f) | 1547165 |
| 7830036 | Shanghai Electric Group Co., <br> Ltd., Class H (HKD) (c) | 3893538 |
| 524432 | Shanghai Junshi Biosciences <br> Co., Ltd., Class H <br> (HKD) (c) (d) (e) (f) | 1437982 |
| 6673536 | Shenwan Hongyuan Group Co., <br> Ltd., Class H (HKD) (d) (e) (f) | 2606750 |
| 870821 | Sinopharm Group Co., Ltd., <br> Class H (HKD) | 2175178 |
| 4919712 | Sinotrans Ltd., Class H (HKD) | 3065852 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **China (Continued)** |  |
| 1144507 | Weichai Power Co., Ltd., <br> Class H (HKD) | $2772040 |
| 675264 | Yangtze Optical Fibre & Cable <br> Joint Stock Ltd., Co., Class H <br> (HKD) (d) (e) (f) | 4485737 |
| 766472 | Zhaojin Mining Industry Co., <br> Ltd., Class H (HKD) | 3027400 |
| 3332546 | Zhejiang Expressway Co., Ltd., <br> Class H (HKD) | 3070188 |
| 481439 | Zhejiang Leapmotor Technology <br> Co., Ltd., Class H <br> (HKD) (c) (d) (e) | 3007641 |
| 186592 | Zhuzhou CRRC Times Electric <br> Co., Ltd., Class H (HKD) | 901948 |
| 734440 | Zijin Mining Group Co., Ltd., <br> Class H (HKD) | 3365173 |
| 224988 | ZTE Corp., Class H (HKD) (f) | 784583 |
|  |  | 156377117 |
|  | **Hong Kong — 0.5%** |  |
| 533128 | China Nonferrous Mining Corp., <br> Ltd. (HKD) (f) | 1010400 |
| 348000 | Sinotruk Hong Kong Ltd. (HKD) | 1235016 |
|  |  | 2245416 |
|  | **Hungary — 2.9%** |  |
| 768873 | Magyar Telekom <br> Telecommunications PLC <br> (HUF) | 4213139 |
| 631941 | MOL Hungarian Oil & Gas PLC <br> (HUF) | 5681160 |
| 134914 | Richter Gedeon Nyrt (HUF) | 4069745 |
|  |  | 13964044 |
|  | **India — 3.0%** |  |
| 701103 | Coal India Ltd. (INR) | 3112394 |
| 1550825 | GAIL India Ltd. (INR) | 2970536 |
| 608396 | Indian Oil Corp. Ltd. (INR) | 1126772 |
| 1522032 | Oil & Natural Gas Corp., Ltd. <br> (INR) | 4070633 |
| 244419 | REC Ltd. (INR) | 970286 |
| 502606 | Tata Motors Passenger Vehicles <br> Ltd. (INR) | 2054223 |
|  |  | 14304844 |
|  | **Indonesia — 5.3%** |  |
| 14839422 | Astra International Tbk PT <br> (IDR) | 5962466 |
| 22852709 | Barito Pacific Tbk PT (IDR) (c) | 4481461 |
| 102021024 | Bumi Resources Minerals Tbk <br> PT (IDR) (c) | 6730023 |
| 11202309 | Telkom Indonesia Persero Tbk <br> PT (IDR) | 2337873 |
| 3200659 | United Tractors Tbk PT (IDR) | 5662335 |
|  |  | 25174158 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** |
|  | **Malaysia — 0.7%** |  |
| 3223500 | Axiata Group Bhd (MYR) | $2001779 |
| 326700 | Tenaga Nasional Bhd (MYR) | 1104565 |
|  |  | 3106344 |
|  | **Mexico — 3.7%** |  |
| 4589331 | Cemex S.A.B. de C.V., <br> Series CPO (MXN) | 5267887 |
| 373635 | Grupo Financiero Inbursa S.A.B. <br> de C.V., Class O (MXN) | 904027 |
| 114943 | Industrias Penoles S.A.B. de <br> C.V. (MXN) (c) | 6043101 |
| 1282281 | Prologis Property Mexico S.A. <br> de C.V. (MXN) | 5371944 |
|  |  | 17586959 |
|  | **Netherlands — 0.7%** |  |
| 384144 | NEPI Rockcastle N.V. (ZAR) | 3383297 |
|  | **Philippines — 0.8%** |  |
| 371960 | Ayala Corp. (PHP) | 2958862 |
| 880310 | Metropolitan Bank & Trust Co. <br> (PHP) | 1024965 |
|  |  | 3983827 |
|  | **Poland — 2.1%** |  |
| 69964 | KGHM Polska Miedz S.A. <br> (PLN) (c) | 5472393 |
| 172510 | ORLEN S.A. (PLN) | 4618367 |
|  |  | 10090760 |
|  | **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 — 3.0%** |  |
| 97150 | Gold Fields Ltd. (ZAR) | 4257411 |
| 56240 | Harmony Gold Mining Co., Ltd. <br> (ZAR) | 1144769 |
| 82940 | Nedbank Group Ltd. (ZAR) | 1333551 |
| 126299 | Northam Platinum Holdings Ltd. <br> (ZAR) | 2571054 |
| 1437026 | Sibanye Stillwater Ltd. <br> (ZAR) (c) | 5250005 |
|  |  | 14556790 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Taiwan — 17.7%** |  |
| 149676 | Accton Technology Corp. <br> (TWD) | $5644915 |
| 95664 | Asia Vital Components Co., Ltd. <br> (TWD) | 4597401 |
| 54028 | Chroma ATE, Inc. (TWD) | 1332624 |
| 146521 | Delta Electronics, Inc. (TWD) | 4490690 |
| 102146 | Elite Material Co., Ltd. (TWD) | 5347788 |
| 3284226 | Eva Airways Corp. (TWD) | 3820387 |
| 873806 | Evergreen Marine Corp. Taiwan <br> Ltd. (TWD) | 5283911 |
| 2250521 | Far Eastern New Century Corp. <br> (TWD) | 1991200 |
| 287322 | Gold Circuit Electronics Ltd. <br> (TWD) | 6282211 |
| 579301 | Hon Hai Precision Industry Co., <br> Ltd. (TWD) | 4249738 |
| 38941 | Jentech Precision Industrial Co., <br> Ltd. (TWD) | 3402016 |
| 38033 | King Slide Works Co., Ltd. <br> (TWD) | 4539194 |
| 544039 | Lite-On Technology Corp. <br> (TWD) | 2830966 |
| 107870 | Quanta Computer, Inc. (TWD) | 933806 |
| 104101 | Tripod Technology Corp. <br> (TWD) | 1051927 |
| 1373534 | United Microelectronics Corp. <br> (TWD) | 2152943 |
| 2105131 | Wan Hai Lines Ltd. (TWD) | 5279493 |
| 1113247 | Wistron Corp. (TWD) | 5332304 |
| 47183 | Wiwynn Corp. (TWD) | 6734958 |
| 890598 | WT Microelectronics Co., Ltd. <br> (TWD) | 3883195 |
| 2951155 | Yang Ming Marine Transport <br> Corp. (TWD) | 5231595 |
|  |  | 84413262 |
|  | **Thailand — 3.2%** |  |
| 223700 | Bangkok Bank PCL (THB) | 1203528 |
| 5978500 | Charoen Pokphand Foods PCL <br> (THB) | 4136845 |
| 1442900 | PTT Exploration & Production <br> PCL (THB) | 5175296 |
| 3007200 | PTT PCL (THB) | 3054449 |
| 289800 | Siam Cement (The) PCL (THB) | 1687932 |
|  |  | 15258050 |
|  | **Turkey — 2.8%** |  |
| 595503 | Aselsan Elektronik Sanayi Ve <br> Ticaret A/S (TRY) | 3214623 |
| 677424 | Turk Hava Yollari AO (TRY) (f) | 4237648 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** |
|  | **Turkey (Continued)** |  |
| 1744618 | Turkcell Iletisim Hizmetleri A/S <br> (TRY) (f) | $3784165 |
| 2514892 | Yapi ve Kredi Bankasi A/S <br> (TRY) (c) | 2122208 |
|  |  | 13358644 |
|  | **Total Common Stocks** | 475817736 |
|  | (Cost $426,453,094) |  |
| **WARRANTS (a) (b) — 0.0%** | **WARRANTS (a) (b) — 0.0%** | **WARRANTS (a) (b) — 0.0%** |
|  | **Malaysia — 0.0%** |  |
| 227020 | YTL Power International Bhd, <br> expiring 06/02/28 (MYR) <br> (c) (g) (h) | 48112 |
|  | (Cost $0) |  |

---

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 5.4%** | **REPURCHASE AGREEMENTS — 5.4%** | **REPURCHASE AGREEMENTS — 5.4%** |
| $25670586 | JPMorgan Chase & Co., <br> 3.82% (j), dated 12/31/25, due <br> 01/02/26, with a maturity <br> value of $25,676,034. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 1.25% to <br> 4.63%, due 08/15/31 to <br> 11/15/49. The value of the <br> collateral including accrued <br> interest is $26,183,998. (k) | 25670586 |
|  | (Cost $25,670,586) |  |
|  | **Total Investments — 105.0%** | 501536434 |
|  | (Cost $452,123,680) |  |
|  | **Net Other Assets and** <br> **Liabilities — (5.0)%** | (23815968)<br>|
|  | **Net Assets — 100.0%** | $477720466 |

---

&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;(f) All
 or a portion of this security is on loan (see Note 2E - Securities
 Lending in the Notes to Financial Statements). The remaining
 contractual maturity of all of the securities lending transactions
 is overnight and continuous. The aggregate value
 of such securities is $20,405,675 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $25,670,586.

&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 December 31, 2025, securities noted
 as such are valued at $48,112 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;(j) Rate
 shown reflects yield as of December 31, 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 |
| HKD | – Hong Kong Dollar |
| HUF | – Hungarian Forint |
| IDR | – Indonesian Rupiah |
| INR | – Indian Rupee |
| MXN | – Mexican Peso |
| MYR | – Malaysian Ringgit |
| PHP | – Philippine Peso |
| PLN | – Polish Zloty |
| RUB | – Russian Ruble |
| THB | – Thai Baht |
| TRY | – Turkish Lira |
| TWD | – New Taiwan Dollar |
| USD | – United States Dollar |
| ZAR | – South African Rand |

---

&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)**

**December 31, 2025**

---

| | |
|:---|:---|
| **Currency Exposure Diversification** | **% of Total** <br>**Investments**<br>|
| HKD | 38.3% |
| TWD | 17.7 |
| BRL | 9.6 |
| USD | 5.9 |
| IDR | 5.0 |
| ZAR | 3.6 |
| MXN | 3.5 |
| THB | 3.0 |
| INR | 2.9 |
| HUF | 2.8 |
| TRY | 2.7 |
| PLN | 2.0 |
| CLP | 1.6 |
| PHP | 0.8 |
| MYR | 0.6 |
| RUB | 0.0<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 December 31, 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>**12/31/2025**<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 | $—<br> \*\*<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $—<br> \*\*<br>|
| Thailand | 15258050 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15258050 | &nbsp;&nbsp; — |
| Other Country <br> Categories\*<br>| 460559686 | &nbsp;&nbsp; 460559686 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Warrants\* | 48112 | &nbsp;&nbsp; — | &nbsp;&nbsp; 48112 | &nbsp;&nbsp; — |
| Repurchase <br> Agreements<br>| 25670586 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25670586 | &nbsp;&nbsp; — |
| Total Investments | $501536434 | &nbsp;&nbsp; $460559686 | &nbsp;&nbsp; $40976748 | &nbsp;&nbsp; $—<br> \*\*<br>|

---

&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>| $20405675 |
| Non-cash Collateral<sup>(2)</sup> <br>| (20405675)<br>|
| Net Amount | $— |

---

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

&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>| $25670586 |
| Non-cash Collateral<sup>(4)</sup> <br>| (25670586)<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 December 31, 2025, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments. 

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

<sup>(4)</sup> At December 31, 2025, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

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

**Portfolio of Investments**

**December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) — 99.9%** | **COMMON STOCKS (a) — 99.9%** | **COMMON STOCKS (a) — 99.9%** |
|  | **Aerospace & Defense — 8.0%**  |  |
| 26981 | Hensoldt AG (EUR) | $2327370 |
| 4180 | MTU Aero Engines AG (EUR) | 1745351 |
| 1462 | Rheinmetall AG (EUR) | 2682017 |
|  |  | 6754738 |
|  | **Air Freight & Logistics —** <br> **2.6%**  |  |
| 40213 | DHL Group (EUR) | 2208378 |
|  | **Automobile Components —** <br> **3.5%**  |  |
| 36871 | Continental AG (EUR) | 2944758 |
|  | **Automobiles — 15.5%**  |  |
| 34825 | Bayerische Motoren Werke AG <br> (EUR) | 3811875 |
| 50128 | Dr. Ing hc F Porsche AG <br> (Preference Shares) <br> (EUR) (b) (c) | 2687491 |
| 52887 | Mercedes-Benz Group AG <br> (EUR) | 3733514 |
| 23459 | Volkswagen AG (Preference <br> Shares) (EUR) | 2854768 |
|  |  | 13087648 |
|  | **Banks — 4.0%**  |  |
| 78505 | Commerzbank AG (EUR) | 3330549 |
|  | **Capital Markets — 2.9%**  |  |
| 62645 | Deutsche Bank AG (EUR) | 2437569 |
|  | **Chemicals — 1.7%**  |  |
| 60067 | Evonik Industries AG (EUR) | 943091 |
| 11221 | FUCHS SE (Preference Shares) <br> (EUR) | 502949 |
|  |  | 1446040 |
|  | **Construction & Engineering** <br> **— 5.9%**  |  |
| 12566 | HOCHTIEF AG (EUR) | 4976663 |
|  | **Construction Materials —** <br> **1.6%**  |  |
| 5270 | Heidelberg Materials AG (EUR) | 1381105 |
|  | **Diversified Telecommunication** <br> **Services — 4.5%**  |  |
| 50913 | Deutsche Telekom AG (EUR) | 1654977 |
| 66699 | United Internet AG (EUR) | 2169685 |
|  |  | 3824662 |
|  | **Electrical Equipment — 8.3%**  |  |
| 93744 | Nordex SE (EUR) (d) | 3208087 |
| 26800 | Siemens Energy AG (EUR) (d) | 3792037 |
|  |  | 7000124 |
|  | **Health Care Providers &** <br> **Services — 0.6%**  |  |
| 10804 | Fresenius Medical Care AG <br> (EUR) | 517523 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Independent Power and** <br> **Renewable Electricity** <br>**Producers — 4.7%**  |  |
| 74173 | RWE AG (EUR) | $3945224 |
|  | **Industrial Conglomerates —** <br> **0.8%**  |  |
| 2415 | Siemens AG (EUR) | 678733 |
|  | **Insurance — 3.9%**  |  |
| 1528 | Allianz SE (EUR) | 701222 |
| 19129 | Talanx AG (EUR) | 2558267 |
|  |  | 3259489 |
|  | **Interactive Media & Services** <br> **— 1.1%**  |  |
| 8977 | Scout24 SE (EUR) (b) (c) | 905169 |
|  | **IT Services — 0.8%**  |  |
| 13212 | Bechtle AG (EUR) | 678207 |
|  | **Machinery — 9.2%**  |  |
| 26168 | Daimler Truck Holding AG <br> (EUR) | 1147687 |
| 39459 | Jungheinrich AG (Preference <br> Shares) (EUR) | 1642502 |
| 22252 | KION Group AG (EUR) | 1784773 |
| 7508 | Krones AG (EUR) | 1198217 |
| 30981 | RENK Group AG (EUR) | 1952241 |
|  |  | 7725420 |
|  | **Metals & Mining — 7.3%**  |  |
| 29761 | Aurubis AG (EUR) (e) | 4343906 |
| 162695 | thyssenkrupp AG (EUR) | 1773179 |
|  |  | 6117085 |
|  | **Multi-Utilities — 1.5%**  |  |
| 67275 | E.ON SE (EUR) | 1274866 |
|  | **Passenger Airlines — 3.4%**  |  |
| 292806 | Deutsche Lufthansa AG (EUR) | 2892548 |
|  | **Pharmaceuticals — 2.4%**  |  |
| 14334 | Merck KGaA (EUR) | 2065233 |
|  | **Software — 0.6%**  |  |
| 4273 | Nemetschek SE (EUR) | 466007 |
|  | **Specialty Retail — 3.7%**  |  |
| 96050 | Auto1 Group SE (EUR) (d) | 3081565 |
|  | **Trading Companies &** <br> **Distributors — 0.6%**  |  |
| 9352 | Brenntag SE (EUR) | 544687 |
|  | **Transportation Infrastructure** <br> **— 0.8%**  |  |
| 8219 | Fraport AG Frankfurt Airport <br> Services Worldwide <br> (EUR) (d) | 675644 |
|  | **Total Common Stocks** | 84219634 |
|  | (Cost $73,424,313) |  |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 55009 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 3.65% (f) | $55009 |
|  | (Cost $55,009) |  |

---

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 4.6%** | **REPURCHASE AGREEMENTS — 4.6%** | **REPURCHASE AGREEMENTS — 4.6%** |
| $3883838 | Bank of America Corp., <br> 3.82% (f), dated 12/31/25, due <br> 01/02/26, with a maturity <br> value of $3,884,662. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 3.63% to <br> 4.75%, due 12/31/29 to <br> 05/15/55. The value of the <br> collateral including accrued <br> interest is $3,961,516. (g) | 3883838 |
|  | (Cost $3,883,838) |  |
|  | **Total Investments — 104.6%** | 88158481 |
|  | (Cost $77,363,160) |  |
|  | **Net Other Assets and** <br> **Liabilities — (4.6)%** | (3844278)<br>|
|  | **Net Assets — 100.0%** | $84314203 |

---

&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 $3,721,972 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $3,883,838.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Rate
 shown reflects yield as of December 31, 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> EUR – Euro <br> USD – United States Dollar

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

---

| | |
|:---|:---|
| **Currency Exposure Diversification** | **% of Total** <br>**Investments**<br>|
| EUR | 95.5% |
| USD | 4.5 |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| **Country Allocation**<sup>†</sup> <br>| **% of Net** <br>**Assets**<br>|
| Germany | 99.9% |
| United States | 4.7 |
| Total Investments | 104.6 |
| Net Other Assets and Liabilities | (4.6) |
| 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 December 31, 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>**12/31/2025**<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\* | $84219634 | &nbsp;&nbsp; $84219634 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market Funds | 55009 | &nbsp;&nbsp; 55009 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Repurchase Agreements | 3883838 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3883838 | &nbsp;&nbsp; — |
| Total Investments | $88158481 | &nbsp;&nbsp; $84274643 | &nbsp;&nbsp; $3883838 | &nbsp;&nbsp; $— |

---

&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>| $3721972 |
| Non-cash Collateral<sup>(2)</sup> <br>| (3721972)<br>|
| Net Amount | $— |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

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

&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>| $3883838 |
| Non-cash Collateral<sup>(4)</sup> <br>| (3883838)<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 December 31, 2025, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments. 

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

<sup>(4)</sup> At December 31, 2025, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

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

**Portfolio of Investments**

**December 31, 2025**

&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%** |
|  | **Aerospace & Defense — 5.5%**  |  |
| 111191 | Babcock International <br> Group PLC (GBP) | $1863000 |
| 54131 | BAE Systems PLC (GBP) | 1250631 |
| 105537 | Rolls-Royce Holdings PLC <br> (GBP) | 1635968 |
|  |  | 4749599 |
|  | **Banks — 10.8%**  |  |
| 302750 | Barclays PLC (GBP) | 1942306 |
| 28952 | HSBC Holdings PLC (GBP) | 458084 |
| 18029 | Lion Finance Group PLC (GBP) | 2260095 |
| 665696 | Lloyds Banking Group PLC <br> (GBP) | 881529 |
| 199683 | NatWest Group PLC (GBP) | 1754396 |
| 84605 | Standard Chartered PLC (GBP) | 2077862 |
|  |  | 9374272 |
|  | **Beverages — 1.2%**  |  |
| 20134 | Coca-Cola HBC AG (GBP) | 1042701 |
|  | **Broadline Retail — 1.3%**  |  |
| 6157 | Next PLC (GBP) | 1135344 |
|  | **Capital Markets — 8.1%**  |  |
| 30982 | 3i Group PLC (GBP) | 1362695 |
| 409126 | Aberdeen Group PLC (GBP) | 1133842 |
| 95975 | IG Group Holdings PLC (GBP) | 1701203 |
| 137848 | Ninety One PLC (GBP) | 401724 |
| 70640 | Schroders PLC (GBP) | 387541 |
| 107810 | St. James's Place PLC (GBP) | 2011982 |
|  |  | 6998987 |
|  | **Consumer Staples Distribution** <br> **& Retail — 3.1%**  |  |
| 273095 | J Sainsbury PLC (GBP) | 1196381 |
| 254467 | Tesco PLC (GBP) | 1515407 |
|  |  | 2711788 |
|  | **Containers & Packaging —** <br> **0.4%**  |  |
| 8125 | Smurfit WestRock PLC (GBP) | 314433 |
|  | **Diversified Consumer Services** <br> **— 1.6%**  |  |
| 95304 | Pearson PLC (GBP) | 1348878 |
|  | **Diversified REITs — 2.5%**  |  |
| 203476 | British Land (The) Co., PLC <br> (GBP) | 1107520 |
| 121376 | Land Securities Group PLC <br> (GBP) | 1017643 |
|  |  | 2125163 |
|  | **Diversified Telecommunication** <br> **Services — 1.1%**  |  |
| 395295 | BT Group PLC (GBP) | 980684 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Electric Utilities — 0.5%**  |  |
| 13943 | SSE PLC (GBP) | $409530 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 0.9%**  |  |
| 15956 | Halma PLC (GBP) | 760946 |
|  | **Financial Services — 2.6%**  |  |
| 496682 | M&G PLC (GBP) | 1917448 |
| 24548 | Wise PLC, Class A (GBP) (b) | 294826 |
|  |  | 2212274 |
|  | **Food Products — 2.1%**  |  |
| 62025 | Associated British Foods PLC <br> (GBP) | 1778306 |
|  | **Health Care Equipment &** <br> **Supplies — 0.3%**  |  |
| 88521 | Convatec Group PLC <br> (GBP) (c) (d) | 290190 |
|  | **Hotels, Restaurants & Leisure** <br> **— 3.9%**  |  |
| 41874 | Carnival PLC (GBP) (b) | 1280147 |
| 141673 | Entain PLC (GBP) | 1463956 |
| 18087 | Whitbread PLC (GBP) | 621697 |
|  |  | 3365800 |
|  | **Household Durables — 1.6%**  |  |
| 26455 | Berkeley Group Holdings PLC <br> (GBP) | 1392162 |
|  | **Industrial Conglomerates —** <br> **1.6%**  |  |
| 5400 | DCC PLC (GBP) | 337013 |
| 34100 | Smiths Group PLC (GBP) | 1081095 |
|  |  | 1418108 |
|  | **Industrial REITs — 3.2%**  |  |
| 251522 | LondonMetric Property PLC <br> (GBP) | 643155 |
| 37565 | Segro PLC (GBP) | 364778 |
| 864818 | Tritax Big Box REIT PLC <br> (GBP) | 1774237 |
|  |  | 2782170 |
|  | **Insurance — 7.0%**  |  |
| 31489 | Admiral Group PLC (GBP) | 1348067 |
| 123689 | Aviva PLC (GBP) | 1141073 |
| 109217 | Beazley PLC (GBP) | 1224858 |
| 61027 | Hiscox Ltd. (GBP) | 1170575 |
| 77538 | Phoenix Group Holdings PLC <br> (GBP) | 770290 |
| 27974 | Prudential PLC (GBP) | 431561 |
|  |  | 6086424 |
|  | **Interactive Media & Services** <br> **— 0.5%**  |  |
| 64746 | Rightmove PLC (GBP) | 453476 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (Continued)** | **COMMON STOCKS (a) (Continued)** | **COMMON STOCKS (a) (Continued)** |
|  | **Leisure Products — 1.4%**  |  |
| 4722 | Games Workshop Group PLC <br> (GBP) | $1204257 |
|  | **Machinery — 0.5%**  |  |
| 12192 | IMI PLC (GBP) | 408882 |
|  | **Media — 2.5%**  |  |
| 1548177 | ITV PLC (GBP) | 1718527 |
| 99608 | WPP PLC (GBP) | 453148 |
|  |  | 2171675 |
|  | **Metals & Mining — 13.1%**  |  |
| 23288 | Anglogold Ashanti PLC (ZAR) | 2015410 |
| 45834 | Endeavour Mining PLC (GBP) | 2392188 |
| 153120 | Evraz PLC (GBP) (b) (e) (f) (g) | 0 |
| 88644 | Fresnillo PLC (GBP) | 3983705 |
| 90019 | Glencore PLC (GBP) | 493310 |
| 30070 | Rio Tinto PLC (GBP) | 2429531 |
|  |  | 11314144 |
|  | **Multi-Utilities — 2.1%**  |  |
| 632112 | Centrica PLC (GBP) | 1444655 |
| 24050 | National Grid PLC (GBP) | 370052 |
|  |  | 1814707 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 3.4%**  |  |
| 139620 | BP PLC (GBP) | 814530 |
| 260637 | Harbour Energy PLC (GBP) | 690704 |
| 39991 | Shell PLC (GBP) | 1477015 |
|  |  | 2982249 |
|  | **Paper & Forest Products —** <br> **0.6%**  |  |
| 42925 | Mondi PLC (GBP) | 525489 |
|  | **Passenger Airlines — 5.5%**  |  |
| 191879 | easyJet PLC (GBP) | 1320628 |
| 374113 | International Consolidated <br> Airlines Group S.A. (GBP) | 2089248 |
| 69185 | JET2 PLC (GBP) | 1309336 |
|  |  | 4719212 |
|  | **Pharmaceuticals — 0.6%**  |  |
| 25684 | Hikma Pharmaceuticals PLC <br> (GBP) | 536620 |
|  | **Residential REITs — 1.3%**  |  |
| 150616 | UNITE Group (The) PLC (GBP) | 1135909 |
|  | **Specialty Retail — 3.2%**  |  |
| 1438440 | JD Sports Fashion PLC (GBP) | 1637627 |
| 263371 | Kingfisher PLC (GBP) | 1110115 |
|  |  | 2747742 |
|  | **Textiles, Apparel & Luxury** <br> **Goods — 0.8%**  |  |
| 43197 | Burberry Group PLC (GBP) (b) | 738903 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Tobacco — 0.9%**  |  |
| 17747 | Imperial Brands PLC (GBP) | $746127 |
|  | **Trading Companies &** <br> **Distributors — 2.1%**  |  |
| 10936 | Ashtead Group PLC (GBP) | 749734 |
| 11004 | Bunzl PLC (GBP) | 307929 |
| 10446 | Diploma PLC (GBP) | 745569 |
|  |  | 1803232 |
|  | **Water Utilities — 0.4%**  |  |
| 22365 | United Utilities Group PLC <br> (GBP) | 359953 |
|  | **Wireless Telecommunication** <br> **Services — 1.5%**  |  |
| 984679 | Vodafone Group PLC (GBP) | 1312427 |
|  | **Total Investments — 99.7%** | 86252763 |
|  | (Cost $69,483,163) |  |
|  | **Net Other Assets and** <br> **Liabilities — 0.3%** | 246503 |
|  | **Net Assets — 100.0%** | $86499266 |

---

&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) 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;(f) This
 security is fair valued by the Advisor's Pricing Committee
 in accordance with procedures approved by the Trust's
 Board of Trustees, and in accordance with provisions of
 the Investment Company Act of 1940 and rules thereunder,
 as amended. At December 31, 2025, securities noted
 as such are valued at $0 or 0.0% of net assets.

