# EDGAR Filing Document

**Accession Number:** 0001383496
**File Stem:** 0001445546-25-006613
**Filing Date:** 2025-10
**Character Count:** 899093
**Document Hash:** b7cc50b2a42b3becebaaf06eef162bc6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001445546-25-006613.hdr.sgml**: 20251007

**ACCESSION NUMBER**: 0001445546-25-006613

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 62

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20251007

**DATE AS OF CHANGE**: 20251007

**EFFECTIVENESS DATE**: 20251007

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRST TRUST EXCHANGE-TRADED ALPHADEX FUND
- **CENTRAL INDEX KEY:** 0001383496

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22019
- **FILM NUMBER:** 251378717

**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 Large Cap Core AlphaDEX Fund (Series ID: S000017337)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000047995 | First Trust Large Cap Core AlphaDEX Fund | FEX             |

### First Trust Mid Cap Core AlphaDEX Fund (Series ID: S000017338)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000047996 | First Trust Mid Cap Core AlphaDEX Fund | FNX             |

### First Trust Small Cap Core AlphaDEX Fund (Series ID: S000017339)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000047997 | First Trust Small Cap Core AlphaDEX Fund | FYX             |

### First Trust Large Cap Value AlphaDEX Fund (Series ID: S000017340)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000047998 | First Trust Large Cap Value AlphaDEX Fund | FTA             |

### First Trust Large Cap Growth AlphaDEX Fund (Series ID: S000017341)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000047999 | First Trust Large Cap Growth AlphaDEX Fund | FTC             |

### First Trust Multi Cap Value AlphaDEX Fund (Series ID: S000017342)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000048000 | First Trust Multi Cap Value AlphaDEX Fund | FAB             |

### First Trust Multi Cap Growth AlphaDEX Fund (Series ID: S000017343)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000048001 | First Trust Multi Cap Growth AlphaDEX Fund | FAD             |

### First Trust Consumer Discretionary AlphaDEX Fund (Series ID: S000017696)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000048896 | First Trust Consumer Discretionary AlphaDEX Fund | FXD             |

### First Trust Consumer Staples AlphaDEX Fund (Series ID: S000017697)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000048897 | First Trust Consumer Staples AlphaDEX Fund | FXG             |

### First Trust Energy AlphaDEX Fund (Series ID: S000017698)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000048898 | First Trust Energy AlphaDEX Fund | FXN             |

### First Trust Financials AlphaDEX Fund (Series ID: S000017699)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000048899 | First Trust Financials AlphaDEX Fund | FXO             |

### First Trust Health Care AlphaDEX Fund (Series ID: S000017700)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000048900 | First Trust Health Care AlphaDEX Fund | FXH             |

### First Trust Industrials/Producer Durables AlphaDEX Fund (Series ID: S000017701)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000048901 | First Trust Industrials/Producer Durables AlphaDEX Fund | FXR             |

### First Trust Materials AlphaDEX Fund (Series ID: S000017702)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000048902 | First Trust Materials AlphaDEX Fund | FXZ             |

### First Trust Technology AlphaDEX Fund (Series ID: S000017703)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000048903 | First Trust Technology AlphaDEX Fund | FXL             |

### First Trust Utilities AlphaDEX Fund (Series ID: S000017704)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000048904 | First Trust Utilities AlphaDEX Fund | FXU             |

### First Trust Mid Cap Growth AlphaDEX Fund (Series ID: S000031804)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000099059 | First Trust Mid Cap Growth AlphaDEX Fund | FNY             |

### First Trust Mid Cap Value AlphaDEX Fund (Series ID: S000031805)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000099060 | First Trust Mid Cap Value AlphaDEX Fund | FNK             |

### First Trust Small Cap Growth AlphaDEX Fund (Series ID: S000031806)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000099061 | First Trust Small Cap Growth AlphaDEX Fund | FYC             |

### First Trust Small Cap Value AlphaDEX Fund (Series ID: S000031807)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000099062 | First Trust Small Cap Value AlphaDEX Fund | FYT             |

?xml version='1.0' encoding='ASCII'? 8ddfaba622d0e29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

------

#### FORM N-CSR

------

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

811-22019

First Trust Exchange-Traded AlphaDEX® Fund

(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:

July 31

Date of reporting period:

July 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_28895.jpg)

### First Trust Consumer Discretionary AlphaDEX<sup>®</sup> Fund

#### FXD \| NYSE ARCA, INC.

#### ANNUAL SHAREHOLDER REPORT \| July 31, 2025
This annual shareholder report contains important information about the First Trust Consumer Discretionary AlphaDEX<sup>®</sup> Fund (the "Fund") for the year of August 1, 2024 to July 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FXD. 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 Consumer Discretionary AlphaDEX<sup>®</sup> Fund | $62 | 0.60% |

---

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 7.69% during the 12 months ended July 31, 2025. The Fund underperformed its benchmark, the S&P 500<sup>®</sup> Consumer Discretionary Index, which returned 19.54% for the same Period.

During the Period, investments in the Hotels, Restaurants & Leisure industry received the greatest allocation of any industry with an average weight of 17.8% and a contribution of 3.3% to the Fund's overall return. With an average weight of 8.1%, investments in the Entertainment industry contributed 4.6% to the Fund's overall return, which was the greatest return contribution of any industry. With an average weight of 8.0%, investments in the Textiles, Apparel & Luxury Goods industry contributed -0.9% to the Fund's overall return, which was the most negative return contribution of any industry.

#### FUND PERFORMANCE (July 31, 2015 to July 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_10478653.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of July 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Consumer Discretionary AlphaDEX<sup>®</sup> Fund | 7.69% | 11.13% | 6.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;StrataQuant<sup>®</sup> Consumer Discretionary Index | 8.26% | 11.80% | 7.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 16.54% | 15.49% | 13.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Consumer Discretionary Index | 19.54% | 10.32% | 12.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Consumer Discretionary Index | 22.68% | 11.78% | 12.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 15.68% | 15.19% | 13.02% |

---

 **Visit www.ftportfolios.com/etf/FXD 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 July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$319912691 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;123 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$5636999 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;68% |

---

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

 **Top Ten Holdings**

---

| | |
|:---|:---|
| ROBLOX Corp., Class A | 1.9% |
| Gentex Corp. | 1.7% |
| Carvana Co. | 1.6% |
| Dillard's, Inc., Class A | 1.6% |
| D.R. Horton, Inc. | 1.6% |
| Viking Holdings Ltd. | 1.6% |
| General Motors Co. | 1.5% |
| Macy's, Inc. | 1.5% |
| PulteGroup, Inc. | 1.5% |
| PVH Corp. | 1.5% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10478663.jpg)

Any amount shown as 0.0% represents less than 0.1%.

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

#### OTHER INFORMATION
Source ICE Data Indices, LLC ("ICE Data"), is used with permission. "StrataQuant<sup>®</sup>" is a service/trade mark of ICE Data or its affiliates. Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indices. Russell<sup>®</sup>, Russell 1000<sup>®</sup> and Russell 3000<sup>®</sup> are all registered trademarks of Frank Russell Company. Russell 1000<sup>®</sup> and Russell 3000<sup>®</sup> are being utilized in the indices under license. These trademarks have been licensed along with the StrataQuant<sup>®</sup> Consumer Discretionary Index ("Index") for use by First Trust Portfolios L.P. ("FTP") in connection with the First Trust Consumer Discretionary AlphaDEX<sup>®</sup> Fund ("FXD"). Neither FTP, the Trust, nor FXD is sponsored, endorsed, sold or promoted by ICE Data, its affiliates or its Third Party Suppliers including without limitation Frank Russell Company ("ICE Data and its Suppliers"). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in FXD particularly, the Trust or the ability of the Index to track general stock market performance. ICE Data's only relationship to FTP is the licensing of certain trademarks, trade names and the Index or components thereof. The Index is determined, composed and calculated by ICE Data without regard to FTP or FXD or its holders. ICE Data has no obligation to take the needs of FTP or the holders of FXD into consideration in determining, composing or calculating the Index. ICE Data is not responsible for and has not participated in the determination of the timing of, prices of, or quantities of FXD to be issued or in the determination or calculation of the equation by which FXD is to be priced, sold, purchased, or redeemed. Except for certain custom index calculation services, all information provided by ICE Data is general in nature and not tailored to the needs of FTP or any other person, entity or group of persons. ICE Data has no obligation or liability in connection with the administration, marketing, or trading of FXD. ICE Data is not an investment advisor. Inclusion of a security within an index is not a recommendation by ICE Data to buy, sell, or hold such security, nor is it considered to be investment advice.

ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM ("INDEX DATA"). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK.

First Trust Consumer Discretionary AlphaDEX<sup>®</sup> Fund (FXD)

![TSR - First Trust Fund Logo](images_28895.jpg)

### First Trust Consumer Staples AlphaDEX<sup>®</sup> Fund

#### FXG \| NYSE ARCA, INC.

#### ANNUAL SHAREHOLDER REPORT \| July 31, 2025
This annual shareholder report contains important information about the First Trust Consumer Staples AlphaDEX<sup>®</sup> Fund (the "Fund") for the year of August 1, 2024 to July 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FXG. 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 Consumer Staples AlphaDEX<sup>®</sup> Fund | $62 | 0.63% |

---

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned -2.69% during the 12 months ended July 31, 2025. The Fund underperformed its benchmark, the S&P 500<sup>®</sup> Consumer Staples Index, which returned 7.43% for the same Period.

During the Period, investments in the Food Products industry received the greatest allocation of any industry with an average weight of 48.4% and contributed -4.0% to the Fund's overall return, which was the most negative contribution of any industry. With an average weight of 16.9%, investments in the Consumer Staples Distribution & Retail industry contributed 2.9% to the Fund's overall return, which was the greatest return contribution of any industry.

#### FUND PERFORMANCE (July 31, 2015 to July 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_10478611.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of July 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Consumer Staples AlphaDEX<sup>®</sup> Fund | -2.69% | 7.08% | 5.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;StrataQuant<sup>®</sup> Consumer Staples Index | -2.08% | 7.69% | 5.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 16.54% | 15.49% | 13.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Consumer Staples Index | 7.43% | 9.19% | 8.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Consumer Staples Index | 3.68% | 7.62% | 6.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 15.68% | 15.19% | 13.02% |

---

 **Visit www.ftportfolios.com/etf/FXG 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 July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$284384336 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;45 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1717342 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;81% |

---

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

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Kraft Heinz (The) Co. | 4.5% |
| Pilgrim's Pride Corp. | 4.4% |
| Casey's General Stores, Inc. | 4.3% |
| Molson Coors Beverage Co., Class B | 4.2% |
| Bunge Global S.A. | 4.2% |
| Cencora, Inc. | 4.0% |
| McKesson Corp. | 4.0% |
| Sprouts Farmers Market, Inc. | 3.9% |
| Performance Food Group Co. | 3.8% |
| Reynolds Consumer Products, Inc. | 3.5% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10478621.jpg)

Any amount shown as 0.0% represents less than 0.1%.

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

#### OTHER INFORMATION
Source ICE Data Indices, LLC ("ICE Data"), is used with permission. "StrataQuant<sup>®</sup>" is a service/trade mark of ICE Data or its affiliates. Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indices. Russell<sup>®</sup>, Russell 1000<sup>®</sup> and Russell 3000<sup>®</sup> are all registered trademarks of Frank Russell Company. Russell 1000<sup>®</sup> and Russell 3000<sup>®</sup> are being utilized in the indices under license. These trademarks have been licensed along with the StrataQuant<sup>®</sup> Consumer Staples Index ("Index") for use by First Trust Portfolios L.P. ("FTP") in connection with the First Trust Consumer Staples AlphaDEX<sup>®</sup> Fund ("FXG"). Neither FTP, the Trust, nor FXG is sponsored, endorsed, sold or promoted by ICE Data, its affiliates or its Third Party Suppliers including without limitation Frank Russell Company ("ICE Data and its Suppliers"). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in FXG particularly, the Trust or the ability of the Index to track general stock market performance. ICE Data's only relationship to FTP is the licensing of certain trademarks, trade names and the Index or components thereof. The Index is determined, composed and calculated by ICE Data without regard to FTP or FXG or its holders. ICE Data has no obligation to take the needs of FTP or the holders of FXG into consideration in determining, composing or calculating the Index. ICE Data is not responsible for and has not participated in the determination of the timing of, prices of, or quantities of FXG to be issued or in the determination or calculation of the equation by which FXG is to be priced, sold, purchased, or redeemed. Except for certain custom index calculation services, all information provided by ICE Data is general in nature and not tailored to the needs of FTP or any other person, entity or group of persons. ICE Data has no obligation or liability in connection with the administration, marketing, or trading of FXG. ICE Data is not an investment advisor. Inclusion of a security within an index is not a recommendation by ICE Data to buy, sell, or hold such security, nor is it considered to be investment advice.

ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM ("INDEX DATA"). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK.

First Trust Consumer Staples AlphaDEX<sup>®</sup> Fund (FXG)

![TSR - First Trust Fund Logo](images_28895.jpg)

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

#### FXN \| NYSE ARCA, INC.

#### ANNUAL SHAREHOLDER REPORT \| July 31, 2025
This annual shareholder report contains important information about the First Trust Energy AlphaDEX<sup>®</sup> Fund (the "Fund") for the year of August 1, 2024 to July 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FXN. 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 Energy AlphaDEX<sup>®</sup> Fund | $59 | 0.63% |

---

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned -11.32% during the 12 months ended July 31, 2025. The Fund underperformed its benchmark, the S&P 500<sup>®</sup> Energy Index, which returned -3.19% for the same Period.

During the Period, investments in the Oil, Gas & Consumable Fuels industry received the greatest allocation of any industry with an average weight of 83.8% and contributed -7.3% to the Fund's overall return, which was the most negative return contribution of any industry. With an average weight of 2.8%, investments in the Semiconductors & Semiconductor Equipment industry contributed 0.2% to the Fund's overall return, which was the greatest return contribution of any industry.

#### FUND PERFORMANCE (July 31, 2015 to July 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_10478695.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of July 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Energy AlphaDEX<sup>®</sup> Fund | -11.32% | 23.01% | 1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;StrataQuant<sup>®</sup> Energy Index | -10.79% | 23.91% | 2.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 16.54% | 15.49% | 13.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Energy Index | -3.19% | 24.55% | 6.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Energy Index | -2.40% | 24.10% | 6.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 15.68% | 15.19% | 13.02% |

---

 **Visit www.ftportfolios.com/etf/FXN 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 July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$271958045 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;44 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1849310 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;50% |

---

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

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Chord Energy Corp. | 5.2% |
| Civitas Resources, Inc. | 5.1% |
| Diamondback Energy, Inc. | 5.0% |
| Matador Resources Co. | 4.8% |
| Devon Energy Corp. | 4.8% |
| Permian Resources Corp. | 4.8% |
| NOV, Inc. | 4.6% |
| Weatherford International PLC | 3.6% |
| Halliburton Co. | 3.5% |
| ConocoPhillips | 3.4% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10478705.jpg)

Any amount shown as 0.0% represents less than 0.1%.

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

#### OTHER INFORMATION
Source ICE Data Indices, LLC ("ICE Data"), is used with permission. "StrataQuant<sup>®</sup>" is a service/trade mark of ICE Data or its affiliates. Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indices. Russell<sup>®</sup>, Russell 1000<sup>®</sup> and Russell 3000<sup>®</sup> are all registered trademarks of Frank Russell Company. Russell 1000<sup>®</sup> and Russell 3000<sup>®</sup> are being utilized in the indices under license. These trademarks have been licensed along with the StrataQuant<sup>®</sup> Energy Index ("Index") for use by First Trust Portfolios L.P. ("FTP") in connection with the First Trust Energy AlphaDEX<sup>®</sup> Fund ("FXN"). Neither FTP, the Trust, nor FXN is sponsored, endorsed, sold or promoted by ICE Data, its affiliates or its Third Party Suppliers including without limitation Frank Russell Company ("ICE Data and its Suppliers"). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in FXN particularly, the Trust or the ability of the Index to track general stock market performance. ICE Data's only relationship to FTP is the licensing of certain trademarks, trade names and the Index or components thereof. The Index is determined, composed and calculated by ICE Data without regard to FTP or FXN or its holders. ICE Data has no obligation to take the needs of FTP or the holders of FXN into consideration in determining, composing or calculating the Index. ICE Data is not responsible for and has not participated in the determination of the timing of, prices of, or quantities of FXN to be issued or in the determination or calculation of the equation by which FXN is to be priced, sold, purchased, or redeemed. Except for certain custom index calculation services, all information provided by ICE Data is general in nature and not tailored to the needs of FTP or any other person, entity or group of persons. ICE Data has no obligation or liability in connection with the administration, marketing, or trading of FXN. ICE Data is not an investment advisor. Inclusion of a security within an index is not a recommendation by ICE Data to buy, sell, or hold such security, nor is it considered to be investment advice.

ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM ("INDEX DATA"). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK.

First Trust Energy AlphaDEX<sup>®</sup> Fund (FXN)

![TSR - First Trust Fund Logo](images_28895.jpg)

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

#### FXO \| NYSE ARCA, INC.

#### ANNUAL SHAREHOLDER REPORT \| July 31, 2025
This annual shareholder report contains important information about the First Trust Financials AlphaDEX<sup>®</sup> Fund (the "Fund") for the year of August 1, 2024 to July 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FXO. 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 Financials AlphaDEX<sup>®</sup> Fund | $65 | 0.60% |

---

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 15.31% during the 12 months ended July 31, 2025. The Fund underperformed its benchmark, the S&P 500<sup>®</sup> Financials Index, which returned 21.54% for the same Period.

During the Period, investments in the Insurance industry received the greatest allocation of any industry with an average weight of 32.9% and contributed 3.1% to the Fund's overall return. With an average weight of 28.5%, investments in the Capital Markets industry contributed 6.5% to the Fund's overall return, which was the greatest return contribution of any industry. No industry had a negative contribution to overall Fund return.

#### FUND PERFORMANCE (July 31, 2015 to July 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_10478737.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of July 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Financials AlphaDEX<sup>®</sup> Fund | 15.31% | 20.09% | 11.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;StrataQuant<sup>®</sup> Financials Index | 16.02% | 20.86% | 12.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 16.54% | 15.49% | 13.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Financials Index | 21.54% | 19.09% | 12.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Financials Index | 22.47% | 20.20% | 13.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 15.68% | 15.19% | 13.02% |

---

 **Visit www.ftportfolios.com/etf/FXO 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 July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$2184967852 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;110 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$8359923 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;90% |

---

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

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Invesco Ltd. | 2.1% |
| SoFi Technologies, Inc. | 1.9% |
| Interactive Brokers Group, Inc., Class A | 1.8% |
| Bank of New York Mellon (The) Corp. | 1.7% |
| Lincoln National Corp. | 1.7% |
| Citigroup, Inc. | 1.7% |
| Robinhood Markets, Inc., Class A | 1.7% |
| Coinbase Global, Inc., Class A | 1.7% |
| LPL Financial Holdings, Inc. | 1.6% |
| T. Rowe Price Group, Inc. | 1.6% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10478747.jpg)

Any amount shown as 0.0% represents less than 0.1%.

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

#### OTHER INFORMATION
Source ICE Data Indices, LLC ("ICE Data"), is used with permission. "StrataQuant<sup>®</sup>" is a service/trade mark of ICE Data or its affiliates. Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indices. Russell<sup>®</sup>, Russell 1000<sup>®</sup> and Russell 3000<sup>®</sup> are all registered trademarks of Frank Russell Company. Russell 1000<sup>®</sup> and Russell 3000<sup>®</sup> are being utilized in the indices under license. These trademarks have been licensed along with the StrataQuant<sup>®</sup> Financials Index ("Index") for use by First Trust Portfolios L.P. ("FTP") in connection with the First Trust Financials AlphaDEX<sup>®</sup> Fund ("FXO"). Neither FTP, the Trust, nor FXO is sponsored, endorsed, sold or promoted by ICE Data, its affiliates or its Third Party Suppliers including without limitation Frank Russell Company ("ICE Data and its Suppliers"). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in FXO particularly, the Trust or the ability of the Index to track general stock market performance. ICE Data's only relationship to FTP is the licensing of certain trademarks, trade names and the Index or components thereof. The Index is determined, composed and calculated by ICE Data without regard to FTP or FXO or its holders. ICE Data has no obligation to take the needs of FTP or the holders of FXO into consideration in determining, composing or calculating the Index. ICE Data is not responsible for and has not participated in the determination of the timing of, prices of, or quantities of FXO to be issued or in the determination or calculation of the equation by which FXO is to be priced, sold, purchased, or redeemed. Except for certain custom index calculation services, all information provided by ICE Data is general in nature and not tailored to the needs of FTP or any other person, entity or group of persons. ICE Data has no obligation or liability in connection with the administration, marketing, or trading of FXO. ICE Data is not an investment advisor. Inclusion of a security within an index is not a recommendation by ICE Data to buy, sell, or hold such security, nor is it considered to be investment advice.

ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM ("INDEX DATA"). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK.

First Trust Financials AlphaDEX<sup>®</sup> Fund (FXO)

![TSR - First Trust Fund Logo](images_28895.jpg)

### First Trust Health Care AlphaDEX<sup>®</sup> Fund

#### FXH \| NYSE ARCA, INC.

#### ANNUAL SHAREHOLDER REPORT \| July 31, 2025
This annual shareholder report contains important information about the First Trust Health Care AlphaDEX<sup>®</sup> Fund (the "Fund") for the year of August 1, 2024 to July 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FXH. 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 Health Care AlphaDEX<sup>®</sup> Fund | $58 | 0.61% |

---

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned -9.12% during the 12 months ended July 31, 2025. The Fund outperformed its benchmark, the S&P 500<sup>®</sup> Health Care Index, which returned -11.32% for the same Period.

During the Period, investments in the Health Care Providers & Services industry received the greatest allocation of any industry with an average weight of 29.9% and contributed -5.0% to the Fund's overall return, which was the most negative return of any industry. With an average weight of 3.2%, investments in the Health Care Technology industry contributed 1.7% to the Fund's overall return, which was the greatest return contribution of any industry.

#### FUND PERFORMANCE (July 31, 2015 to July 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_10478779.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of July 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Health Care AlphaDEX<sup>®</sup> Fund | -9.12% | 0.94% | 3.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;StrataQuant<sup>®</sup> Health Care Index | -8.68% | 1.55% | 4.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 16.54% | 15.49% | 13.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Health Care Index | -11.32% | 6.09% | 7.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Health Care Index | -11.23% | 5.40% | 7.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 15.68% | 15.19% | 13.02% |

---

 **Visit www.ftportfolios.com/etf/FXH 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 July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$845450303 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;81 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$5316835 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;85% |

---

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

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Jazz Pharmaceuticals PLC | 2.5% |
| Insmed, Inc. | 2.4% |
| Regeneron Pharmaceuticals, Inc. | 2.4% |
| Biogen, Inc. | 2.3% |
| Zimmer Biomet Holdings, Inc. | 2.3% |
| Avantor, Inc. | 2.3% |
| Merck & Co., Inc. | 2.3% |
| Alnylam Pharmaceuticals, Inc. | 2.2% |
| Acadia Healthcare Co., Inc. | 2.2% |
| Elanco Animal Health, Inc. | 2.2% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10478789.jpg)

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

#### OTHER INFORMATION
Source ICE Data Indices, LLC ("ICE Data"), is used with permission. "StrataQuant<sup>®</sup>" is a service/trade mark of ICE Data or its affiliates. Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indices. Russell<sup>®</sup>, Russell 1000<sup>®</sup> and Russell 3000<sup>®</sup> are all registered trademarks of Frank Russell Company. Russell 1000<sup>®</sup> and Russell 3000<sup>®</sup> are being utilized in the indices under license. These trademarks have been licensed along with the StrataQuant<sup>®</sup> Health Care Index ("Index") for use by First Trust Portfolios L.P. ("FTP") in connection with the First Trust Health Care AlphaDEX<sup>®</sup> Fund ("FXH"). Neither FTP, the Trust, nor FXH is sponsored, endorsed, sold or promoted by ICE Data, its affiliates or its Third Party Suppliers including without limitation Frank Russell Company ("ICE Data and its Suppliers"). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in FXH particularly, the Trust or the ability of the Index to track general stock market performance. ICE Data's only relationship to FTP is the licensing of certain trademarks, trade names and the Index or components thereof. The Index is determined, composed and calculated by ICE Data without regard to FTP or FXH or its holders. ICE Data has no obligation to take the needs of FTP or the holders of FXH into consideration in determining, composing or calculating the Index. ICE Data is not responsible for and has not participated in the determination of the timing of, prices of, or quantities of FXH to be issued or in the determination or calculation of the equation by which FXH is to be priced, sold, purchased, or redeemed. Except for certain custom index calculation services, all information provided by ICE Data is general in nature and not tailored to the needs of FTP or any other person, entity or group of persons. ICE Data has no obligation or liability in connection with the administration, marketing, or trading of FXH. ICE Data is not an investment advisor. Inclusion of a security within an index is not a recommendation by ICE Data to buy, sell, or hold such security, nor is it considered to be investment advice.

ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM ("INDEX DATA"). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK.

First Trust Health Care AlphaDEX<sup>®</sup> Fund (FXH)

![TSR - First Trust Fund Logo](images_28895.jpg)

### First Trust Industrials/Producer Durables AlphaDEX<sup>®</sup> Fund

#### FXR \| NYSE ARCA, INC.

#### ANNUAL SHAREHOLDER REPORT \| July 31, 2025
This annual shareholder report contains important information about the First Trust Industrials/Producer Durables AlphaDEX<sup>®</sup> Fund (the "Fund") for the year of August 1, 2024 to July 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FXR. 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 Industrials/Producer Durables AlphaDEX<sup>®</sup> Fund | $62 | 0.60% |

---

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 6.30% during the 12 months ended July 31, 2025. The Fund underperformed its benchmark, the S&P 500<sup>®</sup> Industrials Index, which returned 20.67% for the same Period.

During the Period, investments in the Machinery industry received the greatest allocation of any industry with an average weight of 16.1% and contributed 2.4% to the Fund's overall return. With an average weight of 10.4%, investments in the Aerospace & Defense industry contributed 3.5% to the Fund's overall return, the greatest return contribution of any industry. With an average weight of 5.8%, investments in the Containers & Packaging industry contributed -0.7% to the Fund's overall return, which was the most negative return contribution of any industry.

#### FUND PERFORMANCE (July 31, 2015 to July 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_10478821.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of July 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Industrials/Producer Durables AlphaDEX<sup>®</sup> Fund | 6.30% | 15.45% | 11.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;StrataQuant<sup>®</sup> Industrials Index | 6.98% | 16.23% | 11.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 16.54% | 15.49% | 13.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Industrials Index | 20.67% | 18.13% | 12.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Industrials Index | 15.29% | 14.51% | 11.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 15.68% | 15.19% | 13.02% |

---

 **Visit www.ftportfolios.com/etf/FXR 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 July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1856646675 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;146 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$9503153 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;76% |

---

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

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Comfort Systems USA, Inc. | 1.5% |
| Rocket Lab Corp. | 1.5% |
| GE Vernova, Inc. | 1.4% |
| EMCOR Group, Inc. | 1.3% |
| Oshkosh Corp. | 1.3% |
| MasTec, Inc. | 1.3% |
| Eagle Materials, Inc. | 1.3% |
| Trimble, Inc. | 1.3% |
| Mohawk Industries, Inc. | 1.2% |
| Builders FirstSource, Inc. | 1.2% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10478831.jpg)

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

#### OTHER INFORMATION
Source ICE Data Indices, LLC ("ICE Data"), is used with permission. "StrataQuant<sup>®</sup>" is a service/trade mark of ICE Data or its affiliates. Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indices. Russell<sup>®</sup>, Russell 1000<sup>®</sup> and Russell 3000<sup>®</sup> are all registered trademarks of Frank Russell Company. Russell 1000<sup>®</sup> and Russell 3000<sup>®</sup> are being utilized in the indices under license. These trademarks have been licensed along with the StrataQuant<sup>®</sup> Industrials Index ("Index") for use by First Trust Portfolios L.P. ("FTP") in connection with the First Trust Industrials/Producer Durables AlphaDEX<sup>®</sup> Fund ("FXR"). Neither FTP, the Trust, nor FXR is sponsored, endorsed, sold or promoted by ICE Data, its affiliates or its Third Party Suppliers including without limitation Frank Russell Company ("ICE Data and its Suppliers"). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in FXR particularly, the Trust or the ability of the Index to track general stock market performance. ICE Data's only relationship to FTP is the licensing of certain trademarks, trade names and the Index or components thereof. The Index is determined, composed and calculated by ICE Data without regard to FTP or FXR or its holders. ICE Data has no obligation to take the needs of FTP or the holders of FXR into consideration in determining, composing or calculating the Index. ICE Data is not responsible for and has not participated in the determination of the timing of, prices of, or quantities of FXR to be issued or in the determination or calculation of the equation by which FXR is to be priced, sold, purchased, or redeemed. Except for certain custom index calculation services, all information provided by ICE Data is general in nature and not tailored to the needs of FTP or any other person, entity or group of persons. ICE Data has no obligation or liability in connection with the administration, marketing, or trading of FXR. ICE Data is not an investment advisor. Inclusion of a security within an index is not a recommendation by ICE Data to buy, sell, or hold such security, nor is it considered to be investment advice.

ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM ("INDEX DATA"). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK.

First Trust Industrials/Producer Durables AlphaDEX<sup>®</sup> Fund (FXR)

![TSR - First Trust Fund Logo](images_28895.jpg)

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

#### FXZ \| NYSE ARCA, INC.

#### ANNUAL SHAREHOLDER REPORT \| July 31, 2025
This annual shareholder report contains important information about the First Trust Materials AlphaDEX<sup>®</sup> Fund (the "Fund") for the year of August 1, 2024 to July 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FXZ. 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 Materials AlphaDEX<sup>®</sup> Fund | $60 | 0.64% |

---

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned -12.88% during the 12 months ended July 31, 2025. The Fund underperformed its benchmark, the S&P 500<sup>®</sup> Materials Index, which returned -2.85% for the same Period.

During the Period, investments in the Chemicals industry received the greatest allocation of any industry with an average weight of 52.9% and contributed -12.7% to the Fund's overall return, which was the most negative return of any industry. With average weights of 2.1% and 32.1%, respectively, investments in the Trading Companies & Distributors and Metals & Mining industries each contributed 0.5% to the Fund's overall return, which were the greatest return contributions of any industry.

#### FUND PERFORMANCE (July 31, 2015 to July 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_10478863.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of July 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Materials AlphaDEX<sup>®</sup> Fund | -12.88% | 11.77% | 8.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;StrataQuant<sup>®</sup> Materials Index | -12.24% | 12.52% | 8.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 16.54% | 15.49% | 13.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Materials Index | -2.85% | 9.94% | 8.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Basic Materials Index | 0.27% | 10.44% | 9.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 15.68% | 15.19% | 13.02% |

---

 **Visit www.ftportfolios.com/etf/FXZ 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 July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$215703925 |
| &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;$1356303 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;62% |

---

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

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Mueller Industries, Inc. | 5.0% |
| Newmont Corp. | 5.0% |
| Alcoa Corp. | 4.7% |
| Anglogold Ashanti PLC | 4.7% |
| CF Industries Holdings, Inc. | 4.7% |
| Eastman Chemical Co. | 4.5% |
| Carpenter Technology Corp. | 4.2% |
| Timken (The) Co. | 3.9% |
| Westlake Corp. | 3.9% |
| Steel Dynamics, Inc. | 3.7% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10478873.jpg)

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

#### OTHER INFORMATION
Source ICE Data Indices, LLC ("ICE Data"), is used with permission. "StrataQuant<sup>®</sup>" is a service/trade mark of ICE Data or its affiliates. Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indices. Russell<sup>®</sup>, Russell 1000<sup>®</sup> and Russell 3000<sup>®</sup> are all registered trademarks of Frank Russell Company. Russell 1000<sup>®</sup> and Russell 3000<sup>®</sup> are being utilized in the indices under license. These trademarks have been licensed along with the StrataQuant<sup>®</sup> Materials Index ("Index") for use by First Trust Portfolios L.P. ("FTP") in connection with the First Trust Materials AlphaDEX<sup>®</sup> Fund ("FXZ"). Neither FTP, the Trust, nor FXZ is sponsored, endorsed, sold or promoted by ICE Data, its affiliates or its Third Party Suppliers including without limitation Frank Russell Company ("ICE Data and its Suppliers"). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in FXZ particularly, the Trust or the ability of the Index to track general stock market performance. ICE Data's only relationship to FTP is the licensing of certain trademarks, trade names and the Index or components thereof. The Index is determined, composed and calculated by ICE Data without regard to FTP or FXZ or its holders. ICE Data has no obligation to take the needs of FTP or the holders of FXZ into consideration in determining, composing or calculating the Index. ICE Data is not responsible for and has not participated in the determination of the timing of, prices of, or quantities of FXZ to be issued or in the determination or calculation of the equation by which FXZ is to be priced, sold, purchased, or redeemed. Except for certain custom index calculation services, all information provided by ICE Data is general in nature and not tailored to the needs of FTP or any other person, entity or group of persons. ICE Data has no obligation or liability in connection with the administration, marketing, or trading of FXZ. ICE Data is not an investment advisor. Inclusion of a security within an index is not a recommendation by ICE Data to buy, sell, or hold such security, nor is it considered to be investment advice.

ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM ("INDEX DATA"). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK.

First Trust Materials AlphaDEX<sup>®</sup> Fund (FXZ)

![TSR - First Trust Fund Logo](images_28895.jpg)

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

#### FXL \| NYSE ARCA, INC.

#### ANNUAL SHAREHOLDER REPORT \| July 31, 2025
This annual shareholder report contains important information about the First Trust Technology AlphaDEX<sup>®</sup> Fund (the "Fund") for the year of August 1, 2024 to July 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FXL. 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 Technology AlphaDEX<sup>®</sup> Fund | $66 | 0.60% |

---

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 18.71% during the 12 months ended July 31, 2025. The Fund underperformed its benchmark, the S&P 500<sup>®</sup> Information Technology Index, which returned 23.65% for the same Period.

During the Period, investments in the Software industry received the greatest allocation of any industry with an average weight of 32.2% and contributed 11.1% to the Fund's overall return, which was the greatest return contribution of any industry. With an average weight of 18.5%, investments in the Semiconductors & Semiconductor Equipment industry contributed -1.8% to the Fund's overall return, which was the most negative contribution of any industry.

#### FUND PERFORMANCE (July 31, 2015 to July 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_10478905.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of July 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Technology AlphaDEX<sup>®</sup> Fund | 18.71% | 12.59% | 16.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;StrataQuant Technology<sup>®</sup> Index | 19.52% | 13.23% | 17.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 16.54% | 15.49% | 13.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Information Technology Index | 23.65% | 22.92% | 23.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Technology Index | 26.14% | 22.86% | 23.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 15.68% | 15.19% | 13.02% |

---

 **Visit www.ftportfolios.com/etf/FXL 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 July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1372093245 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;105 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$6696104 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;104% |

---

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

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Super Micro Computer, Inc. | 2.0% |
| Palantir Technologies, Inc., Class A | 1.9% |
| Vertiv Holdings Co., Class A | 1.9% |
| Toast, Inc., Class A | 1.8% |
| Pegasystems, Inc. | 1.8% |
| Amphenol Corp., Class A | 1.8% |
| Amkor Technology, Inc. | 1.8% |
| Broadcom, Inc. | 1.7% |
| Cloudflare, Inc., Class A | 1.7% |
| Rubrik, Inc., Class A | 1.7% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10478915.jpg)

Any amount shown as 0.0% represents less than 0.1%.

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

#### OTHER INFORMATION
Source ICE Data Indices, LLC ("ICE Data"), is used with permission. "StrataQuant<sup>®</sup>" is a service/trade mark of ICE Data or its affiliates. Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indices. Russell<sup>®</sup>, Russell 1000<sup>®</sup> and Russell 3000<sup>®</sup> are all registered trademarks of Frank Russell Company. Russell 1000<sup>®</sup> and Russell 3000<sup>®</sup> are being utilized in the indices under license. These trademarks have been licensed along with the StrataQuant<sup>®</sup> Technology Index ("Index") for use by First Trust Portfolios L.P. ("FTP") in connection with the First Trust Technology AlphaDEX<sup>®</sup> Fund ("FXL"). Neither FTP, the Trust, nor FXL is sponsored, endorsed, sold or promoted by ICE Data, its affiliates or its Third Party Suppliers including without limitation Frank Russell Company ("ICE Data and its Suppliers"). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in FXL particularly, the Trust or the ability of the Index to track general stock market performance. ICE Data's only relationship to FTP is the licensing of certain trademarks, trade names and the Index or components thereof. The Index is determined, composed and calculated by ICE Data without regard to FTP or FXL or its holders. ICE Data has no obligation to take the needs of FTP or the holders of FXL into consideration in determining, composing or calculating the Index. ICE Data is not responsible for and has not participated in the determination of the timing of, prices of, or quantities of FXL to be issued or in the determination or calculation of the equation by which FXL is to be priced, sold, purchased, or redeemed. Except for certain custom index calculation services, all information provided by ICE Data is general in nature and not tailored to the needs of FTP or any other person, entity or group of persons. ICE Data has no obligation or liability in connection with the administration, marketing, or trading of FXL. ICE Data is not an investment advisor. Inclusion of a security within an index is not a recommendation by ICE Data to buy, sell, or hold such security, nor is it considered to be investment advice.

ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM ("INDEX DATA"). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK.

First Trust Technology AlphaDEX<sup>®</sup> Fund (FXL)

![TSR - First Trust Fund Logo](images_28895.jpg)

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

#### FXU \| NYSE ARCA, INC.

#### ANNUAL SHAREHOLDER REPORT \| July 31, 2025
This annual shareholder report contains important information about the First Trust Utilities AlphaDEX<sup>®</sup> Fund (the "Fund") for the year of August 1, 2024 to July 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FXU. 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 Utilities AlphaDEX<sup>®</sup> Fund | $70 | 0.61% |

---

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 30.64% during the 12 months ended July 31, 2025. The Fund outperformed its benchmark, the S&P 500<sup>®</sup> Utilities Index, which returned 21.26% for the same Period.

During the Period, investments in the Electric Utilities industry received the greatest allocation of any industry with an average weight of 50.4% and contributed 15.3% to the Fund's overall return, which was the greatest return contribution of any industry. With an average weight of 3.7%, investments in the Water Utilities industry contributed -0.1% to the Fund's overall return, the only negative return contribution of any industry.

#### FUND PERFORMANCE (July 31, 2015 to July 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_10478947.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of July 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Utilities AlphaDEX<sup>®</sup> Fund | 30.64% | 12.74% | 9.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;StrataQuant<sup>®</sup> Utilities Index | 31.67% | 13.55% | 10.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 16.54% | 15.49% | 13.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Utilities Index | 21.26% | 10.54% | 10.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Utilities Index | 21.02% | 11.69% | 10.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 15.68% | 15.19% | 13.02% |

---

 **Visit www.ftportfolios.com/etf/FXU 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 July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1705014935 |
| &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;$3770101 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;68% |

---

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

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Sempra | 4.3% |
| Vistra Corp. | 4.3% |
| NRG Energy, Inc. | 4.1% |
| Exelon Corp. | 4.1% |
| Evergy, Inc. | 4.1% |
| Edison International | 4.0% |
| PG&E Corp. | 4.0% |
| AES (The) Corp. | 4.0% |
| UGI Corp. | 3.9% |
| Xcel Energy, Inc. | 3.4% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10478957.jpg)

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

#### OTHER INFORMATION
Source ICE Data Indices, LLC ("ICE Data"), is used with permission. "StrataQuant<sup>®</sup>" is a service/trade mark of ICE Data or its affiliates. Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indices. Russell<sup>®</sup>, Russell 1000<sup>®</sup> and Russell 3000<sup>®</sup> are all registered trademarks of Frank Russell Company. Russell 1000<sup>®</sup> and Russell 3000<sup>®</sup> are being utilized in the indices under license. These trademarks have been licensed along with the StrataQuant<sup>®</sup> Utilities Index ("Index") for use by First Trust Portfolios L.P. ("FTP") in connection with the First Trust Utilities AlphaDEX<sup>®</sup> Fund ("FXU"). Neither FTP, the Trust, nor FXU is sponsored, endorsed, sold or promoted by ICE Data, its affiliates or its Third Party Suppliers including without limitation Frank Russell Company ("ICE Data and its Suppliers"). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in FXU particularly, the Trust or the ability of the Index to track general stock market performance. ICE Data's only relationship to FTP is the licensing of certain trademarks, trade names and the Index or components thereof. The Index is determined, composed and calculated by ICE Data without regard to FTP or FXU or its holders. ICE Data has no obligation to take the needs of FTP or the holders of FXU into consideration in determining, composing or calculating the Index. ICE Data is not responsible for and has not participated in the determination of the timing of, prices of, or quantities of FXU to be issued or in the determination or calculation of the equation by which FXU is to be priced, sold, purchased, or redeemed. Except for certain custom index calculation services, all information provided by ICE Data is general in nature and not tailored to the needs of FTP or any other person, entity or group of persons. ICE Data has no obligation or liability in connection with the administration, marketing, or trading of FXU. ICE Data is not an investment advisor. Inclusion of a security within an index is not a recommendation by ICE Data to buy, sell, or hold such security, nor is it considered to be investment advice.

ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM ("INDEX DATA"). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK.

First Trust Utilities AlphaDEX<sup>®</sup> Fund (FXU)

![TSR - First Trust Fund Logo](images_28895.jpg)

### First Trust Large Cap Core AlphaDEX<sup>®</sup> Fund

#### FEX \| NASDAQ, INC.

#### ANNUAL SHAREHOLDER REPORT \| July 31, 2025
This annual shareholder report contains important information about the First Trust Large Cap Core AlphaDEX<sup>®</sup> Fund (the "Fund") for the year of August 1, 2024 to July 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FEX. 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 Large Cap Core AlphaDEX<sup>®</sup> Fund | $61 | 0.57% |

---

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 13.12% during the 12 months ended July 31, 2025. The Fund underperformed its benchmark, the S&P 500<sup>®</sup> Index, which returned 16.33% for the same Period.

During the Period, investments in the Financials sector received the greatest allocation of any sector with an average weight of 19.4%, and contributed 5.0% to the Fund's overall return, which was the greatest contribution of any sector. With an average weight of 8.1%, investments in the Health Care sector contributed -1.0% to the Fund's overall return, which was the most negative contribution of any sector.

#### FUND PERFORMANCE (July 31, 2015 to July 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_10478149.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of July 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Large Cap Core AlphaDEX<sup>®</sup> Fund | 13.12% | 13.86% | 10.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq AlphaDEX Large Cap Core<sup>TM</sup>Index<sup>(1)</sup> | 13.79% | 14.56% | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq US 500 Large Cap<sup>TM</sup>Index<sup>(1)</sup> | 17.67% | 15.72% | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

(1) Performance data is not available for all the periods shown in the table for the index because performance data does not exist for some of the entire periods.

**Visit www.ftportfolios.com/etf/FEX 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 July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1320055548 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;376 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$6403294 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;83% |

---

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

**Top Ten Holdings**

---

| | |
|:---|:---|
| Comfort Systems USA, Inc. | 0.6% |
| ROBLOX Corp., Class A | 0.6% |
| GE Vernova, Inc. | 0.5% |
| SoFi Technologies, Inc. | 0.5% |
| Western Digital Corp. | 0.5% |
| Super Micro Computer, Inc. | 0.5% |
| Interactive Brokers Group, Inc., Class A | 0.5% |
| EMCOR Group, Inc. | 0.5% |
| Palantir Technologies, Inc., Class A | 0.5% |
| Carvana Co. | 0.5% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10478159.jpg)

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

#### OTHER INFORMATION
Nasdaq<sup>®</sup> and Nasdaq AlphaDEX Large Cap Core<sup>TM</sup> 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. ("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 Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust Large Cap Core AlphaDEX<sup>®</sup> Fund (FEX)

![TSR - First Trust Fund Logo](images_28895.jpg)

### First Trust Mid Cap Core AlphaDEX<sup>®</sup> Fund

#### FNX \| NASDAQ, INC.

#### ANNUAL SHAREHOLDER REPORT \| July 31, 2025
This annual shareholder report contains important information about the First Trust Mid Cap Core AlphaDEX<sup>®</sup> Fund (the "Fund") for the year of August 1, 2024 to July 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FNX. 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 Mid Cap Core AlphaDEX<sup>®</sup> Fund | $59 | 0.58% |

---

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 2.23% during the 12 months ended July 31, 2025. The Fund underperformed its benchmark, the S&P MidCap 400<sup>®</sup> Index, which returned 3.28% for the same Period.

During the Period, investments in the Financials sector received the greatest allocation of any sector, with an average weight of 19.4%, which contributed 2.6% to the Fund's overall return, which was the greatest of any sector. With an average weight of 7.0%, investments in the Energy sector contributed -2.6% to the Fund's overall return, which was the most negative return for any sector.

#### FUND PERFORMANCE (July 31, 2015 to July 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_10478191.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of July 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Mid Cap Core AlphaDEX<sup>®</sup> Fund | 2.23% | 13.91% | 9.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq AlphaDEX Mid Cap Core<sup>TM</sup>Index<sup>(1)</sup> | 2.83% | 14.62% | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq US 600 Mid Cap<sup>TM</sup>Index<sup>(1)</sup> | 4.95% | 11.11% | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P MidCap 400<sup>®</sup> Index | 3.28% | 12.79% | 9.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 15.68% | 15.19% | 13.02% |

---

(1) Performance data is not available for all the periods shown in the table for the index because performance data does not exist for some of the entire periods.

**Visit www.ftportfolios.com/etf/FNX 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 July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1130978761 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;455 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$5958217 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;96% |

---

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

**Top Ten Holdings**

---

| | |
|:---|:---|
| Bloom Energy Corp., Class A | 0.6% |
| Invesco Ltd. | 0.5% |
| Hims & Hers Health, Inc. | 0.5% |
| Talen Energy Corp. | 0.5% |
| Rocket Lab Corp. | 0.5% |
| Upstart Holdings, Inc. | 0.5% |
| Primoris Services Corp. | 0.4% |
| Credo Technology Group Holding Ltd. | 0.4% |
| Gentex Corp. | 0.4% |
| IES Holdings, Inc. | 0.4% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10478201.jpg)

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

#### OTHER INFORMATION
Nasdaq<sup>®</sup> and Nasdaq AlphaDEX Mid Cap Core<sup>TM</sup> 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. ("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 Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust Mid Cap Core AlphaDEX<sup>®</sup> Fund (FNX)

![TSR - First Trust Fund Logo](images_28895.jpg)

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

#### FYX \| NASDAQ, INC.

#### ANNUAL SHAREHOLDER REPORT \| July 31, 2025
This annual shareholder report contains important information about the First Trust Small Cap Core AlphaDEX<sup>®</sup> Fund (the "Fund") for the year of August 1, 2024 to July 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FYX. 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 Small Cap Core AlphaDEX<sup>®</sup> Fund | $58 | 0.58% |

---

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned -0.44% during the 12 months ended July 31, 2025. The Fund outperformed its benchmark, the S&P SmallCap 600<sup>®</sup> Index, which returned -4.72% for the same Period.

During the Period, investments in the Financials sector received the greatest allocation of any sector, with an average weight of 22.3%, which contributed 2.0% to the Fund's overall return. With an average weight of 17.5%, investments in the Industrials sector contributed 2.7% to the Fund's overall return, which was the greatest of any sector. Investments in the Communication Services sector, with an average weight of 4.1%, contributed

-1.1% to the Fund's overall return, which was the most negative contribution of any sector.

#### FUND PERFORMANCE (July 31, 2015 to July 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_10478233.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of July 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Small Cap Core AlphaDEX<sup>®</sup> Fund | -0.44% | 13.22% | 8.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq AlphaDEX Small Cap Core<sup>TM</sup>Index<sup>(1)</sup> | 0.22% | 13.99% | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq US 700 Small Cap<sup>TM</sup>Index<sup>(1)</sup> | 2.38% | 11.51% | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P SmallCap 600<sup>®</sup> Index | -4.72% | 10.99% | 8.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 15.68% | 15.19% | 13.02% |

---

(1) Performance data is not available for all the periods shown in the table for the index because performance data does not exist for some of the entire periods.