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

---

| | |
|:---|:---|
| Abbreviations throughout the Portfolio of Investments: | Abbreviations throughout the Portfolio of Investments: |
| GBP | – British Pound Sterling |
| REITs | – Real Estate Investment Trusts |
| ZAR | – South African Rand |

---

&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)**

**December 31, 2025**

---

| | |
|:---|:---|
| **Currency Exposure Diversification** | **% of Total** <br>**Investments**<br>|
| GBP | 97.7% |
| ZAR | 2.3 |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| **Country Allocation**<sup>†</sup> <br>| **% of Net** <br>**Assets**<br>|
| United Kingdom | 91.2% |
| Spain | 2.4 |
| Isle of Man | 1.7 |
| Bermuda | 1.4 |
| Switzerland | 1.2 |
| Jersey | 1.1 |
| Ireland | 0.7 |
| Total Investments | 99.7 |
| Net Other Assets and Liabilities | 0.3 |
| Total | 100.0% |

---

&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 December 31, 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>**12/31/2025**<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 | $11314144 | &nbsp;&nbsp; $11314144 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $—<br> \*\*<br>|
| Other Industry <br> Categories\*<br>| 74938619 | &nbsp;&nbsp; 74938619 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments | $86252763 | &nbsp;&nbsp; $86252763 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $—<br> \*\*<br>|

---

&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**

**December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) — 102.6%** | **COMMON STOCKS (a) — 102.6%** | **COMMON STOCKS (a) — 102.6%** |
|  | **Aerospace & Defense — 2.1%**  |  |
| 807801 | Bharat Electronics Ltd. (INR) | $3591449 |
|  | **Automobiles — 10.4%**  |  |
| 35509 | Bajaj Auto Ltd. (INR) | 3691175 |
| 43947 | Eicher Motors Ltd. (INR) | 3575485 |
| 88838 | Mahindra & Mahindra Ltd. <br> (INR) | 3666223 |
| 19394 | Maruti Suzuki India Ltd. (INR) | 3602846 |
| 897069 | Tata Motors Passenger Vehicles <br> Ltd. (INR) | 3666449 |
|  |  | 18202178 |
|  | **Banks — 10.3%**  |  |
| 262065 | Axis Bank Ltd. (INR) | 3701241 |
| 324431 | HDFC Bank Ltd. (INR) | 3577861 |
| 238350 | ICICI Bank Ltd. (INR) | 3561219 |
| 148724 | Kotak Mahindra Bank Ltd. <br> (INR) | 3642174 |
| 333094 | State Bank of India (INR) | 3640043 |
|  |  | 18122538 |
|  | **Chemicals — 2.1%**  |  |
| 117192 | Asian Paints Ltd. (INR) | 3611097 |
|  | **Construction & Engineering** <br> **— 2.1%**  |  |
| 79527 | Larsen & Toubro Ltd. (INR) | 3613158 |
|  | **Construction Materials —** <br> **4.1%**  |  |
| 114231 | Grasim Industries Ltd. (INR) | 3595479 |
| 27291 | UltraTech Cement Ltd. (INR) | 3578096 |
|  |  | 7173575 |
|  | **Consumer Finance — 4.1%**  |  |
| 321868 | Bajaj Finance Ltd. (INR) | 3533839 |
| 335192 | Shriram Finance Ltd. (INR) | 3715181 |
|  |  | 7249020 |
|  | **Electric Utilities — 2.0%**  |  |
| 1212538 | Power Grid Corp. of India Ltd. <br> (INR) | 3569645 |
|  | **Financial Services — 4.1%**  |  |
| 159530 | Bajaj Finserv Ltd. (INR) | 3620688 |
| 1083914 | Jio Financial Services Ltd. (INR) | 3556993 |
|  |  | 7177681 |
|  | **Food Products — 4.1%**  |  |
| 252922 | Nestle India Ltd. (INR) | 3624452 |
| 273767 | Tata Consumer Products Ltd. <br> (INR) | 3630757 |
|  |  | 7255209 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Health Care Providers &** <br> **Services — 4.0%**  |  |
| 44979 | Apollo Hospitals Enterprise Ltd. <br> (INR) | $3524330 |
| 299607 | Max Healthcare Institute Ltd. <br> (INR) | 3483771 |
|  |  | 7008101 |
|  | **Hotels, Restaurants & Leisure** <br> **— 2.0%**  |  |
| 1142390 | Eternal Ltd. (INR) (b) | 3534086 |
|  | **Independent Power and** <br> **Renewable Electricity** <br>**Producers — 2.1%**  |  |
| 993114 | NTPC Ltd. (INR) | 3641332 |
|  | **Insurance — 4.1%**  |  |
| 430047 | HDFC Life Insurance Co., Ltd. <br> (INR) (c) (d) | 3587816 |
| 159412 | SBI Life Insurance Co., Ltd. <br> (INR) (c) (d) | 3609142 |
|  |  | 7196958 |
|  | **IT Services — 10.0%**  |  |
| 193792 | HCL Technologies Ltd. (INR) | 3500052 |
| 194353 | Infosys Ltd. (INR) | 3493101 |
| 98131 | Tata Consultancy Services Ltd. <br> (INR) | 3500553 |
| 199633 | Tech Mahindra Ltd. (INR) | 3533581 |
| 1208668 | Wipro Ltd. (INR) | 3540501 |
|  |  | 17567788 |
|  | **Metals & Mining — 6.4%**  |  |
| 368734 | Hindalco Industries Ltd. (INR) | 3637724 |
| 294105 | JSW Steel Ltd. (INR) | 3811480 |
| 1903195 | Tata Steel Ltd. (INR) | 3813191 |
|  |  | 11262395 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 6.2%**  |  |
| 800369 | Coal India Ltd. (INR) | 3553064 |
| 1372397 | Oil & Natural Gas Corp., Ltd. <br> (INR) | 3670438 |
| 206432 | Reliance Industries Ltd. (INR) | 3606842 |
|  |  | 10830344 |
|  | **Passenger Airlines — 2.0%**  |  |
| 63435 | InterGlobe Aviation Ltd. <br> (INR) (c) (d) | 3570889 |
|  | **Personal Care Products —** <br> **2.1%**  |  |
| 138402 | Hindustan Unilever Ltd. (INR) | 3566170 |
| 128667 | Kwality Wall's India Ltd. <br> (INR) (b) (e) (f) | 54628 |
|  |  | 3620798 |
|  | **Pharmaceuticals — 6.1%**  |  |
| 213724 | Cipla Ltd. (INR) | 3593716 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (Continued)** | **COMMON STOCKS (a) (Continued)** | **COMMON STOCKS (a) (Continued)** |
|  | **Pharmaceuticals (Continued)**  |  |
| 253579 | Dr. Reddy's Laboratories Ltd. <br> (INR) | $3587033 |
| 187187 | Sun Pharmaceutical Industries <br> Ltd. (INR) | 3581527 |
|  |  | 10762276 |
|  | **Specialty Retail — 2.0%**  |  |
| 75110 | Trent Ltd. (INR) | 3575855 |
|  | **Textiles, Apparel & Luxury** <br> **Goods — 2.1%**  |  |
| 80628 | Titan Co., Ltd. (INR) | 3634474 |
|  | **Tobacco — 2.0%**  |  |
| 796408 | ITC Ltd. (INR) | 3570923 |
|  | **Trading Companies &** <br> **Distributors — 2.1%**  |  |
| 144342 | Adani Enterprises Ltd. (INR) | 3596851 |
|  | **Transportation Infrastructure** <br> **— 2.0%**  |  |
| 216440 | Adani Ports & Special Economic <br> Zone Ltd. (INR) | 3539449 |
|  | **Wireless Telecommunication** <br> **Services — 2.0%**  |  |
| 152878 | Bharti Airtel Ltd. (INR) | 3581465 |
|  | **Total Investments — 102.6%** | 180059534 |
|  | (Cost $135,998,102) |  |
|  | **Net Other Assets and** <br> **Liabilities — (2.6)%** | (4504493)<br>|
|  | **Net Assets — 100.0%** | $175555041 |

---

&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) 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;(f) This
 security is fair valued by the Advisor's Pricing Committee
 in accordance with procedures approved by the Trust's
 Board of Trustees, and in accordance with provisions of
 the Investment Company Act of 1940 and rules thereunder,
 as amended. At December 31, 2025, securities noted
 as such are valued at $54,628 or 0.0% of net assets.

&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 | 102.6% |
| Total Investments | 102.6 |
| 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 December 31, 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>**12/31/2025**<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: |  |  |  |  |
| Personal Care <br> Products<br>| $3620798 | &nbsp;&nbsp; $3566170 | &nbsp;&nbsp; $54628 | &nbsp;&nbsp; $— |
| Other Industry <br> Categories\*<br>| 176438736 | &nbsp;&nbsp; 176438736 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments | $180059534 | &nbsp;&nbsp; $180004906 | &nbsp;&nbsp; $54628 | &nbsp;&nbsp; $— |

---

&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**

**December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) — 95.8%** | **COMMON STOCKS (a) — 95.8%** | **COMMON STOCKS (a) — 95.8%** |
|  | **Banks — 2.9%**  |  |
| 11028 | Luzerner Kantonalbank AG <br> (CHF) | $1290614 |
|  | **Building Products — 3.6%**  |  |
| 1626 | Belimo Holding AG (CHF) | 1603214 |
|  | **Capital Markets — 16.7%**  |  |
| 71519 | EFG International AG (CHF) | 1720934 |
| 19600 | Julius Baer Group Ltd. (CHF) | 1544048 |
| 2924 | Swissquote Group Holding S.A. <br> (CHF) | 1797738 |
| 9789 | UBS Group AG (CHF) | 456762 |
| 12301 | Vontobel Holding AG (CHF) | 998554 |
| 4542 | VZ Holding AG (CHF) | 856678 |
|  |  | 7374714 |
|  | **Construction Materials —** <br> **4.9%**  |  |
| 22312 | Holcim AG (CHF) | 2190356 |
|  | **Containers & Packaging —** <br> **1.7%**  |  |
| 53786 | SIG Group AG (CHF) | 770021 |
|  | **Diversified Telecommunication** <br> **Services — 3.1%**  |  |
| 1869 | Swisscom AG (CHF) | 1357921 |
|  | **Electric Utilities — 3.6%**  |  |
| 7583 | BKW AG (CHF) | 1612141 |
|  | **Electrical Equipment — 3.3%**  |  |
| 18841 | Accelleron Industries AG (CHF) | 1464037 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 1.2%**  |  |
| 1958 | ALSO Holding AG (CHF) | 531461 |
|  | **Food Products — 6.4%**  |  |
| 608 | Barry Callebaut AG (CHF) | 1002460 |
| 59 | Chocoladefabriken Lindt & <br> Spruengli AG (CHF) | 863288 |
| 663 | Emmi AG (CHF) | 615206 |
| 3334 | Nestle S.A. (CHF) | 331422 |
|  |  | 2812376 |
|  | **Health Care Equipment &** <br> **Supplies — 3.1%**  |  |
| 3744 | Alcon AG (CHF) | 299104 |
| 1112 | Sonova Holding AG (CHF) | 290740 |
| 1866 | Ypsomed Holding AG (CHF) | 772690 |
|  |  | 1362534 |
|  | **Health Care Providers &** <br> **Services — 2.5%**  |  |
| 9079 | Galenica AG (CHF) (b) (c) | 1119831 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Insurance — 7.5%**  |  |
| 7062 | Helvetia Baloise Holding AG <br> (CHF) | $1865131 |
| 655 | Swiss Life Holding AG (CHF) | 758116 |
| 1916 | Swiss Re AG (CHF) | 321349 |
| 474 | Zurich Insurance Group AG <br> (CHF) | 360123 |
|  |  | 3304719 |
|  | **Life Sciences Tools & Services** <br> **— 1.3%**  |  |
| 5887 | Siegfried Holding AG (CHF) | 554438 |
|  | **Machinery — 6.5%**  |  |
| 2668 | Bucher Industries AG (CHF) | 1241204 |
| 12079 | SFS Group AG (CHF) | 1656078 |
|  |  | 2897282 |
|  | **Marine Transportation —** <br> **2.2%**  |  |
| 4594 | Kuehne + Nagel International <br> AG (CHF) | 993211 |
|  | **Pharmaceuticals — 5.7%**  |  |
| 5466 | Novartis AG (CHF) | 756311 |
| 24213 | Sandoz Group AG (CHF) | 1768059 |
|  |  | 2524370 |
|  | **Professional Services — 3.7%**  |  |
| 55732 | Adecco Group AG (CHF) | 1626719 |
|  | **Real Estate Management &** <br> **Development — 2.3%**  |  |
| 3598 | PSP Swiss Property AG (CHF) | 651828 |
| 2212 | Swiss Prime Site AG (CHF) | 344046 |
|  |  | 995874 |
|  | **Specialty Retail — 4.1%**  |  |
| 30548 | Avolta AG (CHF) | 1817994 |
|  | **Technology Hardware, Storage** <br> **& Peripherals — 0.9%**  |  |
| 3679 | Logitech International S.A. <br> (CHF) | 378722 |
|  | **Textiles, Apparel & Luxury** <br> **Goods — 3.9%**  |  |
| 8144 | Swatch Group (The) AG (CHF) | 1729868 |
|  | **Trading Companies &** <br> **Distributors — 1.4%**  |  |
| 8534 | DKSH Holding AG (CHF) | 618421 |
|  | **Transportation Infrastructure** <br> **— 3.3%**  |  |
| 4652 | Flughafen Zurich AG (CHF) | 1478820 |
|  | **Total Common Stocks** | 42409658 |
|  | (Cost $38,090,897) |  |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 53054 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 3.65% (d) | $53054 |
|  | (Cost $53,054) |  |
|  | **Total Investments — 95.9%** | 42462712 |
|  | (Cost $38,143,951) |  |
|  | **Net Other Assets and** <br> **Liabilities — 4.1%** | 1828660 |
|  | **Net Assets — 100.0%** | $44291372 |

---

&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) Rate
 shown reflects yield as of December 31, 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 | 95.8% |
| United States | 0.1 |
| Total Investments | 95.9 |
| Net Other Assets and Liabilities | 4.1 |
| 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 December 31, 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>**12/31/2025**<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\* | $42409658 | &nbsp;&nbsp; $42409658 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market Funds | 53054 | &nbsp;&nbsp; 53054 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments | $42462712 | &nbsp;&nbsp; $42462712 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

&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**

**December 31, 2025**

&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 — 6.1%** |  |
| 36762 | Alkane Resources Ltd. <br> (AUD) (c) (d) | $32997 |
| 7282 | Aussie Broadband Ltd. (AUD) | 24493 |
| 1364 | Austal Ltd. (AUD) (c) | 6090 |
| 1591 | Capricorn Metals Ltd. (AUD) (c) | 15268 |
| 713 | Codan Ltd. (AUD) | 13528 |
| 9033 | DroneShield Ltd. (AUD) (c) (e) | 18567 |
| 46585 | Firefinch Ltd. <br> (AUD) (c) (d) (f) (g) (h) | 0 |
| 5360 | Genesis Minerals Ltd. (AUD) (c) | 25933 |
| 1821 | Helia Group Ltd. (AUD) | 6684 |
| 9927 | HMC Capital Ltd. (AUD) (d) | 26234 |
| 31888 | Karoon Energy Ltd. (AUD) | 32772 |
| 4286 | Kelsian Group Ltd. (AUD) | 12156 |
| 4516 | MA Financial Group Ltd. (AUD) | 32850 |
| 468 | Monadelphous Group Ltd. <br> (AUD) | 8280 |
| 10738 | New Hope Corp., Ltd. (AUD) | 28879 |
| 9091 | NRW Holdings Ltd. (AUD) | 31245 |
| 18724 | Perenti Ltd. (AUD) | 34862 |
| 4295 | Perseus Mining Ltd. (AUD) | 16280 |
| 7004 | Regis Resources Ltd. (AUD) | 35290 |
| 51083 | Resolute Mining Ltd. (AUD) (c) | 41761 |
| 3104 | Superloop Ltd. (AUD) (c) | 5365 |
| 41066 | Tabcorp Holdings Ltd. (AUD) | 27131 |
| 9812 | Vault Minerals Ltd. (AUD) (c) | 35752 |
| 4790 | Whitehaven Coal Ltd. (AUD) | 24774 |
|  |  | 537191 |
|  | **Austria — 0.3%** |  |
| 265 | AT&S Austria Technologie & <br> Systemtechnik AG (EUR) (c) | 10028 |
| 80 | DO & CO AG (EUR) | 19461 |
|  |  | 29489 |
|  | **Belgium — 1.0%** |  |
| 153 | Bekaert S.A. (EUR) | 6814 |
| 48 | Deme Group N.V. (EUR) | 7886 |
| 522 | Gimv N.V. (EUR) | 27391 |
| 3989 | Proximus SADP (EUR) | 33167 |
| 786 | Umicore S.A. (EUR) | 16534 |
|  |  | 91792 |
|  | **Bermuda — 3.9%** |  |
| 66000 | Brilliance China Automotive <br> Holdings Ltd. (HKD) | 34345 |
| 40000 | China Oriental Group Co., Ltd. <br> (HKD) | 6733 |
| 50000 | Damai Entertainment Holdings <br> Ltd. (HKD) (c) (d) | 6103 |
| 8000 | First Pacific Co., Ltd. (HKD) | 6126 |
| 38000 | Man Wah Holdings Ltd. (HKD) | 22314 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Bermuda (Continued)** |  |
| 40000 | Nine Dragons Paper Holdings <br> Ltd. (HKD) (c) | $30375 |
| 22000 | Pacific Basin Shipping Ltd. <br> (HKD) | 6586 |
| 28000 | PAX Global Technology Ltd. <br> (HKD) | 18169 |
| 14000 | Shenzhen International Holdings <br> Ltd. (HKD) | 15560 |
| 156000 | Sinofert Holdings Ltd. (HKD) | 30267 |
| 60000 | Skyworth Group Ltd. (HKD) (c) | 36157 |
| 1013 | Stolt-Nielsen Ltd. (NOK) | 32762 |
| 690 | Teekay Tankers Ltd., Class A | 36860 |
| 308000 | United Energy Group Ltd. <br> (HKD) | 17413 |
| 20750 | Yue Yuen Industrial Holdings <br> Ltd. (HKD) | 42579 |
|  |  | 342349 |
|  | **Canada — 6.7%** |  |
| 1222 | Aecon Group, Inc. (CAD) | 27849 |
| 2846 | Aris Mining Corp. (CAD) (c) | 46157 |
| 2914 | Athabasca Oil Corp. (CAD) (c) | 14925 |
| 158 | Badger Infrastructure Solutions <br> Ltd. (CAD) | 8418 |
| 14883 | Baytex Energy Corp. (CAD) | 48144 |
| 2067 | CES Energy Solutions Corp. <br> (CAD) | 18478 |
| 303 | Cogeco Communications, Inc. <br> (CAD) | 14674 |
| 5067 | Denison Mines Corp. (CAD) (c) | 13438 |
| 646 | Enerflex Ltd. (CAD) | 9959 |
| 781 | Fortuna Mining Corp. (CAD) (c) | 7653 |
| 7188 | GoGold Resources, Inc. <br> (CAD) (c) | 15240 |
| 7227 | Gold Royalty Corp. (c) | 29197 |
| 2700 | Killam Apartment Real Estate <br> Investment Trust (CAD) (d) | 32261 |
| 2414 | NuVista Energy Ltd. (CAD) (c) | 31869 |
| 2159 | Paramount Resources Ltd., <br> Class A (CAD) (d) | 38051 |
| 2667 | Parex Resources, Inc. (CAD) | 35850 |
| 535 | Peyto Exploration & <br> Development Corp. (CAD) (d) | 8852 |
| 495 | Precision Drilling Corp. <br> (CAD) (c) | 35520 |
| 1958 | Secure Waste Infrastructure <br> Corp. (CAD) (d) | 24636 |
| 5205 | SNDL, Inc. (c) | 8640 |
| 84 | Sprott, Inc. (CAD) | 8228 |
| 4112 | Surge Energy, Inc. (CAD) (d) | 20672 |
| 3208 | Tamarack Valley Energy Ltd. <br> (CAD) | 18651 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** |
|  | **Canada (Continued)** |  |
| 1973 | Transcontinental, Inc., Class A <br> (CAD) | $32659 |
| 6720 | Valeura Energy, Inc. (CAD) (c) | 40049 |
|  |  | 590070 |
|  | **Cayman Islands — 3.1%** |  |
| 7000 | Cowell e Holdings, Inc. <br> (HKD) (c) | 24788 |
| 15000 | FIH Mobile Ltd. (HKD) (c) | 37564 |
| 2000 | HUTCHMED China Ltd. <br> (HKD) (c) (d) | 5299 |
| 2000 | Kingboard Holdings Ltd. (HKD) | 7545 |
| 19000 | Lee & Man Paper Manufacturing <br> Ltd. (HKD) | 6836 |
| 13000 | Mobvista, Inc. (HKD) (c) (e) (i) | 25523 |
| 32000 | Nexteer Automotive Group Ltd. <br> (HKD) | 26356 |
| 10000 | TCL Electronics Holdings Ltd. <br> (HKD) | 13337 |
| 14000 | Time Interconnect Technology <br> Ltd. (HKD) | 30599 |
| 28000 | Towngas Smart Energy Co., Ltd. <br> (HKD) | 13887 |
| 9000 | Vobile Group Ltd. <br> (HKD) (c) (d) (e) | 4753 |
| 26000 | VSTECS Holdings Ltd. (HKD) | 26058 |
| 22000 | Wasion Holdings Ltd. (HKD) | 48564 |
|  |  | 271109 |
|  | **Denmark — 1.0%** |  |
| 5479 | Cadeler A/S (NOK) (c) | 26112 |
| 960 | D/S Norden A/S (DKK) | 38064 |
| 1516 | Scandinavian Tobacco Group <br> A/S (DKK) (e) (i) | 22779 |
|  |  | 86955 |
|  | **France — 2.8%** |  |
| 1039 | Air France-KLM (EUR) (c) | 14121 |
| 4514 | Derichebourg S.A. (EUR) | 36046 |
| 6079 | Etablissements Maurel et Prom <br> S.A. (EUR) | 39471 |
| 520 | Forvia SE (EUR) (c) | 8323 |
| 314 | IPSOS S.A. (EUR) | 12642 |
| 257 | LISI S.A. (EUR) | 16038 |
| 869 | Opmobility (EUR) | 16309 |
| 187 | Rubis S.C.A. (EUR) | 7046 |
| 3647 | SMCP S.A. (EUR) (c) (e) (i) | 26916 |
| 281 | Teleperformance SE (EUR) | 20422 |
| 2743 | Television Francaise 1 S.A. <br> (EUR) | 26852 |
| 1202 | Valneva SE (EUR) (c) (d) | 5252 |
| 199 | Vicat SACA (EUR) | 17774 |
|  |  | 247212 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Germany — 1.2%** |  |
| 190 | Bilfinger SE (EUR) | $23981 |
| 362 | Friedrich Vorwerk Group SE <br> (EUR) | 34714 |
| 13249 | Heidelberger Druckmaschinen <br> AG (EUR) (c) | 31608 |
| 121 | Hornbach Holding AG & Co. <br> KGaA (EUR) | 11916 |
|  |  | 102219 |
|  | **Greece — 0.6%** |  |
| 3447 | Aktor SA Holding Company <br> Technical And Energy <br> Projects (EUR) (c) | 39699 |
| 3231 | FF Group (EUR) (c) (f) (g) (h) | 0 |
| 3892 | Holding Co. ADMIE IPTO S.A. <br> (EUR) | 13905 |
|  |  | 53604 |
|  | **Hong Kong — 1.0%** |  |
| 5000 | China Tobacco International HK <br> Co., Ltd. (HKD) (e) | 22820 |
| 67000 | CITIC Telecom International <br> Holdings Ltd. (HKD) | 21264 |
| 26000 | Melco International <br> Development Ltd. (HKD) (c) | 14532 |
| 8000 | Shanghai Industrial Holdings <br> Ltd. (HKD) | 14792 |
| 44000 | Shoucheng Holdings Ltd. (HKD) | 11985 |
|  |  | 85393 |
|  | **Israel — 2.2%** |  |
| 2074 | Aryt Industries Ltd. (ILS) | 29737 |
| 679 | Clal Insurance Enterprises <br> Holdings Ltd. (ILS) | 43859 |
| 86 | Delek Group Ltd. (ILS) | 22979 |
| 226 | Enlight Renewable Energy Ltd. <br> (ILS) (c) | 10276 |
| 2186 | Gilat Satellite Networks Ltd. <br> (ILS) (c) | 28391 |
| 10026 | Migdal Insurance & Financial <br> Holding Ltd. (ILS) (c) | 48673 |
| 154 | Next Vision Stabilized Systems <br> Ltd. (ILS) | 10150 |
|  |  | 194065 |
|  | **Italy — 1.1%** |  |
| 555 | Avio S.p.A. (EUR) (e) | 19143 |
| 4406 | Ferretti S.p.A. (EUR) | 15917 |
| 2664 | Fila S.p.A. (EUR) | 30556 |
| 10951 | Safilo Group S.p.A. (EUR) (c) | 24787 |
| 399 | Tinexta S.p.A. (EUR) | 7029 |
|  |  | 97432 |
|  | **Japan — 36.6%** |  |
| 1900 | Aichi Steel Corp. (JPY) | 35431 |
| 4100 | Aiful Corp. (JPY) | 14632 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** |
|  | **Japan (Continued)** |  |
| 600 | Ain Holdings, Inc. (JPY) | $25607 |
| 500 | Aisan Industry Co., Ltd. (JPY) | 7134 |
| 700 | Artience Co., Ltd. (JPY) | 15373 |
| 800 | Brother Industries Ltd. (JPY) | 15945 |
| 300 | Chudenko Corp. (JPY) | 8609 |
| 3700 | Chugoku Electric Power (The) <br> Co., Inc. (JPY) | 23503 |
| 1200 | Chugoku Marine Paints Ltd. <br> (JPY) | 33823 |
| 2100 | Citizen Watch Co., Ltd. (JPY) | 17107 |
| 2300 | Daicel Corp. (JPY) | 20542 |
| 2400 | Dai-Dan Co., Ltd. (JPY) | 37937 |
| 2400 | Daido Steel Co., Ltd. (JPY) | 24507 |
| 300 | Daihen Corp. (JPY) | 19133 |
| 1200 | Daiichikosho Co., Ltd. (JPY) | 12909 |
| 1300 | DeNA Co., Ltd. (JPY) | 21064 |
| 1500 | Electric Power Development <br> Co., Ltd. (JPY) | 30289 |
| 400 | Exedy Corp. (JPY) | 14326 |
| 500 | EXEO Group, Inc. (JPY) | 8296 |
| 1000 | FCC Co., Ltd. (JPY) | 23685 |
| 1300 | Ferrotec Holdings Corp. (JPY) | 41745 |
| 300 | Fuji Oil Co., Ltd. (JPY) | 6992 |
| 1800 | Furukawa Co., Ltd. (JPY) | 44184 |
| 600 | Furukawa Electric Co., Ltd. <br> (JPY) | 38343 |
| 700 | Furuno Electric Co., Ltd. (JPY) | 35661 |
| 1100 | Futaba Industrial Co., Ltd. (JPY) | 7353 |
| 2400 | GA Technologies Co., Ltd. <br> (JPY) | 27135 |
| 600 | Genky DrugStores Co., Ltd. <br> (JPY) | 18999 |
| 300 | GS Yuasa Corp. (JPY) | 7182 |
| 2100 | G-Tekt Corp. (JPY) | 26330 |
| 500 | Hanwa Co., Ltd. (JPY) | 22887 |
| 800 | Happinet Corp. (JPY) | 15041 |
| 1100 | HI-LEX CORP (JPY) | 21980 |
| 500 | Hochiki Corp. (JPY) | 14173 |
| 3800 | Hokkaido Electric Power Co., <br> Inc. (JPY) | 25497 |
| 1000 | Hokuetsu Corp. (JPY) | 5714 |
| 1100 | Hokuhoku Financial Group, Inc. <br> (JPY) | 32233 |
| 6100 | Hokuriku Electric Power Co. <br> (JPY) | 38008 |
| 2600 | Iino Kaiun Kaisha Ltd. (JPY) | 23537 |
| 900 | Ishihara Sangyo Kaisha Ltd. <br> (JPY) | 15755 |
| 500 | Itoham Yonekyu Holdings, Inc. <br> (JPY) | 17875 |
| 400 | J Front Retailing Co., Ltd. (JPY) | 5605 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Japan (Continued)** |  |
| 4000 | Japan Petroleum Exploration <br> Co., Ltd. (JPY) | $40092 |
| 1400 | JTEKT Corp. (JPY) | 15507 |
| 1000 | K&O Energy Group, Inc. (JPY) | 24387 |
| 1200 | Kameda Seika Co., Ltd. (JPY) | 29877 |
| 1800 | Kamei Corp. (JPY) | 34704 |
| 1000 | Kanadevia Corp. (JPY) | 6065 |
| 300 | Kanamoto Co., Ltd. (JPY) | 7498 |
| 500 | Kaneka Corp. (JPY) | 14029 |
| 200 | Kasumigaseki Capital Co., Ltd. <br> (JPY) | 9385 |
| 700 | Ki-Star Real Estate Co., Ltd. <br> (JPY) | 29405 |
| 1200 | Kitz Corp. (JPY) | 13322 |
| 300 | Komeri Co., Ltd. (JPY) | 6550 |
| 1600 | Kumagai Gumi Co., Ltd. (JPY) | 15781 |
| 100 | Kurabo Industries Ltd. (JPY) | 5414 |
| 500 | Kureha Corp. (JPY) | 13039 |
| 1100 | Kurimoto Ltd. (JPY) | 11763 |
| 1100 | KYB Corp. (JPY) | 31355 |
| 1400 | Kyoei Steel Ltd. (JPY) | 21897 |
| 1200 | Life Corp. (JPY) | 19581 |
| 1800 | Maruha Nichiro Corp. (JPY) | 14778 |
| 1000 | Matsuda Sangyo Co., Ltd. (JPY) | 33708 |
| 700 | Matsuya Co., Ltd. (JPY) | 8250 |
| 300 | Meiko Electronics Co., Ltd. <br> (JPY) | 20512 |
| 1400 | METAWATER Co., Ltd. (JPY) | 30075 |
| 400 | MIRAIT ONE Corp. (JPY) | 8950 |
| 700 | Mitsui E&S Co., Ltd. (JPY) | 24847 |
| 39 | Mitsui Fudosan Logistics Park, <br> Inc. (JPY) | 30400 |
| 400 | Mitsui Mining & Smelting Co., <br> Ltd. (JPY) | 45033 |
| 700 | Miyazaki Bank (The) Ltd. (JPY) | 29226 |
| 2400 | Mizuho Leasing Co., Ltd. (JPY) | 21650 |
| 600 | Modec, Inc. (JPY) | 45582 |
| 900 | MTG Co., Ltd. (JPY) | 27177 |
| 200 | Nanto Bank (The) Ltd. (JPY) | 7610 |
| 2200 | Nextage Co., Ltd. (JPY) | 38834 |
| 900 | NHK Spring Co., Ltd. (JPY) | 14465 |
| 1000 | Nihon Nohyaku Co., Ltd. (JPY) | 6473 |
| 1300 | Nippn Corp. (JPY) | 19761 |
| 400 | Nippon Electric Glass Co., Ltd. <br> (JPY) | 15718 |
| 1500 | Nippon Kayaku Co., Ltd. (JPY) | 16102 |
| 1000 | Nippon Light Metal Holdings <br> Co., Ltd. (JPY) | 16279 |
| 800 | Nippon Paper Industries Co., <br> Ltd. (JPY) | 5940 |
| 1700 | Nippon Seiki Co., Ltd. (JPY) | 23714 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** |
|  | **Japan (Continued)** |  |
| 1200 | Nippon Shinyaku Co., Ltd. <br> (JPY) | $43284 |
| 1700 | Nippon Signal Co., Ltd. (JPY) | 14217 |
| 900 | Nishi-Nippon Railroad Co., Ltd. <br> (JPY) | 16065 |
| 700 | Nishio Holdings Co., Ltd. (JPY) | 21160 |
| 800 | Nisshin Oillio Group (The) Ltd. <br> (JPY) | 26813 |
| 2600 | Nittetsu Mining Co., Ltd. (JPY) | 37131 |
| 1300 | Nojima Corp. (JPY) | 9876 |
| 900 | Nomura Micro Science Co., Ltd. <br> (JPY) | 17116 |
| 400 | Noritake Co., Ltd. (JPY) | 14581 |
| 4100 | North Pacific Bank Ltd. (JPY) | 22196 |
| 1300 | NPR-RIKEN Corp. (JPY) | 30002 |
| 1000 | NS United Kaiun Kaisha Ltd. <br> (JPY) | 38943 |
| 3000 | NTN Corp. (JPY) | 7040 |
| 200 | Oita Bank (The) Ltd. (JPY) | 8287 |
| 300 | Okinawa Financial Group, Inc. <br> (JPY) | 9126 |
| 3000 | Onward Holdings Co., Ltd. <br> (JPY) | 14077 |
| 800 | PAL GROUP Holdings Co., Ltd. <br> (JPY) | 10398 |
| 4400 | Penta-Ocean Construction Co., <br> Ltd. (JPY) | 44256 |
| 2200 | Rengo Co., Ltd. (JPY) | 17072 |
| 700 | Riken Vitamin Co., Ltd. (JPY) | 13259 |
| 700 | Ryobi Ltd. (JPY) | 12245 |
| 700 | Sanken Electric Co., Ltd. <br> (JPY) (c) | 25825 |
| 600 | Sanki Engineering Co., Ltd. <br> (JPY) | 21987 |
| 1300 | Sanyo Chemical Industries Ltd. <br> (JPY) | 43322 |
| 900 | Sato Corp. (JPY) | 13795 |
| 500 | Seiko Group Corp. (JPY) | 23238 |
| 200 | Shibaura Mechatronics Corp. <br> (JPY) | 24183 |
| 3100 | Shikoku Electric Power Co., Inc. <br> (JPY) | 30685 |
| 1400 | Shin Nippon Air Technologies <br> Co., Ltd. (JPY) | 28109 |
| 2600 | Shizuoka Gas Co., Ltd. (JPY) | 19918 |
| 500 | Sumitomo Osaka Cement Co., <br> Ltd. (JPY) | 12130 |
| 1300 | Sun Frontier Fudousan Co., Ltd. <br> (JPY) | 19918 |
| 800 | Taiheiyo Cement Corp. (JPY) | 19831 |
| 1800 | Takara Holdings, Inc. (JPY) | 18467 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Japan (Continued)** |  |
| 600 | Takasago International Corp. <br> (JPY) | $5646 |
| 300 | Takasago Thermal Engineering <br> Co., Ltd. (JPY) | 8494 |
| 600 | Takashimaya Co., Ltd. (JPY) | 6288 |
| 1600 | Teijin Ltd. (JPY) | 13846 |
| 2500 | Toa Corp. (JPY) | 45183 |
| 1500 | Toenec Corp. (JPY) | 18568 |
| 6700 | Toho Bank (The) Ltd. (JPY) | 23140 |
| 600 | Toho Titanium Co., Ltd. (JPY) | 5068 |
| 3800 | Tohoku Electric Power Co., Inc. <br> (JPY) | 27971 |
| 1500 | Tokai Rika Co., Ltd. (JPY) | 29830 |
| 2800 | Tokyo Steel Manufacturing Co., <br> Ltd. (JPY) | 26384 |
| 900 | Tokyu Construction Co., Ltd. <br> (JPY) | 7521 |
| 900 | Topre Corp. (JPY) | 13600 |
| 700 | Towa Pharmaceutical Co., Ltd. <br> (JPY) | 16267 |
| 900 | Toyo Seikan Group Holdings <br> Ltd. (JPY) | 21983 |
| 500 | Toyo Tanso Co., Ltd. (JPY) | 15386 |
| 800 | Toyo Tire Corp. (JPY) | 22140 |
| 600 | Toyoda Gosei Co., Ltd. (JPY) | 15103 |
| 2500 | TPR Co. Ltd. (JPY) | 20605 |
| 3300 | TRE Holdings Corp. (JPY) | 33898 |
| 1300 | Trusco Nakayama Corp. (JPY) | 19952 |
| 4900 | TSI Holdings Co., Ltd. (JPY) | 32658 |
| 1000 | Tsubakimoto Chain Co. (JPY) | 14766 |
| 1700 | Tsugami Corp. (JPY) | 31180 |
| 1400 | Tsukishima Holdings Co., Ltd. <br> (JPY) | 25231 |
| 300 | Tsumura & Co. (JPY) | 7808 |
| 200 | TV Tokyo Holdings Corp. (JPY) | 5848 |
| 2600 | UACJ Corp. (JPY) | 35239 |
| 400 | Uchida Yoko Co., Ltd. (JPY) | 27400 |
| 400 | World Co., Ltd. (JPY) | 7903 |
| 2300 | Yahagi Construction Co., Ltd. <br> (JPY) | 34256 |
| 1200 | YAMABIKO Corp. (JPY) | 22768 |
| 1500 | Yamae Group Holdings Co., Ltd. <br> (JPY) | 24256 |
| 700 | Yokogawa Bridge Holdings <br> Corp. (JPY) | 13518 |
| 800 | Yonex Co., Ltd. (JPY) | 16956 |
| 1900 | Yurtec Corp. (JPY) | 33393 |
|  |  | 3215421 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** |
|  | **Luxembourg — 0.6%** |  |
| 645 | APERAM S.A. (EUR) | $26712 |
| 2112 | Grand City Properties S.A. <br> (EUR) (c) | 24423 |
|  |  | 51135 |
|  | **Netherlands — 1.4%** |  |
| 828 | AMG Critical Materials N.V. <br> (EUR) | 27635 |
| 3267 | Fugro N.V. (EUR) | 32596 |
| 739 | Koninklijke BAM Groep N.V. <br> (EUR) | 8077 |
| 301 | Koninklijke Heijmans N.V. <br> (EUR) | 23912 |
| 1873 | MFE-MediaForEurope N.V., <br> Class A (EUR) | 6793 |
| 9550 | Pharming Group N.V. (EUR) (c) | 16004 |
| 267 | Signify N.V. (EUR) (e) (i) | 6577 |
|  |  | 121594 |
|  | **New Zealand — 0.1%** |  |
| 1125 | Summerset Group Holdings Ltd. <br> (NZD) | 7961 |
|  | **Norway — 1.5%** |  |
| 2836 | DOF Group ASA (NOK) | 26799 |
| 690 | Europris ASA (NOK) (e) (i) | 6558 |
| 2601 | Hoegh Autoliners ASA (NOK) | 25300 |
| 21112 | MPC Container Ships ASA <br> (NOK) | 36946 |
| 3923 | Wallenius Wilhelmsen ASA <br> (NOK) | 39308 |
|  |  | 134911 |
|  | **Portugal — 0.6%** |  |
| 4655 | Mota-Engil SGPS S.A. <br> (EUR) (d) | 27068 |
| 13308 | Sonae SGPS S.A. (EUR) | 25211 |
|  |  | 52279 |
|  | **Singapore — 1.1%** |  |
| 37500 | Capitaland India Trust (SGD) | 35592 |
| 16100 | First Resources Ltd. (SGD) | 26178 |
| 107000 | Singapore Post Ltd. (SGD) (d) | 33713 |
|  |  | 95483 |
|  | **South Korea — 18.5%** |  |
| 318 | ABLBio, Inc. (KRW) (c) | 44150 |
| 622 | BHI Co., Ltd. (KRW) (c) | 22582 |
| 522 | Binggrae Co., Ltd. (KRW) | 26996 |
| 42 | CJ CheilJedang Corp. (KRW) | 6064 |
| 160 | CJ Corp. (KRW) | 19104 |
| 349 | CJ Logistics Corp. (KRW) | 22919 |
| 234 | CS Wind Corp. (KRW) | 6757 |
| 1334 | Daesang Corp. (KRW) | 19493 |
| 1333 | Daou Technology, Inc. (KRW) | 35949 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **South Korea (Continued)** |  |
| 517 | DB HiTek Co., Ltd. (KRW) | $24261 |
| 1713 | DN Automotive Corp. (KRW) | 29015 |
| 338 | Dong-A Socio Holdings Co., <br> Ltd. (KRW) | 25716 |
| 1030 | Doosan Fuel Cell Co., Ltd. <br> (KRW) (c) | 20628 |
| 753 | DoubleUGames Co., Ltd. <br> (KRW) | 28018 |
| 353 | ENF Technology Co., Ltd. <br> (KRW) | 11517 |
| 42 | Eo Technics Co., Ltd. (KRW) | 7930 |
| 560 | Eugene Technology Co., Ltd. <br> (KRW) | 29156 |
| 624 | F&F Co., Ltd. (KRW) | 29672 |
| 886 | Fadu, Inc. (KRW) (c) (f) (g) | 13070 |
| 213 | GS Holdings Corp. (KRW) | 8325 |
| 598 | Han Kuk Carbon Co., Ltd. <br> (KRW) | 12391 |
| 2209 | Hana Micron, Inc. (KRW) | 39486 |
| 1702 | Hankook & Company Co., Ltd. <br> (KRW) | 30896 |
| 1276 | Hankook Tire & Technology <br> Co., Ltd. (KRW) | 51641 |
| 463 | Hanwha Corp. (KRW) | 26227 |
| 1090 | Hanwha Engine (KRW) (c) | 32498 |
| 3999 | Harim Holdings Co., Ltd. <br> (KRW) | 29509 |
| 1687 | HDC Holdings Co., Ltd. (KRW) | 21911 |
| 482 | HDC Hyundai Development <br> Co-Engineering & <br> Construction, Class E (KRW) | 7328 |
| 576 | Hyosung Corp. (KRW) | 45862 |
| 46 | Hyosung TNC Corp. (KRW) | 7105 |
| 332 | Hyundai Department Store Co., <br> Ltd. (KRW) | 20419 |
| 6093 | Hyundai GF Holdings (KRW) | 35191 |
| 348 | Hyundai Marine & Fire <br> Insurance Co., Ltd. (KRW) (c) | 7440 |
| 539 | Innocean Worldwide, Inc. <br> (KRW) | 6907 |
| 137 | IsuPetasys Co., Ltd. (KRW) | 11336 |
| 128 | KCC Corp. (KRW) | 37364 |
| 288 | Kolon Industries, Inc. (KRW) | 8967 |
| 402 | KoMiCo Ltd. (KRW) | 24669 |
| 751 | Korea Gas Corp. (KRW) | 20488 |
| 375 | Kumho Petrochemical Co., Ltd. <br> (KRW) | 31420 |
| 8284 | Kumho Tire Co., Inc. (KRW) (c) | 33698 |
| 270 | Kyung Dong Navien Co., Ltd. <br> (KRW) | 10402 |
| 52 | LG Innotek Co., Ltd. (KRW) | 9782 |
| 85 | Lotte Wellfood Co., Ltd. (KRW) | 6762 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** |
|  | **South Korea (Continued)** |  |
| 919 | LX International Corp. (KRW) | $20733 |
| 718 | LX Semicon Co., Ltd. (KRW) | 24497 |
| 2619 | NHN KCP Corp. (KRW) | 27107 |
| 221 | OCI Holdings Co., Ltd. (KRW) | 17673 |
| 378 | Orion Corp. (KRW) | 27736 |
| 1446 | Orion Holdings Corp. (KRW) | 20728 |
| 10140 | Pan Ocean Co., Ltd. (KRW) | 27100 |
| 33 | PharmaResearch Co., Ltd. <br> (KRW) | 9232 |
| 598 | PSK, Inc. (KRW) | 15318 |
| 396 | S&S Tech Corp. (KRW) | 13277 |
| 267 | Sanil Electric Co., Ltd. (KRW) | 24114 |
| 4927 | SD Biosensor, Inc. (KRW) | 30440 |
| 767 | Sebang Global Battery Co., Ltd. <br> (KRW) | 33437 |
| 912 | SIMMTECH Co., Ltd. (KRW) | 31243 |
| 127 | SK Gas Ltd. (KRW) | 19836 |
| 1198 | SK oceanplant Co., Ltd. <br> (KRW) (c) | 16840 |
| 1443 | SL Corp. (KRW) | 42923 |
| 541 | SNT Dynamics Co., Ltd. (KRW) | 17501 |
| 1133 | TES Co., Ltd. (KRW) | 35039 |
| 168 | Tokai Carbon Korea Co., Ltd. <br> (KRW) | 16584 |
| 2431 | Tongyang Life Insurance Co., <br> Ltd. (KRW) (c) | 11087 |
| 368 | Wemade Co., Ltd. (KRW) | 6374 |
| 833 | WONIK IPS Co., Ltd. (KRW) | 39263 |
| 4060 | Woori Technology Investment <br> Co., Ltd. (KRW) (c) | 20743 |
| 603 | Youngone Corp. (KRW) | 34241 |
| 282 | Youngone Holdings Co., Ltd. <br> (KRW) | 37488 |
|  |  | 1621575 |
|  | **Spain — 1.0%** |  |
| 2479 | Atalaya Mining Copper S.A. <br> (GBP) | 28570 |
| 2137 | Colonial SFL Socimi S.A. <br> (EUR) | 13725 |
| 245 | Elecnor S.A. (EUR) | 7040 |
| 533 | Let's GOWEX S.A. <br> (EUR) (c) (f) (g) (h) (j) | 0 |
| 13485 | Obrascon Huarte Lain S.A. <br> (EUR) (c) | 5666 |
| 1120 | Tecnicas Reunidas S.A. <br> (EUR) (c) | 36380 |
|  |  | 91381 |
|  | **Sweden — 1.0%** |  |
| 1344 | AcadeMedia AB (SEK) (e) (i) | 14438 |
| 2329 | Billerud Aktiebolag (SEK) | 23754 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Sweden (Continued)** |  |
| 660 | BioArctic AB (SEK) (c) (e) (i) | $22281 |
| 4347 | Embracer Group AB (SEK) (c) | 28651 |
|  |  | 89124 |
|  | **Switzerland — 0.7%** |  |
| 6430 | Idorsia Ltd. (CHF) (c) (d) | 34540 |
| 250 | Implenia AG (CHF) | 24145 |
|  |  | 58685 |
|  | **United Kingdom — 5.5%** |  |
| 4003 | Balfour Beatty PLC (GBP) | 38364 |
| 1066 | Big Yellow Group PLC (GBP) | 15030 |
| 1049 | Close Brothers Group PLC <br> (GBP) (c) | 7388 |
| 11125 | Currys PLC (GBP) | 18895 |
| 594 | Derwent London PLC (GBP) | 13924 |
| 2962 | Drax Group PLC (GBP) | 33418 |
| 2303 | Firstgroup PLC (GBP) | 5917 |
| 3955 | Future PLC (GBP) | 28068 |
| 1075 | Georgia Capital PLC (GBP) (c) | 44920 |
| 4373 | Hochschild Mining PLC (GBP) | 30269 |
| 367 | JET2 PLC (GBP) | 6946 |
| 68 | Lion Finance Group PLC (GBP) | 8524 |
| 23655 | Pan African Resources PLC <br> (GBP) | 38582 |
| 7589 | Pets at Home Group PLC (GBP) | 20255 |
| 23086 | PRS REIT (The) PLC (GBP) | 35351 |
| 3936 | Safestore Holdings PLC (GBP) | 39049 |
| 2188 | Serco Group PLC (GBP) | 8234 |
| 7302 | Shaftesbury Capital PLC (GBP) | 14272 |
| 4296 | SigmaRoc PLC (GBP) (c) | 7389 |
| 1696 | TORM PLC, Class A (DKK) | 33863 |
| 6356 | Zigup PLC (GBP) | 32856 |
|  |  | 481514 |
|  | **Total Common Stocks** | 8749943 |
|  | (Cost $7,528,305) |  |
| **MONEY MARKET FUNDS — 0.3%** | **MONEY MARKET FUNDS — 0.3%** | **MONEY MARKET FUNDS — 0.3%** |
| 22575 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 3.65% (k) | 22575 |
|  | (Cost $22,575) |  |

---

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

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 3.3%** | **REPURCHASE AGREEMENTS — 3.3%** | **REPURCHASE AGREEMENTS — 3.3%** |
| $289477 | Bank of America Corp., <br> 3.82% (k), dated 12/31/25, <br> due 01/02/26, with a maturity <br> value of $289,538. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 3.63% to <br> 4.75%, due 12/31/29 to <br> 05/15/55. The value of the <br> collateral including accrued <br> interest is $295,267. (l) | $289477 |
|  | (Cost $289,477) |  |
|  | **Total Investments — 103.2%** | 9061995 |
|  | (Cost $7,840,357) |  |
|  | **Net Other Assets and** <br> **Liabilities — (3.2)%** | (280961)<br>|
|  | **Net Assets — 100.0%** | $8781034 |

---

&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) All
 or a portion of this security is on loan (see Note 2E - Securities
 Lending in the Notes to Financial Statements). The remaining
 contractual maturity of all of the securities lending transactions
 is overnight and continuous. The aggregate value
 of such securities is $264,528 and the total value of the collateral
 held by the Fund, including for securities sold and pending
 settlement, is $289,477.

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

&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 December 31, 2025, securities noted
 as such are valued at $13,070 or 0.1% 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;

&nbsp;&nbsp;&nbsp;&nbsp;(i) This
 security is exempt from registration upon resale under Rule
 144A of the 1933 Act and may be resold in transactions exempt
 from registration, normally to qualified institutional buyers.
 This security is not restricted on the foreign exchange
 where it trades freely without any additional registration.

&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 December 31, 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 |
| NZD | – New Zealand Dollar |
| 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 | 35.5% |
| KRW | 17.9 |
| EUR | 10.0 |
| HKD | 6.9 |
| CAD | 6.1 |
| AUD | 5.9 |
| GBP | 5.3 |
| USD | 4.3 |
| ILS | 2.1 |
| NOK | 2.1 |
| SGD | 1.1 |
| DKK | 1.0 |
| SEK | 1.0 |
| CHF | 0.7 |
| NZD | 0.1 |
| Total | 100.0% |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**12/31/2025**<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 | $537191 | &nbsp;&nbsp; $537191 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $—<br> \*\*<br>|
| Greece | 53604 | &nbsp;&nbsp; 53604 | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*\*<br>|
| South Korea | 1621575 | &nbsp;&nbsp; 1608505 | &nbsp;&nbsp; 13070 | &nbsp;&nbsp; — |
| Spain | 91381 | &nbsp;&nbsp; 91381 | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*\*<br>|
| Other Country <br> Categories\*<br>| 6446192 | &nbsp;&nbsp; 6446192 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Money Market Funds | 22575 | &nbsp;&nbsp; 22575 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Repurchase Agreements | 289477 | &nbsp;&nbsp; — | &nbsp;&nbsp; 289477 | &nbsp;&nbsp; — |
| Total Investments | $9061995 | &nbsp;&nbsp; $8759448 | &nbsp;&nbsp; $302547 | &nbsp;&nbsp; $—<br> \*\*<br>|

---

&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>| $264528 |
| Non-cash Collateral<sup>(2)</sup> <br>| (264528)<br>|
| Net Amount | $— |

---

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

&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>| $289477 |
| Non-cash Collateral<sup>(4)</sup> <br>| (289477)<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 December 31, 2025, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments. 

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

<sup>(4)</sup> At December 31, 2025, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