**Visit www.ftportfolios.com/etf/FYX 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 July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$817642920 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;530 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$4437456 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;102% |

---

#### WHAT DID THE FUND INVEST IN? (As of July 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. | 1.5% |
| Bank of America Corp. | 1.1% |
| Mizuho Financial Group, Inc. | 1.0% |
| Symbotic, Inc. | 0.4% |
| DXP Enterprises, Inc. | 0.4% |
| Kohl's Corp. | 0.4% |
| NuScale Power Corp. | 0.4% |
| Expro Group Holdings N.V. | 0.4% |
| Forestar Group, Inc. | 0.4% |
| Peabody Energy Corp. | 0.4% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10478243.jpg)

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

#### OTHER INFORMATION
Nasdaq<sup>®</sup> and Nasdaq AlphaDEX Small Cap Core<sup>TM</sup> 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. ("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 Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust Small Cap Core AlphaDEX<sup>®</sup> Fund (FYX)

![TSR - First Trust Fund Logo](images_28895.jpg)

### First Trust Large Cap Value AlphaDEX<sup>®</sup> Fund

#### FTA \| NASDAQ, INC.

#### ANNUAL SHAREHOLDER REPORT \| July 31, 2025
This annual shareholder report contains important information about the First Trust Large Cap Value AlphaDEX<sup>®</sup> Fund (the "Fund") for the year of August 1, 2024 to July 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FTA. 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 Large Cap Value AlphaDEX<sup>®</sup> Fund | $59 | 0.58% |

---

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 3.88% during the 12 months ended July 31, 2025. The Fund underperformed its benchmark, the S&P 500<sup>®</sup> Value Index, which returned 5.59% for the same Period.

During the Period, investments in the Financials sector received the greatest allocation of any sector, with an average weight of 20.5% and contributed 4.5% to the Fund's overall return, which was the greatest of any sector. With an average weight of 8.2%, investments in the Health Care sector contributed -1.7% to the Funds overall return, which was the most negative return of any sector.

#### FUND PERFORMANCE (July 31, 2015 to July 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_10478317.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of July 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Large Cap Value AlphaDEX<sup>®</sup> Fund | 3.88% | 13.51% | 8.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq AlphaDEX Large Cap Value<sup>TM</sup>Index<sup>(1)</sup> | 4.47% | 14.22% | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq US 500 Large Cap Value<sup>TM</sup>Index<sup>(1)</sup> | 2.60% | 13.43% | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Value Index | 5.59% | 14.40% | 10.47% |

---

(1) Performance data is not available for all the periods shown in the table for the index because performance data does not exist for some of the entire periods.

**Visit www.ftportfolios.com/etf/FTA 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 July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1098298289 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;192 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$5825128 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;75% |

---

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

**Top Ten Holdings**

---

| | |
|:---|:---|
| D.R. Horton, Inc. | 1.0% |
| Halliburton Co. | 1.0% |
| Builders FirstSource, Inc. | 1.0% |
| General Motors Co. | 1.0% |
| Diamondback Energy, Inc. | 1.0% |
| PulteGroup, Inc. | 1.0% |
| Newmont Corp. | 1.0% |
| Kraft Heinz (The) Co. | 1.0% |
| ConocoPhillips | 1.0% |
| Chevron Corp. | 1.0% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10478327.jpg)

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

#### OTHER INFORMATION
Nasdaq<sup>®</sup> and Nasdaq AlphaDEX Large Cap Value<sup>TM</sup> 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. ("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 Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust Large Cap Value AlphaDEX<sup>®</sup> Fund (FTA)

![TSR - First Trust Fund Logo](images_28895.jpg)

### First Trust Large Cap Growth AlphaDEX<sup>®</sup> Fund

#### FTC \| NASDAQ, INC.

#### ANNUAL SHAREHOLDER REPORT \| July 31, 2025
This annual shareholder report contains important information about the First Trust Large Cap Growth AlphaDEX<sup>®</sup> Fund (the "Fund") for the year of August 1, 2024 to July 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FTC. 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 Large Cap Growth AlphaDEX<sup>®</sup> Fund | $66 | 0.58% |

---

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 26.96% during the 12 months ended July 31, 2025. The Fund outperformed its benchmark, the S&P 500<sup>®</sup> Growth Index, which returned 25.63% for the same Period.

During the Period, investments in the Information Technology sector received the greatest allocation of any sector, with an average weight of 19.5%, and contributed 6.1% to the Fund's overall return. With an average weight of 18.9%, investments in the Financials sector contributed 6.4% to the Funds overall return, which was the greatest of any sector. Investments in the Real Estate sector, with an average weight of 3.6%, contributed

-0.1% to the Fund's overall return, which was the most negative contribution of any sector.

#### FUND PERFORMANCE (July 31, 2015 to July 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_10478275.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of July 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Large Cap Growth AlphaDEX<sup>®</sup> Fund | 26.96% | 14.19% | 12.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq AlphaDEX Large Cap Growth<sup>TM</sup>Index<sup>(1)</sup> | 27.73% | 14.87% | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq US 500 Large Cap Growth<sup>TM</sup>Index<sup>(1)</sup> | 24.68% | 16.42% | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Growth Index | 25.63% | 16.50% | 15.93% |

---

(1) Performance data is not available for all the periods shown in the table for the index because performance data does not exist for some of the entire periods.

**Visit www.ftportfolios.com/etf/FTC 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 July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1224662575 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;188 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$5575337 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;114% |

---

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

**Top Ten Holdings**

---

| | |
|:---|:---|
| Comfort Systems USA, Inc. | 1.1% |
| ROBLOX Corp., Class A | 1.1% |
| GE Vernova, Inc. | 1.1% |
| SoFi Technologies, Inc. | 1.1% |
| Super Micro Computer, Inc. | 1.0% |
| Interactive Brokers Group, Inc., Class A | 1.0% |
| EMCOR Group, Inc. | 1.0% |
| Palantir Technologies, Inc., Class A | 1.0% |
| Carvana Co. | 1.0% |
| Vertiv Holdings Co., Class A | 1.0% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10478285.jpg)

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

#### OTHER INFORMATION
Nasdaq<sup>®</sup> and Nasdaq AlphaDEX Large Cap Growth<sup>TM</sup> 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. ("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 Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust Large Cap Growth AlphaDEX<sup>®</sup> Fund (FTC)

![TSR - First Trust Fund Logo](images_28895.jpg)

### First Trust Multi Cap Value AlphaDEX<sup>®</sup> Fund

#### FAB \| NASDAQ, INC.

#### ANNUAL SHAREHOLDER REPORT \| July 31, 2025
This annual shareholder report contains important information about the First Trust Multi Cap Value AlphaDEX<sup>®</sup> Fund (the "Fund") for the year of August 1, 2024 to July 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FAB. 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 Multi Cap Value AlphaDEX<sup>®</sup> Fund | $65 | 0.65% |

---

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned -1.53% during the 12 months ended July 31, 2025. The Fund underperformed its benchmark, the S&P Composite 1500<sup>®</sup> Value Index, which returned 5.25% for the same Period.

During the Period, the average allocation to the Financials sector was 21.7%, the greatest of any sector, and also had the greatest contribution to the Fund's overall return, accounting for 3.0% of Fund performance. The negative return in the Fund came from multiple sector allocations, but most notably from the average allocation to the Energy sector. Investments in this sector received an average allocation of 11.2% and had a -2.0% contribution to the Fund's overall return.

#### FUND PERFORMANCE (July 31, 2015 to July 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_10478401.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of July 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Multi Cap Value AlphaDEX<sup>®</sup> Fund | -1.53% | 14.02% | 8.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq AlphaDEX Multi Cap Value<sup>TM</sup>Index<sup>(1)</sup> | -0.87% | 14.81% | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq US Multi Cap Value<sup>TM</sup>Index<sup>(1)</sup> | 1.97% | 13.54% | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P Composite 1500<sup>®</sup> Index | 15.03% | 15.60% | 13.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P Composite 1500<sup>®</sup> Value Index | 5.25% | 14.43% | 10.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 15.68% | 15.19% | 13.02% |

---

(1) Performance data is not available for all the periods shown in the table for the index because performance data does not exist for some of the entire periods.

**Visit www.ftportfolios.com/etf/FAB 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 July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$119335671 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;679 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$646063 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;86% |

---

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

**Top Ten Holdings**

---

| | |
|:---|:---|
| D.R. Horton, Inc. | 0.5% |
| Halliburton Co. | 0.5% |
| Builders FirstSource, Inc. | 0.5% |
| General Motors Co. | 0.5% |
| Diamondback Energy, Inc. | 0.5% |
| PulteGroup, Inc. | 0.5% |
| Newmont Corp. | 0.5% |
| Kraft Heinz (The) Co. | 0.5% |
| ConocoPhillips | 0.5% |
| Chevron Corp. | 0.5% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10478411.jpg)

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

#### OTHER INFORMATION
Nasdaq<sup>®</sup> and Nasdaq AlphaDEX Multi Cap Value<sup>TM</sup> 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. ("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 Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust Multi Cap Value AlphaDEX<sup>®</sup> Fund (FAB)

![TSR - First Trust Fund Logo](images_28895.jpg)

### First Trust Multi Cap Growth AlphaDEX<sup>®</sup> Fund

#### FAD \| NASDAQ, INC.

#### ANNUAL SHAREHOLDER REPORT \| July 31, 2025
This annual shareholder report contains important information about the First Trust Multi Cap Growth AlphaDEX<sup>®</sup> Fund (the "Fund") for the year of August 1, 2024 to July 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FAD. 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 Multi Cap Growth AlphaDEX<sup>®</sup> Fund | $68 | 0.62% |

---

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 19.06% during the 12 months ended July 31, 2025. The Fund underperformed its benchmark, the S&P Composite 1500<sup>®</sup> Growth Index, which returned 23.48% for the same Period.

During the Period, the Fund's greatest allocations were to the Industrials sector and the Financials sector. These two sectors were also the greatest drivers of overall Fund performance. The Industrials sector received an average allocation of 19.7% and contributed 5.4% to the Fund's overall return while the 17.7% average allocation to the Financials sector contributed 5.0% to the Fund's return. No sector had a meaningfully negative impact on the Fund's return, although the Materials sector, with an average allocation of 2.3%, caused a -0.1% drag on the Fund's performance due in particular to holdings Aspen Aerogels, Inc. and The Scotts Miracle-Gro Co., which were each down significantly during the Period.

#### FUND PERFORMANCE (July 31, 2015 to July 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_10478359.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of July 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Multi Cap Growth AlphaDEX<sup>®</sup> Fund | 19.06% | 13.03% | 11.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq AlphaDEX Multi Cap Growth<sup>TM</sup>Index<sup>(1)</sup> | 19.85% | 13.78% | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq US Multi Cap Growth<sup>TM</sup>Index<sup>(1)</sup> | 23.70% | 15.74% | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P Composite 1500<sup>®</sup> Index | 15.03% | 15.60% | 13.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P Composite 1500<sup>®</sup> Growth Index | 23.48% | 16.02% | 15.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 15.68% | 15.19% | 13.02% |

---

(1) Performance data is not available for all the periods shown in the table for the index because performance data does not exist for some of the entire periods.

**Visit www.ftportfolios.com/etf/FAD 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 July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$300577982 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;681 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1176511 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;110% |

---

#### WHAT DID THE FUND INVEST IN? (As of July 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. | 1.1% |
| Bank of America Corp. | 0.8% |
| Mizuho Financial Group, Inc. | 0.7% |
| Comfort Systems USA, Inc. | 0.6% |
| ROBLOX Corp., Class A | 0.6% |
| GE Vernova, Inc. | 0.5% |
| SoFi Technologies, Inc. | 0.5% |
| Super Micro Computer, Inc. | 0.5% |
| Interactive Brokers Group, Inc., Class A | 0.5% |
| EMCOR Group, Inc. | 0.5% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10478369.jpg)

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

#### OTHER INFORMATION
Nasdaq<sup>®</sup> and Nasdaq AlphaDEX Multi Cap Growth<sup>TM</sup> 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. ("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 Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust Multi Cap Growth AlphaDEX<sup>®</sup> Fund (FAD)

![TSR - First Trust Fund Logo](images_28895.jpg)

### First Trust Mid Cap Value AlphaDEX<sup>®</sup> Fund

#### FNK \| NASDAQ, INC.

#### ANNUAL SHAREHOLDER REPORT \| July 31, 2025
This annual shareholder report contains important information about the First Trust Mid Cap Value AlphaDEX<sup>®</sup> Fund (the "Fund") for the year of August 1, 2024 to July 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FNK. 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 Mid Cap Value AlphaDEX<sup>®</sup> Fund | $69 | 0.70% |

---

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned -4.02% during the 12 months ended July 31, 2025. The Fund underperformed its benchmark, the S&P MidCap 400<sup>®</sup> Value Index, which returned 4.32% for the same Period.

During the Period, investments in the Financials sector received the greatest allocation of any sector, with an average weight of 21.8%, and contributed 2.8% to the Fund's overall return, which was the greatest of any sector. Investments in the Energy sector, with an average weight 11.6%, contributed -3.7% to the Fund's overall return, which was the most negative return contribution of any sector.

#### FUND PERFORMANCE (July 31, 2015 to July 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_10478485.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of July 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Mid Cap Value AlphaDEX<sup>®</sup> Fund | -4.02% | 15.57% | 7.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq AlphaDEX Mid Cap Value<sup>TM</sup>Index<sup>(1)</sup> | -3.32% | 16.46% | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq US 600 Mid Cap Value<sup>TM</sup>Index<sup>(1)</sup> | -0.54% | 14.07% | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P MidCap 400<sup>®</sup> Value Index | 4.32% | 15.11% | 9.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 15.68% | 15.19% | 13.02% |

---

(1) Performance data is not available for all the periods shown in the table for the index because performance data does not exist for some of the entire periods.

**Visit www.ftportfolios.com/etf/FNK 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 July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$191744794 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;230 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1484777 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;87% |

---

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

**Top Ten Holdings**

---

| | |
|:---|:---|
| Invesco Ltd. | 1.0% |
| Chord Energy Corp. | 0.8% |
| Weatherford International PLC | 0.8% |
| SM Energy Co. | 0.8% |
| Fluor Corp. | 0.8% |
| Civitas Resources, Inc. | 0.8% |
| Murphy Oil Corp. | 0.8% |
| Mohawk Industries, Inc. | 0.8% |
| Macy's, Inc. | 0.8% |
| Ovintiv, Inc. | 0.8% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10478495.jpg)

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

#### OTHER INFORMATION
Nasdaq<sup>®</sup> and Nasdaq AlphaDEX Mid Cap Value<sup>TM</sup> 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. ("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 Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust Mid Cap Value AlphaDEX<sup>®</sup> Fund (FNK)

![TSR - First Trust Fund Logo](images_28895.jpg)

### First Trust Mid Cap Growth AlphaDEX<sup>®</sup> Fund

#### FNY \| Nasdaq, Inc.

#### ANNUAL SHAREHOLDER REPORT \| July 31, 2025
This annual shareholder report contains important information about the First Trust Mid Cap Growth AlphaDEX<sup>®</sup> Fund (the "Fund") for the year of August 1, 2024 to July 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FNY. 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 Mid Cap Growth AlphaDEX<sup>®</sup> Fund | $74 | 0.70% |

---

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 10.64% during the 12 months ended July 31, 2025. The Fund outperformed its benchmark, the S&P MidCap 400<sup>®</sup> Growth Index, which returned 2.24% for the same Period.

During the Period, investments in the Industrials sector received the greatest allocation of any sector, with an average weight of 21.8%, and contributed 4.4% to the Fund's overall return, which was the greatest of any sector. Investments in the Materials sector, with an average weight of 4.0%, contributed -0.4% to the Fund's overall return, which was the most negative contribution of any sector.

#### FUND PERFORMANCE (July 31, 2015 to July 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_10478443.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of July 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Mid Cap Growth AlphaDEX<sup>®</sup> Fund | 10.64% | 10.77% | 10.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq AlphaDEX Mid Cap Growth<sup>TM</sup>Index<sup>(1)</sup> | 11.48% | 11.59% | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq US 600 Mid Cap Growth<sup>TM</sup>Index<sup>(1)</sup> | 10.40% | 7.69% | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P MidCap 400<sup>®</sup> Growth Index | 2.24% | 10.46% | 9.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 15.68% | 15.19% | 13.02% |

---

(1) Performance data is not available for all the periods shown in the table for the index because performance data does not exist for some of the entire periods.

**Visit www.ftportfolios.com/etf/FNY 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 July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$400286368 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;230 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2614936 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;130% |

---

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

**Top Ten Holdings**

---

| | |
|:---|:---|
| Bloom Energy Corp., Class A | 1.1% |
| Hims & Hers Health, Inc. | 0.9% |
| Talen Energy Corp. | 0.9% |
| Rocket Lab Corp. | 0.9% |
| Upstart Holdings, Inc. | 0.9% |
| Kratos Defense & Security Solutions, Inc. | 0.9% |
| Primoris Services Corp. | 0.9% |
| Credo Technology Group Holding Ltd. | 0.9% |
| IES Holdings, Inc. | 0.8% |
| Sterling Infrastructure, Inc. | 0.8% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10478453.jpg)

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

#### OTHER INFORMATION
Nasdaq<sup>®</sup> and Nasdaq AlphaDEX Mid Cap Growth<sup>TM</sup> 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. ("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 Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust Mid Cap Growth AlphaDEX<sup>®</sup> Fund (FNY)

![TSR - First Trust Fund Logo](images_28895.jpg)

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

#### FYT \| NASDAQ, INC.

#### ANNUAL SHAREHOLDER REPORT \| July 31, 2025
This annual shareholder report contains important information about the First Trust Small Cap Value AlphaDEX<sup>®</sup> Fund (the "Fund") for the year of August 1, 2024 to July 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FYT. 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** |
| First Trust Small Cap Value AlphaDEX<sup>®</sup> Fund$66<sup>(1)</sup>0.70%<sup>(1)</sup> |

---

<sup>(1)</sup> Excludes any Acquired Fund Fees and Expenses of underlying investment companies in which the Fund invests.

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned -10.75% during the 12 months ended July 31, 2025. The Fund underperformed its benchmark, the S&P SmallCap 600<sup>®</sup> Value Index, which returned -5.45% for the same Period.

During the Period, almost every sector allocation had a negative contribution to the Fund's return. The most notable source of negative performance came from the allocations to the Consumer Discretionary sector. Investments in this sector received an average allocation of 18.2% and accounted for a -2.7% hit to the Fund's overall performance. The sector with the greatest allocation was the Financials sector. Investments in this sector received an average allocation of 24.9% but had contribution to the Fund's return of only -0.3%. One sector did have a positive contribution to return and that was the Information Technology sector which was a boon for the Fund. While the average allocation to this sector was only 5.5%, the contribution to the Fund's return was 0.5%.

#### FUND PERFORMANCE (July 31, 2015 to July 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_10478569.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of July 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Small Cap Value AlphaDEX<sup>®</sup> Fund | -10.75% | 12.41% | 6.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq AlphaDEX Small Cap Value<sup>TM</sup>Index<sup>(1)</sup> | -10.04% | 13.31% | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq US 700 Small Cap Value<sup>TM</sup>Index<sup>(1)</sup> | -5.97% | 13.07% | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P SmallCap 600<sup>®</sup> Value Index | -5.45% | 12.28% | 7.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 15.68% | 15.19% | 13.02% |

---

(1) Performance data is not available for all the periods shown in the table for the index because performance data does not exist for some of the entire periods.

**Visit www.ftportfolios.com/etf/FYT 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 July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$126113632 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;267 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1068935 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;113% |

---

#### WHAT DID THE FUND INVEST IN? (As of July 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. | 0.8% |
| Kohl's Corp. | 0.8% |
| Expro Group Holdings N.V. | 0.8% |
| Krispy Kreme, Inc. | 0.8% |
| Forestar Group, Inc. | 0.8% |
| Peabody Energy Corp. | 0.7% |
| Vital Energy, Inc. | 0.7% |
| Fresh Del Monte Produce, Inc. | 0.7% |
| Academy Sports & Outdoors, Inc. | 0.7% |
| American Eagle Outfitters, Inc. | 0.7% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10478579.jpg)

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

#### OTHER INFORMATION
Nasdaq<sup>®</sup> and Nasdaq AlphaDEX Small Cap Value<sup>TM</sup> 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. ("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 Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust Small Cap Value AlphaDEX<sup>®</sup> Fund (FYT)

![TSR - First Trust Fund Logo](images_28895.jpg)

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

#### FYC \| NASDAQ, INC.

#### ANNUAL SHAREHOLDER REPORT \| July 31, 2025
This annual shareholder report contains important information about the First Trust Small Cap Growth AlphaDEX<sup>®</sup> Fund (the "Fund") for the year of August 1, 2024 to July 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FYC. 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** |
| First Trust Small Cap Growth AlphaDEX<sup>®</sup> Fund$75<sup>(1)</sup>0.70%<sup>(1)</sup> |

---

<sup>(1)</sup> Excludes any Acquired Fund Fees and Expenses of underlying investment companies in which the Fund invests.

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund returned 12.93% during the 12 months ended July 31, 2025. The Fund outperformed its benchmark, the S&P SmallCap 600<sup>®</sup> Growth Index, which returned -4.14% for the same Period.

During the Period, the Health Care sector received the greatest allocation of any sector, with an average weight of 20.6%. However, the largest positive contributions to the Fund's return came from the Industrials sector at 7.1%, and the Financials sector at 5.2%. The largest negative contribution to the Fund's return came from the Communication Services sector at -0.7%.

#### FUND PERFORMANCE (July 31, 2015 to July 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_10478527.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of July 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Small Cap Growth AlphaDEX<sup>®</sup> Fund | 12.93% | 12.91% | 9.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq AlphaDEX Small Cap Growth<sup>TM</sup>Index<sup>(1)</sup> | 13.80% | 13.79% | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq US 700 Small Cap Growth<sup>TM</sup>Index<sup>(1)</sup> | 10.53% | 9.60% | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P SmallCap 600<sup>®</sup> Growth Index | -4.14% | 9.58% | 8.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 15.68% | 15.19% | 13.02% |

---

(1) Performance data is not available for all the periods shown in the table for the index because performance data does not exist for some of the entire periods.

**Visit www.ftportfolios.com/etf/FYC 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 July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$459253167 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;269 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2878022 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;137% |

---

#### WHAT DID THE FUND INVEST IN? (As of July 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. | 2.7% |
| Bank of America Corp. | 2.0% |
| Mizuho Financial Group, Inc. | 1.9% |
| Symbotic, Inc. | 0.8% |
| Rush Street Interactive, Inc. | 0.8% |
| DXP Enterprises, Inc. | 0.8% |
| NuScale Power Corp. | 0.7% |
| Centrus Energy Corp., Class A | 0.7% |
| Life360, Inc. | 0.7% |
| Perimeter Solutions, Inc. | 0.7% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_10478537.jpg)

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

#### OTHER INFORMATION
Nasdaq<sup>®</sup> and Nasdaq AlphaDEX Small Cap Growth<sup>TM</sup> 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. ("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 Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust Small Cap Growth AlphaDEX<sup>®</sup> Fund (FYC)

------

(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 ("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 $400,000 for the fiscal year ended 2024 and $400,000 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 $261,619 for the fiscal year ended 2024 and $175,171 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 $261,619 for the Registrant, $28,600
 for the Registrant's investment advisor and $33,000 for the Registrant's distributor; and for the fiscal year ended 2025 were
 $175,171 for the Registrant, $28,080 for the Registrant's investment advisor and $32,400 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.