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

**Portfolio of Investments**

**December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) — 99.4%** | **COMMON STOCKS (a) (b) — 99.4%** | **COMMON STOCKS (a) (b) — 99.4%** |
|  | **Bermuda — 0.4%** |  |
| 5936790 | Sihuan Pharmaceutical Holdings <br> Group Ltd. (HKD) | $938267 |
|  | **Brazil — 14.3%** |  |
| 289332 | Azzas 2154 S.A. (BRL) | 1328454 |
| 644076 | Bradespar S.A. (Preference <br> Shares) (BRL) | 2338996 |
| 485171 | Brava Energia (BRL) (c) | 1490995 |
| 63231 | Cia de Saneamento de Minas <br> Gerais Copasa MG (BRL) | 506794 |
| 3591207 | Cogna Educacao S.A. (BRL) | 2070936 |
| 126170 | Cury Construtora e <br> Incorporadora S.A. (BRL) | 742088 |
| 213111 | Cyrela Brazil Realty S.A. <br> Empreendimentos e <br> Participacoes (BRL) | 1151941 |
| 404609 | Direcional Engenharia S.A. <br> (BRL) | 1042580 |
| 141502 | Energisa S.A. (BRL) | 1217799 |
| 674711 | Ez Tec Empreendimentos e <br> Participacoes S.A. (BRL) | 1690548 |
| 383337 | GPS Participacoes e <br> Empreendimentos S.A. <br> (BRL) (d) | 1130476 |
| 2092939 | Grendene S.A. (BRL) | 1756927 |
| 167757 | Grupo SBF S.A. (BRL) | 396757 |
| 370262 | Intelbras S.A. Industria de <br> Telecomunicacao Eletronica <br> Brasileira (BRL) | 784478 |
| 89014 | IRB-Brasil Resseguros S.A. <br> (BRL) (c) | 872312 |
| 353602 | Isa Energia Brasil S.A. <br> (Preference Shares) (BRL) | 1777125 |
| 1685349 | JHSF Participacoes S.A. (BRL) | 2438947 |
| 538479 | Marcopolo S.A. (Preference <br> Shares) (BRL) | 586654 |
| 610864 | Metalurgica Gerdau S.A. <br> (Preference Shares) (BRL) | 1003290 |
| 969263 | Minerva S.A. (BRL) | 1018834 |
| 1216988 | Movida Participacoes S.A. <br> (BRL) | 2167581 |
| 878191 | MRV Engenharia e Participacoes <br> S.A. (BRL) (c) | 1248434 |
| 864727 | Petroreconcavo S.A. (BRL) | 1786342 |
| 251249 | Sao Martinho S.A. (BRL) | 693259 |
| 311995 | Tres Tentos Agroindustrial S.A. <br> (BRL) | 939444 |
| 92422 | Unipar Carbocloro S.A. <br> (Preference Shares) (BRL) | 977053 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Brazil (Continued)** |  |
| 1031131 | Usinas Siderurgicas de Minas <br> Gerais S.A. Usiminas, Class A <br> (Preference Shares) (BRL) (c) | $1119619 |
| 117341 | Vulcabras S.A. (BRL) | 429342 |
|  |  | 34708005 |
|  | **Cayman Islands — 15.4%** |  |
| 1527094 | 361 Degrees International Ltd. <br> (HKD) | 1189072 |
| 533740 | Abbisko Cayman Ltd. (HKD) (c) | 892230 |
| 930580 | Alphamab Oncology <br> (HKD) (c) (d) (e) | 1171789 |
| 1431148 | Boyaa Interactive International <br> Ltd. (HKD) (f) | 628898 |
| 581105 | China Conch Venture Holdings <br> Ltd. (HKD) | 701863 |
| 1958311 | China Lesso Group Holdings <br> Ltd. (HKD) | 1167534 |
| 11550 | China Metal Recycling Holdings <br> Ltd. (HKD) (c) (g) (h) (i) | 0 |
| 2723213 | China Resources Medical <br> Holdings Co., Ltd. (HKD) (f) | 1123198 |
| 1523080 | China Shineway Pharmaceutical <br> Group Ltd. (HKD) | 1683026 |
| 1930870 | China Youran Dairy Group Ltd. <br> (HKD) (c) (d) (e) (f) | 1260336 |
| 3171951 | China Zhongwang Holdings Ltd. <br> (HKD) (c) (g) (h) (i) | 0 |
| 503320 | Chinasoft International Ltd. <br> (HKD) | 321418 |
| 396840 | CIMC Enric Holdings Ltd. <br> (HKD) | 481856 |
| 7080143 | COFCO Joycome Foods Ltd. <br> (HKD) (c) (e) (f) | 1419176 |
| 559587 | Consun Pharmaceutical Group <br> Ltd. (HKD) | 1124538 |
| 1688255 | EEKA Fashion Holdings Ltd. <br> (HKD) | 1642115 |
| 5400370 | Evergrande Property Services <br> Group Ltd. (HKD) (c) (d) (e) | 791039 |
| 1454859 | Fufeng Group Ltd. (HKD) | 1473048 |
| 796230 | General Interface Solution GIS <br> Holding Ltd. (TWD) (c) | 1083332 |
| 811980 | HBM Holdings Ltd. <br> (HKD) (c) (d) (e) | 1268670 |
| 3687648 | Hua Medicine (HKD) (c) (d) (e) | 1459385 |
| 177467 | Inter & Co., Inc., Class A | 1504920 |
| 1609080 | Jacobio Pharmaceuticals Group <br> Co., Ltd. (HKD) (c) (d) (e) (f) | 1317003 |
| 213586 | JF SmartInvest Holdings Ltd. <br> (HKD) | 1347485 |
| 128590 | Keymed Biosciences, Inc. <br> (HKD) (c) (d) (e) | 883130 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** |
|  | **Cayman Islands (Continued)** |  |
| 9727740 | Kinetic Development Group Ltd. <br> (HKD) (f) | $1674891 |
| 1863340 | Linklogis, Inc., Class B <br> (HKD) (d) (e) (f) | 536303 |
| 3207788 | Lonking Holdings Ltd. (HKD) | 1220020 |
| 1221486 | Newborn Town, Inc. <br> (HKD) (c) (e) | 1756258 |
| 949986 | Q Technology Group Co., Ltd. <br> (HKD) (e) | 1027777 |
| 1568050 | Sany Heavy Equipment <br> International Holdings Co., <br> Ltd. (HKD) | 1744807 |
| 876760 | Star Plus Legend Holdings Ltd., <br> Class H (HKD) (c) (f) | 673677 |
| 325847 | Tianneng Power International <br> Ltd. (HKD) | 296845 |
| 580890 | XXF Group Holdings Ltd. <br> (HKD) (c) (f) | 596363 |
| 4634230 | Yixin Group Ltd. <br> (HKD) (d) (e) (f) | 1524359 |
| 583470 | YSB, Inc. (HKD) (f) | 402590 |
|  |  | 37388951 |
|  | **Chile — 2.3%** |  |
| 42278543 | Cia Sud Americana de Vapores <br> S.A. (CLP) | 2195496 |
| 555568 | Empresas CMPC S.A. (CLP) | 872045 |
| 1133120 | Engie Energia Chile S.A. (CLP) | 1694322 |
| 1682731 | Ripley Corp. S.A. (CLP) | 783608 |
|  |  | 5545471 |
|  | **China — 5.9%** |  |
| 2818845 | Angang Steel Co., Ltd., Class H <br> (HKD) (c) (f) | 684546 |
| 3005707 | BAIC Motor Corp., Ltd., <br> Class H (HKD) (c) (d) (e) | 745373 |
| 5037816 | Beijing Jingneng Clean Energy <br> Co., Ltd., Class H (HKD) | 1469393 |
| 128827 | CanSino Biologics, Inc., Class H <br> (HKD) (c) (d) (e) (f) | 578031 |
| 692411 | China Communications Services <br> Corp., Ltd., Class H (HKD) | 398576 |
| 209990 | Dekon Food And Agriculture <br> Group, Class H (HKD) (e) | 1892762 |
| 1391291 | Legend Holdings Corp., Class H <br> (HKD) (c) (d) (e) | 1587452 |
| 1604740 | Lepu Biopharma Co., Ltd., <br> Class H (HKD) (c) (d) (e) | 1024780 |
| 863470 | Lingbao Gold Group Co., Ltd., <br> Class H (HKD) | 1987067 |
| 2387113 | Maanshan Iron & Steel Co., Ltd., <br> Class H (HKD) (c) | 769868 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **China (Continued)** |  |
| 441369 | Shanghai MicroPort MedBot <br> Group Co., Ltd., Class H <br> (HKD) (c) | $1378091 |
| 942450 | Sinopec Engineering Group Co., <br> Ltd., Class H (HKD) | 927592 |
| 296710 | Xinhua Winshare Publishing and <br> Media Co., Ltd., Class H <br> (HKD) | 390393 |
| 130890 | Zylox-Tonbridge Medical <br> Technology Co., Ltd., Class H <br> (HKD) (d) (e) | 388497 |
|  |  | 14222421 |
|  | **Hong Kong — 0.3%** |  |
| 1049663 | Genertec Universal Medical <br> Group Co., Ltd. (HKD) (d) (e) | 802484 |
|  | **India — 0.5%** |  |
| 4495 | Amber Enterprises India Ltd. <br> (INR) (c) | 319423 |
| 2458936 | Reliance Power Ltd. (INR) (c) | 953432 |
|  |  | 1272855 |
|  | **Indonesia — 11.5%** |  |
| 4579835 | Adaro Andalan Indonesia PT <br> (IDR) | 1915703 |
| 20189214 | Alamtri Resources Indonesia <br> Tbk PT (IDR) | 2191453 |
| 10797396 | Aneka Tambang Tbk (IDR) | 2039688 |
| 11615241 | Bukit Asam Tbk PT (IDR) | 1609068 |
| 20678649 | Dharma Satya Nusantara Tbk PT <br> (IDR) | 1909752 |
| 42384809 | Energi Mega Persada Tbk PT <br> (IDR) (c) | 4066908 |
| 2785287 | Indah Kiat Pulp & Paper Tbk PT <br> (IDR) | 1419787 |
| 1491575 | Indo Tambangraya Megah Tbk <br> PT (IDR) | 1956714 |
| 2833476 | Indofood Sukses Makmur Tbk <br> PT (IDR) | 1151232 |
| 3481609 | Japfa Comfeed Indonesia Tbk <br> PT (IDR) | 547035 |
| 12131474 | Mitra Adiperkasa Tbk PT (IDR) | 847566 |
| 54446443 | Pakuwon Jati Tbk PT (IDR) | 1103622 |
| 12113528 | Perusahaan Gas Negara Tbk PT <br> (IDR) | 1387517 |
| 4028903 | Petrosea Tbk PT (IDR) | 2639626 |
| 7285360 | Solusi Sinergi Digital Tbk PT <br> (IDR) | 1419935 |
| 20309387 | Surya Citra Media Tbk PT (IDR) | 411669 |
| 11341752 | Surya Semesta Internusa Tbk PT <br> (IDR) | 1142677 |
|  |  | 27759952 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** |
|  | **Jersey — 0.8%** |  |
| 4842810 | West China Cement Ltd. <br> (HKD) (f) | $1928985 |
|  | **Malaysia — 2.4%** |  |
| 590200 | Genting Bhd (MYR) | 439232 |
| 1883533 | Guan Chong Bhd (MYR) | 338832 |
| 4123000 | IOI Properties Group Bhd <br> (MYR) | 2682287 |
| 3779400 | Sime Darby Bhd (MYR) | 2002393 |
| 284900 | Sunway Construction Group Bhd <br> (MYR) | 397371 |
|  |  | 5860115 |
|  | **Malta — 0.8%** |  |
| 1329881 | MAS PLC (ZAR) (c) | 1814131 |
|  | **Mexico — 2.3%** |  |
| 246665 | Alsea S.A.B. de C.V. (MXN) | 737906 |
| 956948 | FIBRA Macquarie Mexico <br> (MXN) (d) (e) | 1803096 |
| 790404 | Gentera S.A.B. de C.V. (MXN) | 2022591 |
| 381596 | Megacable Holdings S.A.B. de <br> C.V., Series CPO (MXN) | 1095996 |
|  |  | 5659589 |
|  | **Netherlands — 0.6%** |  |
| 172080 | Pepco Group N.V. (PLN) (e) | 1437994 |
|  | **Philippines — 2.6%** |  |
| 5710800 | Converge Information and <br> Communications Technology <br> Solutions., Inc. (PHP) | 1487094 |
| 207070 | GT Capital Holdings, Inc. (PHP) | 2094194 |
| 3108700 | JG Summit Holdings, Inc. (PHP) | 1249662 |
| 2269800 | Puregold Price Club, Inc. (PHP) | 1466067 |
|  |  | 6297017 |
|  | **Poland — 1.9%** |  |
| 106726 | Cyfrowy Polsat S.A. (PLN) (c) | 362690 |
| 252371 | Enea S.A. (PLN) | 1369411 |
| 338874 | Orange Polska S.A. (PLN) | 961874 |
| 816636 | Tauron Polska Energia S.A. <br> (PLN) (c) | 1965841 |
|  |  | 4659816 |
|  | **Russia — 0.0%** |  |
| 653736712 | Federal Grid Co. - Rosseti PJSC <br> (RUB) (c) (g) (h) (i) | 0 |
| 580351 | Mechel PJSC <br> (RUB) (c) (g) (h) (i) | 0 |
|  |  | 0 |
|  | **South Africa — 6.1%** |  |
| 587159 | DRDGOLD Ltd. (ZAR) | 1856500 |
| 156843 | Exxaro Resources Ltd. (ZAR) | 1695344 |
| 64751 | Foschini Group Ltd. (ZAR) | 328252 |
| 151155 | Hyprop Investments Ltd. (ZAR) | 520463 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **South Africa (Continued)** |  |
| 135865 | Motus Holdings Ltd. (ZAR) | $1000364 |
| 529213 | Old Mutual Ltd. (ZAR) | 476164 |
| 1222317 | Sappi Ltd. (ZAR) | 1812070 |
| 131491 | Sasol Ltd. (ZAR) (c) | 843258 |
| 690345 | Telkom S.A. SOC Ltd. (ZAR) | 2459979 |
| 403668 | Thungela Resources Ltd. (ZAR) | 2340104 |
| 258318 | Truworths International Ltd. <br> (ZAR) | 888046 |
| 340646 | Vukile Property Fund Ltd. <br> (ZAR) | 514260 |
|  |  | 14734804 |
|  | **Taiwan — 14.7%** |  |
| 78744 | Asia Optical Co., Inc. (TWD) | 348353 |
| 133963 | ASROCK, Inc. (TWD) | 1057361 |
| 914352 | AUO Corp. (TWD) | 356481 |
| 63248 | Chenbro Micom Co., Ltd. <br> (TWD) | 2023018 |
| 598605 | China Airlines Ltd. (TWD) | 384839 |
| 1547220 | CSBC Corp. Taiwan (TWD) (c) | 984847 |
| 283657 | Depo Auto Parts Industrial Co., <br> Ltd. (TWD) | 1259374 |
| 559389 | Dynamic Holding Co., Ltd. <br> (TWD) | 2269922 |
| 45886 | Elite Advanced Laser Corp. <br> (TWD) | 394304 |
| 307034 | Eternal Materials Co., Ltd. <br> (TWD) | 399665 |
| 154085 | Evergreen Aviation <br> Technologies Corp. (TWD) | 696363 |
| 356597 | Evergreen International Storage <br> & Transport Corp. (TWD) | 654848 |
| 78694 | EZconn Corp. (TWD) | 3406179 |
| 12531 | Fositek Corp. (TWD) | 648076 |
| 177538 | Foxconn Technology Co., Ltd. <br> (TWD) | 348629 |
| 416030 | Global Brands Manufacture Ltd. <br> (TWD) | 1482960 |
| 682017 | Hannstar Board Corp. (TWD) | 2003474 |
| 291270 | Huang Hsiang Construction <br> Corp. (TWD) | 362923 |
| 2600189 | Innolux Corp. (TWD) | 1410965 |
| 470978 | ITEQ Corp. (TWD) | 1701310 |
| 346692 | Kindom Development Co., Ltd. <br> (TWD) | 372396 |
| 116101 | Kinsus Interconnect Technology <br> Corp. (TWD) | 587516 |
| 51047 | Marketech International Corp. <br> (TWD) | 446776 |
| 711568 | Mitac Holdings Corp. (TWD) | 1956668 |
| 138677 | Phoenix Silicon International <br> Corp. (TWD) | 785618 |
| 1297841 | Pou Chen Corp. (TWD) | 1245362 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** |
|  | **Taiwan (Continued)** |  |
| 952741 | Ruentex Industries Ltd. (TWD) | $1670757 |
| 197327 | Sunonwealth Electric Machine <br> Industry Co., Ltd. (TWD) | 1007972 |
| 1288352 | Tatung Co., Ltd. (TWD) | 1293662 |
| 69921 | Test Research, Inc. (TWD) | 426151 |
| 39748 | Topco Scientific Co., Ltd. <br> (TWD) | 368125 |
| 22041 | WinWay Technology Co., Ltd. <br> (TWD) | 1992217 |
| 56411 | Yankey Engineering Co., Ltd. <br> (TWD) | 1001809 |
| 357619 | Yulon Motor Co., Ltd. (TWD) | 377304 |
|  |  | 35726224 |
|  | **Thailand — 6.1%** |  |
| 824200 | Amata Corp. PCL (THB) | 434271 |
| 5997800 | AP Thailand PCL (THB) | 1637235 |
| 3586500 | Betagro PCL (THB) | 2071871 |
| 1546000 | Com7 PCL (THB) | 961803 |
| 231800 | Electricity Generating PCL <br> (THB) | 838762 |
| 5769600 | Prima Marine PCL (THB) | 1263617 |
| 2503800 | Regional Container Lines PCL <br> (THB) | 2165642 |
| 18178100 | Sansiri PCL (THB) | 773168 |
| 2106400 | Sri Trang Agro-Industry PCL <br> (THB) | 815683 |
| 2916500 | Supalai PCL (THB) | 1573734 |
| 376500 | Thai Oil PCL (THB) | 430217 |
| 13138600 | Thaifoods Group PCL (THB) | 1859964 |
|  |  | 14825967 |
|  | **Turkey — 10.5%** |  |
| 1178370 | Ahlatci Dogal Gaz Dagitim <br> Enerji VE Yatirim A/S <br> (TRY) (c) | 617709 |
| 3179729 | Anadolu Anonim Turk Sigorta <br> Sirketi (TRY) | 1718692 |
| 2462393 | Anadolu Efes Biracilik Ve Malt <br> Sanayii A/S (TRY) (f) | 901267 |
| 186705 | Aygaz A/S (TRY) | 865189 |
| 994013 | Dogan Sirketler Grubu Holding <br> A/S (TRY) (f) | 392538 |
| 290406 | Dogus Otomotiv Servis ve <br> Ticaret A/S (TRY) (f) | 1272666 |
| 4284712 | Emlak Konut Gayrimenkul <br> Yatirim Ortakligi A/S <br> (TRY) (f) | 2040434 |
| 1070235 | Enerjisa Enerji A/S <br> (TRY) (d) (e) | 2252825 |
| 8924238 | Enerya Enerji A/S (TRY) | 1993930 |
| 92090 | GEN Ilac VE Saglik Urunleri <br> Sanayi VE Ticaret A/S (TRY) | 426958 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Turkey (Continued)** |  |
| 138646 | Grainturk Tarim A/S (TRY) (c) | $928678 |
| 59693 | Gubre Fabrikalari T.A.S. <br> (TRY) (c) | 483975 |
| 1960784 | Is Yatirim Menkul Degerler A/S <br> (TRY) | 1809940 |
| 1591350 | NET Holding A/S (TRY) (c) | 1796674 |
| 597454 | Pasifik Eurasia Lojistik Dis <br> Ticaret A/S (TRY) (c) | 1886096 |
| 157298 | Pegasus Hava Tasimaciligi A/S <br> (TRY) (c) (f) | 702531 |
| 427021 | Ral Yatirim Holding A/S <br> (TRY) (j) | 2275283 |
| 131359 | Tofas Turk Otomobil Fabrikasi <br> A/S (TRY) (f) | 755922 |
| 3823529 | Turkiye Sinai Kalkinma Bankasi <br> A/S (TRY) (c) | 1100149 |
| 488826 | Ulker Biskuvi Sanayi A/S <br> (TRY) (f) | 1229980 |
|  |  | 25451436 |
|  | **Total Common Stocks** | 241034484 |
|  | (Cost $229,163,328) |  |
| **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** |
| 444601 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 3.65% (k) | 444601 |
|  | (Cost $444,601) |  |

---

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 5.0%** | **REPURCHASE AGREEMENTS — 5.0%** | **REPURCHASE AGREEMENTS — 5.0%** |
| $12159727 | Bank of America Corp., <br> 3.82% (k), dated 12/31/25, <br> due 01/02/26, with a maturity <br> value of $12,162,308. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 3.63% to <br> 4.75%, due 12/31/29 to <br> 05/15/55. The value of the <br> collateral including accrued <br> interest is $12,402,926. (l) | 12159727 |
|  | (Cost $12,159,727) |  |
|  | **Total Investments — 104.6%** | 253638812 |
|  | (Cost $241,767,656) |  |
|  | **Net Other Assets and** <br> **Liabilities — (4.6)%** | (11085347)<br>|
|  | **Net Assets — 100.0%** | $242553465 |

---

&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)**

**December 31, 2025**

&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) All
 or a portion of this security is on loan (see Note 2E - Securities
 Lending in the Notes to Financial Statements). The remaining
 contractual maturity of all of the securities lending transactions
 is overnight and continuous. The aggregate value
 of such securities is $10,287,532 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $12,159,727.

&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 December 31, 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;(j) Non-income
 producing security which makes payment-in- kind
 distributions.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Rate
 shown reflects yield as of December 31, 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 |
| HKD | – Hong Kong Dollar |
| IDR | – Indonesian Rupiah |
| INR | – Indian Rupee |
| MXN | – Mexican Peso |
| MYR | – Malaysian Ringgit |
| PHP | – Philippine Peso |
| PLN | – Polish Zloty |
| RUB | – Russian Ruble |
| THB | – Thai Baht |
| TRY | – Turkish Lira |
| TWD | – New Taiwan Dollar |
| USD | – United States Dollar |
| ZAR | – South African Rand |

---

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

---

| | |
|:---|:---|
| **Currency Exposure Diversification** | **% of Total** <br>**Investments**<br>|
| HKD | 20.8% |
| TWD | 14.5 |
| BRL | 13.7 |
| IDR | 10.9 |
| TRY | 10.0 |
| ZAR | 6.5 |
| THB | 5.9 |
| USD | 5.6 |
| PHP | 2.5 |
| PLN | 2.4 |
| MYR | 2.3 |
| MXN | 2.2 |
| CLP | 2.2 |
| INR | 0.5 |
| RUB | 0.0<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)**

**December 31, 2025**

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**12/31/2025**<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 | $37388951 | &nbsp;&nbsp; $37388951 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $—<br> \*\*<br>|
| Russia | —<br> \*\*<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*\*<br>|
| Thailand | 14825967 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14825967 | &nbsp;&nbsp; — |
| Other Country <br> Categories\*<br>| 188819566 | &nbsp;&nbsp; 188819566 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Money Market Funds | 444601 | &nbsp;&nbsp; 444601 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Repurchase <br> Agreements<br>| 12159727 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12159727 | &nbsp;&nbsp; — |
| Total Investments | $253638812 | &nbsp;&nbsp; $226653118 | &nbsp;&nbsp; $26985694 | &nbsp;&nbsp; $—<br> \*\*<br>|

---

&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>| $10287532 |
| Non-cash Collateral<sup>(2)</sup> <br>| (10287532)<br>|
| Net Amount | $— |

---

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

&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>| $12159727 |
| Non-cash Collateral<sup>(4)</sup> <br>| (12159727)<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 December 31, 2025, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments. 

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

<sup>(4)</sup> At December 31, 2025, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

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

**Portfolio of Investments**

**December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) — 99.9%** | **COMMON STOCKS (a) (b) — 99.9%** | **COMMON STOCKS (a) (b) — 99.9%** |
|  | **Austria — 5.8%** |  |
| 5905 | Erste Group Bank AG (EUR) | $714080 |
| 14423 | OMV AG (EUR) | 805459 |
| 5582 | Raiffeisen Bank International <br> AG (EUR) | 251246 |
| 64782 | UNIQA Insurance Group AG <br> (EUR) | 1176996 |
| 7938 | Verbund AG (EUR) | 578381 |
| 13983 | Vienna Insurance Group AG <br> Wiener Versicherung Gruppe <br> (EUR) | 1104284 |
| 16172 | voestalpine AG (EUR) | 718021 |
|  |  | 5348467 |
|  | **Belgium — 2.7%** |  |
| 1500 | Ackermans & Van Haaren N.V. <br> (EUR) | 408969 |
| 24388 | Colruyt Group N.V. (EUR) | 902813 |
| 2426 | KBC Ancora (EUR) | 208981 |
| 2783 | UCB S.A. (EUR) | 780360 |
| 7683 | Warehouses De Pauw C.V.A. <br> (EUR) | 199723 |
|  |  | 2500846 |
|  | **Bermuda — 0.4%** |  |
| 47863 | Aegon Ltd. (EUR) | 373490 |
|  | **Finland — 1.5%** |  |
| 10508 | Neste Oyj (EUR) | 239694 |
| 17542 | Stora Enso Oyj, Class R (EUR) | 220687 |
| 25740 | Wartsila Oyj Abp (EUR) | 919588 |
|  |  | 1379969 |
|  | **France — 15.9%** |  |
| 9703 | Amundi S.A. (EUR) (c) (d) | 805049 |
| 15252 | Arkema S.A. (EUR) | 934743 |
| 2114 | BNP Paribas S.A. (EUR) | 200712 |
| 17067 | Bouygues S.A. (EUR) | 889533 |
| 2647 | Capgemini SE (EUR) | 442504 |
| 38038 | Carrefour S.A. (EUR) | 636112 |
| 3568 | Cie de Saint-Gobain S.A. (EUR) | 364633 |
| 21414 | Cie Generale des Etablissements <br> Michelin S.C.A. (EUR) | 712441 |
| 19557 | Credit Agricole S.A. (EUR) | 403358 |
| 4512 | Eiffage S.A. (EUR) | 649026 |
| 26715 | Elis S.A. (EUR) | 761653 |
| 26869 | Engie S.A. (EUR) | 707627 |
| 1917 | Gecina S.A. (EUR) | 182256 |
| 19722 | Klepierre S.A. (EUR) | 782001 |
| 3489 | Legrand S.A. (EUR) | 521759 |
| 3893 | Nexans S.A. (EUR) | 575541 |
| 11839 | Orange S.A. (EUR) | 197567 |
| 3914 | Pernod Ricard S.A. (EUR) | 336240 |
| 2002 | Publicis Groupe S.A. (EUR) | 208501 |
| 5873 | Rexel S.A. (EUR) | 231836 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **France (Continued)** |  |
| 545 | Safran S.A. (EUR) | $190480 |
| 10407 | Sanofi S.A. (EUR) | 1011690 |
| 5450 | SCOR SE (EUR) | 184075 |
| 8703 | Societe Generale S.A. (EUR) | 702851 |
| 9160 | Sodexo S.A. (EUR) (e) | 470423 |
| 3570 | SPIE S.A. (EUR) | 206668 |
| 613 | Thales S.A. (EUR) | 165547 |
| 15803 | TotalEnergies SE (EUR) | 1032399 |
| 641 | VusionGroup (EUR) | 153824 |
|  |  | 14661049 |
|  | **Germany — 31.0%** |  |
| 917 | Allianz SE (EUR) | 420825 |
| 7710 | Aurubis AG (EUR) (e) | 1125349 |
| 28236 | Auto1 Group SE (EUR) (f) | 905893 |
| 9584 | Bayerische Motoren Werke AG <br> (EUR) | 1049045 |
| 3217 | Brenntag SE (EUR) | 187367 |
| 25518 | Commerzbank AG (EUR) | 1082593 |
| 8755 | Continental AG (EUR) | 699231 |
| 9353 | Daimler Truck Holding AG <br> (EUR) | 410208 |
| 16405 | Deutsche Bank AG (EUR) | 638332 |
| 113604 | Deutsche Lufthansa AG (EUR) | 1122262 |
| 16936 | Deutsche Telekom AG (EUR) | 550522 |
| 12950 | DHL Group (EUR) | 711176 |
| 15869 | Dr. Ing hc F Porsche AG <br> (Preference Shares) <br> (EUR) (c) (d) | 850778 |
| 10226 | E.ON SE (EUR) | 193783 |
| 44352 | Evonik Industries AG (EUR) | 696355 |
| 6680 | Fraport AG Frankfurt Airport <br> Services Worldwide (EUR) (f) | 549130 |
| 14668 | Fresenius Medical Care AG <br> (EUR) | 702613 |
| 3455 | Fresenius SE & Co. KGaA <br> (EUR) | 198874 |
| 854 | Heidelberg Materials AG (EUR) | 223807 |
| 7151 | Henkel AG & Co. KGaA <br> (Preference Shares) (EUR) | 584740 |
| 5939 | Hensoldt AG (EUR) | 512296 |
| 3595 | HOCHTIEF AG (EUR) | 1423771 |
| 11403 | KION Group AG (EUR) | 914604 |
| 3962 | Krones AG (EUR) | 632303 |
| 9677 | LEG Immobilien SE (EUR) | 707932 |
| 15314 | Mercedes-Benz Group AG <br> (EUR) | 1081079 |
| 2993 | Merck KGaA (EUR) | 431230 |
| 838 | MTU Aero Engines AG (EUR) | 349905 |
| 37562 | Nordex SE (EUR) (f) | 1285439 |
| 9347 | RENK Group AG (EUR) | 588993 |
| 330 | Rheinmetall AG (EUR) | 605380 |
| 21652 | RWE AG (EUR) | 1151659 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** |
|  | **Germany (Continued)** |  |
| 86575 | Schaeffler AG (EUR) | $850570 |
| 6589 | Siemens Energy AG (EUR) (f) | 932303 |
| 4341 | Talanx AG (EUR) | 580555 |
| 99024 | thyssenkrupp AG (EUR) | 1079242 |
| 63460 | TUI AG (EUR) (f) | 670010 |
| 24389 | United Internet AG (EUR) | 793362 |
| 8905 | Volkswagen AG (Preference <br> Shares) (EUR) | 1083666 |
|  |  | 28577182 |
|  | **Greece — 3.5%** |  |
| 226202 | Alpha Bank S.A. (EUR) | 951680 |
| 149450 | Eurobank S.A. (EUR) | 601544 |
| 30479 | Hellenic Telecommunications <br> Organization S.A. (EUR) | 603906 |
| 5595 | JUMBO S.A. (EUR) | 183449 |
| 43890 | Piraeus Bank S.A. (EUR) | 350431 |
| 23324 | Public Power Corp. S.A. (EUR) | 498868 |
|  |  | 3189878 |
|  | **Ireland — 1.3%** |  |
| 42385 | AIB Group PLC (EUR) | 458259 |
| 9929 | Ryanair Holdings PLC, ADR | 716775 |
|  |  | 1175034 |
|  | **Italy — 16.6%** |  |
| 367694 | A2A S.p.A. (EUR) | 998182 |
| 19210 | Banca Mediolanum S.p.A. <br> (EUR) | 439546 |
| 51480 | Banco BPM S.p.A. (EUR) | 787700 |
| 34712 | BPER Banca S.p.A. (EUR) | 473205 |
| 17512 | Buzzi S.p.A. (EUR) | 1070164 |
| 23908 | Credito Emiliano S.p.A. (EUR) | 429317 |
| 20304 | Enel S.p.A. (EUR) | 211816 |
| 44066 | Eni S.p.A. (EUR) | 835831 |
| 29323 | Fincantieri S.p.A. (EUR) (f) | 575488 |
| 128280 | Hera S.p.A. (EUR) | 606033 |
| 20903 | Italgas S.p.A. (EUR) | 233738 |
| 12126 | Leonardo S.p.A. (EUR) | 700553 |
| 14290 | Lottomatica Group S.p.A. (EUR) | 376176 |
| 64988 | Maire S.p.A. (EUR) | 996678 |
| 136022 | Nexi S.p.A. (EUR) (c) (d) | 674739 |
| 141328 | Pirelli & C S.p.A. (EUR) (c) (d) | 972614 |
| 16223 | Poste Italiane S.p.A. <br> (EUR) (c) (d) | 409521 |
| 9727 | Prysmian S.p.A. (EUR) | 987423 |
| 266619 | Saipem S.p.A. (EUR) (e) | 759826 |
| 63998 | Snam S.p.A. (EUR) | 425390 |
| 6460 | SOL S.p.A. (EUR) | 371618 |
| 1103332 | Telecom Italia S.p.A. (EUR) (f) | 666211 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Italy (Continued)** |  |
| 5080 | UniCredit S.p.A. (EUR) | $423393 |
| 35876 | Unipol Assicurazioni S.p.A. <br> (EUR) | 867260 |
|  |  | 15292422 |
|  | **Luxembourg — 3.4%** |  |
| 26733 | ArcelorMittal S.A. (EUR) | 1228074 |
| 200700 | Aroundtown S.A. (EUR) (f) | 624564 |
| 2646 | Eurofins Scientific SE (EUR) | 194037 |
| 53908 | Tenaris S.A. (EUR) | 1045952 |
|  |  | 3092627 |
|  | **Netherlands — 5.5%** |  |
| 12000 | ABN AMRO Bank N.V. <br> (EUR) (c) (d) | 420110 |
| 828 | Airbus SE (EUR) | 193056 |
| 265 | Argenx SE (EUR) (f) | 223231 |
| 395 | ASML Holding N.V. (EUR) | 427717 |
| 5659 | ASR Nederland N.V. (EUR) | 403150 |
| 18228 | Brembo N.V. (EUR) | 201684 |
| 2802 | Heineken Holding N.V. (EUR) | 205478 |
| 14813 | ING Groep N.V. (EUR) | 417971 |
| 9492 | Koninklijke Ahold Delhaize <br> N.V. (EUR) | 388974 |
| 20940 | Koninklijke Vopak N.V. (EUR) | 932176 |
| 8183 | Prosus N.V. (EUR) | 508240 |
| 20397 | Technip Energies N.V. (EUR) | 778563 |
|  |  | 5100350 |
|  | **Portugal — 1.1%** |  |
| 434144 | Banco Comercial Portugues <br> S.A., Class R (EUR) | 457246 |
| 40500 | EDP S.A. (EUR) | 186337 |
| 20310 | Galp Energia SGPS S.A. (EUR) | 349193 |
|  |  | 992776 |
|  | **Spain — 11.0%** |  |
| 3827 | Acciona S.A. (EUR) | 836082 |
| 12022 | ACS Actividades de <br> Construccion y Servicios S.A. <br> (EUR) | 1198781 |
| 50030 | Banco Bilbao Vizcaya <br> Argentaria S.A. (EUR) | 1178843 |
| 148635 | Banco de Sabadell S.A. (EUR) | 587784 |
| 55273 | Banco Santander S.A. (EUR) | 654114 |
| 24394 | Bankinter S.A. (EUR) | 405793 |
| 18276 | CaixaBank S.A. (EUR) | 224337 |
| 53062 | Grifols S.A. (EUR) | 667235 |
| 12874 | Indra Sistemas S.A. (EUR) (e) | 734386 |
| 202852 | Mapfre S.A. (EUR) | 1020792 |
| 50934 | Merlin Properties Socimi S.A. <br> (EUR) | 744030 |
| 35855 | Puig Brands S.A., Class B <br> (EUR) | 626573 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** | **COMMON STOCKS (a) (b) (Continued)** |
|  | **Spain (Continued)** |  |
| 43412 | Repsol S.A. (EUR) | $812457 |
| 140342 | Unicaja Banco S.A. <br> (EUR) (c) (d) | 458175 |
|  |  | 10149382 |
|  | **Switzerland — 0.2%** |  |
| 2255 | DSM-Firmenich AG (EUR) | 182219 |
|  | **Total Common Stocks** | 92015691 |
|  | (Cost $77,918,589) |  |

---

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 2.7%** | **REPURCHASE AGREEMENTS — 2.7%** | **REPURCHASE AGREEMENTS — 2.7%** |
| $2478885 | Bank of America Corp., <br> 3.82% (g), dated 12/31/25, <br> due 01/02/26, with a maturity <br> value of $2,479,411. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 3.63% to <br> 4.75%, due 12/31/29 to <br> 05/15/55. The value of the <br> collateral including accrued <br> interest is $2,528,464. (h) | 2478885 |
|  | (Cost $2,478,885) |  |
|  | **Total Investments — 102.6%** | 94494576 |
|  | (Cost $80,397,474) |  |
|  | **Net Other Assets and** <br> **Liabilities — (2.6)%** | (2349947)<br>|
|  | **Net Assets — 100.0%** | $92144629 |

---

&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;

&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 $2,358,963 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $2,478,885.

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) Rate
 shown reflects yield as of December 31, 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 | 96.6% |
| USD | 3.4 |
| Total | 100.0% |

---

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**12/31/2025**<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\* | $92015691 | &nbsp;&nbsp; $92015691 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Repurchase Agreements | 2478885 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2478885 | &nbsp;&nbsp; — |
| Total Investments | $94494576 | &nbsp;&nbsp; $92015691 | &nbsp;&nbsp; $2478885 | &nbsp;&nbsp; $— |

---

&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;

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | |
|:---|:---|
| **Securities Lending Agency Agreement** | **Securities Lending Agency Agreement** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(1)</sup> <br>| $2358963 |
| Non-cash Collateral<sup>(2)</sup> <br>| (2358963)<br>|
| Net Amount | $— |

---

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

&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>| $2478885 |
| Non-cash Collateral<sup>(4)</sup> <br>| (2478885)<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 December 31, 2025, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments. 

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

<sup>(4)</sup> At December 31, 2025, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

This page intentionally left blank.

------

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

**Statements of Assets and Liabilities**

**December 31, 2025**

&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 | $24659141 | &nbsp;&nbsp; $417070281 | &nbsp;&nbsp; $15706376 |
| Foreign currency, at value |  | &nbsp;&nbsp; 108100 | &nbsp;&nbsp; 11126 |
| Due from authorized participant |  | &nbsp;&nbsp; 266016 | &nbsp;&nbsp; — |
| Receivables: |  |  |  |
| Dividends | 27677 | &nbsp;&nbsp; 297599 | &nbsp;&nbsp; 259812 |
| Securities lending income | 551 | &nbsp;&nbsp; 6903 | &nbsp;&nbsp; — |
| Investment securities sold |  | &nbsp;&nbsp; 9429 | &nbsp;&nbsp; 129426 |
| Capital shares sold |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Reclaims |  | &nbsp;&nbsp; 1481007 | &nbsp;&nbsp; — |
| Prepaid expenses |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Assets | 24687369 | &nbsp;&nbsp; 419239335 | &nbsp;&nbsp; 16106740 |
| **LIABILITIES:** |  |  |  |
| Due to custodian |  | &nbsp;&nbsp; 1458699 | &nbsp;&nbsp; 81594 |
| Payables: |  |  |  |
| Collateral for securities on loan | 369576 | &nbsp;&nbsp; 8794172 | &nbsp;&nbsp; — |
| Investment advisory fees | 16549 | &nbsp;&nbsp; 255304 | &nbsp;&nbsp; 10757 |
| Investment securities purchased |  | &nbsp;&nbsp; 266016 | &nbsp;&nbsp; 104316 |
| Capital shares redeemed |  | &nbsp;&nbsp; 1747 | &nbsp;&nbsp; — |
| Deferred foreign capital gains tax |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Other liabilities |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Liabilities | 386125 | &nbsp;&nbsp; 10775938 | &nbsp;&nbsp; 196667 |
| **NET ASSETS** | $24301244 | &nbsp;&nbsp; $408463397 | &nbsp;&nbsp; $15910073 |
| **NET ASSETS consist of:** |  |  |  |
| Paid-in capital | $34552758 | &nbsp;&nbsp; $550505781 | &nbsp;&nbsp; $57118325 |
| Par value | 6500 | &nbsp;&nbsp; 76000 | &nbsp;&nbsp; 7000 |
| Accumulated distributable earnings (loss) | (10258014)<br>| &nbsp;&nbsp; (142118384)<br>| &nbsp;&nbsp; (41215252)<br>|
| **NET ASSETS** | $24301244 | &nbsp;&nbsp; $408463397 | &nbsp;&nbsp; $15910073 |
| **NET ASSET VALUE,** per share | $37.39 | &nbsp;&nbsp; $53.75 | &nbsp;&nbsp; $22.73 |
| Number of shares outstanding (unlimited number of shares authorized, <br> par value $0.01 per share)<br>| 650002 | &nbsp;&nbsp; 7600002 | &nbsp;&nbsp; 700002 |
| Investments, at cost | $20924910 | &nbsp;&nbsp; $340085533 | &nbsp;&nbsp; $12073172 |
| Foreign currency, at cost (proceeds) | $— | &nbsp;&nbsp; $105357 | &nbsp;&nbsp; $10937 |
| Securities on loan, at value | $345401 | &nbsp;&nbsp; $8347362 | &nbsp;&nbsp; $— |

---

See Notes to Financial Statements

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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>| **First Trust United** <br> **Kingdom** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FKU)** <br>|
| $66254326 | &nbsp;&nbsp; $227970775 | &nbsp;&nbsp; $827727868 | &nbsp;&nbsp; $501536434 | &nbsp;&nbsp; $88158481 | &nbsp;&nbsp; $86252763 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 99229 | &nbsp;&nbsp; 109961 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 9082 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 41889 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 123366 |
| 32233 | &nbsp;&nbsp; 241774 | &nbsp;&nbsp; 779194 | &nbsp;&nbsp; 1592080 | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 197622 |
| 28349 | &nbsp;&nbsp; 4786 | &nbsp;&nbsp; 25094 | &nbsp;&nbsp; 61040 | &nbsp;&nbsp; 1583 | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 765835 | &nbsp;&nbsp; 726563 | &nbsp;&nbsp; — | &nbsp;&nbsp; 168811 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 29388 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 851745 | &nbsp;&nbsp; 449064 | &nbsp;&nbsp; 92226 | &nbsp;&nbsp; 25378 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33281 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 66314908 | &nbsp;&nbsp; 228217335 | &nbsp;&nbsp; 830320242 | &nbsp;&nbsp; 504508423 | &nbsp;&nbsp; 88252401 | &nbsp;&nbsp; 86777022 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 70838 | &nbsp;&nbsp; 796181 | &nbsp;&nbsp; — | &nbsp;&nbsp; 99642 |
| 5381150 | &nbsp;&nbsp; 20853330 | &nbsp;&nbsp; 40199689 | &nbsp;&nbsp; 25670586 | &nbsp;&nbsp; 3883838 | &nbsp;&nbsp; — |
| 40986 | &nbsp;&nbsp; 141058 | &nbsp;&nbsp; 524722 | &nbsp;&nbsp; 321190 | &nbsp;&nbsp; 54360 | &nbsp;&nbsp; 54749 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 277364 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 123365 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 13341 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 5422136 | &nbsp;&nbsp; 20994388 | &nbsp;&nbsp; 41085954 | &nbsp;&nbsp; 26787957 | &nbsp;&nbsp; 3938198 | &nbsp;&nbsp; 277756 |
| $60892772 | &nbsp;&nbsp; $207222947 | &nbsp;&nbsp; $789234288 | &nbsp;&nbsp; $477720466 | &nbsp;&nbsp; $84314203 | &nbsp;&nbsp; $86499266 |
| $58768638 | &nbsp;&nbsp; $218890557 | &nbsp;&nbsp; $897402628 | &nbsp;&nbsp; $600807175 | &nbsp;&nbsp; $105102538 | &nbsp;&nbsp; $124442156 |
| 21500 | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 99364 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 13500 | &nbsp;&nbsp; 17000 |
| 2102634 | &nbsp;&nbsp; (11698610)<br>| &nbsp;&nbsp; (108267704)<br>| &nbsp;&nbsp; (123261709)<br>| &nbsp;&nbsp; (20801835)<br>| &nbsp;&nbsp; (37959890)<br>|
| $60892772 | &nbsp;&nbsp; $207222947 | &nbsp;&nbsp; $789234288 | &nbsp;&nbsp; $477720466 | &nbsp;&nbsp; $84314203 | &nbsp;&nbsp; $86499266 |
| $28.32 | &nbsp;&nbsp; $66.85 | &nbsp;&nbsp; $79.43 | &nbsp;&nbsp; $27.30 | &nbsp;&nbsp; $62.45 | &nbsp;&nbsp; $50.88 |
| 2150002 | &nbsp;&nbsp; 3100002 | &nbsp;&nbsp; 9936412 | &nbsp;&nbsp; 17500002 | &nbsp;&nbsp; 1350002 | &nbsp;&nbsp; 1700002 |
| $56200516 | &nbsp;&nbsp; $182109071 | &nbsp;&nbsp; $693850233 | &nbsp;&nbsp; $452123680 | &nbsp;&nbsp; $77363160 | &nbsp;&nbsp; $69483163 |
| $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $97661 | &nbsp;&nbsp; $109660 | &nbsp;&nbsp; $34 | &nbsp;&nbsp; $9082 |
| $5091610 | &nbsp;&nbsp; $17690767 | &nbsp;&nbsp; $37457973 | &nbsp;&nbsp; $20405675 | &nbsp;&nbsp; $3721972 | &nbsp;&nbsp; $— |

---

See Notes to Financial Statements

------

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

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

**December 31, 2025**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **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>| **First Trust** <br> **Developed** <br> **Markets ex-US** <br> **Small Cap** <br> **AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FDTS)** <br>|
| **ASSETS:** |  |  |  |
| Investments, at value | $180059534 | &nbsp;&nbsp; $42462712 | &nbsp;&nbsp; $9061995 |
| Foreign currency, at value | 7371592 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 139 |
| Due from authorized participant |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivables: |  |  |  |
| Dividends | 5208 | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 13063 |
| Securities lending income |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 173 |
| Investment securities sold |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Capital shares sold |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Reclaims |  | &nbsp;&nbsp; 1858065 | &nbsp;&nbsp; 1045 |
| Prepaid expenses |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Assets | 187436334 | &nbsp;&nbsp; 44320866 | &nbsp;&nbsp; 9076415 |
| **LIABILITIES:** |  |  |  |
| Due to custodian | 7165256 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payables: |  |  |  |
| Collateral for securities on loan |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 289477 |
| Investment advisory fees | 121601 | &nbsp;&nbsp; 29494 | &nbsp;&nbsp; 5904 |
| Investment securities purchased |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Capital shares redeemed |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Deferred foreign capital gains tax | 4594436 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Other liabilities |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Liabilities | 11881293 | &nbsp;&nbsp; 29494 | &nbsp;&nbsp; 295381 |
| **NET ASSETS** | $175555041 | &nbsp;&nbsp; $44291372 | &nbsp;&nbsp; $8781034 |
| **NET ASSETS consist of:** |  |  |  |
| Paid-in capital | $141850684 | &nbsp;&nbsp; $62557202 | &nbsp;&nbsp; $11027876 |
| Par value | 30000 | &nbsp;&nbsp; 5500 | &nbsp;&nbsp; 1500 |
| Accumulated distributable earnings (loss) | 33674357 | &nbsp;&nbsp; (18271330)<br>| &nbsp;&nbsp; (2248342)<br>|
| **NET ASSETS** | $175555041 | &nbsp;&nbsp; $44291372 | &nbsp;&nbsp; $8781034 |
| **NET ASSET VALUE,** per share | $58.52 | &nbsp;&nbsp; $80.53 | &nbsp;&nbsp; $58.54 |
| Number of shares outstanding (unlimited number of shares authorized, <br> par value $0.01 per share)<br>| 3000002 | &nbsp;&nbsp; 550002 | &nbsp;&nbsp; 150002 |
| Investments, at cost | $135998102 | &nbsp;&nbsp; $38143951 | &nbsp;&nbsp; $7840357 |
| Foreign currency, at cost (proceeds) | $7371592 | &nbsp;&nbsp; $19 | &nbsp;&nbsp; $139 |
| Securities on loan, at value | $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $264528 |

---

See Notes to Financial Statements

------

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

---

| | |
|:---|:---|
| **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>|
| $253638812 | &nbsp;&nbsp; $94494576 |
| 48449 | &nbsp;&nbsp; 18024 |
|  | &nbsp;&nbsp; 35635 |
| 1076640 | &nbsp;&nbsp; 15601 |
| 65866 | &nbsp;&nbsp; 954 |
|  | &nbsp;&nbsp; 66345 |
| 51047 | &nbsp;&nbsp; 159374 |
| 254880814 | &nbsp;&nbsp; 94790509 |
|  | &nbsp;&nbsp; 71183 |
| 12159727 | &nbsp;&nbsp; 2478885 |
| 167622 | &nbsp;&nbsp; 60177 |
|  | &nbsp;&nbsp; 35635 |
| 12327349 | &nbsp;&nbsp; 2645880 |
| $242553465 | &nbsp;&nbsp; $92144629 |
| $267038161 | &nbsp;&nbsp; $99716672 |
| 57000 | &nbsp;&nbsp; 15000 |
| (24541696)<br>| &nbsp;&nbsp; (7587043)<br>|
| $242553465 | &nbsp;&nbsp; $92144629 |
| $42.55 | &nbsp;&nbsp; $61.43 |
| 5700002 | &nbsp;&nbsp; 1500002 |
| $241767656 | &nbsp;&nbsp; $80397474 |
| $48328 | &nbsp;&nbsp; $18017 |
| $10287532 | &nbsp;&nbsp; $2358963 |

---

See Notes to Financial Statements

------

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

**Statements of Operations**

**For the Year Ended December 31, 2025**

&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 | $635697 | &nbsp;&nbsp; $11322723 | &nbsp;&nbsp; $843600 |
| Other income |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Securities lending income (net of fees) | 27049 | &nbsp;&nbsp; 75620 | &nbsp;&nbsp; — |
| Foreign withholding tax | (29945)<br>| &nbsp;&nbsp; (410492)<br>| &nbsp;&nbsp; (32133)<br>|
| Total investment income | 632801 | &nbsp;&nbsp; 10987851 | &nbsp;&nbsp; 811467 |
| **EXPENSES:** |  |  |  |
| Investment advisory fees | 153982<br>| &nbsp;&nbsp; 2256568<br>| &nbsp;&nbsp; 110201<br>|
| Other expenses | 1266 | &nbsp;&nbsp; 21161 | &nbsp;&nbsp; 955 |
| Total expenses | 155248 | &nbsp;&nbsp; 2277729 | &nbsp;&nbsp; 111156 |
| **NET INVESTMENT INCOME (LOSS)** | 477553 | &nbsp;&nbsp; 8710122 | &nbsp;&nbsp; 700311 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| Investments | 2506908 | &nbsp;&nbsp; 33809408 | &nbsp;&nbsp; 749107 |
| In-kind redemptions | 179685 | &nbsp;&nbsp; 310592 | &nbsp;&nbsp; (23551)<br>|
| Foreign currency transactions | (33813)<br>| &nbsp;&nbsp; 34327 | &nbsp;&nbsp; (10013)<br>|
| Foreign capital gains tax |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gain (loss) | 2652780 | &nbsp;&nbsp; 34154327 | &nbsp;&nbsp; 715543 |
| Net increase from payment by the advisor |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Investments | 3006140 | &nbsp;&nbsp; 71814627 | &nbsp;&nbsp; 4487304 |
| Foreign currency translation | (74)<br>| &nbsp;&nbsp; 166170 | &nbsp;&nbsp; 17502 |
| Deferred foreign capital gains tax |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation) | 3006066 | &nbsp;&nbsp; 71980797 | &nbsp;&nbsp; 4504806 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 5658846 | &nbsp;&nbsp; 106135124 | &nbsp;&nbsp; 5220349 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $6136399 | &nbsp;&nbsp; $114845246 | &nbsp;&nbsp; $5920660 |

---

See Notes to Financial Statements

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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>| **First Trust United** <br> **Kingdom** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FKU)** <br>|
| $1586157 | &nbsp;&nbsp; $4831229 | &nbsp;&nbsp; $18433406 | &nbsp;&nbsp; $19071167 | &nbsp;&nbsp; $888369 | &nbsp;&nbsp; $2437881 |
| 241768 | &nbsp;&nbsp; 76276 | &nbsp;&nbsp; 303374 | &nbsp;&nbsp; 245992 | &nbsp;&nbsp; 2585 | &nbsp;&nbsp; — |
| (111395)<br>| &nbsp;&nbsp; (481844)<br>| &nbsp;&nbsp; (1588590)<br>| &nbsp;&nbsp; (1835484)<br>| &nbsp;&nbsp; (75103)<br>| &nbsp;&nbsp; (53280)<br>|
| 1716530 | &nbsp;&nbsp; 4425661 | &nbsp;&nbsp; 17148190 | &nbsp;&nbsp; 17481675 | &nbsp;&nbsp; 815851 | &nbsp;&nbsp; 2384601 |
| 379849<br>| &nbsp;&nbsp; 1445567<br>| &nbsp;&nbsp; 4367706<br>| &nbsp;&nbsp; 3398480<br>| &nbsp;&nbsp; 355477<br>| &nbsp;&nbsp; 524815<br>|
| 2800 | &nbsp;&nbsp; 12807 | &nbsp;&nbsp; 37300 | &nbsp;&nbsp; 30920 | &nbsp;&nbsp; 2073 | &nbsp;&nbsp; 4523 |
| 382649 | &nbsp;&nbsp; 1458374 | &nbsp;&nbsp; 4405006 | &nbsp;&nbsp; 3429400 | &nbsp;&nbsp; 357550 | &nbsp;&nbsp; 529338 |
| 1333881 | &nbsp;&nbsp; 2967287 | &nbsp;&nbsp; 12743184 | &nbsp;&nbsp; 14052275 | &nbsp;&nbsp; 458301 | &nbsp;&nbsp; 1855263 |
| 2397374 | &nbsp;&nbsp; 6480727 | &nbsp;&nbsp; 91327642 | &nbsp;&nbsp; 36488895 | &nbsp;&nbsp; 896780 | &nbsp;&nbsp; (25695)<br>|
| 1710175 | &nbsp;&nbsp; 6069049 | &nbsp;&nbsp; 1127982 | &nbsp;&nbsp; 1358181 | &nbsp;&nbsp; 1218310 | &nbsp;&nbsp; 4091828 |
| 878 | &nbsp;&nbsp; (30221)<br>| &nbsp;&nbsp; (286197)<br>| &nbsp;&nbsp; (328342)<br>| &nbsp;&nbsp; 1373 | &nbsp;&nbsp; 6837 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (47855)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 4108427 | &nbsp;&nbsp; 12519555 | &nbsp;&nbsp; 92169427 | &nbsp;&nbsp; 37470879 | &nbsp;&nbsp; 2116463 | &nbsp;&nbsp; 4072970 |
| 9997819 | &nbsp;&nbsp; 34145065 | &nbsp;&nbsp; 115630553 | &nbsp;&nbsp; 47039261 | &nbsp;&nbsp; 11061363 | &nbsp;&nbsp; 14828455 |
| 317 | &nbsp;&nbsp; (1663)<br>| &nbsp;&nbsp; 97888 | &nbsp;&nbsp; 90781 | &nbsp;&nbsp; 6307 | &nbsp;&nbsp; 5282 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 418681 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 9998136 | &nbsp;&nbsp; 34143402 | &nbsp;&nbsp; 115728441 | &nbsp;&nbsp; 47548723 | &nbsp;&nbsp; 11067670 | &nbsp;&nbsp; 14833737 |
| 14106563 | &nbsp;&nbsp; 46662957 | &nbsp;&nbsp; 207897868 | &nbsp;&nbsp; 85019602 | &nbsp;&nbsp; 13184133 | &nbsp;&nbsp; 18906707 |
| $15440444 | &nbsp;&nbsp; $49630244 | &nbsp;&nbsp; $220641052 | &nbsp;&nbsp; $99071877 | &nbsp;&nbsp; $13642434 | &nbsp;&nbsp; $20761970 |

---

See Notes to Financial Statements

------

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

**Statements of Operations (Continued)**

**For the Year Ended December 31, 2025**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **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>| **First Trust** <br> **Developed** <br> **Markets ex-US** <br> **Small Cap** <br> **AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FDTS)** <br>|
| **INVESTMENT INCOME:** |  |  |  |
| Dividends | $5111719 | &nbsp;&nbsp; $1873375 | &nbsp;&nbsp; $299213 |
| Other income | 15492 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Securities lending income (net of fees) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 3593 |
| Foreign withholding tax | (731128)<br>| &nbsp;&nbsp; (236375)<br>| &nbsp;&nbsp; (31966)<br>|
| Total investment income | 4396083 | &nbsp;&nbsp; 1637000 | &nbsp;&nbsp; 270840 |
| **EXPENSES:** |  |  |  |
| Investment advisory fees | 1724255<br>| &nbsp;&nbsp; 532637<br>| &nbsp;&nbsp; 59137<br>|
| Other expenses | 17647 | &nbsp;&nbsp; 5180 | &nbsp;&nbsp; 553 |
| Total expenses | 1741902 | &nbsp;&nbsp; 537817 | &nbsp;&nbsp; 59690 |
| **NET INVESTMENT INCOME (LOSS)** | 2654181 | &nbsp;&nbsp; 1099183 | &nbsp;&nbsp; 211150 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| Investments | 2839145 | &nbsp;&nbsp; 3293194 | &nbsp;&nbsp; 1480235 |
| In-kind redemptions |  | &nbsp;&nbsp; 10747461 | &nbsp;&nbsp; — |
| Foreign currency transactions | (299590)<br>| &nbsp;&nbsp; (2373)<br>| &nbsp;&nbsp; (628)<br>|
| Foreign capital gains tax | (3159554)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gain (loss) | (619999)<br>| &nbsp;&nbsp; 14038282 | &nbsp;&nbsp; 1479607 |
| Net increase from payment by the advisor |  | &nbsp;&nbsp; 2079 | &nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Investments | 10597714 | &nbsp;&nbsp; 1525634 | &nbsp;&nbsp; 1292013 |
| Foreign currency translation | 130 | &nbsp;&nbsp; 210055 | &nbsp;&nbsp; 187 |
| Deferred foreign capital gains tax | (1402880)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation) | 9194964 | &nbsp;&nbsp; 1735689 | &nbsp;&nbsp; 1292200 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 8574965 | &nbsp;&nbsp; 15776050 | &nbsp;&nbsp; 2771807 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $11229146 | &nbsp;&nbsp; $16875233 | &nbsp;&nbsp; $2982957 |

---

See Notes to Financial Statements

------

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

---

| | |
|:---|:---|
| **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>|
| $13181897 | &nbsp;&nbsp; $2535025 |
| 427497 | &nbsp;&nbsp; 12462 |
| (1160553)<br>| &nbsp;&nbsp; (273342)<br>|
| 12448841 | &nbsp;&nbsp; 2274145 |
| 2076440<br>| &nbsp;&nbsp; 476312<br>|
| 18680 | &nbsp;&nbsp; 5095 |
| 2095120 | &nbsp;&nbsp; 481407 |
| 10353721 | &nbsp;&nbsp; 1792738 |
| 10023741 | &nbsp;&nbsp; 1213355 |
| 4680751 | &nbsp;&nbsp; 2492191 |
| (215865)<br>| &nbsp;&nbsp; (213)<br>|
| (9413)<br>| &nbsp;&nbsp; — |
| 14479214 | &nbsp;&nbsp; 3705333 |
| 9581552 | &nbsp;&nbsp; 15508857 |
| 32403 | &nbsp;&nbsp; 14471 |
| 62081 | &nbsp;&nbsp; — |
| 9676036 | &nbsp;&nbsp; 15523328 |
| 24155250 | &nbsp;&nbsp; 19228661 |
| $34508971 | &nbsp;&nbsp; $21021399 |