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

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

![](imgdf1946581.gif)

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

Annual Financial Statements and Other Information

For the Year Ended July 31, 2025

**<u>AlphaDEX<sup>®</sup> Sector Funds</u>** 

---

| |
|:---|
| First Trust Consumer Discretionary AlphaDEX<sup>®</sup> Fund (FXD) |
| First Trust Consumer Staples AlphaDEX<sup>®</sup> Fund (FXG) |
| First Trust Energy AlphaDEX<sup>®</sup> Fund (FXN) |
| First Trust Financials AlphaDEX<sup>®</sup> Fund (FXO) |
| First Trust Health Care AlphaDEX<sup>®</sup> Fund (FXH) |
| First Trust Industrials/Producer Durables AlphaDEX<sup>®</sup> Fund (FXR) |
| First Trust Materials AlphaDEX<sup>®</sup> Fund (FXZ) |
| First Trust Technology AlphaDEX<sup>®</sup> Fund (FXL) |
| First Trust Utilities AlphaDEX<sup>®</sup> Fund (FXU) |

---

![](imgd888dbcb2.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**

**Sector Funds**

**Annual Financial Statements and Other Information**

**July 31, 2025** 

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_02e6ac83-0730-4a0b-8dc8-96b96a01177b_SOI-TOC-ScheduleofInvestments-4218_1) |  |
| [First Trust Consumer Discretionary AlphaDEX](#xx_02e6ac83-0730-4a0b-8dc8-96b96a01177b_SOI-TOC-ScheduleofInvestments-4218_1)<sup>®</sup>[Fund (FXD)](#xx_02e6ac83-0730-4a0b-8dc8-96b96a01177b_SOI-TOC-ScheduleofInvestments-4218_1) | 1 |
| [First Trust Consumer Staples AlphaDEX](#xx_02e6ac83-0730-4a0b-8dc8-96b96a01177b_SOI-TOC-ScheduleofInvestments-4217_1)<sup>®</sup>[Fund (FXG)](#xx_02e6ac83-0730-4a0b-8dc8-96b96a01177b_SOI-TOC-ScheduleofInvestments-4217_1) | 4 |
| [First Trust Energy AlphaDEX](#xx_02e6ac83-0730-4a0b-8dc8-96b96a01177b_SOI-TOC-ScheduleofInvestments-4219_1)<sup>®</sup>[Fund (FXN)](#xx_02e6ac83-0730-4a0b-8dc8-96b96a01177b_SOI-TOC-ScheduleofInvestments-4219_1) | 6 |
| [First Trust Financials AlphaDEX](#xx_02e6ac83-0730-4a0b-8dc8-96b96a01177b_SOI-TOC-ScheduleofInvestments-4220_1)<sup>®</sup>[Fund (FXO)](#xx_02e6ac83-0730-4a0b-8dc8-96b96a01177b_SOI-TOC-ScheduleofInvestments-4220_1) | 8 |
| [First Trust Health Care AlphaDEX](#xx_02e6ac83-0730-4a0b-8dc8-96b96a01177b_SOI-TOC-ScheduleofInvestments-4221_1)<sup>®</sup>[Fund (FXH)](#xx_02e6ac83-0730-4a0b-8dc8-96b96a01177b_SOI-TOC-ScheduleofInvestments-4221_1) | 11 |
| [First Trust Industrials/Producer Durables AlphaDEX](#xx_02e6ac83-0730-4a0b-8dc8-96b96a01177b_SOI-TOC-ScheduleofInvestments-4222_1)<sup>®</sup>[Fund (FXR)](#xx_02e6ac83-0730-4a0b-8dc8-96b96a01177b_SOI-TOC-ScheduleofInvestments-4222_1) | 14 |
| [First Trust Materials AlphaDEX](#xx_02e6ac83-0730-4a0b-8dc8-96b96a01177b_SOI-TOC-ScheduleofInvestments-4223_1)<sup>®</sup>[Fund (FXZ)](#xx_02e6ac83-0730-4a0b-8dc8-96b96a01177b_SOI-TOC-ScheduleofInvestments-4223_1) | 18 |
| [First Trust Technology AlphaDEX](#xx_02e6ac83-0730-4a0b-8dc8-96b96a01177b_SOI-TOC-ScheduleofInvestments-4224_1)<sup>®</sup>[Fund (FXL)](#xx_02e6ac83-0730-4a0b-8dc8-96b96a01177b_SOI-TOC-ScheduleofInvestments-4224_1) | 21 |
| [First Trust Utilities AlphaDEX](#xx_02e6ac83-0730-4a0b-8dc8-96b96a01177b_SOI-TOC-ScheduleofInvestments-4225_1)<sup>®</sup>[Fund (FXU)](#xx_02e6ac83-0730-4a0b-8dc8-96b96a01177b_SOI-TOC-ScheduleofInvestments-4225_1) | 24 |
| [Statements of Assets and Liabilities](#xx_02e6ac83-0730-4a0b-8dc8-96b96a01177b_SAL1-TOC-StatementofAssetsandLiabilities-4218_2) | 26 |
| [Statements of Operations](#xx_02e6ac83-0730-4a0b-8dc8-96b96a01177b_SOP1-TOC-StatementofOperations-4218_1) | 28 |
| [Statements of Changes in Net Assets](#xx_02e6ac83-0730-4a0b-8dc8-96b96a01177b_SOC1-TOC-StatementofChanges-4218_1) | 30 |
| [Financial Highlights](#xx_02e6ac83-0730-4a0b-8dc8-96b96a01177b_FIHI-TOC-FinancialHighlights-4217_1) | 34 |
| [Notes to Financial Statements](#xx_02e6ac83-0730-4a0b-8dc8-96b96a01177b_NTF-TOC-NotestoFinancialStatements-4218_1) | 43 |
| [Report of Independent Registered Public Accounting Firm](#xx_02e6ac83-0730-4a0b-8dc8-96b96a01177b_AUD-TOC-RIRPAFirm-4218_1) | 53 |
| [Other Information](#xx_02e6ac83-0730-4a0b-8dc8-96b96a01177b_AI-TOC-AdditionalInformation-4218_1) | 54 |

---

**Performance and Risk Disclosure**

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

**Portfolio of Investments**

**July 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 100.0%** | **COMMON STOCKS — 100.0%** | **COMMON STOCKS — 100.0%** |
|  | **Automobile Components —** <br> **5.8%**  |  |
| 66792 | Aptiv PLC (a) | $4584603 |
| 104343 | BorgWarner, Inc. | 3839822 |
| 207214 | Gentex Corp. | 5474594 |
| 47973 | Lear Corp. | 4523374 |
|  |  | 18422393 |
|  | **Automobiles — 4.9%**  |  |
| 321975 | Ford Motor Co. | 3564263 |
| 92597 | General Motors Co. | 4939124 |
| 148027 | Harley-Davidson, Inc. | 3601497 |
| 39337 | Thor Industries, Inc. | 3579274 |
|  |  | 15684158 |
|  | **Broadline Retail — 5.5%**  |  |
| 7963 | Amazon.com, Inc. (a) | 1864218 |
| 152091 | Coupang, Inc. (a) | 4476038 |
| 10906 | Dillard's, Inc., Class A | 5092338 |
| 11731 | eBay, Inc. | 1076319 |
| 390793 | Macy's, Inc. | 4935716 |
|  |  | 17444629 |
|  | **Commercial Services &** <br> **Supplies — 1.4%**  |  |
| 17798 | Copart, Inc. (a) | 806783 |
| 16449 | RB Global, Inc. | 1780769 |
| 30958 | Rollins, Inc. | 1772965 |
|  |  | 4360517 |
|  | **Consumer Staples Distribution** <br> **& Retail — 3.5%**  |  |
| 16198 | BJ's Wholesale Club Holdings, <br> Inc. (a) | 1715368 |
| 1764 | Costco Wholesale Corp. | 1657525 |
| 15272 | Dollar General Corp. | 1602033 |
| 35411 | Target Corp. | 3558805 |
| 27962 | Walmart, Inc. | 2739717 |
|  |  | 11273448 |
|  | **Distributors — 1.2%**  |  |
| 7198 | Genuine Parts Co. | 927678 |
| 94393 | LKQ Corp. | 2781762 |
|  |  | 3709440 |
|  | **Diversified Consumer Services** <br> **— 2.5%**  |  |
| 14132 | Bright Horizons Family <br> Solutions, Inc. (a) | 1598329 |
| 8520 | Duolingo, Inc. (a) | 2952606 |
| 9243 | Grand Canyon Education, <br> Inc. (a) | 1558647 |
| 31823 | H&R Block, Inc. | 1729262 |
|  |  | 7838844 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Entertainment — 7.7%**  |  |
| 16714 | Liberty Media Corp.-Liberty <br> Formula One, Class C (a) | $1677250 |
| 18071 | Live Nation Entertainment, <br> Inc. (a) | 2669087 |
| 2610 | Netflix, Inc. (a) | 3026034 |
| 43313 | ROBLOX Corp., Class A (a) | 5968098 |
| 4553 | Spotify Technology S.A. (a) | 2852637 |
| 11257 | Take-Two Interactive Software, <br> Inc. (a) | 2507272 |
| 25043 | TKO Group Holdings, Inc. | 4207474 |
| 14086 | Walt Disney (The) Co. | 1677783 |
|  |  | 24585635 |
|  | **Ground Transportation —** <br> **4.5%**  |  |
| 26955 | Avis Budget Group, Inc. (a) | 4588819 |
| 289128 | Lyft, Inc., Class A (a) | 4065140 |
| 37443 | Uber Technologies, Inc. (a) | 3285623 |
| 50284 | U-Haul Holding Co. | 2614768 |
|  |  | 14554350 |
|  | **Hotels, Restaurants & Leisure** <br> **— 20.0%**  |  |
| 20858 | Aramark | 887716 |
| 472 | Booking Holdings, Inc. | 2597916 |
| 34948 | Boyd Gaming Corp. | 2967085 |
| 96300 | Caesars Entertainment, Inc. (a) | 2569284 |
| 162042 | Carnival Corp. (a) | 4823990 |
| 8648 | Churchill Downs, Inc. | 925682 |
| 12542 | Darden Restaurants, Inc. | 2529345 |
| 63744 | DraftKings, Inc., Class A (a) | 2871030 |
| 51096 | Dutch Bros, Inc., Class A (a) | 3028460 |
| 5179 | Expedia Group, Inc. | 933359 |
| 12226 | Flutter Entertainment PLC (a) | 3695431 |
| 6559 | Hilton Worldwide Holdings, Inc. | 1758337 |
| 12509 | Hyatt Hotels Corp., Class A | 1763394 |
| 18147 | Light & Wonder, Inc. (a) | 1747919 |
| 3197 | Marriott International, Inc., <br> Class A | 843465 |
| 50791 | MGM Resorts International (a) | 1851332 |
| 86130 | Norwegian Cruise Line Holdings <br> Ltd. (a) | 2201483 |
| 152994 | Penn Entertainment, Inc. (a) | 2763072 |
| 25072 | Planet Fitness, Inc., Class A (a) | 2737612 |
| 13175 | Restaurant Brands International, <br> Inc. | 894055 |
| 14551 | Royal Caribbean Cruises Ltd. | 4625326 |
| 14589 | Texas Roadhouse, Inc. | 2700862 |
| 33844 | Travel + Leisure Co. | 2005257 |
| 5559 | Vail Resorts, Inc. | 835295 |
| 85505 | Viking Holdings Ltd. (a) | 5020854 |
| 76477 | Wendy's (The) Co. | 753298 |
| 5188 | Wingstop, Inc. | 1957640 |

---

See Notes to Financial Statements

------

**First Trust Consumer Discretionary AlphaDEX**<sup>®</sup> **Fund (FXD)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Hotels, Restaurants & Leisure** <br> **(Continued)**  |  |
| 10753 | Wyndham Hotels & Resorts, Inc. | $924758 |
| 5892 | Yum! Brands, Inc. | 849332 |
|  |  | 64062589 |
|  | **Household Durables — 9.6%**  |  |
| 35345 | D.R. Horton, Inc. | 5048680 |
| 4185 | Garmin Ltd. | 915511 |
| 41196 | Lennar Corp., Class A | 4621367 |
| 369 | NVR, Inc. (a) | 2785762 |
| 43209 | PulteGroup, Inc. | 4879160 |
| 35292 | SharkNinja, Inc. (a) | 4097401 |
| 51335 | Somnigroup International, Inc. | 3715627 |
| 39926 | Toll Brothers, Inc. | 4725642 |
|  |  | 30789150 |
|  | **Leisure Products — 2.2%**  |  |
| 177152 | Mattel, Inc. (a) | 3013356 |
| 110830 | YETI Holdings, Inc. (a) | 4071894 |
|  |  | 7085250 |
|  | **Media — 3.6%**  |  |
| 62337 | Fox Corp., Class A | 3475911 |
| 15600 | New York Times (The) Co., <br> Class A | 809484 |
| 29386 | News Corp., Class A | 861598 |
| 20199 | Nexstar Media Group, Inc. | 3779435 |
| 38003 | Omnicom Group, Inc. | 2738116 |
|  |  | 11664544 |
|  | **Passenger Airlines — 4.1%**  |  |
| 55255 | Alaska Air Group, Inc. (a) | 2926305 |
| 77840 | American Airlines Group, <br> Inc. (a) | 894381 |
| 71032 | Delta Air Lines, Inc. | 3779613 |
| 53844 | Southwest Airlines Co. | 1665395 |
| 43871 | United Airlines Holdings, <br> Inc. (a) | 3874248 |
|  |  | 13139942 |
|  | **Specialty Retail — 14.9%**  |  |
| 13763 | AutoNation, Inc. (a) | 2651304 |
| 470 | AutoZone, Inc. (a) | 1771139 |
| 91254 | Bath & Body Works, Inc. | 2642716 |
| 26019 | Best Buy Co., Inc. | 1692796 |
| 25987 | CarMax, Inc. (a) | 1471124 |
| 13522 | Carvana Co. (a) | 5275879 |
| 106913 | Chewy, Inc., Class A (a) | 3923707 |
| 13820 | Dick's Sporting Goods, Inc. | 2923068 |
| 6658 | Five Below, Inc. (a) | 908950 |
| 208925 | Gap (The), Inc. | 4065680 |
| 2382 | Home Depot (The), Inc. | 875409 |
| 10342 | Lithia Motors, Inc. | 2978496 |
| 3936 | Lowe's Cos., Inc. | 879972 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Specialty Retail (Continued)**  |  |
| 9690 | O'Reilly Automotive, Inc. (a) | $952721 |
| 15912 | Penske Automotive Group, Inc. | 2663828 |
| 13692 | Ross Stores, Inc. | 1869506 |
| 7074 | TJX (The) Cos., Inc. | 880925 |
| 5844 | Ulta Beauty, Inc. (a) | 3009718 |
| 23062 | Valvoline, Inc. (a) | 812935 |
| 53461 | Wayfair, Inc., Class A (a) | 3509180 |
| 10692 | Williams-Sonoma, Inc. | 1999939 |
|  |  | 47758992 |
|  | **Textiles, Apparel & Luxury** <br> **Goods — 8.6%**  |  |
| 17760 | Birkenstock Holding PLC (a) | 889598 |
| 57193 | Columbia Sportswear Co. | 3235408 |
| 44992 | Crocs, Inc. (a) | 4487052 |
| 11508 | Lululemon Athletica, Inc. (a) | 2307699 |
| 12294 | NIKE, Inc., Class B | 918239 |
| 52525 | On Holding AG, Class A (a) | 2551139 |
| 66423 | PVH Corp. | 4876777 |
| 12736 | Ralph Lauren Corp. | 3804880 |
| 39783 | Tapestry, Inc. | 4297758 |
|  |  | 27368550 |
|  | **Total Common Stocks** | 319742431 |
|  | (Cost $312,458,269) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 405167 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 4.16% (b) | 405167 |
|  | (Cost $405,167) |  |

---

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 0.0%** | **REPURCHASE AGREEMENTS — 0.0%** | **REPURCHASE AGREEMENTS — 0.0%** |
| $411 | Bank of America Corp., <br> 4.36% (b), dated 07/31/25, <br> due 08/01/25, with a maturity <br> value of $411. Collateralized <br> by U.S. Treasury Note, <br> interest rate of 3.88%, due <br> 07/31/27. The value of the <br> collateral including accrued <br> interest is $419. (c) | 411 |

---

See Notes to Financial Statements

------

**First Trust Consumer Discretionary AlphaDEX**<sup>®</sup> **Fund (FXD)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS (Continued)** | **REPURCHASE AGREEMENTS (Continued)** | **REPURCHASE AGREEMENTS (Continued)** |
| $85 | Daiwa Capital Markets America, <br> Inc., 4.36% (b), dated <br> 07/31/25, due 08/01/25, with a <br> maturity value of $85. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.00% to <br> 6.00%, due 08/14/25 to <br> 05/15/47. The value of the <br> collateral including accrued <br> interest is $87. (c) | $85 |
| 564 | JPMorgan Chase & Co., <br> 4.36% (b), dated 07/31/25, <br> due 08/01/25, with a maturity <br> value of $564. Collateralized <br> by U.S. Treasury Securities, <br> interest rates of 0.13% to <br> 4.75%, due 02/15/41 to <br> 08/15/52. The value of the <br> collateral including accrued <br> interest is $575. (c) | 564 |
| 402 | Mizuho Financial Group, Inc., <br> 4.36% (b), dated 07/31/25, <br> due 08/01/25, with a maturity <br> value of $402. Collateralized <br> by U.S. Treasury Securities, <br> interest rates of 0.38% to <br> 4.25%, due 06/30/27 to <br> 06/30/31. The value of the <br> collateral including accrued <br> interest is $410. (c) | 402 |
|  | **Total Repurchase Agreements** | 1462 |
|  | (Cost $1,462) |  |
|  | **Total Investments — 100.1%** | 320149060 |
|  | (Cost $312,864,898) |  |
|  | **Net Other Assets and** <br> **Liabilities — (0.1)%** | (236369)<br>|
|  | **Net Assets — 100.0%** | $319912691 |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Rate
 shown reflects yield as of July 31, 2025.

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

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of July 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>**7/31/2025**<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\* | $319742431 | $319742431 | $— | $— |
| Money Market Funds | 405167 | 405167 |  |  |
| Repurchase <br> Agreements<br>| 1462 |  | 1462 |  |
| Total Investments | $320149060 | $320147598 | $1462 | $— |

---

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

\* See Portfolio of Investments for industry breakout.

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>(1)</sup> <br>| $1462 |
| Non-cash Collateral<sup>(2)</sup> <br>| (1462)<br>|
| Net Amount | $— |

---

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

<sup>(1)</sup> The amount is included in "Investments, at value" on the Statements of Assets and Liabilities. 

<sup>(2)</sup> At July 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 Consumer Staples AlphaDEX**<sup>®</sup> **Fund (FXG)**

**Portfolio of Investments**

**July 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
|  | **Beverages — 16.3%**  |  |
| 37444 | Boston Beer (The) Co., Inc., <br> Class A (a) | $7753904 |
| 265502 | Brown-Forman Corp., Class B | 7659733 |
| 51338 | Celsius Holdings, Inc. (a) | 2327665 |
| 63991 | Coca-Cola Consolidated, Inc. | 7150994 |
| 72037 | Keurig Dr Pepper, Inc. | 2352008 |
| 247614 | Molson Coors Beverage Co., <br> Class B | 12063754 |
| 76039 | Monster Beverage Corp. (a) | 4467291 |
| 18037 | PepsiCo, Inc. | 2487663 |
|  |  | 46263012 |
|  | **Chemicals — 0.8%**  |  |
| 31954 | Corteva, Inc. | 2304842 |
|  | **Consumer Staples Distribution** <br> **& Retail — 17.6%**  |  |
| 332155 | Albertsons Cos., Inc., Class A | 6384019 |
| 23336 | Casey's General Stores, Inc. | 12137754 |
| 66403 | Kroger (The) Co. | 4654851 |
| 108908 | Performance Food Group Co. (a) | 10934363 |
| 72326 | Sprouts Farmers Market, Inc. (a) | 10960282 |
| 62887 | Sysco Corp. | 5005805 |
|  |  | 50077074 |
|  | **Food Products — 44.7%**  |  |
| 135367 | Archer-Daniels-Midland Co. | 7334184 |
| 148328 | Bunge Global S.A. | 11830641 |
| 155403 | Campbell's (The) Co. | 4960464 |
| 232687 | Conagra Brands, Inc. | 4248865 |
| 188314 | Darling Ingredients, Inc. (a) | 6097607 |
| 596133 | Flowers Foods, Inc. | 9448708 |
| 183868 | General Mills, Inc. | 9005855 |
| 28702 | Hershey (The) Co. | 5342303 |
| 236187 | Hormel Foods Corp. | 6634493 |
| 70242 | Ingredion, Inc. | 9239633 |
| 461183 | Kraft Heinz (The) Co. | 12664085 |
| 91863 | Lamb Weston Holdings, Inc. | 5242621 |
| 31411 | McCormick & Co., Inc. | 2218559 |
| 35314 | Mondelez International, Inc., <br> Class A | 2284463 |
| 264734 | Pilgrim's Pride Corp. | 12545744 |
| 87372 | Post Holdings, Inc. (a) | 9244831 |
| 170293 | Tyson Foods, Inc., Class A | 8906324 |
|  |  | 127249380 |
|  | **Health Care Providers &** <br> **Services — 11.0%**  |  |
| 39712 | Cencora, Inc. | 11360809 |
| 138101 | CVS Health Corp. | 8576072 |
| 16250 | McKesson Corp. | 11270025 |
|  |  | 31206906 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Household Products — 6.8%**  |  |
| 19835 | Clorox (The) Co. | $2490483 |
| 36946 | Kimberly-Clark Corp. | 4604210 |
| 14948 | Procter & Gamble (The) Co. | 2249225 |
| 444734 | Reynolds Consumer Products, <br> Inc. | 10002068 |
|  |  | 19345986 |
|  | **Tobacco — 2.7%**  |  |
| 121860 | Altria Group, Inc. | 7548008 |
|  | **Total Common Stocks** | 283995208 |
|  | (Cost $290,198,314) |  |
| **MONEY MARKET FUNDS — 0.0%** | **MONEY MARKET FUNDS — 0.0%** | **MONEY MARKET FUNDS — 0.0%** |
| 172676 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 4.16% (b) | 172676 |
|  | (Cost $172,676) |  |

---

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 0.0%** | **REPURCHASE AGREEMENTS — 0.0%** | **REPURCHASE AGREEMENTS — 0.0%** |
| $671 | Bank of America Corp., <br> 4.36% (b), dated 07/31/25, <br> due 08/01/25, with a maturity <br> value of $671. Collateralized <br> by U.S. Treasury Note, <br> interest rate of 3.88%, due <br> 07/31/27. The value of the <br> collateral including accrued <br> interest is $684. (c) | 671 |
| 139 | Daiwa Capital Markets America, <br> Inc., 4.36% (b), dated <br> 07/31/25, due 08/01/25, with a <br> maturity value of $139. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.00% to <br> 6.00%, due 08/14/25 to <br> 05/15/47. The value of the <br> collateral including accrued <br> interest is $142. (c) | 139 |

---

See Notes to Financial Statements

------

**First Trust Consumer Staples AlphaDEX**<sup>®</sup> **Fund (FXG)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS (Continued)** | **REPURCHASE AGREEMENTS (Continued)** | **REPURCHASE AGREEMENTS (Continued)** |
| $921 | JPMorgan Chase & Co., <br> 4.36% (b), dated 07/31/25, <br> due 08/01/25, with a maturity <br> value of $921. Collateralized <br> by U.S. Treasury Securities, <br> interest rates of 0.13% to <br> 4.75%, due 02/15/41 to <br> 08/15/52. The value of the <br> collateral including accrued <br> interest is $939. (c) | $921 |
| 653 | Mizuho Financial Group, Inc., <br> 4.36% (b), dated 07/31/25, <br> due 08/01/25, with a maturity <br> value of $653. Collateralized <br> by U.S. Treasury Securities, <br> interest rates of 0.38% to <br> 4.25%, due 06/30/27 to <br> 06/30/31. The value of the <br> collateral including accrued <br> interest is $666. (c) | 653 |
|  | **Total Repurchase Agreements** | 2384 |
|  | (Cost $2,384) |  |
|  | **Total Investments — 99.9%** | 284170268 |
|  | (Cost $290,373,374) |  |
|  | **Net Other Assets and** <br> **Liabilities — 0.1%** | 214068 |
|  | **Net Assets — 100.0%** | $284384336 |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Rate
 shown reflects yield as of July 31, 2025.

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

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of July 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>**7/31/2025**<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\* | $283995208 | $283995208 | $— | $— |
| Money Market Funds | 172676 | 172676 |  |  |
| Repurchase <br> Agreements<br>| 2384 |  | 2384 |  |
| Total Investments | $284170268 | $284167884 | $2384 | $— |

---

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

\* See Portfolio of Investments for industry breakout.

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>(1)</sup> <br>| $2384 |
| Non-cash Collateral<sup>(2)</sup> <br>| (2384)<br>|
| Net Amount | $— |

---

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

<sup>(1)</sup> The amount is included in "Investments, at value" on the Statements of Assets and Liabilities. 