---

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)** |
|  | **Year** <br>**Ended** <br>**12/31/2025** <br>| **Year** <br>**Ended** <br>**12/31/2024** <br>| **Year** <br>**Ended** <br>**12/31/2025** <br>| **Year** <br>**Ended** <br>**12/31/2024** <br>|
| **OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $477553 | &nbsp;&nbsp; $422434 | &nbsp;&nbsp; $8710122 | &nbsp;&nbsp; $7465542 |
| Net realized gain (loss) | 2652780 | &nbsp;&nbsp; 1243371 | &nbsp;&nbsp; 34154327 | &nbsp;&nbsp; 17306254 |
| Net increase from payment by the advisor |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation) | 3006066 | &nbsp;&nbsp; (1202754)<br>| &nbsp;&nbsp; 71980797 | &nbsp;&nbsp; (16597473)<br>|
| Net increase (decrease) in net assets resulting from <br> operations<br>| 6136399 | &nbsp;&nbsp; 463051 | &nbsp;&nbsp; 114845246 | &nbsp;&nbsp; 8174323 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |
| Investment operations | (1068374)<br>| &nbsp;&nbsp; (466052)<br>| &nbsp;&nbsp; (11333069)<br>| &nbsp;&nbsp; (9806543)<br>|
| Return of capital |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions to shareholders | (1068374)<br>| &nbsp;&nbsp; (466052)<br>| &nbsp;&nbsp; (11333069)<br>| &nbsp;&nbsp; (9806543)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares sold | 8749628<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; 121849968<br>| &nbsp;&nbsp; —<br>|
| Cost of shares redeemed | (3309884) <br>| &nbsp;&nbsp; (4046995) <br>| &nbsp;&nbsp; (1908285) <br>| &nbsp;&nbsp; (36669856) <br>|
| Net increase (decrease) in net assets resulting from <br> shareholder transactions<br>| 5439744 | &nbsp;&nbsp; (4046995)<br>| &nbsp;&nbsp; 119941683 | &nbsp;&nbsp; (36669856)<br>|
| Total increase (decrease) in net assets | 10507769 | &nbsp;&nbsp; (4049996)<br>| &nbsp;&nbsp; 223453860 | &nbsp;&nbsp; (38302076)<br>|
| **NET ASSETS:** |  |  |  |  |
| Beginning of period | 13793475 | &nbsp;&nbsp; 17843471 | &nbsp;&nbsp; 185009537 | &nbsp;&nbsp; 223311613 |
| End of period | $24301244 | &nbsp;&nbsp; $13793475 | &nbsp;&nbsp; $408463397 | &nbsp;&nbsp; $185009537 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |  |  |
| Shares outstanding, beginning of period | 500002 | &nbsp;&nbsp; 650002 | &nbsp;&nbsp; 5150002 | &nbsp;&nbsp; 6150002 |
| Shares sold | 250000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; — |
| Shares redeemed | (100000)<br>| &nbsp;&nbsp; (150000)<br>| &nbsp;&nbsp; (50000)<br>| &nbsp;&nbsp; (1000000)<br>|
| Shares outstanding, end of period | 650002 | &nbsp;&nbsp; 500002 | &nbsp;&nbsp; 7600002 | &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 China AlphaDEX**<sup>®</sup> **Fund** <br> **(FCA)** | **First Trust China AlphaDEX**<sup>®</sup> **Fund** <br> **(FCA)** | **First Trust Japan AlphaDEX**<sup>®</sup> **Fund** <br> **(FJP)** | **First Trust Japan AlphaDEX**<sup>®</sup> **Fund** <br> **(FJP)** |
| **Year** <br>**Ended** <br>**12/31/2025** <br>| **Year** <br>**Ended** <br>**12/31/2024** <br>| **Year** <br>**Ended** <br>**12/31/2025** <br>| **Year** <br>**Ended** <br>**12/31/2024** <br>| **Year** <br>**Ended** <br>**12/31/2025** <br>| **Year** <br>**Ended** <br>**12/31/2024** <br>|
| $700311 | &nbsp;&nbsp; $1417420 | &nbsp;&nbsp; $1333881 | &nbsp;&nbsp; $341066 | &nbsp;&nbsp; $2967287 | &nbsp;&nbsp; $3816921 |
| 715543 | &nbsp;&nbsp; 4215629 | &nbsp;&nbsp; 4108427 | &nbsp;&nbsp; (513897)<br>| &nbsp;&nbsp; 12519555 | &nbsp;&nbsp; 10840439 |
| 4504806 | &nbsp;&nbsp; (15701133)<br>| &nbsp;&nbsp; 9998136 | &nbsp;&nbsp; 939388 | &nbsp;&nbsp; 34143402 | &nbsp;&nbsp; (4191041)<br>|
| 5920660 | &nbsp;&nbsp; (10068084)<br>| &nbsp;&nbsp; 15440444 | &nbsp;&nbsp; 766557 | &nbsp;&nbsp; 49630244 | &nbsp;&nbsp; 10466319 |
| (524217)<br>| &nbsp;&nbsp; (1439862)<br>| &nbsp;&nbsp; (1415517)<br>| &nbsp;&nbsp; (313487)<br>| &nbsp;&nbsp; (5438253)<br>| &nbsp;&nbsp; (6101123)<br>|
| (524217)<br>| &nbsp;&nbsp; (1439862)<br>| &nbsp;&nbsp; (1415517)<br>| &nbsp;&nbsp; (313487)<br>| &nbsp;&nbsp; (5438253)<br>| &nbsp;&nbsp; (6101123)<br>|
| 3810611<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; 17112262<br>| &nbsp;&nbsp; 45358525<br>| &nbsp;&nbsp; 15367889<br>| &nbsp;&nbsp; 55503822<br>|
| (6261378) <br>| &nbsp;&nbsp; (50268605) <br>| &nbsp;&nbsp; (18152408) <br>| &nbsp;&nbsp; (4402064) <br>| &nbsp;&nbsp; (44720794) <br>| &nbsp;&nbsp; (55023040) <br>|
| (2450767)<br>| &nbsp;&nbsp; (50268605)<br>| &nbsp;&nbsp; (1040146)<br>| &nbsp;&nbsp; 40956461 | &nbsp;&nbsp; (29352905)<br>| &nbsp;&nbsp; 480782 |
| 2945676 | &nbsp;&nbsp; (61776551)<br>| &nbsp;&nbsp; 12984781 | &nbsp;&nbsp; 41409531 | &nbsp;&nbsp; 14839086 | &nbsp;&nbsp; 4845978 |
| 12964397 | &nbsp;&nbsp; 74740948 | &nbsp;&nbsp; 47907991 | &nbsp;&nbsp; 6498460 | &nbsp;&nbsp; 192383861 | &nbsp;&nbsp; 187537883 |
| $15910073 | &nbsp;&nbsp; $12964397 | &nbsp;&nbsp; $60892772 | &nbsp;&nbsp; $47907991 | &nbsp;&nbsp; $207222947 | &nbsp;&nbsp; $192383861 |
| 850002 | &nbsp;&nbsp; 3600002 | &nbsp;&nbsp; 2350002 | &nbsp;&nbsp; 350002 | &nbsp;&nbsp; 3700002 | &nbsp;&nbsp; 3700002 |
| 200000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 2200000 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 1050000 |
| (350000)<br>| &nbsp;&nbsp; (2750000)<br>| &nbsp;&nbsp; (850000)<br>| &nbsp;&nbsp; (200000)<br>| &nbsp;&nbsp; (850000)<br>| &nbsp;&nbsp; (1050000)<br>|
| 700002 | &nbsp;&nbsp; 850002 | &nbsp;&nbsp; 2150002 | &nbsp;&nbsp; 2350002 | &nbsp;&nbsp; 3100002 | &nbsp;&nbsp; 3700002 |

---

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 Developed Markets** <br> **ex-US AlphaDEX**<sup>®</sup> **Fund (FDT)** | **First Trust Developed Markets** <br> **ex-US AlphaDEX**<sup>®</sup> **Fund (FDT)** | **First Trust Emerging Markets** <br> **AlphaDEX**<sup>®</sup> **Fund (FEM)** | **First Trust Emerging Markets** <br> **AlphaDEX**<sup>®</sup> **Fund (FEM)** |
|  | **Year** <br>**Ended** <br>**12/31/2025** <br>| **Year** <br>**Ended** <br>**12/31/2024** <br>| **Year** <br>**Ended** <br>**12/31/2025** <br>| **Year** <br>**Ended** <br>**12/31/2024** <br>|
| **OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $12743184 | &nbsp;&nbsp; $12287791 | &nbsp;&nbsp; $14052275 | &nbsp;&nbsp; $18404938 |
| Net realized gain (loss) | 92169427 | &nbsp;&nbsp; 44570918 | &nbsp;&nbsp; 37470879 | &nbsp;&nbsp; 17569003 |
| Net increase from payment by the advisor |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation) | 115728441 | &nbsp;&nbsp; (28811214)<br>| &nbsp;&nbsp; 47548723 | &nbsp;&nbsp; (19250521)<br>|
| Net increase (decrease) in net assets resulting from <br> operations<br>| 220641052 | &nbsp;&nbsp; 28047495 | &nbsp;&nbsp; 99071877 | &nbsp;&nbsp; 16723420 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |
| Investment operations | (22560231)<br>| &nbsp;&nbsp; (15547549)<br>| &nbsp;&nbsp; (14715812)<br>| &nbsp;&nbsp; (14849591)<br>|
| Return of capital |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions to shareholders | (22560231)<br>| &nbsp;&nbsp; (15547549)<br>| &nbsp;&nbsp; (14715812)<br>| &nbsp;&nbsp; (14849591)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares sold | 209728953<br>| &nbsp;&nbsp; 11289085<br>| &nbsp;&nbsp; 14397120<br>| &nbsp;&nbsp; 7086040<br>|
| Cost of shares redeemed | (10849121) <br>| &nbsp;&nbsp; (41154062) <br>| &nbsp;&nbsp; (27379354) <br>| &nbsp;&nbsp; (19168195) <br>|
| Net increase (decrease) in net assets resulting from <br> shareholder transactions<br>| 198879832 | &nbsp;&nbsp; (29864977)<br>| &nbsp;&nbsp; (12982234)<br>| &nbsp;&nbsp; (12082155)<br>|
| Total increase (decrease) in net assets | 396960653 | &nbsp;&nbsp; (17365031)<br>| &nbsp;&nbsp; 71373831 | &nbsp;&nbsp; (10208326)<br>|
| **NET ASSETS:** |  |  |  |  |
| Beginning of period | 392273635 | &nbsp;&nbsp; 409638666 | &nbsp;&nbsp; 406346635 | &nbsp;&nbsp; 416554961 |
| End of period | $789234288 | &nbsp;&nbsp; $392273635 | &nbsp;&nbsp; $477720466 | &nbsp;&nbsp; $406346635 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |  |  |
| Shares outstanding, beginning of period | 7236412 | &nbsp;&nbsp; 7786412 | &nbsp;&nbsp; 18200002 | &nbsp;&nbsp; 18750002 |
| Shares sold | 2900000 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 300000 |
| Shares redeemed | (200000)<br>| &nbsp;&nbsp; (750000)<br>| &nbsp;&nbsp; (1250000)<br>| &nbsp;&nbsp; (850000)<br>|
| Shares outstanding, end of period | 9936412 | &nbsp;&nbsp; 7236412 | &nbsp;&nbsp; 17500002 | &nbsp;&nbsp; 18200002 |

---

See Notes to Financial Statements

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** | **First Trust India NIFTY 50 Equal** <br> **Weight ETF (NFTY)** | **First Trust India NIFTY 50 Equal** <br> **Weight ETF (NFTY)** |
| **Year** <br>**Ended** <br>**12/31/2025** <br>| **Year** <br>**Ended** <br>**12/31/2024** <br>| **Year** <br>**Ended** <br>**12/31/2025** <br>| **Year** <br>**Ended** <br>**12/31/2024** <br>| **Year** <br>**Ended** <br>**12/31/2025** <br>| **Year** <br>**Ended** <br>**12/31/2024** <br>|
| $458301 | &nbsp;&nbsp; $206964 | &nbsp;&nbsp; $1855263 | &nbsp;&nbsp; $1822667 | &nbsp;&nbsp; $2654181 | &nbsp;&nbsp; $599210 |
| 2116463 | &nbsp;&nbsp; (497360)<br>| &nbsp;&nbsp; 4072970 | &nbsp;&nbsp; 2327910 | &nbsp;&nbsp; (619999)<br>| &nbsp;&nbsp; 321257 |
| 11067670 | &nbsp;&nbsp; 504626 | &nbsp;&nbsp; 14833737 | &nbsp;&nbsp; 2683829 | &nbsp;&nbsp; 9194964 | &nbsp;&nbsp; 2328677 |
| 13642434 | &nbsp;&nbsp; 214230 | &nbsp;&nbsp; 20761970 | &nbsp;&nbsp; 6834406 | &nbsp;&nbsp; 11229146 | &nbsp;&nbsp; 3249144 |
| (463461)<br>| &nbsp;&nbsp; (206602)<br>| &nbsp;&nbsp; (2146493)<br>| &nbsp;&nbsp; (2686743)<br>| &nbsp;&nbsp; (2235722)<br>| &nbsp;&nbsp; (4004107)<br>|
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (196609)<br>|
| (463461)<br>| &nbsp;&nbsp; (206602)<br>| &nbsp;&nbsp; (2146493)<br>| &nbsp;&nbsp; (2686743)<br>| &nbsp;&nbsp; (2235722)<br>| &nbsp;&nbsp; (4200716)<br>|
| 68419538<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; 23547004<br>| &nbsp;&nbsp; 52210852<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; 151028379<br>|
| (4979502) <br>| &nbsp;&nbsp; (7836857) <br>| &nbsp;&nbsp; (20505620) <br>| &nbsp;&nbsp; (11728720) <br>| &nbsp;&nbsp; (105192943) <br>| &nbsp;&nbsp; —<br>|
| 63440036 | &nbsp;&nbsp; (7836857)<br>| &nbsp;&nbsp; 3041384 | &nbsp;&nbsp; 40482132 | &nbsp;&nbsp; (105192943)<br>| &nbsp;&nbsp; 151028379 |
| 76619009 | &nbsp;&nbsp; (7829229)<br>| &nbsp;&nbsp; 21656861 | &nbsp;&nbsp; 44629795 | &nbsp;&nbsp; (96199519)<br>| &nbsp;&nbsp; 150076807 |
| 7695194 | &nbsp;&nbsp; 15524423 | &nbsp;&nbsp; 64842405 | &nbsp;&nbsp; 20212610 | &nbsp;&nbsp; 271754560 | &nbsp;&nbsp; 121677753 |
| $84314203 | &nbsp;&nbsp; $7695194 | &nbsp;&nbsp; $86499266 | &nbsp;&nbsp; $64842405 | &nbsp;&nbsp; $175555041 | &nbsp;&nbsp; $271754560 |
| 200002 | &nbsp;&nbsp; 400002 | &nbsp;&nbsp; 1700002 | &nbsp;&nbsp; 550002 | &nbsp;&nbsp; 4850002 | &nbsp;&nbsp; 2250002 |
| 1250000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 1450000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2600000 |
| (100000)<br>| &nbsp;&nbsp; (200000)<br>| &nbsp;&nbsp; (500000)<br>| &nbsp;&nbsp; (300000)<br>| &nbsp;&nbsp; (1850000)<br>| &nbsp;&nbsp; — |
| 1350002 | &nbsp;&nbsp; 200002 | &nbsp;&nbsp; 1700002 | &nbsp;&nbsp; 1700002 | &nbsp;&nbsp; 3000002 | &nbsp;&nbsp; 4850002 |

---

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 Switzerland** <br> **AlphaDEX**<sup>®</sup> **Fund (FSZ)** | **First Trust Switzerland** <br> **AlphaDEX**<sup>®</sup> **Fund (FSZ)** | **First Trust Developed Markets** <br> **ex-US Small Cap AlphaDEX**<sup>®</sup> <br> **Fund (FDTS)** | **First Trust Developed Markets** <br> **ex-US Small Cap AlphaDEX**<sup>®</sup> <br> **Fund (FDTS)** |
|  | **Year** <br>**Ended** <br>**12/31/2025** <br>| **Year** <br>**Ended** <br>**12/31/2024** <br>| **Year** <br>**Ended** <br>**12/31/2025** <br>| **Year** <br>**Ended** <br>**12/31/2024** <br>|
| **OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $1099183 | &nbsp;&nbsp; $1421053 | &nbsp;&nbsp; $211150 | &nbsp;&nbsp; $214599 |
| Net realized gain (loss) | 14038282 | &nbsp;&nbsp; 3305109 | &nbsp;&nbsp; 1479607 | &nbsp;&nbsp; 683529 |
| Net increase from payment by the advisor | 2079 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation) | 1735689 | &nbsp;&nbsp; (5544260)<br>| &nbsp;&nbsp; 1292200 | &nbsp;&nbsp; (655779)<br>|
| Net increase (decrease) in net assets resulting from <br> operations<br>| 16875233 | &nbsp;&nbsp; (818098)<br>| &nbsp;&nbsp; 2982957 | &nbsp;&nbsp; 242349 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |
| Investment operations | (1197488)<br>| &nbsp;&nbsp; (1453362)<br>| &nbsp;&nbsp; (257673)<br>| &nbsp;&nbsp; (278153)<br>|
| Return of capital |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions to shareholders | (1197488)<br>| &nbsp;&nbsp; (1453362)<br>| &nbsp;&nbsp; (257673)<br>| &nbsp;&nbsp; (278153)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares sold | 11653628<br>| &nbsp;&nbsp; 3212070<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Cost of shares redeemed | (58680459) <br>| &nbsp;&nbsp; (9741239) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (2038710) <br>|
| Net increase (decrease) in net assets resulting from <br> shareholder transactions<br>| (47026831)<br>| &nbsp;&nbsp; (6529169)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2038710)<br>|
| Total increase (decrease) in net assets | (31349086)<br>| &nbsp;&nbsp; (8800629)<br>| &nbsp;&nbsp; 2725284 | &nbsp;&nbsp; (2074514)<br>|
| **NET ASSETS:** |  |  |  |  |
| Beginning of period | 75640458 | &nbsp;&nbsp; 84441087 | &nbsp;&nbsp; 6055750 | &nbsp;&nbsp; 8130264 |
| End of period | $44291372 | &nbsp;&nbsp; $75640458 | &nbsp;&nbsp; $8781034 | &nbsp;&nbsp; $6055750 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |  |  |
| Shares outstanding, beginning of period | 1200002 | &nbsp;&nbsp; 1300002 | &nbsp;&nbsp; 150002 | &nbsp;&nbsp; 200002 |
| Shares sold | 150000 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (800000)<br>| &nbsp;&nbsp; (150000)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (50000)<br>|
| Shares outstanding, end of period | 550002 | &nbsp;&nbsp; 1200002 | &nbsp;&nbsp; 150002 | &nbsp;&nbsp; 150002 |

---

See Notes to Financial Statements

------

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

---

| | | | |
|:---|:---|:---|:---|
| **First Trust Emerging Markets** <br> **Small Cap AlphaDEX**<sup>®</sup> **Fund** <br> **(FEMS)** | **First Trust Emerging Markets** <br> **Small Cap AlphaDEX**<sup>®</sup> **Fund** <br> **(FEMS)** | **First Trust Eurozone AlphaDEX**<sup>®</sup> <br> **ETF (FEUZ)** | **First Trust Eurozone AlphaDEX**<sup>®</sup> <br> **ETF (FEUZ)** |
| **Year** <br>**Ended** <br>**12/31/2025** <br>| **Year** <br>**Ended** <br>**12/31/2024** <br>| **Year** <br>**Ended** <br>**12/31/2025** <br>| **Year** <br>**Ended** <br>**12/31/2024** <br>|
| $10353721 | &nbsp;&nbsp; $9981095 | &nbsp;&nbsp; $1792738 | &nbsp;&nbsp; $1002138 |
| 14479214 | &nbsp;&nbsp; 14390438 | &nbsp;&nbsp; 3705333 | &nbsp;&nbsp; 3166644 |
| 9676036 | &nbsp;&nbsp; (9713372)<br>| &nbsp;&nbsp; 15523328 | &nbsp;&nbsp; (2883402)<br>|
| 34508971 | &nbsp;&nbsp; 14658161 | &nbsp;&nbsp; 21021399 | &nbsp;&nbsp; 1285380 |
| (10850724)<br>| &nbsp;&nbsp; (11953498)<br>| &nbsp;&nbsp; (2116348)<br>| &nbsp;&nbsp; (919132)<br>|
| (10850724)<br>| &nbsp;&nbsp; (11953498)<br>| &nbsp;&nbsp; (2116348)<br>| &nbsp;&nbsp; (919132)<br>|
| 12345804<br>| &nbsp;&nbsp; 2115682<br>| &nbsp;&nbsp; 69823441<br>| &nbsp;&nbsp; 43729596<br>|
| (83355561) <br>| &nbsp;&nbsp; (41256391) <br>| &nbsp;&nbsp; (14787005) <br>| &nbsp;&nbsp; (44099283) <br>|
| (71009757)<br>| &nbsp;&nbsp; (39140709)<br>| &nbsp;&nbsp; 55036436 | &nbsp;&nbsp; (369687)<br>|
| (47351510)<br>| &nbsp;&nbsp; (36436046)<br>| &nbsp;&nbsp; 73941487 | &nbsp;&nbsp; (3439)<br>|
| 289904975 | &nbsp;&nbsp; 326341021 | &nbsp;&nbsp; 18203142 | &nbsp;&nbsp; 18206581 |
| $242553465 | &nbsp;&nbsp; $289904975 | &nbsp;&nbsp; $92144629 | &nbsp;&nbsp; $18203142 |
| 7550002 | &nbsp;&nbsp; 8550002 | &nbsp;&nbsp; 450002 | &nbsp;&nbsp; 450002 |
| 300000 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 1350000 | &nbsp;&nbsp; 1050000 |
| (2150000)<br>| &nbsp;&nbsp; (1050000)<br>| &nbsp;&nbsp; (300000)<br>| &nbsp;&nbsp; (1050000)<br>|
| 5700002 | &nbsp;&nbsp; 7550002 | &nbsp;&nbsp; 1500002 | &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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025**  | **2024**  | **2023** | **2022** | **2021** |
| 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 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 0.85<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>|
| Net realized and unrealized gain (loss) | 10.71<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>|
| Total from investment operations | 11.56<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>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (1.76) <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>|
| 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>|
| Total distributions | (1.76) <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>|
| Net asset value, end of period | $37.39<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>|
| **Total return** (b) | 42.31<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>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $24301<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>|
| Ratio of total expenses to average net assets | 0.81<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>|
| Ratio of net investment income (loss) to average net assets | 2.48<br> % <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>|
| Portfolio turnover rate (d) | 104<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;&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) Includes
 extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.

&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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025**  | **2024**  | **2023** | **2022** | **2021** |
| 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 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 1.43<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>|
| Net realized and unrealized gain (loss) | 18.19<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>|
| Total from investment operations | 19.62<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>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (1.79) <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>|
| Net asset value, end of period | $53.75<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>|
| **Total return** (b) | 55.13<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>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $408463<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>|
| Ratio of total expenses to average net assets | 0.81<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>|
| Ratio of net investment income (loss) to average net assets | 3.09<br> % <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>|
| Portfolio turnover rate (d) | 92<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;&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) Includes
 extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.

&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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025**  | **2024**  | **2023** | **2022** | **2021** |
| 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 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 0.99<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>|
| Net realized and unrealized gain (loss) | 7.26<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>|
| Total from investment operations | 8.25<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>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (0.77) <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>|
| Net asset value, end of period | $22.73<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>|
| **Total return** (b) | 54.67<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>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $15910<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>|
| Ratio of total expenses to average net assets | 0.81<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>|
| Ratio of net investment income (loss) to average net assets | 5.08<br> % <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>|
| Portfolio turnover rate (d) | 100<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;&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) Includes
 extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.

&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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025**  | **2024**  | **2023** | **2022** | **2021** |
| 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 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 0.69<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>|
| Net realized and unrealized gain (loss) | 7.99<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>|
| Total from investment operations | 8.68<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>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (0.75) <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>|
| Net asset value, end of period | $28.32<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>|
| **Total return** (b) | 42.95<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>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $60893<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>|
| Ratio of total expenses to average net assets | 0.81<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>|
| Ratio of net investment income (loss) to average net assets | 2.81<br> % <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>|
| Portfolio turnover rate (d) | 101<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;&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) Includes
 extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.

&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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025**  | **2024**  | **2023** | **2022** | **2021** |
| 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 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 0.98<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>|
| Net realized and unrealized gain (loss) | 15.67<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>|
| Total from investment operations | 16.65<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>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (1.80) <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>|
| Net asset value, end of period | $66.85<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>|
| **Total return** (b) | 32.14<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>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $207223<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>|
| Ratio of total expenses to average net assets | 0.81<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>|
| Ratio of net investment income (loss) to average net assets | 1.64<br> % <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>|
| Portfolio turnover rate (d) | 91<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;&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) Includes
 extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.

&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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025**  | **2024**  | **2023** | **2022** | **2021** |
| 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 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 1.59<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>|
| Net realized and unrealized gain (loss) | 26.23<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>|
| Total from investment operations | 27.82<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>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (2.60) <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>|
| Net asset value, end of period | $79.43<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>|
| **Total return** (b) | 51.78<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>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $789234<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>|
| Ratio of total expenses to average net assets | 0.81<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>|
| Ratio of net investment income (loss) to average net assets | 2.33<br> % <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>|
| Portfolio turnover rate (d) | 109<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;&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) Includes
 extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.

&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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025**  | **2024**  | **2023** | **2022** | **2021** |
| 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 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 0.82<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>|
| Net realized and unrealized gain (loss) | 5.01<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>|
| Total from investment operations | 5.83<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>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (0.86) <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>|
| Net asset value, end of period | $27.30<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>|
| **Total return** (b) | 26.35<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>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $477720<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>|
| Ratio of total expenses to average net assets | 0.81<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>|
| Ratio of net investment income (loss) to average net assets | 3.31<br> % <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>|
| Portfolio turnover rate (d) | 111<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;&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) Includes
 extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.

&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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025**  | **2024**  | **2023** | **2022** | **2021** |
| 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 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 0.58<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>|
| Net realized and unrealized gain (loss) | 23.80<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>|
| Total from investment operations | 24.38<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>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (0.41) <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>|
| Net asset value, end of period | $62.45<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>|
| **Total return** (c) | 63.48<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>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $84314<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>|
| Ratio of total expenses to average net assets | 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 assets | 1.03<br> % <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>|
| Portfolio turnover rate (d) | 66<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;&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) 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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025**  | **2024**  | **2023** | **2022** | **2021** |
| 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 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 1.26<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>|
| Net realized and unrealized gain (loss) | 12.95<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>|
| Total from investment operations | 14.21<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>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (1.47) <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>|
| Net asset value, end of period | $50.88<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>|
| **Total return** (b) | 37.60<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>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $86499<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>|
| Ratio of total expenses to average net assets | 0.81<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>|
| Ratio of net investment income (loss) to average net assets | 2.83<br> % <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>|
| Portfolio turnover rate (d) | 65<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;&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) Includes
 extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.

&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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025**  | **2024**  | **2023** | **2022** | **2021** |
| 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 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 0.71<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>|
| Net realized and unrealized gain (loss) | 2.50<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>|
| Total from investment operations | 3.21<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>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (0.72) <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>|
| 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>|
| 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>|
| Total distributions | (0.72) <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>|
| Net asset value, end of period | $58.52<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>|
| **Total return** (b) | 5.73<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>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $175555<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>|
| Ratio of total expenses to average net assets | 0.81<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>|
| Ratio of net investment income (loss) to average net assets | 1.23<br> % <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>|
| Portfolio turnover rate (e) | 22<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;&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) Includes
 extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.

&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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025**  | **2024**  | **2023** | **2022** | **2021** |
| 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 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 1.21<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>|
| Net realized and unrealized gain (loss) | 17.73<br> (b)<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>|
| Total from investment operations | 18.94<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>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (1.44) <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>|
| Net asset value, end of period | $80.53<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>|
| **Total return** (c) | 30.16<br> % (b)<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>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $44291<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>|
| Ratio of total expenses to average net assets | 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 net assets | 1.65<br> % <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>|
| Portfolio turnover rate (e) | 80<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;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Fund received a payment from the advisor in the amount of $2,079 in connection with a trade error, which represents less than $0.01
 per share.
 Since the advisor reimbursed the Fund, there was no effect on the Fund's total return.