<sup>(2)</sup> At July 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 Energy AlphaDEX**<sup>®</sup> **Fund (FXN)**

**Portfolio of Investments**

**July 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
|  | **Energy Equipment & Services** <br> **— 19.6%**  |  |
| 170691 | Baker Hughes Co. | $7689629 |
| 428160 | Halliburton Co. | 9590784 |
| 1002858 | NOV, Inc. | 12615954 |
| 193625 | Schlumberger N.V. | 6544525 |
| 190021 | TechnipFMC PLC | 6911064 |
| 173439 | Weatherford International PLC | 9807975 |
|  |  | 53159931 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 77.1%**  |  |
| 115113 | Antero Midstream Corp. | 2112324 |
| 108315 | Antero Resources Corp. (a) | 3783443 |
| 477083 | APA Corp. | 9202931 |
| 17915 | Cheniere Energy, Inc. | 4225790 |
| 45711 | Chevron Corp. | 6931616 |
| 128711 | Chord Energy Corp. | 14200685 |
| 452962 | Civitas Resources, Inc. | 13751926 |
| 97233 | ConocoPhillips | 9270194 |
| 343803 | Coterra Energy, Inc. | 8385355 |
| 391873 | Devon Energy Corp. | 13018021 |
| 90724 | Diamondback Energy, Inc. | 13487030 |
| 19841 | DT Midstream, Inc. | 2038266 |
| 72959 | EOG Resources, Inc. | 8756539 |
| 37411 | EQT Corp. | 2010841 |
| 18656 | Expand Energy Corp. | 1954776 |
| 80940 | Exxon Mobil Corp. | 9036142 |
| 106204 | HF Sinclair Corp. | 4666604 |
| 148401 | Kinder Morgan, Inc. | 4164132 |
| 26267 | Marathon Petroleum Corp. | 4470381 |
| 261225 | Matador Resources Co. | 13029903 |
| 155776 | Occidental Petroleum Corp. | 6844797 |
| 80177 | ONEOK, Inc. | 6583334 |
| 171989 | Ovintiv, Inc. | 7082507 |
| 915236 | Permian Resources Corp. | 12959742 |
| 36571 | Phillips 66 | 4519444 |
| 53645 | Range Resources Corp. | 1969844 |
| 12536 | Targa Resources Corp. | 2086116 |
| 2065 | Texas Pacific Land Corp. | 1999188 |
| 32459 | Valero Energy Corp. | 4456945 |
| 228850 | Viper Energy, Inc. | 8618491 |
| 69467 | Williams (The) Cos., Inc. | 4164547 |
|  |  | 209781854 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 3.2%**  |  |
| 55025 | Enphase Energy, Inc. (a) | 1780609 |
| 39528 | First Solar, Inc. (a) | 6906728 |
|  |  | 8687337 |
|  | **Total Common Stocks** | 271629122 |
|  | (Cost $325,007,235) |  |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 329666 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 4.16% (b) | $329666 |
|  | (Cost $329,666) |  |

---

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 0.0%** | **REPURCHASE AGREEMENTS — 0.0%** | **REPURCHASE AGREEMENTS — 0.0%** |
| $63 | Bank of America Corp., <br> 4.36% (b), dated 07/31/25, <br> due 08/01/25, with a maturity <br> value of $63. Collateralized by <br> U.S. Treasury Note, interest <br> rate of 3.88%, due 07/31/27. <br> The value of the collateral <br> including accrued interest is <br> $64. (c) | 63 |
| 14 | Daiwa Capital Markets America, <br> Inc., 4.36% (b), dated <br> 07/31/25, due 08/01/25, with a <br> maturity value of $14. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.00% to <br> 6.00%, due 08/14/25 to <br> 05/15/47. The value of the <br> collateral including accrued <br> interest is $14. (c) | 14 |

---

See Notes to Financial Statements

------

**First Trust Energy AlphaDEX**<sup>®</sup> **Fund (FXN)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS (Continued)** | **REPURCHASE AGREEMENTS (Continued)** | **REPURCHASE AGREEMENTS (Continued)** |
| $87 | JPMorgan Chase & Co., <br> 4.36% (b), dated 07/31/25, <br> due 08/01/25, with a maturity <br> value of $87. Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.13% to <br> 4.75%, due 02/15/41 to <br> 08/15/52. The value of the <br> collateral including accrued <br> interest is $89. (c) | $87 |
| 64 | Mizuho Financial Group, Inc., <br> 4.36% (b), dated 07/31/25, <br> due 08/01/25, with a maturity <br> value of $64. Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.38% to <br> 4.25%, due 06/30/27 to <br> 06/30/31. The value of the <br> collateral including accrued <br> interest is $65. (c) | 64 |
|  | **Total Repurchase Agreements** | 228 |
|  | (Cost $228) |  |
|  | **Total Investments — 100.0%** | 271959016 |
|  | (Cost $325,337,129) |  |
|  | **Net Other Assets and** <br> **Liabilities — (0.0)%** | (971)<br>|
|  | **Net Assets — 100.0%** | $271958045 |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Rate
 shown reflects yield as of July 31, 2025.

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

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of July 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>**7/31/2025**<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\* | $271629122 | $271629122 | $— | $— |
| Money Market Funds | 329666 | 329666 |  |  |
| Repurchase <br> Agreements<br>| 228 |  | 228 |  |
| Total Investments | $271959016 | $271958788 | $228 | $— |

---

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

\* See Portfolio of Investments for industry breakout.

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>(1)</sup> <br>| $228 |
| Non-cash Collateral<sup>(2)</sup> <br>| (228)<br>|
| Net Amount | $— |

---

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

<sup>(1)</sup> The amount is included in "Investments, at value" on the Statements of Assets and Liabilities. 

<sup>(2)</sup> At July 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 Financials AlphaDEX**<sup>®</sup> **Fund (FXO)**

**Portfolio of Investments**

**July 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
|  | **Banks — 27.5%**  |  |
| 430692 | Bank of America Corp. | $20358811 |
| 721785 | Bank OZK | 35584000 |
| 278332 | BOK Financial Corp. | 28259048 |
| 399052 | Citigroup, Inc. | 37391172 |
| 303616 | Citizens Financial Group, Inc. | 14488556 |
| 1162268 | Columbia Banking System, Inc. | 27661978 |
| 341666 | Comerica, Inc. | 23086372 |
| 52850 | Cullen/Frost Bankers, Inc. | 6733618 |
| 134553 | East West Bancorp, Inc. | 13488938 |
| 495511 | Fifth Third Bancorp | 20598392 |
| 10418 | First Citizens BancShares, Inc., <br> Class A | 20781410 |
| 544350 | First Hawaiian, Inc. | 13200487 |
| 640895 | First Horizon Corp. | 13977920 |
| 1863774 | FNB Corp. | 28553018 |
| 1216012 | Huntington Bancshares, Inc. | 19979077 |
| 140078 | M&T Bank Corp. | 26432719 |
| 1980602 | NU Holdings Ltd., Class A (a) | 24202956 |
| 123061 | Pinnacle Financial Partners, Inc. | 10815831 |
| 72883 | PNC Financial Services Group <br> (The), Inc. | 13867448 |
| 308203 | Popular, Inc. | 35313900 |
| 290155 | Prosperity Bancshares, Inc. | 19330126 |
| 866512 | Regions Financial Corp. | 21948749 |
| 73816 | SouthState Corp. | 6951253 |
| 131273 | Synovus Financial Corp. | 6201337 |
| 450395 | U.S. Bancorp | 20249759 |
| 373267 | Webster Financial Corp. | 21518843 |
| 84793 | Wells Fargo & Co. | 6836860 |
| 261352 | Western Alliance Bancorp | 20270461 |
| 109589 | Wintrust Financial Corp. | 14025200 |
| 523177 | Zions Bancorp N.A. | 28052751 |
|  |  | 600160990 |
|  | **Capital Markets — 32.9%**  |  |
| 138098 | Affiliated Managers Group, Inc. | 28982627 |
| 38185 | Ameriprise Financial, Inc. | 19787085 |
| 117673 | Ares Management Corp., <br> Class A | 21831872 |
| 372817 | Bank of New York Mellon (The) <br> Corp. | 37822285 |
| 245785 | Brookfield Asset Management <br> Ltd., Class A | 15157561 |
| 132171 | Carlyle Group (The), Inc. | 8017493 |
| 148912 | Charles Schwab (The) Corp. | 14553170 |
| 96917 | Coinbase Global, Inc., <br> Class A (a) | 36611366 |
| 569685 | Franklin Resources, Inc. | 13672440 |
| 186060 | Freedom Holding <br> Corp./N.V. (a) (b) | 34572739 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Capital Markets (Continued)**  |  |
| 47994 | Goldman Sachs Group (The), <br> Inc. | $34727979 |
| 151007 | Houlihan Lokey, Inc. | 28790995 |
| 613015 | Interactive Brokers Group, Inc., <br> Class A | 40189263 |
| 2153919 | Invesco Ltd. | 45253838 |
| 699633 | Janus Henderson Group PLC | 30294109 |
| 248433 | Jefferies Financial Group, Inc. | 14324647 |
| 283180 | Lazard, Inc. | 14719696 |
| 90585 | LPL Financial Holdings, Inc. | 35847202 |
| 27086 | Moody's Corp. | 13969063 |
| 48229 | Morgan Stanley | 6870703 |
| 160743 | Northern Trust Corp. | 20896590 |
| 44295 | Raymond James Financial, Inc. | 7403023 |
| 362784 | Robinhood Markets, Inc., <br> Class A (a) | 37384891 |
| 226800 | SEI Investments Co. | 19985616 |
| 255540 | State Street Corp. | 28556595 |
| 351995 | T. Rowe Price Group, Inc. | 35709893 |
| 518089 | TPG, Inc. | 29567339 |
| 92806 | Tradeweb Markets, Inc., Class A | 12858271 |
| 303348 | Virtu Financial, Inc., Class A | 13389781 |
| 1008928 | XP, Inc., Class A | 16284098 |
|  |  | 718032230 |
|  | **Consumer Finance — 5.6%**  |  |
| 697661 | Ally Financial, Inc. | 26406469 |
| 13334 | Credit Acceptance Corp. (a) | 6537394 |
| 357552 | OneMain Holdings, Inc. | 20662930 |
| 828724 | SLM Corp. | 26353423 |
| 1865309 | SoFi Technologies, Inc. (a) | 42118677 |
|  |  | 122078893 |
|  | **Financial Services — 4.7%**  |  |
| 69924 | Berkshire Hathaway, Inc., <br> Class B (a) | 32995737 |
| 605476 | Equitable Holdings, Inc. | 31091193 |
| 1220090 | MGIC Investment Corp. | 31600331 |
| 95682 | Voya Financial, Inc. | 6697740 |
|  |  | 102385001 |
|  | **Insurance — 27.3%**  |  |
| 64417 | Aflac, Inc. | 6400473 |
| 33746 | Allstate (The) Corp. | 6858874 |
| 53826 | American Financial Group, Inc. | 6722867 |
| 317485 | American International Group, <br> Inc. | 24646361 |
| 373062 | Arch Capital Group Ltd. | 32105716 |
| 21222 | Arthur J. Gallagher & Co. | 6096019 |
| 34399 | Assurant, Inc. | 6442933 |
| 389980 | Assured Guaranty Ltd. | 32984508 |
| 261742 | Axis Capital Holdings Ltd. | 24561869 |
| 631717 | Brighthouse Financial, Inc. (a) | 30227658 |
| 70345 | Chubb Ltd. | 18714584 |

---

See Notes to Financial Statements

------

**First Trust Financials AlphaDEX**<sup>®</sup> **Fund (FXO)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Insurance (Continued)**  |  |
| 91235 | Cincinnati Financial Corp. | $13458075 |
| 292003 | CNA Financial Corp. | 12944493 |
| 19989 | Everest Group Ltd. | 6712306 |
| 363547 | Fidelity National Financial, Inc. | 20514957 |
| 110659 | First American Financial Corp. | 6645073 |
| 218631 | Globe Life, Inc. | 30711097 |
| 79982 | Hanover Insurance Group (The), <br> Inc. | 13727311 |
| 160642 | Hartford Insurance Group (The), <br> Inc. | 19982258 |
| 421040 | Kemper Corp. | 25931854 |
| 28079 | Kinsale Capital Group, Inc. | 12374134 |
| 981716 | Lincoln National Corp. | 37413197 |
| 296464 | Loews Corp. | 26841851 |
| 10203 | Markel Group, Inc. (a) | 20490583 |
| 530186 | Old Republic International Corp. | 19176828 |
| 49647 | Primerica, Inc. | 13187733 |
| 101828 | Progressive (The) Corp. | 24646449 |
| 34249 | Reinsurance Group of America, <br> Inc. | 6591220 |
| 139844 | RenaissanceRe Holdings Ltd. | 34085577 |
| 99917 | Ryan Specialty Holdings, Inc. | 6113921 |
| 50784 | Travelers (The) Cos., Inc. | 13216028 |
| 420595 | Unum Group | 30202927 |
| 92468 | W.R. Berkley Corp. | 6362723 |
|  |  | 597092457 |
|  | **Mortgage REITs — 1.6%**  |  |
| 360970 | Annaly Capital Management, <br> Inc. | 7338520 |
| 2406895 | Rithm Capital Corp. | 28954947 |
|  |  | 36293467 |
|  | **Professional Services — 0.3%**  |  |
| 27952 | Broadridge Financial Solutions, <br> Inc. | 6918399 |
|  | **Total Common Stocks** | 2182961437 |
|  | (Cost $1,974,803,827) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 2368583 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 4.16% (c) | 2368583 |
|  | (Cost $2,368,583) |  |

---

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 0.0%** | **REPURCHASE AGREEMENTS — 0.0%** | **REPURCHASE AGREEMENTS — 0.0%** |
| $159269 | Bank of America Corp., <br> 4.36% (c), dated 07/31/25, due <br> 08/01/25, with a maturity <br> value of $159,288. <br> Collateralized by <br> U.S. Treasury Note, interest <br> rate of 3.88%, due 07/31/27. <br> The value of the collateral <br> including accrued interest is <br> $162,454. (d) | $159269 |
| 32972 | Daiwa Capital Markets America, <br> Inc., 4.36% (c), dated <br> 07/31/25, due 08/01/25, with a <br> maturity value of $32,976. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.00% to <br> 6.00%, due 08/14/25 to <br> 05/15/47. The value of the <br> collateral including accrued <br> interest is $33,631. (d) | 32972 |
| 218418 | JPMorgan Chase & Co., <br> 4.36% (c), dated 07/31/25, due <br> 08/01/25, with a maturity <br> value of $218,444. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.13% to <br> 4.75%, due 02/15/41 to <br> 08/15/52. The value of the <br> collateral including accrued <br> interest is $222,786. (d) | 218418 |
| 154405 | Mizuho Financial Group, Inc., <br> 4.36% (c), dated 07/31/25, due <br> 08/01/25, with a maturity <br> value of $154,424. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.38% to <br> 4.25%, due 06/30/27 to <br> 06/30/31. The value of the <br> collateral including accrued <br> interest is $157,493. (d) | 154405 |
|  | **Total Repurchase Agreements** | 565064 |
|  | (Cost $565,064) |  |
|  | **Total Investments — 100.0%** | 2185895084 |
|  | (Cost $1,977,737,474) |  |
|  | **Net Other Assets and** <br> **Liabilities — (0.0)%** | (927232)<br>|
|  | **Net Assets — 100.0%** | $2184967852 |

---

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

See Notes to Financial Statements

------

**First Trust Financials AlphaDEX**<sup>®</sup> **Fund (FXO)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 or a portion of this security is on loan (see Note 2D - 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 $578,628 and the total value of the collateral
 held by the Fund, including for securities sold and pending
 settlement, is $565,064.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Rate
 shown reflects yield as of July 31, 2025.

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

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

Abbreviations throughout the Portfolio of Investments: <br> REITs – Real Estate Investment Trusts

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of July 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>**7/31/2025**<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\* | $2182961437 | $2182961437 | $— | $— |
| Money Market <br> Funds<br>| 2368583 | 2368583 |  |  |
| Repurchase <br> Agreements<br>| 565064 |  | 565064 |  |
| Total Investments | $2185895084 | $2185330020 | $565064 | $— |

---

&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>| $578628 |
| Non-cash Collateral<sup>(2)</sup> <br>| (565064)<br>|
| Net Amount | $13564 |

---

&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> The collateral requirements are determined at the beginning of each business day based on the market value of the loaned securities from the end of the prior day. On July 31, 2025, the last business day of the period, there was sufficient collateral based on the end of day market value from the prior business day; however, as a result of market movement from July 30 to July 31, the value of the related securities loaned was above the collateral value received. See Note 2D - Securities Lending in the Notes to Financial Statements. 

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>| $565064 |
| Non-cash Collateral<sup>(4)</sup> <br>| (565064)<br>|
| Net Amount | $— |

---

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

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

<sup>(4)</sup> At July 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 Health Care AlphaDEX**<sup>®</sup> **Fund (FXH)**

**Portfolio of Investments**

**July 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
|  | **Biotechnology — 23.3%**  |  |
| 48369 | Alnylam Pharmaceuticals, <br> Inc. (a) | $18972257 |
| 13242 | Amgen, Inc. | 3907714 |
| 156989 | Biogen, Inc. (a) | 20094592 |
| 286937 | BioMarin Pharmaceutical, <br> Inc. (a) | 16599305 |
| 222613 | Exact Sciences Corp. (a) | 10451680 |
| 447332 | Exelixis, Inc. (a) | 16202365 |
| 106699 | Gilead Sciences, Inc. | 11981231 |
| 71063 | Halozyme Therapeutics, Inc. (a) | 4261648 |
| 173710 | Incyte Corp. (a) | 13009142 |
| 195907 | Insmed, Inc. (a) | 21016903 |
| 93364 | Natera, Inc. (a) | 12479032 |
| 29412 | Neurocrine Biosciences, Inc. (a) | 3771501 |
| 37553 | Regeneron Pharmaceuticals, Inc. | 20483659 |
| 173721 | Summit Therapeutics, Inc. (a) (b) | 4581023 |
| 68614 | United Therapeutics Corp. (a) | 18848266 |
|  |  | 196660318 |
|  | **Health Care Equipment &** <br> **Supplies — 23.9%**  |  |
| 115969 | Abbott Laboratories | 14634128 |
| 19526 | Align Technology, Inc. (a) | 2519049 |
| 45784 | Becton Dickinson & Co. | 8160998 |
| 146847 | Boston Scientific Corp. (a) | 15407187 |
| 110828 | Cooper (The) Cos., Inc. (a) | 7834431 |
| 42350 | Dexcom, Inc. (a) | 3420610 |
| 47269 | Edwards Lifesciences Corp. (a) | 3748904 |
| 159710 | GE HealthCare Technologies, <br> Inc. | 11390517 |
| 133625 | Globus Medical, Inc., <br> Class A (a) | 7032684 |
| 121032 | Hologic, Inc. (a) | 8087358 |
| 22056 | IDEXX Laboratories, Inc. (a) | 11784741 |
| 50202 | Insulet Corp. (a) | 14478257 |
| 14513 | Intuitive Surgical, Inc. (a) | 6982059 |
| 46882 | Masimo Corp. (a) | 7209983 |
| 135707 | Medtronic PLC | 12246200 |
| 30730 | Penumbra, Inc. (a) | 7752257 |
| 45852 | ResMed, Inc. | 12468993 |
| 48744 | Solventum Corp. (a) | 3478372 |
| 15389 | STERIS PLC | 3485455 |
| 19933 | Stryker Corp. | 7828287 |
| 99948 | Teleflex, Inc. | 11943786 |
| 216163 | Zimmer Biomet Holdings, Inc. | 19811339 |
|  |  | 201705595 |
|  | **Health Care Providers &** <br> **Services — 22.8%**  |  |
| 868937 | Acadia Healthcare Co., Inc. (a) | 18916759 |
| 117359 | Cardinal Health, Inc. | 18216464 |
| 363231 | Centene Corp. (a) | 9469432 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Health Care Providers &** <br> **Services (Continued)**  |  |
| 16196 | Chemed Corp. | $6677611 |
| 47713 | Cigna Group (The) | 12757502 |
| 25951 | DaVita, Inc. (a) | 3642742 |
| 40552 | Elevance Health, Inc. | 11479460 |
| 64311 | Encompass Health Corp. | 7081284 |
| 41171 | HCA Healthcare, Inc. | 14574122 |
| 107961 | Henry Schein, Inc. (a) | 7303562 |
| 64517 | Humana, Inc. | 16120863 |
| 30042 | Labcorp Holdings, Inc. | 7813323 |
| 39711 | Molina Healthcare, Inc. (a) | 6269176 |
| 65856 | Quest Diagnostics, Inc. | 11024953 |
| 67214 | Tenet Healthcare Corp. (a) | 10840274 |
| 50558 | UnitedHealth Group, Inc. | 12617254 |
| 108840 | Universal Health Services, Inc., <br> Class B | 18116418 |
|  |  | 192921199 |
|  | **Health Care Technology —** <br> **3.2%**  |  |
| 192854 | Doximity, Inc., Class A (a) | 11330173 |
| 54772 | Veeva Systems, Inc., Class A (a) | 15566202 |
|  |  | 26896375 |
|  | **Life Sciences Tools & Services** <br> **— 9.1%**  |  |
| 31327 | Agilent Technologies, Inc. | 3596653 |
| 1464797 | Avantor, Inc. (a) | 19686872 |
| 18716 | Danaher Corp. | 3690047 |
| 50043 | IQVIA Holdings, Inc. (a) | 9300992 |
| 81539 | Revvity, Inc. | 7167278 |
| 310294 | Tempus AI, Inc. (a) (b) | 17559537 |
| 19450 | Thermo Fisher Scientific, Inc. | 9096376 |
| 10591 | Waters Corp. (a) | 3058257 |
| 16895 | West Pharmaceutical Services, <br> Inc. | 4042298 |
|  |  | 77198310 |
|  | **Pharmaceuticals — 17.6%**  |  |
| 255558 | Bristol-Myers Squibb Co. | 11068217 |
| 161168 | Corcept Therapeutics, Inc. (a) | 10825655 |
| 1380684 | Elanco Animal Health, Inc. (a) | 18887757 |
| 185792 | Jazz Pharmaceuticals PLC (a) | 21297337 |
| 103260 | Johnson & Johnson | 17011052 |
| 249066 | Merck & Co., Inc. | 19457036 |
| 1629435 | Organon & Co. | 15805519 |
| 138353 | Perrigo Co. PLC | 3689875 |
| 650699 | Pfizer, Inc. | 15154780 |
| 328329 | Royalty Pharma PLC, Class A | 12082507 |
| 23704 | Zoetis, Inc. | 3455806 |
|  |  | 148735541 |
|  | **Total Common Stocks** | 844117338 |
|  | (Cost $851,465,192) |  |

---

See Notes to Financial Statements

------

**First Trust Health Care AlphaDEX**<sup>®</sup> **Fund (FXH)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** |
| 1607838 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 4.16% (c) | $1607838 |
|  | (Cost $1,607,838) |  |

---

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 2.2%** | **REPURCHASE AGREEMENTS — 2.2%** | **REPURCHASE AGREEMENTS — 2.2%** |
| $5309060 | Bank of America Corp., <br> 4.36% (c), dated 07/31/25, due <br> 08/01/25, with a maturity <br> value of $5,309,703. <br> Collateralized by <br> U.S. Treasury Note, interest <br> rate of 3.88%, due 07/31/27. <br> The value of the collateral <br> including accrued interest is <br> $5,415,242. (d) | 5309060 |
| 1099070 | Daiwa Capital Markets America, <br> Inc., 4.36% (c), dated <br> 07/31/25, due 08/01/25, with a <br> maturity value of $1,099,203. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.00% to <br> 6.00%, due 08/14/25 to <br> 05/15/47. The value of the <br> collateral including accrued <br> interest is $1,121,051. (d) | 1099070 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Value** |
| $7280725 | JPMorgan Chase & Co., <br> 4.36% (c), dated 07/31/25, due <br> 08/01/25, with a maturity <br> value of $7,281,607. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.13% to <br> 4.75%, due 02/15/41 to <br> 08/15/52. The value of the <br> collateral including accrued <br> interest is $7,426,340. (d) | $7280725 |
| 5146859 | Mizuho Financial Group, Inc., <br> 4.36% (c), dated 07/31/25, due <br> 08/01/25, with a maturity <br> value of $5,147,482. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.38% to <br> 4.25%, due 06/30/27 to <br> 06/30/31. The value of the <br> collateral including accrued <br> interest is $5,249,799. (d) | 5146859 |
|  | **Total Repurchase Agreements** | 18835714 |
|  | (Cost $18,835,714) |  |
|  | **Total Investments — 102.3%** | 864560890 |
|  | (Cost $871,908,744) |  |
|  | **Net Other Assets and** <br> **Liabilities — (2.3)%** | (19110587)<br>|
|  | **Net Assets — 100.0%** | $845450303 |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 or a portion of this security is on loan (see Note 2D - 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 $18,064,410 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $18,835,714.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Rate
 shown reflects yield as of July 31, 2025.

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

See Notes to Financial Statements

------

**First Trust Health Care AlphaDEX**<sup>®</sup> **Fund (FXH)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of July 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>**7/31/2025**<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\* | $844117338 | $844117338 | $— | $— |
| Money Market <br> Funds<br>| 1607838 | 1607838 |  |  |
| Repurchase <br> Agreements<br>| 18835714 |  | 18835714 |  |
| Total Investments | $864560890 | $845725176 | $18835714 | $— |

---

&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>| $18064410 |
| Non-cash Collateral<sup>(2)</sup> <br>| (18064410)<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 July 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. 