&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) Includes
 extraordinary expenses. If these extraordinary 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 Developed Markets ex-US Small Cap AlphaDEX**<sup>®</sup> **Fund (FDTS)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025**  | **2024**  | **2023** | **2022** | **2021** |
| 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 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 1.41<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>|
| Net realized and unrealized gain (loss) | 18.48<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>|
| Total from investment operations | 19.89<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>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (1.72) <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>|
| Net asset value, end of period | $58.54<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>|
| **Total return** (b) | 49.71<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>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $8781<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>|
| Ratio of total expenses to average net assets | 0.81<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>|
| Ratio of net investment income (loss) to average net assets | 2.86<br> % <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>|
| Portfolio turnover rate (d) | 119<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;&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) Includes
 extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.

&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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025**  | **2024**  | **2023** | **2022** | **2021** |
| 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 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 1.61<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>|
| Net realized and unrealized gain (loss) | 4.34<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>|
| Total from investment operations | 5.95<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>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (1.80) <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>|
| Net asset value, end of period | $42.55<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>|
| **Total return** (b) | 15.61<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>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $242553<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>|
| Ratio of total expenses to average net assets | 0.81<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>|
| Ratio of net investment income (loss) to average net assets | 3.99<br> % <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>|
| Portfolio turnover rate (d) | 114<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;&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) Includes
 extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.80%.

&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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025**  | **2024**  | **2023** | **2022** | **2021** |
| 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 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 1.64<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>|
| Net realized and unrealized gain (loss) | 21.07<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>|
| Total from investment operations | 22.71<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>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (1.73) <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>|
| Net asset value, end of period | $61.43<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>|
| **Total return** (c) | 56.57<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>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $92145<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>|
| Ratio of total expenses to average net assets | 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 net assets | 3.01<br> % <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>|
| Portfolio turnover rate (e) | 91<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;&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) Includes
 extraordinary expenses. If these extraordinary 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

------

**Notes to Financial Statements**

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

**December 31, 2025**

&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 fourteen 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 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 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 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.

------

**Notes to Financial Statements (Continued)**

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

**December 31, 2025**

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

**A. Portfolio Valuation**

Each Fund's NAV is determined daily as of the close of regular trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. If the NYSE closes early on a valuation day, the NAV is determined as of that time. Each Fund's NAV is calculated by dividing the value of all assets of each Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.

Each Fund's investments are valued daily at market value or, in the absence of market value with respect to any portfolio securities, at fair value. Market value prices represent readily available market quotations such as last sale or official closing prices from a national or foreign exchange (i.e., a regulated market) and are primarily obtained from third-party pricing services. Fair value prices represent any prices not considered market value prices and are either obtained from a third-party pricing service or are determined by the Pricing Committee of the Funds' investment advisor, First Trust Advisors L.P. ("First Trust" or the "Advisor"), in accordance with valuation procedures approved by the Trust's Board of Trustees, and in accordance with provisions of the 1940 Act and rules thereunder. Investments valued by the Advisor's Pricing Committee, if any, are footnoted as such in the footnotes to the Portfolio of Investments. Each Fund's investments are valued as follows:

Common stocks and other equity securities listed on any national or foreign exchange (excluding Nasdaq and the London Stock Exchange Alternative Investment Market ("AIM")) are valued at the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price. Securities traded on more than one securities exchange are valued at the last sale price or official closing price, as applicable, at the close of the securities exchange representing the primary exchange for such securities.

Securities trading on foreign exchanges or over-the-counter markets that close prior to the NYSE close may be valued using a systematic fair valuation model provided by a third-party pricing service. If these foreign securities meet certain criteria in relation to the valuation model, their valuation is systematically adjusted to reflect the impact of movement in the U.S. market after the close of the foreign markets.

Equity securities traded in an over-the-counter market are valued at the close price or the last trade price.

Shares of open-end funds are valued based on NAV per share.

Overnight repurchase agreements are valued at amortized cost when it represents the most appropriate reflection of fair market value.

Certain securities may not be able to be priced by pre-established pricing methods. Such securities may be valued by the Advisor's Pricing Committee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a third-party pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market or fair value price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund's NAV or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the third-party pricing service, does not reflect the security's fair value. As a general principle, the current fair value of a security would appear to be the amount which the owner might reasonably expect to receive for the security upon its current sale. When fair value prices are used, generally they will differ from market quotations or official closing prices on the applicable exchanges. A variety of factors may be considered in determining the fair value of such securities, including, but not limited to, the following:

1)

the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price;

2)

the type of security;

3)

the size of the holding;

4)

the initial cost of the security;

5)

transactions in comparable securities;

6)

price quotes from dealers and/or third-party pricing services;

7)

relationships among various securities;

8)

information obtained by contacting the issuer, analysts, or the appropriate stock exchange;

9)

an analysis of the issuer's financial statements;

------

**Notes to Financial Statements (Continued)**

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

**December 31, 2025**

10)

the existence of merger proposals or tender offers that might affect the value of the security; and

11)

other relevant factors.

If the securities in question are foreign securities, the following additional information may be considered:

1)

the last sale price on the exchange on which they are principally traded;

2)

the value of similar foreign securities traded on other foreign markets;

3)

ADR trading of similar securities;

4)

closed-end fund or exchange-traded fund trading of similar securities;

5)

foreign currency exchange activity;

6)

the trading prices of financial products that are tied to baskets of foreign securities;

7)

factors relating to the event that precipitated the pricing problem;

8)

whether the event is likely to recur;

9)

whether the effects of the event are isolated or whether they affect entire markets, countries or regions; and

10)

other relevant factors.

In addition, differences between the prices used to calculate a Fund's NAV and the prices used by such Fund's corresponding index could result in a difference between a Fund's performance and the performance of its underlying index.

Because foreign markets may be open on different days than the days during which investors may transact in the shares of a Fund, the value of the Fund's securities may change on the days when investors are not able to transact in the shares of the Fund. The value of the securities denominated in foreign currencies is converted into U.S. dollars using exchange rates determined daily as of the close of regular trading on the NYSE. Any use of a different rate from the rates used by a relevant index may adversely affect the Fund's ability to track the index.

The Funds are subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:

&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 December 31, 2025, is included with each Fund's Portfolio of Investments.

**B. Securities Transactions and Investment Income** 

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recorded as soon as the information becomes available after the ex-dividend date. Interest income, if any, is recorded on the accrual basis.

Withholding taxes and tax reclaims on foreign dividends have been provided for in accordance with each Fund's understanding of the applicable country's tax rules and rates.

------

**Notes to Financial Statements (Continued)**

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

**December 31, 2025**

Distributions received from a Fund's investments in real estate investment trusts ("REITs") may be comprised of return of capital, capital gains, and income. The actual character of the amounts received during the year are not known until after the REITs' fiscal year end. A Fund records the character of distributions received from the REITs during the year based on estimates available. The characterization of distributions received by a Fund may be subsequently revised based on information received from the REITs after their tax reporting periods conclude.

**C. Offsetting on the Statements of Assets and Liabilities**

Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset on the Statements of Assets and Liabilities and disclose instruments and transactions subject to master netting or similar agreements. These disclosure requirements are intended to help investors and other financial statement users better assess the effect or potential effect of offsetting arrangements on a Fund's financial position. The transactions subject to offsetting disclosures are derivative instruments, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions.

This disclosure, if applicable, is included within each Fund's Portfolio of Investments under the heading "Offsetting Assets and Liabilities." For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to master netting arrangements ("MNAs") or similar agreements on the Statements of Assets and Liabilities. MNAs provide the right, in the event of default (including bankruptcy and insolvency), for the non-defaulting counterparty to liquidate the collateral and calculate the net exposure to the defaulting party or request additional collateral.

**D. Foreign Currency**

The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, investments and other assets and liabilities are translated into U.S. dollars at the exchange rates prevailing at the end of the period. Purchases and sales of investments and items of income and expense are translated on the respective dates of such transactions. Unrealized gains and losses on assets and liabilities, other than investments in securities, which result from changes in foreign currency exchange rates have been included in "Net change in unrealized appreciation (depreciation) on foreign currency translation" on the Statements of Operations. Unrealized gains and losses on investments in securities which result from changes in foreign exchange rates are included with fluctuations arising from changes in market price and are shown in "Net change in unrealized appreciation (depreciation) on investments" on the Statements of Operations. Net realized foreign currency gains and losses include the effect of changes in exchange rates between trade date and settlement date on investment security transactions, foreign currency transactions and interest and dividends received and are included in "Net realized gain (loss) on foreign currency transactions" on the Statements of Operations. The portion of foreign currency gains and losses related to fluctuations in exchange rates between the initial purchase settlement date and subsequent sale trade date is included in "Net realized gain (loss) on investments" on the Statements of Operations.

**E. Securities Lending** 

The Funds may lend securities representing up to 33 1/3% of the value of their total assets to broker-dealers, banks and other institutions to generate additional income. When a Fund loans its portfolio securities, it will receive, at the inception of each loan, collateral equal to at least 102% (for domestic securities) or 105% (for international securities) of the market value of the loaned securities. The collateral amount is valued at the beginning of each business day and is compared to the market value of the loaned securities from the prior business day to determine if additional collateral is required. If additional collateral is required, a request is sent to the borrower. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of (i) a decline in the value of the collateral provided for the loaned securities, (ii) a decline in the value of any investments made with cash collateral or (iii) an increase in the value of the loaned securities if the borrower does not increase the collateral accordingly and the borrower fails to return the securities. These events could also trigger adverse tax consequences for the Funds.

Under the Funds' Securities Lending Agency Agreement, the securities lending agent will generally bear the risk that a borrower may default on its obligation to return loaned securities. The Bank of New York Mellon ("BNY") acts as the Funds' securities lending agent and is responsible for executing the lending of the portfolio securities to creditworthy borrowers. The Funds, however, will be responsible for the risks associated with the investment of cash collateral. A Fund may lose money on its investment of cash collateral, which may affect its ability to repay the collateral to the borrower without the use of other Fund assets. Each Fund that engages in securities lending receives compensation (net of any rebate and securities lending agent fees) for lending its securities. Compensation can be in the form of fees received from the securities lending agent or dividends or interest earned from the investment of cash collateral. The fees received from the securities lending agent are accrued daily. The dividend and interest earned on the securities

------

**Notes to Financial Statements (Continued)**

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

**December 31, 2025**

loaned is accounted for in the same manner as other dividend and interest income. At December 31, 2025, FPA, FEP, FCA, FJP, FDT, FEM, FGM, FDTS, FEMS, and FEUZ had securities in the securities lending program. During the fiscal year ended December 31, 2025, FPA, FEP, FCA, FJP, FDT, FEM, FGM, FDTS, FEMS, and FEUZ participated in the securities lending program.

In the event of a default by a borrower with respect to any loan, BNY will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If, despite such efforts by BNY to exercise these remedies, a Fund sustains losses as a result of a borrower's default, BNY will indemnify the Fund by purchasing replacement securities at its own expense, or paying the Fund an amount equal to the market value of the replacement securities, subject to certain limitations which are set forth in detail in the Securities Lending Agency Agreement between the Trust on behalf of the Funds and BNY.

**F. Repurchase Agreements** 

Repurchase agreements involve the purchase of securities subject to the seller's agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement ("MRA"). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The underlying securities for all repurchase agreements are held at the Funds' custodian or designated sub-custodians under tri-party repurchase agreements.

MRAs govern transactions between a Fund and select counterparties. The MRAs contain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral for repurchase agreements.

Repurchase agreements received for lending securities are collateralized by U.S. Treasury securities. The U.S. Treasury securities are held in a joint custody account at BNY on behalf of the Funds participating in the securities lending program. In the event the counterparty defaults on the repurchase agreement, the U.S. Treasury securities can either be maintained as part of a Fund's portfolio or sold for cash. A Fund could suffer a loss to the extent that the proceeds from the sale of the underlying collateral held by the Fund are less than the repurchase price and the Fund's costs associated with the delay and enforcement of the MRA.

While the Funds may invest in repurchase agreements, any repurchase agreements held by the Funds during the fiscal year ended December 31, 2025, were received as collateral for lending securities.

**G. Dividends and Distributions to Shareholders**

Dividends from net investment income of each Fund, if any, are declared and paid quarterly, or as the Board of Trustees may determine from time to time. Distributions of net realized capital gains earned by each Fund, if any, are distributed at least annually. Each Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Distributions from net investment income and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on portfolio securities held by the Funds and have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense and gain/loss in different periods for financial statement and tax purposes, will reverse at some time in the future.

The tax character of distributions paid by each Fund during the fiscal year ended December 31, 2025 were as follows:

&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 | $1068374 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| First Trust Europe AlphaDEX<sup>®</sup> Fund | 11333069 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Latin America AlphaDEX<sup>®</sup> Fund | 524217 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust China AlphaDEX<sup>®</sup> Fund | 1415517 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Japan AlphaDEX<sup>®</sup> Fund | 5438253 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Developed Markets ex-US AlphaDEX<sup>®</sup> Fund | 22560231 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

------

**Notes to Financial Statements (Continued)**

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

**December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | 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 Emerging Markets AlphaDEX<sup>®</sup> Fund | $14715812 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| First Trust Germany AlphaDEX<sup>®</sup> Fund | 463461 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust United Kingdom AlphaDEX<sup>®</sup> Fund | 2146493 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust India NIFTY 50 Equal Weight ETF | 2235722 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Switzerland AlphaDEX<sup>®</sup> Fund | 1197488 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Developed Markets ex-US Small Cap AlphaDEX<sup>®</sup> Fund | 257673 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Emerging Markets Small Cap AlphaDEX<sup>®</sup> Fund | 10850724 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Eurozone AlphaDEX<sup>®</sup> ETF | 2116348 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

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; — |
| 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, 2025, 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 | $240346 | &nbsp;&nbsp; $(13485508)<br>| &nbsp;&nbsp; $2987148 |
| First Trust Europe AlphaDEX<sup>®</sup> Fund | 429580 | &nbsp;&nbsp; (215799543)<br>| &nbsp;&nbsp; 73251579 |
| First Trust Latin America AlphaDEX<sup>®</sup> Fund | 311194 | &nbsp;&nbsp; (44918803)<br>| &nbsp;&nbsp; 3392357 |
| First Trust China AlphaDEX<sup>®</sup> Fund |  | &nbsp;&nbsp; (7888476)<br>| &nbsp;&nbsp; 9991110 |
| First Trust Japan AlphaDEX<sup>®</sup> Fund | 362062 | &nbsp;&nbsp; (53732193)<br>| &nbsp;&nbsp; 41671521 |
| First Trust Developed Markets ex-US AlphaDEX<sup>®</sup> Fund | 3083777 | &nbsp;&nbsp; (231043502)<br>| &nbsp;&nbsp; 119692021 |
| First Trust Emerging Markets AlphaDEX<sup>®</sup> Fund | 625265 | &nbsp;&nbsp; (170089558)<br>| &nbsp;&nbsp; 46202584 |
| First Trust Germany AlphaDEX<sup>®</sup> Fund |  | &nbsp;&nbsp; (31473752)<br>| &nbsp;&nbsp; 10671917 |
| First Trust United Kingdom AlphaDEX<sup>®</sup> Fund | 40060 | &nbsp;&nbsp; (53790958)<br>| &nbsp;&nbsp; 15791008 |
| First Trust India NIFTY 50 Equal Weight ETF | 868042 | &nbsp;&nbsp; — | &nbsp;&nbsp; (32806315)<br>|
| First Trust Switzerland AlphaDEX<sup>®</sup> Fund | 263611 | &nbsp;&nbsp; (22612504)<br>| &nbsp;&nbsp; 4077563 |
| First Trust Developed Markets ex-US Small Cap AlphaDEX<sup>®</sup> Fund | 16439 | &nbsp;&nbsp; (3421264)<br>| &nbsp;&nbsp; 1156483 |
| First Trust Emerging Markets Small Cap AlphaDEX<sup>®</sup> Fund | 835443 | &nbsp;&nbsp; (35419171)<br>| &nbsp;&nbsp; 10042032 |
| First Trust Eurozone AlphaDEX<sup>®</sup> ETF | 31263 | &nbsp;&nbsp; (21531249)<br>| &nbsp;&nbsp; 13912943 |

---

------

**Notes to Financial Statements (Continued)**

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

**December 31, 2025**

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

**H. Income and Other Taxes**

Each Fund intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, each Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of each Fund's taxable income exceeds the distributions from such taxable income for the calendar year.

Certain countries assess a capital gains tax on securities sold in their local markets. This tax is accrued as the securities in these foreign markets appreciate in value and is paid at the time of sale to the extent a capital gain is realized. Taxes accrued on securities in an unrealized appreciation position are included in "Net change in unrealized appreciation (depreciation) on deferred foreign capital gains tax" on the Statements of Operations. The capital gains tax paid on securities sold, if any, is included in "Net realized gain (loss) on foreign capital gains tax" on the Statements of Operations.

**Capital Gains.** India's Finance Act, 2024 ("Finance Act, 2024") was enacted into law on July 23, 2024, and amongst the other provisions, it increased long-term and short-term capital gain rates on sales of Indian securities, effective that date. As per the amended provisions, the long-term capital gains on the sale of listed shares (sold on a recognized stock exchange and where Securities Transaction Tax ("STT") is paid) in excess of INR 0.125 million are taxed at the rate of 12.5% (plus applicable surcharge and cess), increased from 10% (plus applicable surcharge and cess), subject to satisfaction of certain conditions. As a grandfathering measure, the cost of acquisition for the purpose of calculation of long-term capital asset acquired before February 1, 2018 shall be deemed to be the higher of the following: (a) the actual cost of acquisition of such asset; and (b) lower of (i) the fair market value of such asset as on January 31, 2018 and (ii) full value of consideration as received on its transfer/disposal of the equity shares. The highest effective tax rate on long-term capital gains earned by a Fund could be 14.95% in the case of a non-corporate entity and 13.65% in the case of a corporate entity.

In the case of the sale of listed shares (sold on a recognized stock exchange and where STT is paid) held by a Fund for one year or less, the income is classified as short-term capital gains and is taxable at 20% (plus applicable surcharge and cess), increased from 15% (plus applicable surcharge and cess), provided the shares are sold on the stock exchange and subjected to STT. The highest effective tax rate on short-term capital gains earned by a Fund could be 23.92% in the case of a non-corporate entity and 21.84% in the case of a corporate entity.

Short-term capital loss can be set-off against both short-term capital gains and long-term capital gains. However, long-term capital loss can be set-off only against long-term capital gains. The unabsorbed (remaining loss after setting off loss during the year against income of the year) short-term and long-term capital loss can be carried forward for immediately succeeding 8 (eight) assessment years.

**Buy back.** Finance Act, 2024 has amended the provisions for taxation of buyback of shares and provided that the gains arising on buyback of shares will be considered as deemed dividend in the hands of the shareholder and taxed accordingly. (Prior to enactment of Finance Act, 2024, the shareholders were exempt from tax on any income arising on buyback and distribution tax at the rate of 20% plus applicable surcharge and cess was payable by the Indian Company on buyback of shares). Further, the cost of acquisition in relation to buyback of shares shall be considered as capital loss in the hands of shareholder and the capital loss can be set off against the capital gain income.

Where the sale of shares is outside the stock exchange and not subject to STT, the long-term capital gains continue to be taxed at 10% (plus applicable surcharge and cess) and short-term capital gains are taxed at 30% (plus applicable surcharge and cess).

**Dividend income.** The dividend income earned by a Fund from Indian Companies shall be chargeable to tax at the rate of 20% (plus applicable surcharge and cess). The highest effective tax rate on dividend income arising to a Fund could be 23.92% in the case of a non-corporate entity and 21.84% in the case of a corporate entity. Note that a Fund will not obtain relief under the US-India tax treaty as the treaty rate of 25% is higher than the domestic rate. Any excess taxes withheld can be offset against capital gains tax liability during the year or claimed as a refund in the annual tax return.

**Interest income.** Interest Income received from the Indian Investee Company shall be continued to be chargeable to tax at the rate of 20% (plus applicable surcharge and cess).

**Other income.** Any other income (other than capital gain, dividend, interest) earned by a Fund shall be chargeable to tax at the rate of 35% (earlier taxable at the rate of 40%) (plus applicable surcharge and cess).

------

**Notes to Financial Statements (Continued)**

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

**December 31, 2025**

Please note that the above description is based on current provisions of Indian law, and any change or modification made by subsequent legislation, regulation, or administrative or judicial decision could increase the Indian tax liability of a Fund and thus reduce the return to a Fund's shareholders. There can be no assurance that the Indian tax authorities and/or regulators will not take a position contrary to the views expressed herein. If the Indian tax authorities and/or regulators take a position contrary to the views expressed herein, adverse unpredictable consequences may follow.

Each Fund has adopted the FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures. The following Fund paid income taxes in foreign jurisdictions during the fiscal year ended December 31, 2025. Cash paid for income taxes, net of refunds received, were as follows:

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

---

| | |
|:---|:---|
| Income taxes by foreign jurisdiction: | NFTY  |
| India | $3890682 |

---

The Funds are subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. The taxable years ended 2022, 2023, 2024, and 2025 remain open to federal and state audit. As of December 31, 2025, management has evaluated the application of these standards to the Funds and has determined that no provision for income tax is required in the Funds' financial statements for uncertain tax positions.

Each Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. Each Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At December 31, 2025, for federal income tax purposes, each applicable Fund had a capital loss carryforward available that is shown in the following table, to the extent provided by regulations, to offset future capital gains. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to each applicable Fund's shareholders.

&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 | $13485508 |
| First Trust Europe AlphaDEX<sup>®</sup> Fund | 215799543 |
| First Trust Latin America AlphaDEX<sup>®</sup> Fund | 44918803 |
| First Trust China AlphaDEX<sup>®</sup> Fund | 7888476 |
| First Trust Japan AlphaDEX<sup>®</sup> Fund | 53732193 |
| First Trust Developed Markets ex-US AlphaDEX<sup>®</sup> Fund\* | 231043502 |
| First Trust Emerging Markets AlphaDEX<sup>®</sup> Fund | 170089558 |
| First Trust Germany AlphaDEX<sup>®</sup> Fund | 31473752 |
| First Trust United Kingdom AlphaDEX<sup>®</sup> Fund | 53790958 |
| First Trust India NIFTY 50 Equal Weight ETF |  |
| First Trust Switzerland AlphaDEX<sup>®</sup> Fund | 22612504 |
| First Trust Developed Markets ex-US Small Cap AlphaDEX<sup>®</sup> Fund | 3421264 |
| First Trust Emerging Markets Small Cap AlphaDEX<sup>®</sup> Fund | 35419171 |
| First Trust Eurozone AlphaDEX<sup>®</sup> ETF | 21531249 |

---

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

\* $68,891,585 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, 2025, 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 | $2344452 |
| First Trust Europe AlphaDEX<sup>®</sup> Fund | 33050132 |
| First Trust Latin America AlphaDEX<sup>®</sup> Fund | 620932 |

---

------

**Notes to Financial Statements (Continued)**

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

**December 31, 2025**

---

| | |
|:---|:---|
|  | Capital<br> Loss<br> Utilized<br>|
| First Trust China AlphaDEX<sup>®</sup> Fund | $2610144 |
| First Trust Japan AlphaDEX<sup>®</sup> Fund | 5813431 |
| First Trust Developed Markets ex-US AlphaDEX<sup>®</sup> Fund | 87440363 |
| First Trust Emerging Markets AlphaDEX<sup>®</sup> Fund | 36540160 |
| First Trust Germany AlphaDEX<sup>®</sup> Fund | 1060090 |
| First Trust United Kingdom AlphaDEX<sup>®</sup> Fund | 21500 |
| First Trust Switzerland AlphaDEX<sup>®</sup> Fund | 3333750 |
| First Trust Developed Markets ex-US Small Cap AlphaDEX<sup>®</sup> Fund | 1446606 |
| First Trust Emerging Markets Small Cap AlphaDEX<sup>®</sup> Fund | 7665090 |
| First Trust Eurozone AlphaDEX<sup>®</sup> ETF | 1239617 |

---

Certain losses realized during the current fiscal year may be deferred and treated as occurring on the first day of the following fiscal year for federal income tax purposes. For the fiscal year ended December 31, 2025, the Funds had no net late year ordinary or capital losses.

In order to present paid-in capital and accumulated distributable earnings (loss) (which consists of accumulated net investment income (loss), accumulated net realized gain (loss) on investments and net unrealized appreciation (depreciation) on investments) on the Statements of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to paid-in capital, accumulated net investment income (loss) and accumulated net realized gain (loss) on investments. These adjustments are primarily due to the difference between book and tax treatments of income and gains on various investment securities held by the Funds and in-kind transactions. The results of operations and net assets were not affected by these adjustments. For the fiscal year ended December 31, 2025, the adjustments for each Fund were as follows:

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

---

| | | | |
|:---|:---|:---|:---|
|  | Accumulated <br>Net Investment <br>Income (Loss)<br>| Accumulated <br>Net Realized <br>Gain (Loss) <br>on Investments<br>| Paid-In <br>Capital<br>|
| First Trust Asia Pacific ex-Japan AlphaDEX<sup>®</sup> Fund | $143727 | &nbsp;&nbsp; $(314131)<br>| &nbsp;&nbsp; $170404 |
| First Trust Europe AlphaDEX<sup>®</sup> Fund | 1627242 | &nbsp;&nbsp; (1896787)<br>| &nbsp;&nbsp; 269545 |
| First Trust Latin America AlphaDEX<sup>®</sup> Fund | 13257 | &nbsp;&nbsp; 15170 | &nbsp;&nbsp; (28427)<br>|
| First Trust China AlphaDEX<sup>®</sup> Fund | 51865 | &nbsp;&nbsp; (1541694)<br>| &nbsp;&nbsp; 1489829 |
| First Trust Japan AlphaDEX<sup>®</sup> Fund | 917211 | &nbsp;&nbsp; (6185688)<br>| &nbsp;&nbsp; 5268477 |
| First Trust Developed Markets ex-US AlphaDEX<sup>®</sup> Fund | 4873672 | &nbsp;&nbsp; (5674501)<br>| &nbsp;&nbsp; 800829 |
| First Trust Emerging Markets AlphaDEX<sup>®</sup> Fund | (207626)<br>| &nbsp;&nbsp; (957810)<br>| &nbsp;&nbsp; 1165436 |
| First Trust Germany AlphaDEX<sup>®</sup> Fund | 5160 | &nbsp;&nbsp; (1176060)<br>| &nbsp;&nbsp; 1170900 |
| First Trust United Kingdom AlphaDEX<sup>®</sup> Fund | 380109 | &nbsp;&nbsp; (4185687)<br>| &nbsp;&nbsp; 3805578 |
| First Trust India NIFTY 50 Equal Weight ETF | (927230)<br>| &nbsp;&nbsp; (514675)<br>| &nbsp;&nbsp; 1441905 |
| First Trust Switzerland AlphaDEX<sup>®</sup> Fund | 23637 | &nbsp;&nbsp; (10560433)<br>| &nbsp;&nbsp; 10536796 |
| First Trust Developed Markets ex-US Small Cap AlphaDEX<sup>®</sup> Fund | 30410 | &nbsp;&nbsp; (30410)<br>| &nbsp;&nbsp; — |
| First Trust Emerging Markets Small Cap AlphaDEX<sup>®</sup> Fund | 2723263 | &nbsp;&nbsp; (6861075)<br>| &nbsp;&nbsp; 4137812 |
| First Trust Eurozone AlphaDEX<sup>®</sup> ETF | 181763 | &nbsp;&nbsp; (2584996)<br>| &nbsp;&nbsp; 2403233 |

---

As of December 31, 2025, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows:

&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 | $21671869 | &nbsp;&nbsp; $4093700 | &nbsp;&nbsp; $(1106428)<br>| &nbsp;&nbsp; $2987272 |
| First Trust Europe AlphaDEX<sup>®</sup> Fund | 343908213 | &nbsp;&nbsp; 82327442 | &nbsp;&nbsp; (9165374)<br>| &nbsp;&nbsp; 73162068 |
| First Trust Latin America AlphaDEX<sup>®</sup> Fund | 12313807 | &nbsp;&nbsp; 3541267 | &nbsp;&nbsp; (148698)<br>| &nbsp;&nbsp; 3392569 |
| First Trust China AlphaDEX<sup>®</sup> Fund | 56263585 | &nbsp;&nbsp; 12617418 | &nbsp;&nbsp; (2626677)<br>| &nbsp;&nbsp; 9990741 |

---

------

**Notes to Financial Statements (Continued)**

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

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Tax Cost | Gross <br> Unrealized<br> Appreciation<br>| Gross <br> Unrealized<br> (Depreciation)<br>| Net Unrealized<br> Appreciation<br> (Depreciation)<br>|
| First Trust Japan AlphaDEX<sup>®</sup> Fund | $186298379 | &nbsp;&nbsp; $47680004 | &nbsp;&nbsp; $(6007608)<br>| &nbsp;&nbsp; $41672396 |
| First Trust Developed Markets ex-US AlphaDEX<sup>®</sup> Fund | 708094374 | &nbsp;&nbsp; 138440823 | &nbsp;&nbsp; (18807329)<br>| &nbsp;&nbsp; 119633494 |
| First Trust Emerging Markets AlphaDEX<sup>®</sup> Fund | 455393477 | &nbsp;&nbsp; 83707653 | &nbsp;&nbsp; (37564696)<br>| &nbsp;&nbsp; 46142957 |
| First Trust Germany AlphaDEX<sup>®</sup> Fund | 77491609 | &nbsp;&nbsp; 14138806 | &nbsp;&nbsp; (3471934)<br>| &nbsp;&nbsp; 10666872 |
| First Trust United Kingdom AlphaDEX<sup>®</sup> Fund | 70464971 | &nbsp;&nbsp; 19578137 | &nbsp;&nbsp; (3790345)<br>| &nbsp;&nbsp; 15787792 |
| First Trust India NIFTY 50 Equal Weight ETF | 142664834 | &nbsp;&nbsp; 45213360 | &nbsp;&nbsp; (7818660)<br>| &nbsp;&nbsp; 37394700 |
| First Trust Switzerland AlphaDEX<sup>®</sup> Fund | 38608004 | &nbsp;&nbsp; 6549800 | &nbsp;&nbsp; (2695092)<br>| &nbsp;&nbsp; 3854708 |
| First Trust Developed Markets ex-US Small Cap <br> AlphaDEX<sup>®</sup> Fund<br>| 7905533 | &nbsp;&nbsp; 1565524 | &nbsp;&nbsp; (409062)<br>| &nbsp;&nbsp; 1156462 |
| First Trust Emerging Markets Small Cap AlphaDEX<sup>®</sup> <br> Fund<br>| 243612497 | &nbsp;&nbsp; 34575627 | &nbsp;&nbsp; (24549312)<br>| &nbsp;&nbsp; 10026315 |
| First Trust Eurozone AlphaDEX<sup>®</sup> ETF | 80589399 | &nbsp;&nbsp; 15979786 | &nbsp;&nbsp; (2074609)<br>| &nbsp;&nbsp; 13905177 |

---

**I. Expenses**

Expenses that are directly related to the Funds are charged to First Trust pursuant to the Investment Management Agreement, with the exception of the advisory fees, Rule 12b-1 distribution and service fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, and extraordinary expenses, which are paid by each respective Fund.