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>| $18835714 |
| Non-cash Collateral<sup>(4)</sup> <br>| (18835714)<br>|
| Net Amount | $— |

---

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

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

<sup>(4)</sup> At July 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 Industrials/Producer Durables AlphaDEX**<sup>®</sup> **Fund (FXR)**

**Portfolio of Investments**

**July 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 100.0%** | **COMMON STOCKS — 100.0%** | **COMMON STOCKS — 100.0%** |
|  | **Aerospace & Defense — 13.7%**  |  |
| 25682 | Axon Enterprise, Inc. (a) | $19402494 |
| 60883 | Boeing (The) Co. (a) | 13506285 |
| 147589 | BWX Technologies, Inc. | 22423197 |
| 29158 | General Dynamics Corp. | 9085924 |
| 82604 | General Electric Co. | 22392292 |
| 64822 | HEICO Corp. | 21183830 |
| 114232 | Howmet Aerospace, Inc. | 20535487 |
| 70445 | Huntington Ingalls Industries, <br> Inc. | 19644293 |
| 16953 | L3Harris Technologies, Inc. | 4659023 |
| 457438 | Leonardo DRS, Inc. | 19029421 |
| 197394 | Loar Holdings, Inc. (a) | 14589391 |
| 17012 | Northrop Grumman Corp. | 9809289 |
| 594400 | Rocket Lab Corp. (a) | 27294848 |
| 211851 | Textron, Inc. | 16475652 |
| 8391 | TransDigm Group, Inc. | 13496588 |
|  |  | 253528014 |
|  | **Air Freight & Logistics —** <br> **2.9%**  |  |
| 44319 | C.H. Robinson Worldwide, Inc. | 5110867 |
| 74439 | Expeditors International of <br> Washington, Inc. | 8652790 |
| 93537 | FedEx Corp. | 20904584 |
| 87316 | GXO Logistics, Inc. (a) | 4340478 |
| 168511 | United Parcel Service, Inc., <br> Class B | 14518908 |
|  |  | 53527627 |
|  | **Building Products — 9.3%**  |  |
| 194557 | A.O. Smith Corp. | 13772690 |
| 111066 | Advanced Drainage Systems, <br> Inc. | 12744824 |
| 59010 | Allegion PLC | 9790939 |
| 104711 | Armstrong World Industries, Inc. | 19703469 |
| 182207 | Builders FirstSource, Inc. (a) | 23163976 |
| 22778 | Carlisle Cos., Inc. | 8079584 |
| 330408 | Fortune Brands Innovations, Inc. | 18020452 |
| 616283 | Hayward Holdings, Inc. (a) | 9478433 |
| 66073 | Masco Corp. | 4501553 |
| 123687 | Owens Corning | 17245678 |
| 82139 | Simpson Manufacturing Co., Inc. | 14738201 |
| 38886 | Trane Technologies PLC | 17035179 |
| 78195 | Trex Co., Inc. (a) | 5023247 |
|  |  | 173298225 |
|  | **Chemicals — 2.6%**  |  |
| 572900 | Axalta Coating Systems Ltd. (a) | 16224528 |
| 642351 | Dow, Inc. | 14960355 |
| 74767 | PPG Industries, Inc. | 7887919 |
| 77428 | RPM International, Inc. | 9090821 |
|  |  | 48163623 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Commercial Services &** <br> **Supplies — 1.7%**  |  |
| 57240 | Cintas Corp. | $12738762 |
| 50764 | MSA Safety, Inc. | 9029393 |
| 236503 | Tetra Tech, Inc. | 8689120 |
|  |  | 30457275 |
|  | **Construction & Engineering** <br> **— 6.1%**  |  |
| 39654 | Comfort Systems USA, Inc. | 27888658 |
| 39748 | EMCOR Group, Inc. | 24941472 |
| 124754 | MasTec, Inc. (a) | 23604704 |
| 56236 | Quanta Services, Inc. | 22839127 |
| 39065 | Valmont Industries, Inc. | 14217707 |
|  |  | 113491668 |
|  | **Construction Materials —** <br> **1.5%**  |  |
| 105198 | Eagle Materials, Inc. | 23594859 |
| 7746 | Martin Marietta Materials, Inc. | 4453021 |
|  |  | 28047880 |
|  | **Consumer Finance — 2.1%**  |  |
| 53324 | American Express Co. | 15960407 |
| 19985 | Capital One Financial Corp. | 4296775 |
| 254860 | Synchrony Financial | 17756096 |
|  |  | 38013278 |
|  | **Containers & Packaging —** <br> **5.5%**  |  |
| 1388144 | Amcor PLC | 12979146 |
| 54367 | AptarGroup, Inc. | 8543230 |
| 75812 | Ball Corp. | 4340995 |
| 41293 | Crown Holdings, Inc. | 4102873 |
| 1009100 | Graphic Packaging Holding Co. | 22563476 |
| 90258 | Packaging Corp. of America | 17487488 |
| 274080 | Sealed Air Corp. | 8022322 |
| 235455 | Silgan Holdings, Inc. | 10955721 |
| 292861 | Sonoco Products Co. | 13199245 |
|  |  | 102194496 |
|  | **Diversified Consumer Services** <br> **— 1.1%**  |  |
| 2510241 | ADT, Inc. | 20960512 |
|  | **Electrical Equipment — 4.9%**  |  |
| 42760 | Acuity, Inc. | 13313326 |
| 23498 | AMETEK, Inc. | 4343605 |
| 40179 | GE Vernova, Inc. | 26529792 |
| 59387 | Generac Holdings, Inc. (a) | 11562055 |
| 10411 | Hubbell, Inc. | 4554604 |
| 58669 | Regal Rexnord Corp. | 8969317 |
| 25605 | Rockwell Automation, Inc. | 9005534 |
| 423681 | Sensata Technologies <br> Holding PLC | 13032428 |
|  |  | 91310661 |

---

See Notes to Financial Statements

------

**First Trust Industrials/Producer Durables AlphaDEX**<sup>®</sup> **Fund (FXR)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 3.5%**  |  |
| 315574 | Crane NXT Co. | $18726161 |
| 1 | Ralliant Corp. (a) | 46 |
| 16599 | Teledyne Technologies, Inc. (a) | 9146381 |
| 279833 | Trimble, Inc. (a) | 23475190 |
| 345719 | Vontier Corp. | 14336967 |
|  |  | 65684745 |
|  | **Financial Services — 7.8%**  |  |
| 307518 | Affirm Holdings, Inc. (a) | 21083434 |
| 250394 | Block, Inc. (a) | 19345441 |
| 125833 | Euronet Worldwide, Inc. (a) | 12228451 |
| 265639 | Global Payments, Inc. | 21237838 |
| 47205 | Jack Henry & Associates, Inc. | 8016117 |
| 7566 | Mastercard, Inc., Class A | 4285912 |
| 114433 | PayPal Holdings, Inc. (a) | 7868413 |
| 214527 | Shift4 Payments, Inc., <br> Class A (a) (b) | 22096281 |
| 23953 | Visa, Inc., Class A | 8275043 |
| 2525148 | Western Union (The) Co. | 20327441 |
|  |  | 144764371 |
|  | **Ground Transportation —** <br> **7.1%**  |  |
| 390961 | CSX Corp. | 13894754 |
| 88836 | J.B. Hunt Transport Services, <br> Inc. | 12796826 |
| 384566 | Knight-Swift Transportation <br> Holdings, Inc. | 16344055 |
| 30586 | Landstar System, Inc. | 4079255 |
| 49837 | Norfolk Southern Corp. | 13854686 |
| 26202 | Old Dominion Freight Line, Inc. | 3910649 |
| 106978 | Ryder System, Inc. | 19011060 |
| 62080 | Saia, Inc. (a) | 18763059 |
| 704324 | Schneider National, Inc., Class B | 17220722 |
| 18484 | Union Pacific Corp. | 4102893 |
| 67343 | XPO, Inc. (a) | 8100689 |
|  |  | 132078648 |
|  | **Household Durables — 2.3%**  |  |
| 202800 | Mohawk Industries, Inc. (a) | 23222628 |
| 52541 | TopBuild Corp. (a) | 19462763 |
|  |  | 42685391 |
|  | **Industrial Conglomerates —** <br> **0.7%**  |  |
| 83796 | 3M Co. | 12504039 |
|  | **IT Services — 0.4%**  |  |
| 28455 | Accenture PLC, Class A | 7600331 |
|  | **Leisure Products — 0.7%**  |  |
| 230940 | Brunswick Corp. | 13461493 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Machinery — 13.0%**  |  |
| 223832 | Allison Transmission Holdings, <br> Inc. | $20160548 |
| 10953 | Caterpillar, Inc. | 4797633 |
| 656228 | CNH Industrial N.V. | 8504715 |
| 38953 | Cummins, Inc. | 14319902 |
| 122634 | Donaldson Co., Inc. | 8825969 |
| 46416 | Dover Corp. | 8407794 |
| 35276 | Esab Corp. | 4732981 |
| 81229 | Flowserve Corp. | 4552073 |
| 244716 | Fortive Corp. | 11729238 |
| 553931 | Gates Industrial Corp. PLC (a) | 13737489 |
| 49463 | Graco, Inc. | 4153903 |
| 48439 | IDEX Corp. | 7920261 |
| 54228 | ITT, Inc. | 9216591 |
| 20509 | Lincoln Electric Holdings, Inc. | 4993942 |
| 88591 | Middleby (The) Corp. (a) | 12863413 |
| 19837 | Nordson Corp. | 4249284 |
| 187263 | Oshkosh Corp. | 23694387 |
| 178933 | PACCAR, Inc. | 17671423 |
| 6087 | Parker-Hannifin Corp. | 4455075 |
| 41422 | Pentair PLC | 4233328 |
| 54660 | Snap-on, Inc. | 17556245 |
| 188297 | Stanley Black & Decker, Inc. | 12738292 |
| 180491 | Toro (The) Co. | 13401457 |
| 32874 | Xylem, Inc. | 4754238 |
|  |  | 241670181 |
|  | **Marine Transportation —** <br> **0.8%**  |  |
| 149981 | Kirby Corp. (a) | 14294689 |
|  | **Paper & Forest Products —** <br> **1.2%**  |  |
| 247259 | Louisiana-Pacific Corp. | 22354686 |
|  | **Professional Services — 3.9%**  |  |
| 13787 | Automatic Data Processing, Inc. | 4267077 |
| 97108 | ExlService Holdings, Inc. (a) | 4217400 |
| 78992 | FTI Consulting, Inc. (a) | 13140319 |
| 386488 | Genpact Ltd. | 17024796 |
| 421025 | ManpowerGroup, Inc. | 17367281 |
| 310768 | Robert Half, Inc. | 11470447 |
| 13653 | Verisk Analytics, Inc. | 3805228 |
|  |  | 71292548 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 0.4%**  |  |
| 85595 | MKS, Inc. | 8146932 |
|  | **Trading Companies &** <br> **Distributors — 6.8%**  |  |
| 363510 | Air Lease Corp. | 20138454 |
| 36587 | Applied Industrial Technologies, <br> Inc. | 9933371 |
| 352309 | Core & Main, Inc., Class A (a) | 22420945 |

---

See Notes to Financial Statements

------

**First Trust Industrials/Producer Durables AlphaDEX**<sup>®</sup> **Fund (FXR)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Trading Companies &** <br> **Distributors (Continued)**  |  |
| 78115 | Ferguson Enterprises, Inc. | $17445423 |
| 150048 | MSC Industrial Direct Co., Inc., <br> Class A | 12997158 |
| 22577 | United Rentals, Inc. | 19934136 |
| 4089 | W.W. Grainger, Inc. | 4250679 |
| 91843 | WESCO International, Inc. | 19007827 |
|  |  | 126127993 |
|  | **Total Common Stocks** | 1855659306 |
|  | (Cost $1,654,786,495) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 1897833 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 4.16% (c) | 1897833 |
|  | (Cost $1,897,833) |  |

---

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 0.6%** | **REPURCHASE AGREEMENTS — 0.6%** | **REPURCHASE AGREEMENTS — 0.6%** |
| $3176076 | Bank of America Corp., <br> 4.36% (c), dated 07/31/25, due <br> 08/01/25, with a maturity <br> value of $3,176,461. <br> Collateralized by <br> U.S. Treasury Note, interest <br> rate of 3.88%, due 07/31/27. <br> The value of the collateral <br> including accrued interest is <br> $3,239,598. (d) | 3176076 |
| 657505 | Daiwa Capital Markets America, <br> Inc., 4.36% (c), dated <br> 07/31/25, due 08/01/25, with a <br> maturity value of $657,585. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.00% to <br> 6.00%, due 08/14/25 to <br> 05/15/47. The value of the <br> collateral including accrued <br> interest is $670,655. (d) | 657505 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Value** |
| $4355597 | JPMorgan Chase & Co., <br> 4.36% (c), dated 07/31/25, due <br> 08/01/25, with a maturity <br> value of $4,356,125. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.13% to <br> 4.75%, due 02/15/41 to <br> 08/15/52. The value of the <br> collateral including accrued <br> interest is $4,442,709. (d) | $4355597 |
| 3079040 | Mizuho Financial Group, Inc., <br> 4.36% (c), dated 07/31/25, due <br> 08/01/25, with a maturity <br> value of $3,079,413. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.38% to <br> 4.25%, due 06/30/27 to <br> 06/30/31. The value of the <br> collateral including accrued <br> interest is $3,140,622. (d) | 3079040 |
|  | **Total Repurchase Agreements** | 11268218 |
|  | (Cost $11,268,218) |  |
|  | **Total Investments — 100.7%** | 1868825357 |
|  | (Cost $1,667,952,546) |  |
|  | **Net Other Assets and** <br> **Liabilities — (0.7)%** | (12178682)<br>|
|  | **Net Assets — 100.0%** | $1856646675 |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 or a portion of this security is on loan (see Note 2D - 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 $10,878,551 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $11,268,218.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Rate
 shown reflects yield as of July 31, 2025.

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

See Notes to Financial Statements

------

**First Trust Industrials/Producer Durables AlphaDEX**<sup>®</sup> **Fund (FXR)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of July 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>**7/31/2025**<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 <br> Stocks\*<br>| $1855659306 | $1855659306 | $— | $— |
| Money Market <br> Funds<br>| 1897833 | 1897833 |  |  |
| Repurchase <br> Agreements<br>| 11268218 |  | 11268218 |  |
| Total <br> Investments<br>| $1868825357 | $1857557139 | $11268218 | $— |

---

&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>| $10878551 |
| Non-cash Collateral<sup>(2)</sup> <br>| (10878551)<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 July 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. 

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>| $11268218 |
| Non-cash Collateral<sup>(4)</sup> <br>| (11268218)<br>|
| Net Amount | $— |

---

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

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

<sup>(4)</sup> At July 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 Materials AlphaDEX**<sup>®</sup> **Fund (FXZ)**

**Portfolio of Investments**

**July 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** |
|  | **Aerospace & Defense — 2.0%**  |  |
| 72093 | Hexcel Corp. | $4319092 |
|  | **Chemicals — 43.9%**  |  |
| 6317 | Air Products and Chemicals, Inc. | 1818538 |
| 28431 | Albemarle Corp. | 1929043 |
| 80998 | Ashland, Inc. | 4176257 |
| 32202 | Celanese Corp. | 1681910 |
| 110668 | CF Industries Holdings, Inc. | 10273310 |
| 136370 | Eastman Chemical Co. | 9901826 |
| 15115 | Ecolab, Inc. | 3956502 |
| 235993 | Element Solutions, Inc. | 5569435 |
| 195092 | FMC Corp. | 7616392 |
| 512978 | Huntsman Corp. | 4975887 |
| 24225 | International Flavors & <br> Fragrances, Inc. | 1720702 |
| 3798 | Linde PLC | 1748068 |
| 92382 | LyondellBasell Industries N.V., <br> Class A | 5351689 |
| 223276 | Mosaic (The) Co. | 8040169 |
| 11790 | NewMarket Corp. | 8099730 |
| 405432 | Olin Corp. | 7678882 |
| 27012 | Scotts Miracle-Gro (The) Co. | 1692572 |
| 107271 | Westlake Corp. | 8506590 |
|  |  | 94737502 |
|  | **Containers & Packaging —** <br> **3.7%**  |  |
| 23209 | Avery Dennison Corp. | 3893774 |
| 86965 | International Paper Co. | 4064744 |
|  |  | 7958518 |
|  | **Machinery — 11.5%**  |  |
| 128116 | Mueller Industries, Inc. | 10937263 |
| 13891 | RBC Bearings, Inc. (a) | 5380540 |
| 112269 | Timken (The) Co. | 8542548 |
|  |  | 24860351 |
|  | **Metals & Mining — 36.0%**  |  |
| 345015 | Alcoa Corp. | 10340099 |
| 223423 | Anglogold Ashanti PLC | 10333314 |
| 36838 | Carpenter Technology Corp. | 9187029 |
| 234440 | Cleveland-Cliffs, Inc. (a) | 2466309 |
| 93946 | Freeport-McMoRan, Inc. | 3780387 |
| 53554 | MP Materials Corp. (a) (b) | 3293571 |
| 174758 | Newmont Corp. | 10852472 |
| 41263 | Nucor Corp. | 5903497 |
| 17028 | Reliance, Inc. | 4940333 |
| 30057 | Royal Gold, Inc. | 4551231 |
| 40255 | Southern Copper Corp. | 3790411 |
| 63628 | Steel Dynamics, Inc. | 8116388 |
|  |  | 77555041 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Trading Companies &** <br> **Distributors — 2.7%**  |  |
| 127267 | Fastenal Co. | $5870827 |
|  | **Total Common Stocks** | 215301331 |
|  | (Cost $239,472,803) |  |
| **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** |
| 470071 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 4.16% (c) | 470071 |
|  | (Cost $470,071) |  |

---

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 1.4%** | **REPURCHASE AGREEMENTS — 1.4%** | **REPURCHASE AGREEMENTS — 1.4%** |
| $835530 | Bank of America Corp., <br> 4.36% (c), dated 07/31/25, due <br> 08/01/25, with a maturity <br> value of $835,631. <br> Collateralized by <br> U.S. Treasury Note, interest <br> rate of 3.88%, due 07/31/27. <br> The value of the collateral <br> including accrued interest is <br> $852,241. (d) | 835530 |
| 172971 | Daiwa Capital Markets America, <br> Inc., 4.36% (c), dated <br> 07/31/25, due 08/01/25, with a <br> maturity value of $172,992. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.00% to <br> 6.00%, due 08/14/25 to <br> 05/15/47. The value of the <br> collateral including accrued <br> interest is $176,430. (d) | 172971 |

---

See Notes to Financial Statements

------

**First Trust Materials AlphaDEX**<sup>®</sup> **Fund (FXZ)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS (Continued)** | **REPURCHASE AGREEMENTS (Continued)** | **REPURCHASE AGREEMENTS (Continued)** |
| $1145828 | JPMorgan Chase & Co., <br> 4.36% (c), dated 07/31/25, due <br> 08/01/25, with a maturity <br> value of $1,145,967. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.13% to <br> 4.75%, due 02/15/41 to <br> 08/15/52. The value of the <br> collateral including accrued <br> interest is $1,168,745. (d) | $1145828 |
| 810006 | Mizuho Financial Group, Inc., <br> 4.36% (c), dated 07/31/25, due <br> 08/01/25, with a maturity <br> value of $810,104. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.38% to <br> 4.25%, due 06/30/27 to <br> 06/30/31. The value of the <br> collateral including accrued <br> interest is $826,206. (d) | 810006 |
|  | **Total Repurchase Agreements** | 2964335 |
|  | (Cost $2,964,335) |  |
|  | **Total Investments — 101.4%** | 218735737 |
|  | (Cost $242,907,209) |  |
|  | **Net Other Assets and** <br> **Liabilities — (1.4)%** | (3031812)<br>|
|  | **Net Assets — 100.0%** | $215703925 |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 or a portion of this security is on loan (see Note 2D - 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 $2,924,694 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $2,964,335.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Rate
 shown reflects yield as of July 31, 2025.

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

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of July 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>**7/31/2025**<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\* | $215301331 | $215301331 | $— | $— |
| Money Market Funds | 470071 | 470071 |  |  |
| Repurchase <br> Agreements<br>| 2964335 |  | 2964335 |  |
| Total Investments | $218735737 | $215771402 | $2964335 | $— |

---

&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>| $2924694 |
| Non-cash Collateral<sup>(2)</sup> <br>| (2924694)<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 July 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. 

See Notes to Financial Statements

------

**First Trust Materials AlphaDEX**<sup>®</sup> **Fund (FXZ)**

**Portfolio of Investments (Continued)**

**July 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>| $2964335 |
| Non-cash Collateral<sup>(4)</sup> <br>| (2964335)<br>|
| Net Amount | $— |

---

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

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

<sup>(4)</sup> At July 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 Technology AlphaDEX**<sup>®</sup> **Fund (FXL)**

**Portfolio of Investments**

**July 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 100.0%** | **COMMON STOCKS — 100.0%** | **COMMON STOCKS — 100.0%** |
|  | **Communications Equipment** <br> **— 0.3%**  |  |
| 15243 | F5, Inc. (a) | $4777461 |
|  | **Consumer Staples Distribution** <br> **& Retail — 0.7%**  |  |
| 198336 | Maplebear, Inc. (a) | 9514178 |
|  | **Electrical Equipment — 1.9%**  |  |
| 174688 | Vertiv Holdings Co., Class A | 25434573 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 8.0%**  |  |
| 227156 | Amphenol Corp., Class A | 24194385 |
| 105620 | Arrow Electronics, Inc. (a) | 12251920 |
| 338082 | Avnet, Inc. | 17898061 |
| 25121 | CDW Corp. | 4380600 |
| 179741 | Flex Ltd. (a) | 8963684 |
| 102851 | Jabil, Inc. | 22953258 |
| 132243 | TD SYNNEX Corp. | 19094567 |
|  |  | 109736475 |
|  | **Financial Services — 1.8%**  |  |
| 506475 | Toast, Inc., Class A (a) | 24736239 |
|  | **Hotels, Restaurants & Leisure** <br> **— 1.7%**  |  |
| 90997 | DoorDash, Inc., Class A (a) | 22771999 |
|  | **Interactive Media & Services** <br> **— 6.0%**  |  |
| 76373 | Alphabet, Inc., Class A | 14655979 |
| 290472 | Match Group, Inc. | 9954476 |
| 24314 | Meta Platforms, Inc., Class A | 18805420 |
| 500429 | Pinterest, Inc., Class A (a) | 19316559 |
| 119182 | Reddit, Inc., Class A (a) | 19139437 |
|  |  | 81871871 |
|  | **IT Services — 14.4%**  |  |
| 168745 | Akamai Technologies, Inc. (a) | 12876931 |
| 196682 | Amdocs Ltd. | 16788775 |
| 114548 | Cloudflare, Inc., Class A (a) | 23789329 |
| 229981 | Cognizant Technology Solutions <br> Corp., Class A | 16503437 |
| 1467087 | DXC Technology Co. (a) | 19967054 |
| 76117 | EPAM Systems, Inc. (a) | 12004412 |
| 148162 | Globant S.A. (a) | 12484130 |
| 24915 | GoDaddy, Inc., Class A (a) | 4025766 |
| 534599 | Kyndryl Holdings, Inc. (a) | 20191804 |
| 21364 | MongoDB, Inc. (a) | 5082282 |
| 89753 | Okta, Inc. (a) | 8777843 |
| 100244 | Snowflake, Inc. (a) | 22404534 |
| 180378 | Twilio, Inc., Class A (a) | 23268762 |
|  |  | 198165059 |
|  | **Media — 0.3%**  |  |
| 299688 | DoubleVerify Holdings, Inc. (a) | 4591220 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Professional Services — 7.2%**  |  |
| 18823 | CACI International, Inc., <br> Class A (a) | $8669309 |
| 424402 | Concentrix Corp. | 22056172 |
| 187165 | KBR, Inc. | 8748092 |
| 85313 | Leidos Holdings, Inc. | 13620221 |
| 62511 | Parsons Corp. (a) | 4638316 |
| 58163 | Paycom Software, Inc. | 13467061 |
| 159360 | Science Applications <br> International Corp. | 17765453 |
| 108367 | SS&C Technologies Holdings, <br> Inc. | 9263211 |
|  |  | 98227835 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 20.8%**  |  |
| 94850 | Advanced Micro Devices, <br> Inc. (a) | 16723004 |
| 1068687 | Amkor Technology, Inc. | 24109579 |
| 49013 | Applied Materials, Inc. | 8825281 |
| 99234 | Astera Labs, Inc. (a) | 13568265 |
| 81377 | Broadcom, Inc. | 23900425 |
| 172130 | Cirrus Logic, Inc. (a) | 17335212 |
| 55627 | Entegris, Inc. | 4364494 |
| 117444 | GLOBALFOUNDRIES, Inc. (a) | 4391231 |
| 20034 | KLA Corp. | 17610487 |
| 138269 | Lam Research Corp. | 13113432 |
| 125238 | MACOM Technology Solutions <br> Holdings, Inc. (a) | 17175139 |
| 57963 | Marvell Technology, Inc. | 4658486 |
| 182001 | Micron Technology, Inc. | 19863589 |
| 18401 | Monolithic Power Systems, Inc. | 13087527 |
| 113585 | NVIDIA Corp. | 20203364 |
| 171201 | ON Semiconductor Corp. (a) | 9648888 |
| 177801 | Onto Innovation, Inc. (a) | 16846645 |
| 84510 | QUALCOMM, Inc. | 12402688 |
| 180609 | Skyworks Solutions, Inc. | 12378941 |
| 99786 | Teradyne, Inc. | 10720010 |
| 29045 | Universal Display Corp. | 4194098 |
|  |  | 285120785 |
|  | **Software — 31.2%**  |  |
| 51260 | AppLovin Corp., Class A (a) | 20027282 |
| 28985 | Autodesk, Inc. (a) | 8785643 |
| 249379 | Bentley Systems, Inc., Class B | 14458994 |
| 29118 | Cadence Design Systems, <br> Inc. (a) | 10615549 |
| 35235 | Crowdstrike Holdings, Inc., <br> Class A (a) | 16016774 |
| 66797 | Datadog, Inc., Class A (a) | 9350244 |
| 172795 | Docusign, Inc. (a) | 13070214 |
| 120828 | Dolby Laboratories, Inc., <br> Class A | 9103182 |

---

See Notes to Financial Statements

------

**First Trust Technology AlphaDEX**<sup>®</sup> **Fund (FXL)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Software (Continued)**  |  |
| 156865 | Dropbox, Inc., Class A (a) | $4262022 |
| 162519 | Dynatrace, Inc. (a) | 8550125 |
| 127309 | Fortinet, Inc. (a) | 12718169 |
| 305193 | Gen Digital, Inc. | 9000142 |
| 95271 | Guidewire Software, Inc. (a) | 21552206 |
| 22784 | Intuit, Inc. | 17888402 |
| 27059 | Microsoft Corp. | 14435976 |
| 33295 | MicroStrategy, Inc., Class A (a) | 13379929 |
| 234765 | Nutanix, Inc., Class A (a) | 17647285 |
| 82081 | Oracle Corp. | 20829695 |
| 164552 | Palantir Technologies, Inc., <br> Class A (a) | 26056809 |
| 65770 | Palo Alto Networks, Inc. (a) | 11417672 |
| 414405 | Pegasystems, Inc. | 24329718 |
| 316497 | RingCentral, Inc., Class A (a) | 8067509 |
| 7915 | Roper Technologies, Inc. | 4356416 |
| 250383 | Rubrik, Inc., Class A (a) | 23773866 |
| 16453 | Salesforce, Inc. | 4250303 |
| 112779 | Samsara, Inc., Class A (a) | 4288985 |
| 13091 | ServiceNow, Inc. (a) | 12346384 |
| 8751 | Synopsys, Inc. (a) | 5543496 |
| 402182 | Teradata Corp. (a) | 8417669 |
| 7568 | Tyler Technologies, Inc. (a) | 4423950 |
| 370773 | Unity Software, Inc. (a) | 12368987 |
| 18694 | Workday, Inc., Class A (a) | 4288030 |
| 172596 | Zoom Communications, Inc. (a) | 12780734 |
| 71452 | Zscaler, Inc. (a) | 20403833 |
|  |  | 428806194 |
|  | **Technology Hardware, Storage** <br> **& Peripherals — 5.7%**  |  |
| 146375 | Dell Technologies, Inc., Class C | 19422499 |
| 877525 | Hewlett Packard Enterprise Co. | 18155992 |
| 183416 | HP, Inc. | 4548717 |
| 42106 | NetApp, Inc. | 4384498 |
| 77916 | Pure Storage, Inc., Class A (a) | 4637560 |
| 457697 | Super Micro Computer, Inc. (a) | 26990392 |
|  |  | 78139658 |
|  | **Total Common Stocks** | 1371893547 |
|  | (Cost $1,104,357,691) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 944498 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 4.16% (b) | 944498 |
|  | (Cost $944,498) |  |

---

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 0.0%** | **REPURCHASE AGREEMENTS — 0.0%** | **REPURCHASE AGREEMENTS — 0.0%** |
| $2457 | Bank of America Corp., <br> 4.36% (b), dated 07/31/25, <br> due 08/01/25, with a maturity <br> value of $2,457. Collateralized <br> by U.S. Treasury Note, <br> interest rate of 3.88%, due <br> 07/31/27. The value of the <br> collateral including accrued <br> interest is $2,506. (c) | $2457 |
| 509 | Daiwa Capital Markets America, <br> Inc., 4.36% (b), dated <br> 07/31/25, due 08/01/25, with a <br> maturity value of $509. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.00% to <br> 6.00%, due 08/14/25 to <br> 05/15/47. The value of the <br> collateral including accrued <br> interest is $519. (c) | 509 |
| 3369 | JPMorgan Chase & Co., <br> 4.36% (b), dated 07/31/25, <br> due 08/01/25, with a maturity <br> value of $3,369. Collateralized <br> by U.S. Treasury Securities, <br> interest rates of 0.13% to <br> 4.75%, due 02/15/41 to <br> 08/15/52. The value of the <br> collateral including accrued <br> interest is $3,436. (c) | 3369 |
| 2385 | Mizuho Financial Group, Inc., <br> 4.36% (b), dated 07/31/25, <br> due 08/01/25, with a maturity <br> value of $2,385. Collateralized <br> by U.S. Treasury Securities, <br> interest rates of 0.38% to <br> 4.25%, due 06/30/27 to <br> 06/30/31. The value of the <br> collateral including accrued <br> interest is $2,433. (c) | 2385 |
|  | **Total Repurchase Agreements** | 8720 |
|  | (Cost $8,720) |  |
|  | **Total Investments — 100.1%** | 1372846765 |
|  | (Cost $1,105,310,909) |  |
|  | **Net Other Assets and** <br> **Liabilities — (0.1)%** | (753520)<br>|
|  | **Net Assets — 100.0%** | $1372093245 |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Rate
 shown reflects yield as of July 31, 2025.

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

See Notes to Financial Statements

------

**First Trust Technology AlphaDEX**<sup>®</sup> **Fund (FXL)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of July 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>**7/31/2025**<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\* | $1371893547 | $1371893547 | $— | $— |
| Money Market <br> Funds<br>| 944498 | 944498 |  |  |
| Repurchase <br> Agreements<br>| 8720 |  | 8720 |  |
| Total Investments | $1372846765 | $1372838045 | $8720 | $— |

---

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

\* See Portfolio of Investments for industry breakout.

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>(1)</sup> <br>| $8720 |
| Non-cash Collateral<sup>(2)</sup> <br>| (8720)<br>|
| Net Amount | $— |

---

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

<sup>(1)</sup> The amount is included in "Investments, at value" on the Statements of Assets and Liabilities. 

<sup>(2)</sup> At July 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 Utilities AlphaDEX**<sup>®</sup> **Fund (FXU)**

**Portfolio of Investments**

**July 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
|  | **Commercial Services &** <br> **Supplies — 2.3%**  |  |
| 58644 | Clean Harbors, Inc. (a) | $13828841 |
| 54974 | Republic Services, Inc. | 12679753 |
| 59248 | Waste Management, Inc. | 13577272 |
|  |  | 40085866 |
|  | **Electric Utilities — 52.2%**  |  |
| 672589 | Alliant Energy Corp. | 43725011 |
| 391977 | American Electric Power Co., <br> Inc. | 44348277 |
| 459565 | Duke Energy Corp. | 55901487 |
| 1313679 | Edison International | 68468949 |
| 326207 | Entergy Corp. | 29498899 |
| 983400 | Evergy, Inc. | 69624720 |
| 639288 | Eversource Energy | 42256937 |
| 1561165 | Exelon Corp. | 70158755 |
| 1010221 | FirstEnergy Corp. | 43146539 |
| 352287 | IDACORP, Inc. | 44152130 |
| 195292 | NextEra Energy, Inc. | 13877449 |
| 422131 | NRG Energy, Inc. | 70580303 |
| 1221916 | OGE Energy Corp. | 55499425 |
| 4862683 | PG&E Corp. | 68174816 |
| 606110 | Pinnacle West Capital Corp. | 54925688 |
| 800068 | PPL Corp. | 28554427 |
| 295267 | Southern (The) Co. | 27896826 |
| 796309 | Xcel Energy, Inc. | 58480933 |
|  |  | 889271571 |
|  | **Gas Utilities — 7.2%**  |  |
| 263912 | Atmos Energy Corp. | 41149159 |
| 160042 | National Fuel Gas Co. | 13890045 |
| 1861225 | UGI Corp. | 67339121 |
|  |  | 122378325 |
|  | **Independent Power and** <br> **Renewable Electricity** <br>**Producers — 11.7%**  |  |
| 5154814 | AES (The) Corp. | 67785804 |
| 1270984 | Clearway Energy, Inc., Class C | 41472208 |
| 46625 | Talen Energy Corp. (a) | 17604201 |
| 349754 | Vistra Corp. | 72937699 |
|  |  | 199799912 |
|  | **Multi-Utilities — 22.6%**  |  |
| 423485 | Ameren Corp. | 42827038 |
| 738006 | CenterPoint Energy, Inc. | 28649393 |
| 391373 | CMS Energy Corp. | 28883327 |
| 540395 | Consolidated Edison, Inc. | 55930882 |
| 479729 | Dominion Energy, Inc. | 28040160 |
| 409397 | DTE Energy Co. | 56664639 |
| 672144 | NiSource, Inc. | 28532513 |
| 161050 | Public Service Enterprise Group, <br> Inc. | 14460680 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Multi-Utilities (Continued)**  |  |
| 894626 | Sempra | $73073052 |
| 260214 | WEC Energy Group, Inc. | 28384143 |
|  |  | 385445827 |
|  | **Water Utilities — 3.9%**  |  |
| 97457 | American Water Works Co., Inc. | 13667370 |
| 1460114 | Essential Utilities, Inc. | 53732195 |
|  |  | 67399565 |
|  | **Total Common Stocks** | 1704381066 |
|  | (Cost $1,603,752,610) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 1253514 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 4.16% (b) | 1253514 |
|  | (Cost $1,253,514) |  |
|  | **Total Investments — 100.0%** | 1705634580 |
|  | (Cost $1,605,006,124) |  |
|  | **Net Other Assets and** <br> **Liabilities — (0.0)%** | (619645)<br>|
|  | **Net Assets — 100.0%** | $1705014935 |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Rate
 shown reflects yield as of July 31, 2025.

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of July 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>**7/31/2025**<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\* | $1704381066 | $1704381066 | $— | $— |
| Money Market <br> Funds<br>| 1253514 | 1253514 |  |  |
| Total Investments | $1705634580 | $1705634580 | $— | $— |

---

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

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

This page intentionally left blank.

------

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

**Sector Funds**

**Statements of Assets and Liabilities**

**July 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **First Trust** <br> **Consumer** <br> **Discretionary** <br> **AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FXD)** <br>| **First Trust** <br> **Consumer** <br> **Staples** <br> **AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FXG)** <br>| **First Trust** <br> **Energy** <br> **AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FXN)** <br>|
| **ASSETS:** |  |  |  |
| Investments, at value | $320149060 | &nbsp;&nbsp; $284170268 | &nbsp;&nbsp; $271959016 |
| Receivables: |  |  |  |
| Dividends | 48394 | &nbsp;&nbsp; 464652 | &nbsp;&nbsp; 241408 |
| Securities lending income | 200 | &nbsp;&nbsp; 172 | &nbsp;&nbsp; 156 |
| Investment securities sold |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 787281 |
| Capital shares sold |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Reclaims |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Prepaid expenses | 5228 | &nbsp;&nbsp; 3419 | &nbsp;&nbsp; 3377 |
| Total Assets | 320202882 | &nbsp;&nbsp; 284638511 | &nbsp;&nbsp; 272991238 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| Investment advisory fees | 138846 | &nbsp;&nbsp; 123879 | &nbsp;&nbsp; 118527 |
| Licensing fees | 45398 | &nbsp;&nbsp; 39549 | &nbsp;&nbsp; 37257 |
| Audit and tax fees | 24943 | &nbsp;&nbsp; 24862 | &nbsp;&nbsp; 25862 |
| Shareholder reporting fees | 22235 | &nbsp;&nbsp; 14161 | &nbsp;&nbsp; 18324 |
| Trustees' fees | 3247 | &nbsp;&nbsp; 2979 | &nbsp;&nbsp; 2999 |
| Collateral for securities on loan | 1462 | &nbsp;&nbsp; 2384 | &nbsp;&nbsp; 228 |
| Investment securities purchased |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Capital shares redeemed |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 788284 |
| Other liabilities | 54060 | &nbsp;&nbsp; 46361 | &nbsp;&nbsp; 41712 |
| Total Liabilities | 290191 | &nbsp;&nbsp; 254175 | &nbsp;&nbsp; 1033193 |
| **NET ASSETS** | $319912691 | &nbsp;&nbsp; $284384336 | &nbsp;&nbsp; $271958045 |
| **NET ASSETS consist of:** |  |  |  |
| Paid-in capital | $789619446 | &nbsp;&nbsp; $597131419 | &nbsp;&nbsp; $865770014 |
| Par value | 49500 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp; 172500 |
| Accumulated distributable earnings (loss) | (469756255)<br>| &nbsp;&nbsp; (312792083)<br>| &nbsp;&nbsp; (593984469)<br>|
| **NET ASSETS** | $319912691 | &nbsp;&nbsp; $284384336 | &nbsp;&nbsp; $271958045 |
| **NET ASSET VALUE,** per share | $64.63 | &nbsp;&nbsp; $63.20 | &nbsp;&nbsp; $15.77 |
| Number of shares outstanding (unlimited number of shares authorized, <br> par value $0.01 per share)<br>| 4950002 | &nbsp;&nbsp; 4500002 | &nbsp;&nbsp; 17250002 |
| Investments, at cost | $312864898 | &nbsp;&nbsp; $290373374 | &nbsp;&nbsp; $325337129 |
| Securities on loan, at value | $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

See Notes to Financial Statements

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **First Trust** <br> **Financials** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FXO)** <br>| **First Trust Health** <br> **Care AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FXH)** <br>| **First Trust** <br> **Industrials/Producer** <br> **Durables** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FXR)** <br>| **First Trust** <br> **Materials** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FXZ)** <br>| **First Trust** <br> **Technology** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FXL)** <br>| **First Trust** <br> **Utilities** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FXU)** <br>|
| $2185895084 | &nbsp;&nbsp; $864560890 | &nbsp;&nbsp; $1868825357 | &nbsp;&nbsp; $218735737 | &nbsp;&nbsp; $1372846765 | &nbsp;&nbsp; $1705634580 |
| 1186779 | &nbsp;&nbsp; 380681 | &nbsp;&nbsp; 423293 | &nbsp;&nbsp; 125155 | &nbsp;&nbsp; 226446 | &nbsp;&nbsp; 532184 |
| 838 | &nbsp;&nbsp; 17621 | &nbsp;&nbsp; 3145 | &nbsp;&nbsp; 392 | &nbsp;&nbsp; 861 | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2876051 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19971 |
| 6572 | &nbsp;&nbsp; 4767 | &nbsp;&nbsp; 8019 | &nbsp;&nbsp; 3338 | &nbsp;&nbsp; 5265 | &nbsp;&nbsp; 3305 |
| 2187089273 | &nbsp;&nbsp; 864963959 | &nbsp;&nbsp; 1869259814 | &nbsp;&nbsp; 221740673 | &nbsp;&nbsp; 1373079337 | &nbsp;&nbsp; 1706190040 |
| 944736 | &nbsp;&nbsp; 374116 | &nbsp;&nbsp; 813360 | &nbsp;&nbsp; 94057 | &nbsp;&nbsp; 580867 | &nbsp;&nbsp; 712173 |
| 277453 | &nbsp;&nbsp; 119400 | &nbsp;&nbsp; 236183 | &nbsp;&nbsp; 28550 | &nbsp;&nbsp; 170101 | &nbsp;&nbsp; 213419 |
| 25002 | &nbsp;&nbsp; 24955 | &nbsp;&nbsp; 24976 | &nbsp;&nbsp; 24875 | &nbsp;&nbsp; 24921 | &nbsp;&nbsp; 24850 |
| 33511 | &nbsp;&nbsp; 27850 | &nbsp;&nbsp; 28404 | &nbsp;&nbsp; 15049 | &nbsp;&nbsp; 26189 | &nbsp;&nbsp; 13952 |
| 3298 | &nbsp;&nbsp; 3100 | &nbsp;&nbsp; 3236 | &nbsp;&nbsp; 2978 | &nbsp;&nbsp; 3147 | &nbsp;&nbsp; 2911 |
| 565064 | &nbsp;&nbsp; 18835714 | &nbsp;&nbsp; 11268218 | &nbsp;&nbsp; 2964335 | &nbsp;&nbsp; 8720 | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2870535 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 272357 | &nbsp;&nbsp; 128521 | &nbsp;&nbsp; 238762 | &nbsp;&nbsp; 36369 | &nbsp;&nbsp; 172147 | &nbsp;&nbsp; 207800 |
| 2121421 | &nbsp;&nbsp; 19513656 | &nbsp;&nbsp; 12613139 | &nbsp;&nbsp; 6036748 | &nbsp;&nbsp; 986092 | &nbsp;&nbsp; 1175105 |
| $2184967852 | &nbsp;&nbsp; $845450303 | &nbsp;&nbsp; $1856646675 | &nbsp;&nbsp; $215703925 | &nbsp;&nbsp; $1372093245 | &nbsp;&nbsp; $1705014935 |
| $2539908269 | &nbsp;&nbsp; $1600167122 | &nbsp;&nbsp; $2105247393 | &nbsp;&nbsp; $584570447 | &nbsp;&nbsp; $1615399362 | &nbsp;&nbsp; $1811180653 |
| 383000 | &nbsp;&nbsp; 85500 | &nbsp;&nbsp; 240500 | &nbsp;&nbsp; 37500 | &nbsp;&nbsp; 85550 | &nbsp;&nbsp; 383500 |
| (355323417)<br>| &nbsp;&nbsp; (754802319)<br>| &nbsp;&nbsp; (248841218)<br>| &nbsp;&nbsp; (368904022)<br>| &nbsp;&nbsp; (243391667)<br>| &nbsp;&nbsp; (106549218)<br>|
| $2184967852 | &nbsp;&nbsp; $845450303 | &nbsp;&nbsp; $1856646675 | &nbsp;&nbsp; $215703925 | &nbsp;&nbsp; $1372093245 | &nbsp;&nbsp; $1705014935 |
| $57.05 | &nbsp;&nbsp; $98.88 | &nbsp;&nbsp; $77.20 | &nbsp;&nbsp; $57.52 | &nbsp;&nbsp; $160.38 | &nbsp;&nbsp; $44.46 |
| 38300002 | &nbsp;&nbsp; 8550002 | &nbsp;&nbsp; 24050002 | &nbsp;&nbsp; 3750002 | &nbsp;&nbsp; 8555000 | &nbsp;&nbsp; 38350002 |
| $1977737474 | &nbsp;&nbsp; $871908744 | &nbsp;&nbsp; $1667952546 | &nbsp;&nbsp; $242907209 | &nbsp;&nbsp; $1105310909 | &nbsp;&nbsp; $1605006124 |
| $578628 | &nbsp;&nbsp; $18064410 | &nbsp;&nbsp; $10878551 | &nbsp;&nbsp; $2924694 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

See Notes to Financial Statements

------

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

**Sector Funds**

**Statements of Operations**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **First Trust** <br> **Consumer** <br> **Discretionary** <br> **AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FXD)** <br>| **First Trust** <br> **Consumer** <br> **Staples** <br> **AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FXG)** <br>| **First Trust** <br> **Energy** <br> **AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FXN)** <br>|
| **INVESTMENT INCOME:** |  |  |  |
| Dividends | $18129401 | &nbsp;&nbsp; $9833259 | &nbsp;&nbsp; $11846299 |
| Securities lending income (net of fees) | 1404068 | &nbsp;&nbsp; 171 | &nbsp;&nbsp; 65148 |
| Foreign withholding tax | (589)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total investment income | 19532880 | &nbsp;&nbsp; 9833430 | &nbsp;&nbsp; 11911447 |
| **EXPENSES:** |  |  |  |
| Investment advisory fees | 5636999<br>| &nbsp;&nbsp; 1717342<br>| &nbsp;&nbsp; 1849310<br>|
| Accounting and administration fees | 487679 | &nbsp;&nbsp; 160560 | &nbsp;&nbsp; 172366 |
| Licensing fees | 452332 | &nbsp;&nbsp; 137646 | &nbsp;&nbsp; 148408 |
| Shareholder reporting fees | 78688 | &nbsp;&nbsp; 47697 | &nbsp;&nbsp; 52169 |
| Transfer agent fees | 47649 | &nbsp;&nbsp; 17173 | &nbsp;&nbsp; 18493 |
| Audit and tax fees | 29206 | &nbsp;&nbsp; 29112 | &nbsp;&nbsp; 31112 |
| Custodian fees | 23798 | &nbsp;&nbsp; 11215 | &nbsp;&nbsp; 11460 |
| Legal fees | 21739 | &nbsp;&nbsp; 6467 | &nbsp;&nbsp; 6828 |
| Trustees' fees and expenses | 10182 | &nbsp;&nbsp; 9334 | &nbsp;&nbsp; 9334 |
| Listing fees | 9703 | &nbsp;&nbsp; 9703 | &nbsp;&nbsp; 7881 |
| Other expenses | 18436 | &nbsp;&nbsp; 6077 | &nbsp;&nbsp; 6945 |
| Total expenses | 6816411 | &nbsp;&nbsp; 2152326 | &nbsp;&nbsp; 2314306 |
| **NET INVESTMENT INCOME (LOSS)** | 12716469 | &nbsp;&nbsp; 7681104 | &nbsp;&nbsp; 9597141 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| Investments | (22451658)<br>| &nbsp;&nbsp; (13708274)<br>| &nbsp;&nbsp; (18069027)<br>|
| In-kind redemptions | 173669698 | &nbsp;&nbsp; 18835217 | &nbsp;&nbsp; 1315655 |
| Net realized gain (loss) | 151218040 | &nbsp;&nbsp; 5126943 | &nbsp;&nbsp; (16753372)<br>|
| Net change in unrealized appreciation (depreciation) on investments | (191465920)<br>| &nbsp;&nbsp; (22805897)<br>| &nbsp;&nbsp; (53798361)<br>|
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (40247880)<br>| &nbsp;&nbsp; (17678954)<br>| &nbsp;&nbsp; (70551733)<br>|
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $(27531411)<br>| &nbsp;&nbsp; $(9997850)<br>| &nbsp;&nbsp; $(60954592)<br>|