First Trust Portfolios L.P. ("FTP") has entered into licensing agreements with Nasdaq ("Licensor") for all the Funds except NFTY and with NSE Indices Limited ("NSE") for NFTY (Nasdaq and NSE collectively, the "Licensors"). The respective license agreements allow for the use by First Trust of each Fund's respective index and of certain trademarks and trade names of the Licensors. The Funds are sub-licensees to the applicable license agreements.

**J. Segment Reporting**

An operating segment is defined in FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of each Fund. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements**

First Trust, the investment advisor to the Funds, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust is responsible for the selection and ongoing monitoring of the securities in each Fund's portfolio, managing the Funds' business affairs and providing certain administrative services necessary for the management of the Funds.

First Trust is paid an annual unitary management fee for each Fund. First Trust is responsible for the expenses of each Fund including the cost of transfer agency, custody, fund administration, licensing fees, legal, audit and other services, but excluding fee payments under the Investment Management Agreement, interest, taxes, brokerage commissions and other expenses associated with the execution of portfolio transactions, acquired fund fees and expenses, distribution and service fees pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses, which are paid by each respective Fund. The annual unitary management fee payable by each Fund to First Trust for these services will be reduced at certain levels of each Fund's net assets ("breakpoints") and calculated pursuant to the following schedule:

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

------

**Notes to Financial Statements (Continued)**

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

**December 31, 2025**

---

| | |
|:---|:---|
| 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>|

---

During the fiscal year ended December 31, 2025, FSZ received a payment from the Advisor in the amount of $2,079 in connection with a trade error.

The Trust has multiple service agreements with BNY. Under the service agreements, BNY performs custodial, fund accounting, certain administrative services, and transfer agency services for each Fund. As custodian, BNY is responsible for custody of each Fund's assets. As fund accountant and administrator, BNY is responsible for maintaining the books and records of each Fund's securities and cash. As transfer agent, BNY is responsible for maintaining shareholder records for each Fund. BNY is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.

Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates ("Independent Trustees") is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a target outcome fund or an index fund.

Additionally, the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation, Risk and Regulatory Oversight Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation allocated pro rata among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The officers and "Interested" Trustee receive no compensation from the Trust for acting in such capacities.

**4. Purchases and Sales of Securities** 

For the fiscal year ended December 31, 2025, the cost of purchases and proceeds from sales of investments for each Fund, excluding short-term investments and in-kind transactions, were as follows:

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

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| First Trust Asia Pacific ex-Japan AlphaDEX<sup>®</sup> Fund | $22963830 | &nbsp;&nbsp; $19924909 |
| First Trust Europe AlphaDEX<sup>®</sup> Fund | 259617407 | &nbsp;&nbsp; 258964743 |
| First Trust Latin America AlphaDEX<sup>®</sup> Fund | 13500670 | &nbsp;&nbsp; 14953628 |
| First Trust China AlphaDEX<sup>®</sup> Fund | 64716565 | &nbsp;&nbsp; 48114807 |
| First Trust Japan AlphaDEX<sup>®</sup> Fund | 165048130 | &nbsp;&nbsp; 167886696 |
| First Trust Developed Markets ex-US AlphaDEX<sup>®</sup> Fund | 627668212 | &nbsp;&nbsp; 597726461 |
| First Trust Emerging Markets AlphaDEX<sup>®</sup> Fund | 469654888 | &nbsp;&nbsp; 468684513 |
| First Trust Germany AlphaDEX<sup>®</sup> Fund | 29738176 | &nbsp;&nbsp; 29404904 |
| First Trust United Kingdom AlphaDEX<sup>®</sup> Fund | 43328725 | &nbsp;&nbsp; 43601308 |
| First Trust India NIFTY 50 Equal Weight ETF | 47818949 | &nbsp;&nbsp; 156169505 |
| First Trust Switzerland AlphaDEX<sup>®</sup> Fund | 50865599 | &nbsp;&nbsp; 52467781 |
| First Trust Developed Markets ex-US Small Cap AlphaDEX<sup>®</sup> Fund | 8772312 | &nbsp;&nbsp; 8813663 |
| First Trust Emerging Markets Small Cap AlphaDEX<sup>®</sup> Fund | 295454823 | &nbsp;&nbsp; 319715830 |
| First Trust Eurozone AlphaDEX<sup>®</sup> ETF | 52710545 | &nbsp;&nbsp; 52700849 |

---

For the fiscal year ended December 31, 2025, the cost of in-kind purchases and proceeds from in-kind sales for each Fund were as follows:

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

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| First Trust Asia Pacific ex-Japan AlphaDEX<sup>®</sup> Fund | $3014052 | &nbsp;&nbsp; $1250449 |
| First Trust Europe AlphaDEX<sup>®</sup> Fund | 119997356 | &nbsp;&nbsp; 1893427 |
| First Trust Latin America AlphaDEX<sup>®</sup> Fund | 1087774 | &nbsp;&nbsp; 1916570 |
| First Trust China AlphaDEX<sup>®</sup> Fund |  | &nbsp;&nbsp; 17511453 |

---

------

**Notes to Financial Statements (Continued)**

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

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| First Trust Japan AlphaDEX<sup>®</sup> Fund | $15132607 | &nbsp;&nbsp; $44176128 |
| First Trust Developed Markets ex-US AlphaDEX<sup>®</sup> Fund | 168311528 | &nbsp;&nbsp; 9703477 |
| First Trust Emerging Markets AlphaDEX<sup>®</sup> Fund | 4002958 | &nbsp;&nbsp; 19058012 |
| First Trust Germany AlphaDEX<sup>®</sup> Fund | 68021313 | &nbsp;&nbsp; 4963647 |
| First Trust United Kingdom AlphaDEX<sup>®</sup> Fund | 23430645 | &nbsp;&nbsp; 20397303 |
| First Trust India NIFTY 50 Equal Weight ETF |  | &nbsp;&nbsp; — |
| First Trust Switzerland AlphaDEX<sup>®</sup> Fund | 11259723 | &nbsp;&nbsp; 57106103 |
| First Trust Developed Markets ex-US Small Cap AlphaDEX<sup>®</sup> Fund |  | &nbsp;&nbsp; — |
| First Trust Emerging Markets Small Cap AlphaDEX<sup>®</sup> Fund | 4824497 | &nbsp;&nbsp; 52960158 |
| First Trust Eurozone AlphaDEX<sup>®</sup> ETF | 69435971 | &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 provision of investor services. FTP may also use this amount to compensate securities dealers or other persons that are Authorized Participants for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services.

No 12b-1 fees are currently paid by the Funds, and pursuant to a contractual arrangement, no 12b-1 fees will be paid any time before April 30, 2027.

------

**Notes to Financial Statements (Continued)**

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

**December 31, 2025**

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

**7. Indemnification**

The Trust, on behalf of the Funds, has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

**8. Subsequent Events**

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements that have not already been disclosed.

------

**Report of Independent Registered Public Accounting Firm**

**To the Shareholders and the Board of Trustees of First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund II:**

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of First Trust Asia Pacific ex-Japan AlphaDEX<sup>®</sup> Fund, First Trust Europe AlphaDEX<sup>®</sup> Fund, First Trust Latin America AlphaDEX<sup>®</sup> Fund, First Trust China AlphaDEX<sup>®</sup> Fund, First Trust Japan AlphaDEX<sup>®</sup> Fund, First Trust Developed Markets ex-US AlphaDEX<sup>®</sup> Fund, First Trust Emerging Markets AlphaDEX<sup>®</sup> Fund, First Trust Germany AlphaDEX<sup>®</sup> Fund, First Trust United Kingdom AlphaDEX<sup>®</sup> Fund, First Trust India NIFTY 50 Equal Weight ETF, First Trust Switzerland AlphaDEX<sup>®</sup> Fund, First Trust Developed Markets ex-US Small Cap AlphaDEX<sup>®</sup> Fund, First Trust Emerging Markets Small Cap AlphaDEX<sup>®</sup> Fund, and First Trust Eurozone AlphaDEX<sup>®</sup> ETF (the "Funds"), each a series of First Trust Exchange-Traded AlphaDEX<sup>®</sup> Fund II, including the portfolios of investments, as of December 31, 2025, the related statements of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche, LLP

Chicago, Illinois

February 25, 2026

We have served as the auditor of one or more First Trust investment companies since 2001.

------

**Other Information**

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

**December 31, 2025 (Unaudited)**

**Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)**

There were no changes in or disagreements with the Funds' accountants during the fiscal year ended December 31, 2025.

**Proxy Disclosures (Item 9 of Form N-CSR)**

At a special meeting of shareholders of First Trust Exchange-Traded AlphaDEX<sup>®</sup> Fund II (the "Trust") that was held on August 12, 2025 (the "Special Meeting"), shareholders of record as of June 9, 2025 (the "Record Date") approved a proposal (the "Proposal") to elect or re-elect, as applicable, each of the eight nominees listed below to the Board of Trustees of the Trust (the "Board"). Shareholders of each series of the Trust that had publicly offered shares as of the Record Date (each, a "fund") voted together with shareholders of the other funds on the Proposal, and the results are set forth below. There were no broker non-votes.

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

---

| | |
|:---|:---|
| James A. Bowen\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38976859 <br>237703<br>|
| Thomas J. Driscoll\*\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38985927 <br>228635<br>|
| Richard E. Erickson\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38919842 <br>294720<br>|
| Thomas R. Kadlec\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38922790 <br>291772<br>|
| Denise M. Keefe\*\*\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38970840 <br>243722<br>|
| Robert F. Keith\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38925157 <br>289405<br>|
| Niel B. Nielson\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38926741 <br>287821<br>|
| Bronwyn Wright\*\*\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23785561 <br>15429001<br>|

---

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

\* This nominee was re-elected to the Board at the Special Meeting.

\*\* This nominee was elected to the Board as a new Trustee at the Special Meeting.

\*\*\* This nominee was elected to the Board at the Special Meeting and had previously been appointed to the Board.

**Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)**

Independent Trustees of each Fund are compensated through the unitary management fee paid by each Fund to the advisor and not directly by each Fund. The investment advisory fee paid is included in the Statements of Operations.

**Statement Regarding the Basis for the Board's Approval of Investment Advisory Contract (Item 11 of Form N-CSR)**

Not applicable for the most recent fiscal half year.

**Remuneration Disclosure Under the Alternative Investment Fund Managers Directive**

First Trust Advisors L.P. ("First Trust") is authorised and regulated by the U.S. Securities and Exchange Commission and is entitled to market shares of certain First Trust Exchange-Traded AlphaDEX<sup>®</sup> Fund II funds it manages (the "Funds") in certain member states in the European Economic Area in accordance with the cooperation arrangements in Article 42 of the Alternative Investment Fund

------

**Other Information (Continued)**

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

**December 31, 2025 (Unaudited)**

Managers Directive (the "Directive"). First Trust is required under the Directive to make disclosures in respect of remuneration. The following disclosures are made in line with First Trust's interpretation of currently available regulatory guidance on remuneration disclosures.

During the year ended December 31, 2025, the amount of remuneration paid (or to be paid) by First Trust Advisors L.P. in respect of the Funds is $1,016,919. This figure is comprised of $28,929 paid (or to be paid) in fixed compensation and $987,990 paid (or to be paid) in variable compensation. There were a total of 23 beneficiaries of the remuneration described above. Those amounts include $522,977 paid (or to be paid) to senior management of First Trust Advisors L.P. and $493,942 paid (or to be paid) to other employees whose professional activities have a material impact on the risk profiles of First Trust Advisors L.P. or the Funds (collectively, "Code Staff").

Code Staff included in the aggregated figures disclosed above are rewarded in line with First Trust's remuneration policy (the "Remuneration Policy") which is determined and implemented by First Trust's senior management. The Remuneration Policy reflects First Trust's ethos of good governance and encapsulates the following principal objectives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. to provide a clear link between remuneration and performance of First Trust and to avoid rewarding for failure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. to promote sound and effective risk management consistent with the risk profiles of the funds managed by First Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. to remunerate staff in line with the business strategy, objectives, values and interests of First Trust and the funds managed by First Trust in a manner that avoids conflicts of interest.

First Trust assesses various risk factors which it is exposed to when considering and implementing remuneration for Code Staff and considers whether any potential award to such person(s) would give rise to a conflict of interest. First Trust does not reward failure, or consider the taking of risk or failure to take risk in its remuneration of Code Staff.

First Trust assesses performance for the purposes of determining payments in respect of performance-related remuneration of Code Staff by reference to a broad range of measures including (i) individual performance (using financial and non-financial criteria), and (ii) the overall performance of First Trust. Remuneration is not based upon the performance of the Funds.

The elements of remuneration are balanced between fixed and variable and the senior management sets fixed salaries at a level sufficient to ensure that variable remuneration incentivises and rewards strong individual performance but does not encourage excessive risk taking.

No individual is involved in setting his or her own remuneration.

**Federal Tax Information**

For the taxable year ended December 31, 2025, none of the income dividends paid by the Funds qualify for the dividends received deduction available to corporations.

For the taxable year ended December 31, 2025, the following percentages of income dividends paid by the Funds are hereby designated as qualified dividend income:

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

---

| | |
|:---|:---|
|  | Qualified Dividend <br>Income<br>|
| First Trust Asia Pacific ex-Japan AlphaDEX<sup>®</sup> Fund | 22.63<br> %<br>|
| First Trust Europe AlphaDEX<sup>®</sup> Fund | 75.17<br> %<br>|
| First Trust Latin America AlphaDEX<sup>®</sup> Fund | 13.76<br> %<br>|
| First Trust China AlphaDEX<sup>®</sup> Fund | 65.21<br> %<br>|
| First Trust Japan AlphaDEX<sup>®</sup> Fund | 57.48<br> %<br>|
| First Trust Developed Markets ex-US AlphaDEX<sup>®</sup> Fund | 45.21<br> %<br>|
| First Trust Emerging Markets AlphaDEX<sup>®</sup> Fund | 64.64<br> %<br>|
| First Trust Germany AlphaDEX<sup>®</sup> Fund | 86.69<br> %<br>|
| First Trust United Kingdom AlphaDEX<sup>®</sup> Fund | 100.00<br> %<br>|
| First Trust India NIFTY 50 Equal Weight ETF | 71.49<br> %<br>|
| First Trust Switzerland AlphaDEX<sup>®</sup> Fund | 100.00<br> %<br>|

---

------

**Other Information (Continued)**

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

**December 31, 2025 (Unaudited)**

---

| | |
|:---|:---|
|  | Qualified Dividend<br> Income<br>|
| First Trust Developed Markets ex-US Small Cap <br> AlphaDEX<sup>®</sup> Fund<br>| 75.94<br> %<br>|
| First Trust Emerging Markets Small Cap AlphaDEX<sup>®</sup> Fund | 38.60<br> %<br>|
| First Trust Eurozone AlphaDEX<sup>®</sup> ETF | 78.16<br> %<br>|

---

For the tax year ended December 31, 2025, the First Trust India NIFTY 50 Equal Weight ETF designated $1,441,905, or amounts necessary, as long-term capital gain. During the tax year, Fund shareholders redeemed amounts in excess of long-term capital gain and of these proceeds, $1,441,905, or amounts necessary, represents long-term capital gain from the Fund.

The following Funds meet the requirements of Section 853 of the Internal Revenue Code of 1986, as amended, and elect to pass through to their shareholders credit for foreign taxes paid. For the taxable year ended December 31, 2025, the total amounts of income received by the Funds from sources within foreign countries and possessions of the United States and of taxes paid to such countries are as follows:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Gross Foreign Income | Gross Foreign Income | Foreign Taxes Paid | Foreign Taxes Paid |
|  | Amount | Per Share | Amount | Per Share |
| First Trust Asia Pacific ex-Japan AlphaDEX<sup>®</sup> Fund | $621969 | &nbsp;&nbsp;&nbsp; $0.96 | &nbsp;&nbsp;&nbsp; $29436 | &nbsp;&nbsp;&nbsp; $0.05 |
| First Trust Europe AlphaDEX<sup>®</sup> Fund | 9271588 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp; 34831 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> \*<br>|
| First Trust Latin America AlphaDEX<sup>®</sup> Fund | 842152 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp; 29494 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| First Trust China AlphaDEX<sup>®</sup> Fund | 1524020 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp; 100862 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| First Trust Japan AlphaDEX<sup>®</sup> Fund | 3803622 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp; 380141 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| First Trust Developed Markets ex-US AlphaDEX<sup>®</sup> Fund | 15554641 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp; 1099682 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| First Trust Emerging Markets AlphaDEX<sup>®</sup> Fund | 18888179 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp; 1705971 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| First Trust Germany AlphaDEX<sup>®</sup> Fund | 886467 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp; 74645 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| First Trust United Kingdom AlphaDEX<sup>®</sup> Fund | 2433659 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp; 14159 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| First Trust India NIFTY 50 Equal Weight ETF | 5105777 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp; 3890682 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 |
| First Trust Switzerland AlphaDEX<sup>®</sup> Fund | 1870150 | &nbsp;&nbsp;&nbsp;&nbsp;3.40 | &nbsp;&nbsp;&nbsp; 235084 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| First Trust Developed Markets ex-US Small Cap AlphaDEX<sup>®</sup> <br> Fund<br>| 290611 | &nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp; 30265 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| First Trust Emerging Markets Small Cap AlphaDEX<sup>®</sup> Fund | 13085358 | &nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp; 1057845 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| First Trust Eurozone AlphaDEX<sup>®</sup> ETF | 2038080 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp; 154173 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| \* Amount is less than $0.01. |  |  |  |  |

---

**Disclaimers**

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> 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 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 N-CSR.

**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) [Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.](ethics.htm)

(a)(2) Not applicable to the Registrant.

(a)(3) [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)(4) Not applicable to the Registrant.

(a)(5) 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>March 9, 2026</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>March 9, 2026</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>March 9, 2026</u>

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

------

## Ex-99.Code

#### SENIOR FINANCIAL OFFICER<br> CODE OF CONDUCT
I. Introduction

This code of conduct is being adopted by the investment companies advised by First Trust Advisors L.P., from time to time, (the "FUNDS"). The reputation and integrity of the Funds are valuable assets that are vital to the Funds' success. Each officer of the Funds, and officers and employees of the investment adviser to the Funds who work on Fund matters, including each of the Funds' senior financial officers ("SFOS"), is responsible for conducting each Fund's business in a manner that demonstrates a commitment to the highest standards of integrity. SFOs include the Principal Executive Officer (who is the President), the Controller (who is the principal accounting officer), and the Treasurer (who is the principal financial officer), and any person who performs a similar function.

The Funds, First Trust Advisors L.P. and First Trust Portfolios have adopted Codes of Ethics under Rule 17j-1 under the Investment Company Act of 1940 (the "RULE 17J-1 CODE"). These Codes of Ethics are designed to prevent certain conflicts of interest that may arise when officers, employees, or directors of the Funds and the foregoing entities know about present or future Fund transactions and/or have the power to influence those transactions, and engage in transactions with respect to those same securities in their personal account(s) or otherwise take advantage of their position and knowledge with respect to those securities. In an effort to prevent these conflicts and in accordance with Rule 17j-1, the Funds adopted their Rule 17j-1 Code to prohibit transactions and conduct that create conflicts of interest, and to establish compliance procedures.

The Sarbanes-Oxley Act of 2002 was designed to address corporate malfeasance and to help assure investors that the companies in which they invest are accurately and completely disclosing financial information. Under Section 406 of the Act, all public companies (including the Funds) must either have a code of ethics for their SFOs, or disclose why they do not. The Act was intended to prevent future situations (such as occurred in well-reported situations involving such companies as Enron and WorldCom) where a company creates an environment in which employees are afraid to express their opinions or to question unethical and potentially illegal business practices.

The Funds have chosen to adopt a senior financial officer Code of Conduct to encourage their SFOs, and other Fund officers and employees of First Trust Advisors or First Trust Portfolios to act ethically and to question potentially unethical or illegal practices, and to strive to ensure that the Funds' financial disclosures are complete, accurate, and understandable.

II. Purposes of This Code of Conduct

The purposes of this Code are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. To promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. To promote full, fair, accurate, timely, and understandable disclosure in reports and documents that the Funds file with, or submits to, the SEC and in other public communications the Funds make;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. To promote compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. To encourage the prompt internal reporting to an appropriate person of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. To establish accountability for adherence to the Code.

III. Questions About This Code

The Funds' Boards of Trustees have designated W. Scott Jardine or other appropriate officer designated by the President of the respective Funds to be the Compliance Coordinator for the implementation and administration of the Code.

IV. Handling of Financial Information

The Funds have adopted guidelines under which its SFOs perform their duties. However, the Funds expect that all officers or employees of the adviser or distributor who participate in the preparation of any part of any Fund's financial statements follow these guidelines with respect to each Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Act with honesty and integrity and avoid violations of this Code, including actual or apparent conflicts of interest with the Fund in personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Disclose to the Fund's Compliance Coordinator any material transaction or relationship that reasonably could be expected to give rise to any violations of the Code, including actual or apparent conflicts of interest with the Fund. You should disclose these transactions or relationships whether you are involved or have only observed the transaction or relationship. If it is not possible to disclose the matter to the Compliance Coordinator, it should be disclosed to the Fund's Principal Financial Officer or Principal Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Provide information to the Fund's other officers and appropriate employees of service providers (adviser, administrator, outside auditor, outside counsel, custodian, etc.) that is accurate, complete, objective, relevant, timely, and understandable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Endeavor to ensure full, fair, timely, accurate, and understandable disclosure in the Fund's periodic reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Comply with the federal securities laws and other applicable laws and rules, such as the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Act in good faith, responsibly, and with due care, competence and diligence, without misrepresenting material facts or allowing your independent judgment to be subordinated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Respect the confidentiality of information acquired in the course of your work except when you have Fund approval to disclose it or where disclosure is otherwise legally mandated. You may not use confidential information acquired in the course of your work for personal advantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Share and maintain skills important and relevant to the Fund's needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Proactively promote ethical behavior among peers in your work environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Responsibly use and control all assets and resources employed or entrusted to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. Record or participate in the recording of entries in the Fund's books and records that are accurate to the best of your knowledge.

V. Waivers of This Code

SFOs and other parties subject to this Code may request a waiver of a provision of this Code (or certain provisions of the Fund's Rule 17j-1 Code) by submitting their request in writing to the Compliance Coordinator for appropriate review. An executive officer of the Fund or the Audit Committee will decide whether to grant a waiver. All waivers of this Code must be disclosed to the Fund's shareholders to the extent required by SEC rules. A good faith interpretation of the provisions of this Code, however, shall not constitute a waiver.

VI. Annual Certification

Each SFO will be asked to certify on an annual basis that he/she is in full compliance with the Code and any related policy statements.

VII. Reporting Suspected Violations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. SFOs or other officers of the Funds or employees of the First Trust group who work on Fund matters who observe, learn of, or, in good faith, suspect a violation of the Code MUST immediately report the violation to the Compliance Coordinator, another member of the Funds' or First Trust's senior management, or to the Audit Committee of the Fund Board. An example of a possible Code violation is the preparation and filing of financial disclosure that omits material facts, or that is accurate but is written in a way that obscures its meaning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Because service providers such as an administrator, outside accounting firm, and custodian provide much of the work relating to the Funds' financial statements, you should be alert for actions by service providers that may be illegal, or that could be viewed as dishonest or unethical conduct. You should report these actions to the Compliance Coordinator even if you know, or think, that the service provider has its own code of ethics for its SFOs or employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. SFOs or other officers or employees who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated confidentially to the extent possible.

VIII. Violations of The Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Dishonest, unethical or illegal conduct will constitute a violation of this Code, regardless of whether this Code specifically refers to that particular conduct. A violation of this Code may result in disciplinary action, up to and including termination of employment. A variety of laws apply to the Funds and their operations, including the Securities Act of 1933, the Investment Company Act of 1940, state laws relating to duties owed by Fund directors and officers, and criminal laws. The federal securities laws generally prohibit the Funds from making material misstatements in its prospectus and other documents filed with the SEC, or from omitting to state a material fact. These material misstatements and omissions include financial statements that are misleading or omit materials facts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Examples of criminal violations of the law include stealing, embezzling, misapplying corporate or bank funds, making a payment for an expressed purpose on a Fund's behalf to an individual who intends to use it for a different purpose; or making payments, whether corporate or personal, of cash or other items of value that are intended to influence the judgment or actions of political candidates, government officials or businesses in connection with any of the Funds' activities. The Funds must and will report all suspected criminal violations to the appropriate authorities for possible prosecution, and will investigate, address and report, as appropriate, non-criminal violations.

Amended: June 1, 2009

## 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: | March 9, 2026 | &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: | March 9, 2026 | &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: | March 9, 2026 | &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: | March 9, 2026 | &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) |

---