---

See Notes to Financial Statements

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **First Trust** <br> **Financials** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FXO)** <br>| **First Trust Health** <br> **Care AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FXH)** <br>| **First Trust** <br> **Industrials/Producer** <br> **Durables** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FXR)** <br>| **First Trust** <br> **Materials** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FXZ)** <br>| **First Trust** <br> **Technology** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FXL)** <br>| **First Trust** <br> **Utilities** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FXU)** <br>|
| $42545806 | &nbsp;&nbsp; $9902226 | &nbsp;&nbsp; $24824401 | &nbsp;&nbsp; $6214480 | &nbsp;&nbsp; $8653411 | &nbsp;&nbsp; $22319805 |
| 1770 | &nbsp;&nbsp; 20942 | &nbsp;&nbsp; 21282 | &nbsp;&nbsp; 9669 | &nbsp;&nbsp; 9536 | &nbsp;&nbsp; 2009 |
| (67875)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (4188)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (74007)<br>|
| 42479701 | &nbsp;&nbsp; 9923168 | &nbsp;&nbsp; 24845683 | &nbsp;&nbsp; 6219961 | &nbsp;&nbsp; 8662947 | &nbsp;&nbsp; 22247807 |
| 8359923<br>| &nbsp;&nbsp; 5316835<br>| &nbsp;&nbsp; 9503153<br>| &nbsp;&nbsp; 1356303<br>| &nbsp;&nbsp; 6696104<br>| &nbsp;&nbsp; 3770101<br>|
| 706531 | &nbsp;&nbsp; 477278 | &nbsp;&nbsp; 794256 | &nbsp;&nbsp; 128126 | &nbsp;&nbsp; 583469 | &nbsp;&nbsp; 330289 |
| 671073 | &nbsp;&nbsp; 426268 | &nbsp;&nbsp; 761846 | &nbsp;&nbsp; 108796 | &nbsp;&nbsp; 536926 | &nbsp;&nbsp; 301878 |
| 112013 | &nbsp;&nbsp; 93650 | &nbsp;&nbsp; 94359 | &nbsp;&nbsp; 52868 | &nbsp;&nbsp; 91801 | &nbsp;&nbsp; 57233 |
| 66175 | &nbsp;&nbsp; 50654 | &nbsp;&nbsp; 72516 | &nbsp;&nbsp; 13563 | &nbsp;&nbsp; 58480 | &nbsp;&nbsp; 32717 |
| 29259 | &nbsp;&nbsp; 29217 | &nbsp;&nbsp; 29257 | &nbsp;&nbsp; 29114 | &nbsp;&nbsp; 29175 | &nbsp;&nbsp; 29111 |
| 46956 | &nbsp;&nbsp; 29053 | &nbsp;&nbsp; 46830 | &nbsp;&nbsp; 8072 | &nbsp;&nbsp; 23932 | &nbsp;&nbsp; 17673 |
| 34678 | &nbsp;&nbsp; 21718 | &nbsp;&nbsp; 41523 | &nbsp;&nbsp; 4556 | &nbsp;&nbsp; 28069 | &nbsp;&nbsp; 16076 |
| 10364 | &nbsp;&nbsp; 9882 | &nbsp;&nbsp; 10500 | &nbsp;&nbsp; 9282 | &nbsp;&nbsp; 10065 | &nbsp;&nbsp; 9373 |
| 11220 | &nbsp;&nbsp; 9703 | &nbsp;&nbsp; 14829 | &nbsp;&nbsp; 9703 | &nbsp;&nbsp; 9148 | &nbsp;&nbsp; 9148 |
| 13267 | &nbsp;&nbsp; 17407 | &nbsp;&nbsp; 26520 | &nbsp;&nbsp; 5729 | &nbsp;&nbsp; 17725 | &nbsp;&nbsp; 5222 |
| 10061459 | &nbsp;&nbsp; 6481665 | &nbsp;&nbsp; 11395589 | &nbsp;&nbsp; 1726112 | &nbsp;&nbsp; 8084894 | &nbsp;&nbsp; 4578821 |
| 32418242 | &nbsp;&nbsp; 3441503 | &nbsp;&nbsp; 13450094 | &nbsp;&nbsp; 4493849 | &nbsp;&nbsp; 578053 | &nbsp;&nbsp; 17668986 |
| (77548060)<br>| &nbsp;&nbsp; 298648 | &nbsp;&nbsp; (65914090)<br>| &nbsp;&nbsp; (47645079)<br>| &nbsp;&nbsp; 113065265 | &nbsp;&nbsp; (1761271)<br>|
| 140723009 | &nbsp;&nbsp; 67029644 | &nbsp;&nbsp; 316931995 | &nbsp;&nbsp; 2027304 | &nbsp;&nbsp; 59091614 | &nbsp;&nbsp; 99140878 |
| 63174949 | &nbsp;&nbsp; 67328292 | &nbsp;&nbsp; 251017905 | &nbsp;&nbsp; (45617775)<br>| &nbsp;&nbsp; 172156879 | &nbsp;&nbsp; 97379607 |
| 58385023 | &nbsp;&nbsp; (165760889)<br>| &nbsp;&nbsp; (155455646)<br>| &nbsp;&nbsp; (5621796)<br>| &nbsp;&nbsp; 53744732 | &nbsp;&nbsp; 89211178 |
| 121559972 | &nbsp;&nbsp; (98432597)<br>| &nbsp;&nbsp; 95562259 | &nbsp;&nbsp; (51239571)<br>| &nbsp;&nbsp; 225901611 | &nbsp;&nbsp; 186590785 |
| $153978214 | &nbsp;&nbsp; $(94991094)<br>| &nbsp;&nbsp; $109012353 | &nbsp;&nbsp; $(46745722)<br>| &nbsp;&nbsp; $226479664 | &nbsp;&nbsp; $204259771 |

---

See Notes to Financial Statements

------

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

**Sector Funds**

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First Trust Consumer** <br> **Discretionary AlphaDEX**<sup>®</sup> **Fund** <br> **(FXD)** | **First Trust Consumer** <br> **Discretionary AlphaDEX**<sup>®</sup> **Fund** <br> **(FXD)** | **First Trust Consumer Staples** <br> **AlphaDEX**<sup>®</sup> **Fund (FXG)** | **First Trust Consumer Staples** <br> **AlphaDEX**<sup>®</sup> **Fund (FXG)** |
|  | **Year** <br>**Ended** <br>**7/31/2025** <br>| **Year** <br>**Ended** <br>**7/31/2024** <br>| **Year** <br>**Ended** <br>**7/31/2025** <br>| **Year** <br>**Ended** <br>**7/31/2024** <br>|
| **OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $12716469 | &nbsp;&nbsp; $10270206 | &nbsp;&nbsp; $7681104 | &nbsp;&nbsp; $7067922 |
| Net realized gain (loss) | 151218040 | &nbsp;&nbsp; 34212307 | &nbsp;&nbsp; 5126943 | &nbsp;&nbsp; 5587402 |
| Net change in unrealized appreciation (depreciation) | (191465920)<br>| &nbsp;&nbsp; 25244867 | &nbsp;&nbsp; (22805897)<br>| &nbsp;&nbsp; (7223425)<br>|
| Net increase (decrease) in net assets resulting from <br> operations<br>| (27531411)<br>| &nbsp;&nbsp; 69727380 | &nbsp;&nbsp; (9997850)<br>| &nbsp;&nbsp; 5431899 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |
| Investment operations | (13337421)<br>| &nbsp;&nbsp; (9968451)<br>| &nbsp;&nbsp; (7472183)<br>| &nbsp;&nbsp; (7160577)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares sold | 420283794<br>| &nbsp;&nbsp; 170935024<br>| &nbsp;&nbsp; 41819210<br>| &nbsp;&nbsp; 70304148<br>|
| Cost of shares redeemed | (1540857531) <br>| &nbsp;&nbsp; (253517249) <br>| &nbsp;&nbsp; (154912498) <br>| &nbsp;&nbsp; (310155411) <br>|
| Net increase (decrease) in net assets resulting from <br> shareholder transactions<br>| (1120573737)<br>| &nbsp;&nbsp; (82582225)<br>| &nbsp;&nbsp; (113093288)<br>| &nbsp;&nbsp; (239851263)<br>|
| Total increase (decrease) in net assets | (1161442569)<br>| &nbsp;&nbsp; (22823296)<br>| &nbsp;&nbsp; (130563321)<br>| &nbsp;&nbsp; (241579941)<br>|
| **NET ASSETS:** |  |  |  |  |
| Beginning of period | 1481355260 | &nbsp;&nbsp; 1504178556 | &nbsp;&nbsp; 414947657 | &nbsp;&nbsp; 656527598 |
| End of period | $319912691 | &nbsp;&nbsp; $1481355260 | &nbsp;&nbsp; $284384336 | &nbsp;&nbsp; $414947657 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |  |  |
| Shares outstanding, beginning of period | 24400002 | &nbsp;&nbsp; 26200002 | &nbsp;&nbsp; 6250002 | &nbsp;&nbsp; 10200002 |
| Shares sold | 6700000 | &nbsp;&nbsp; 3050000 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 1100000 |
| Shares redeemed | (26150000)<br>| &nbsp;&nbsp; (4850000)<br>| &nbsp;&nbsp; (2400000)<br>| &nbsp;&nbsp; (5050000)<br>|
| Shares outstanding, end of period | 4950002 | &nbsp;&nbsp; 24400002 | &nbsp;&nbsp; 4500002 | &nbsp;&nbsp; 6250002 |

---

See Notes to Financial Statements

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **First Trust Energy AlphaDEX**<sup>®</sup> **Fund** <br> **(FXN)** | **First Trust Energy AlphaDEX**<sup>®</sup> **Fund** <br> **(FXN)** | **First Trust Financials AlphaDEX**<sup>®</sup> <br> **Fund (FXO)** | **First Trust Financials AlphaDEX**<sup>®</sup> <br> **Fund (FXO)** | **First Trust Health Care AlphaDEX**<sup>®</sup> <br> **Fund (FXH)** | **First Trust Health Care AlphaDEX**<sup>®</sup> <br> **Fund (FXH)** |
| **Year** <br>**Ended** <br>**7/31/2025** <br>| **Year** <br>**Ended** <br>**7/31/2024** <br>| **Year** <br>**Ended** <br>**7/31/2025** <br>| **Year** <br>**Ended** <br>**7/31/2024** <br>| **Year** <br>**Ended** <br>**7/31/2025** <br>| **Year** <br>**Ended** <br>**7/31/2024** <br>|
| $9597141 | &nbsp;&nbsp; $11635538 | &nbsp;&nbsp; $32418242 | &nbsp;&nbsp; $20983601 | &nbsp;&nbsp; $3441503 | &nbsp;&nbsp; $4774574 |
| (16753372)<br>| &nbsp;&nbsp; 40480796 | &nbsp;&nbsp; 63174949 | &nbsp;&nbsp; (29588575)<br>| &nbsp;&nbsp; 67328292 | &nbsp;&nbsp; (54929094)<br>|
| (53798361)<br>| &nbsp;&nbsp; (13708662)<br>| &nbsp;&nbsp; 58385023 | &nbsp;&nbsp; 187529732 | &nbsp;&nbsp; (165760889)<br>| &nbsp;&nbsp; 71527192 |
| (60954592)<br>| &nbsp;&nbsp; 38407672 | &nbsp;&nbsp; 153978214 | &nbsp;&nbsp; 178924758 | &nbsp;&nbsp; (94991094)<br>| &nbsp;&nbsp; 21372672 |
| (10196321)<br>| &nbsp;&nbsp; (11341810)<br>| &nbsp;&nbsp; (31233028)<br>| &nbsp;&nbsp; (22438342)<br>| &nbsp;&nbsp; (3555751)<br>| &nbsp;&nbsp; (4631531)<br>|
| 49026079<br>| &nbsp;&nbsp; 527296990<br>| &nbsp;&nbsp; 1807638374<br>| &nbsp;&nbsp; 95577974<br>| &nbsp;&nbsp; 15402313<br>| &nbsp;&nbsp; 37655044<br>|
| (254706723) <br>| &nbsp;&nbsp; (573260623) <br>| &nbsp;&nbsp; (649598007) <br>| &nbsp;&nbsp; (241906206) <br>| &nbsp;&nbsp; (337717738) <br>| &nbsp;&nbsp; (309903342) <br>|
| (205680644)<br>| &nbsp;&nbsp; (45963633)<br>| &nbsp;&nbsp; 1158040367 | &nbsp;&nbsp; (146328232)<br>| &nbsp;&nbsp; (322315425)<br>| &nbsp;&nbsp; (272248298)<br>|
| (276831557)<br>| &nbsp;&nbsp; (18897771)<br>| &nbsp;&nbsp; 1280785553 | &nbsp;&nbsp; 10158184 | &nbsp;&nbsp; (420862270)<br>| &nbsp;&nbsp; (255507157)<br>|
| 548789602 | &nbsp;&nbsp; 567687373 | &nbsp;&nbsp; 904182299 | &nbsp;&nbsp; 894024115 | &nbsp;&nbsp; 1266312573 | &nbsp;&nbsp; 1521819730 |
| $271958045 | &nbsp;&nbsp; $548789602 | &nbsp;&nbsp; $2184967852 | &nbsp;&nbsp; $904182299 | &nbsp;&nbsp; $845450303 | &nbsp;&nbsp; $1266312573 |
| 30000002 | &nbsp;&nbsp; 32900002 | &nbsp;&nbsp; 17900002 | &nbsp;&nbsp; 21550002 | &nbsp;&nbsp; 11600002 | &nbsp;&nbsp; 14300002 |
| 3000000 | &nbsp;&nbsp; 29900000 | &nbsp;&nbsp; 32350000 | &nbsp;&nbsp; 2200000 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 400000 |
| (15750000)<br>| &nbsp;&nbsp; (32800000)<br>| &nbsp;&nbsp; (11950000)<br>| &nbsp;&nbsp; (5850000)<br>| &nbsp;&nbsp; (3200000)<br>| &nbsp;&nbsp; (3100000)<br>|
| 17250002 | &nbsp;&nbsp; 30000002 | &nbsp;&nbsp; 38300002 | &nbsp;&nbsp; 17900002 | &nbsp;&nbsp; 8550002 | &nbsp;&nbsp; 11600002 |

---

See Notes to Financial Statements

------

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

**Sector Funds**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First Trust Industrials/Producer** <br> **Durables AlphaDEX**<sup>®</sup> **Fund** <br> **(FXR)** | **First Trust Industrials/Producer** <br> **Durables AlphaDEX**<sup>®</sup> **Fund** <br> **(FXR)** | **First Trust Materials AlphaDEX**<sup>®</sup> <br> **Fund (FXZ)** | **First Trust Materials AlphaDEX**<sup>®</sup> <br> **Fund (FXZ)** |
|  | **Year** <br>**Ended** <br>**7/31/2025** <br>| **Year** <br>**Ended** <br>**7/31/2024** <br>| **Year** <br>**Ended** <br>**7/31/2025** <br>| **Year** <br>**Ended** <br>**7/31/2024** <br>|
| **OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $13450094 | &nbsp;&nbsp; $14493663 | &nbsp;&nbsp; $4493849 | &nbsp;&nbsp; $6936428 |
| Net realized gain (loss) | 251017905 | &nbsp;&nbsp; 160494622 | &nbsp;&nbsp; (45617775)<br>| &nbsp;&nbsp; (33496943)<br>|
| Net change in unrealized appreciation (depreciation) | (155455646)<br>| &nbsp;&nbsp; 130796772 | &nbsp;&nbsp; (5621796)<br>| &nbsp;&nbsp; 18013625 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 109012353 | &nbsp;&nbsp; 305785057 | &nbsp;&nbsp; (46745722)<br>| &nbsp;&nbsp; (8546890)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |
| Investment operations | (13561385)<br>| &nbsp;&nbsp; (14721301)<br>| &nbsp;&nbsp; (4819952)<br>| &nbsp;&nbsp; (7248352)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares sold | 1085327748<br>| &nbsp;&nbsp; 402803252<br>| &nbsp;&nbsp; 11998845<br>| &nbsp;&nbsp; 22927273<br>|
| Cost of shares redeemed | (1269996640) <br>| &nbsp;&nbsp; (510618314) <br>| &nbsp;&nbsp; (124592896) <br>| &nbsp;&nbsp; (216713519) <br>|
| Net increase (decrease) in net assets resulting from <br> shareholder transactions<br>| (184668892)<br>| &nbsp;&nbsp; (107815062)<br>| &nbsp;&nbsp; (112594051)<br>| &nbsp;&nbsp; (193786246)<br>|
| Total increase (decrease) in net assets | (89217924)<br>| &nbsp;&nbsp; 183248694 | &nbsp;&nbsp; (164159725)<br>| &nbsp;&nbsp; (209581488)<br>|
| **NET ASSETS:** |  |  |  |  |
| Beginning of period | 1945864599 | &nbsp;&nbsp; 1762615905 | &nbsp;&nbsp; 379863650 | &nbsp;&nbsp; 589445138 |
| End of period | $1856646675 | &nbsp;&nbsp; $1945864599 | &nbsp;&nbsp; $215703925 | &nbsp;&nbsp; $379863650 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |  |  |
| Shares outstanding, beginning of period | 26600002 | &nbsp;&nbsp; 28500002 | &nbsp;&nbsp; 5650002 | &nbsp;&nbsp; 8650002 |
| Shares sold | 14350000 | &nbsp;&nbsp; 5850000 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 350000 |
| Shares redeemed | (16900000)<br>| &nbsp;&nbsp; (7750000)<br>| &nbsp;&nbsp; (2100000)<br>| &nbsp;&nbsp; (3350000)<br>|
| Shares outstanding, end of period | 24050002 | &nbsp;&nbsp; 26600002 | &nbsp;&nbsp; 3750002 | &nbsp;&nbsp; 5650002 |

---

See Notes to Financial Statements

------

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

---

| | | | |
|:---|:---|:---|:---|
| **First Trust Technology** <br> **AlphaDEX**<sup>®</sup> **Fund (FXL)** | **First Trust Technology** <br> **AlphaDEX**<sup>®</sup> **Fund (FXL)** | **First Trust Utilities AlphaDEX**<sup>®</sup> <br> **Fund (FXU)** | **First Trust Utilities AlphaDEX**<sup>®</sup> <br> **Fund (FXU)** |
| **Year** <br>**Ended** <br>**7/31/2025** <br>| **Year** <br>**Ended** <br>**7/31/2024** <br>| **Year** <br>**Ended** <br>**7/31/2025** <br>| **Year** <br>**Ended** <br>**7/31/2024** <br>|
| $578053 | &nbsp;&nbsp; $4104504 | &nbsp;&nbsp; $17668986 | &nbsp;&nbsp; $6606306 |
| 172156879 | &nbsp;&nbsp; 184855232 | &nbsp;&nbsp; 97379607 | &nbsp;&nbsp; (7610337)<br>|
| 53744732 | &nbsp;&nbsp; (23498806)<br>| &nbsp;&nbsp; 89211178 | &nbsp;&nbsp; 19764383 |
| 226479664 | &nbsp;&nbsp; 165460930 | &nbsp;&nbsp; 204259771 | &nbsp;&nbsp; 18760352 |
| (495057)<br>| &nbsp;&nbsp; (4165122)<br>| &nbsp;&nbsp; (15001942)<br>| &nbsp;&nbsp; (6819192)<br>|
| 21586792<br>| &nbsp;&nbsp; 218891765<br>| &nbsp;&nbsp; 1724095976<br>| &nbsp;&nbsp; 53342064<br>|
| (214114870) <br>| &nbsp;&nbsp; (272633522) <br>| &nbsp;&nbsp; (460930131) <br>| &nbsp;&nbsp; (118761357) <br>|
| (192528078)<br>| &nbsp;&nbsp; (53741757)<br>| &nbsp;&nbsp; 1263165845 | &nbsp;&nbsp; (65419293)<br>|
| 33456529 | &nbsp;&nbsp; 107554051 | &nbsp;&nbsp; 1452423674 | &nbsp;&nbsp; (53478133)<br>|
| 1338636716 | &nbsp;&nbsp; 1231082665 | &nbsp;&nbsp; 252591261 | &nbsp;&nbsp; 306069394 |
| $1372093245 | &nbsp;&nbsp; $1338636716 | &nbsp;&nbsp; $1705014935 | &nbsp;&nbsp; $252591261 |
| 9905000 | &nbsp;&nbsp; 10255000 | &nbsp;&nbsp; 7250002 | &nbsp;&nbsp; 9400002 |
| 150000 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp; 42300000 | &nbsp;&nbsp; 1700000 |
| (1500000)<br>| &nbsp;&nbsp; (2250000)<br>| &nbsp;&nbsp; (11200000)<br>| &nbsp;&nbsp; (3850000)<br>|
| 8555000 | &nbsp;&nbsp; 9905000 | &nbsp;&nbsp; 38350002 | &nbsp;&nbsp; 7250002 |

---

See Notes to Financial Statements

------

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

**Sector Funds**

**Financial Highlights**

**For a share outstanding throughout each period**

**First Trust Consumer Discretionary AlphaDEX**<sup>®</sup> **Fund (FXD)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  |
|  | **2025** | **2024** | **2023** | **2022**  | **2021**  |
| Net asset value, beginning of period | $60.71 | &nbsp;&nbsp;&nbsp;&nbsp; $57.41 | &nbsp;&nbsp;&nbsp;&nbsp; $49.57 | &nbsp;&nbsp;&nbsp;&nbsp; $61.36 | &nbsp;&nbsp;&nbsp;&nbsp; $39.70 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 0.71<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br>|
| Net realized and unrealized gain (loss) | 3.93<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.29<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.95<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11.78) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.61<br>|
| Total from investment operations | 4.64<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.70<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.30<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11.26) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.81<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (0.72) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.40) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.46) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.53) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.15) <br>|
| Net asset value, end of period | $64.63<br>| &nbsp;&nbsp;&nbsp;&nbsp; $60.71<br>| &nbsp;&nbsp;&nbsp;&nbsp; $57.41<br>| &nbsp;&nbsp;&nbsp;&nbsp; $49.57<br>| &nbsp;&nbsp;&nbsp;&nbsp; $61.36<br>|
| **Total return** (c) | 7.69<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.47<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.93<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (18.43)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 54.99<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $319913<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1481355<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1504179<br>| &nbsp;&nbsp;&nbsp;&nbsp; $394117<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1948136<br>|
| Ratio of total expenses to average net assets | 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> % <br>|
| Ratio of net investment income (loss) to average net <br> assets<br>| 1.13<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> % <br>|
| Portfolio turnover rate (d) | 68<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 84<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 110<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 76<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 88<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**

**Sector Funds**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Consumer Staples AlphaDEX**<sup>®</sup> **Fund (FXG)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  |
|  | **2025** | **2024** | **2023** | **2022**  | **2021**  |
| Net asset value, beginning of period | $66.39 | &nbsp;&nbsp;&nbsp;&nbsp; $64.37 | &nbsp;&nbsp;&nbsp;&nbsp; $63.79 | &nbsp;&nbsp;&nbsp;&nbsp; $56.21 | &nbsp;&nbsp;&nbsp;&nbsp; $48.76 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 1.47<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br>|
| Net realized and unrealized gain (loss) | (3.23) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.05<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.55<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.40<br>|
| Total from investment operations | (1.76) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.97<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.76<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.36<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.19<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (1.43) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.95) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.18) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.78) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.74) <br>|
| Net asset value, end of period | $63.20<br>| &nbsp;&nbsp;&nbsp;&nbsp; $66.39<br>| &nbsp;&nbsp;&nbsp;&nbsp; $64.37<br>| &nbsp;&nbsp;&nbsp;&nbsp; $63.79<br>| &nbsp;&nbsp;&nbsp;&nbsp; $56.21<br>|
| **Total return** (c) | (2.69)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.69<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.87<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.95<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.88<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $284384<br>| &nbsp;&nbsp;&nbsp;&nbsp; $414948<br>| &nbsp;&nbsp;&nbsp;&nbsp; $656528<br>| &nbsp;&nbsp;&nbsp;&nbsp; $650653<br>| &nbsp;&nbsp;&nbsp;&nbsp; $247311<br>|
| Ratio of total expenses to average net assets | 0.63<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> % <br>|
| Ratio of net investment income (loss) to average net assets | 2.24<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.92<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.43<br> % <br>|
| Portfolio turnover rate (d) | 81<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 67<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 63<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 88<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 94<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**

**Sector Funds**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Energy AlphaDEX**<sup>®</sup> **Fund (FXN)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  |
|  | **2025** | **2024** | **2023** | **2022**  | **2021**  |
| Net asset value, beginning of period | $18.29 | &nbsp;&nbsp;&nbsp;&nbsp; $17.25 | &nbsp;&nbsp;&nbsp;&nbsp; $16.80 | &nbsp;&nbsp;&nbsp;&nbsp; $10.33 | &nbsp;&nbsp;&nbsp;&nbsp; $6.54 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 0.42<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.27<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31<br>|
| Net realized and unrealized gain (loss) | (2.49) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.46<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.81<br>|
| Total from investment operations | (2.07) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.38<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.73<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.12<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (0.45) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.34) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.57) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.26) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.33) <br>|
| Net asset value, end of period | $15.77<br>| &nbsp;&nbsp;&nbsp;&nbsp; $18.29<br>| &nbsp;&nbsp;&nbsp;&nbsp; $17.25<br>| &nbsp;&nbsp;&nbsp;&nbsp; $16.80<br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.33<br>|
| **Total return** (c) | (11.32)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.08<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.38<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 65.76<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 66.66<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $271958<br>| &nbsp;&nbsp;&nbsp;&nbsp; $548790<br>| &nbsp;&nbsp;&nbsp;&nbsp; $567687<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1665291<br>| &nbsp;&nbsp;&nbsp;&nbsp; $328966<br>|
| Ratio of total expenses to average net assets | 0.63<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> % <br>|
| Ratio of net investment income (loss) to average net assets | 2.59<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.93<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.01<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.34<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70<br> % <br>|
| Portfolio turnover rate (d) | 50<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 58<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 79<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 71<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**

**Sector Funds**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Financials AlphaDEX**<sup>®</sup> **Fund (FXO)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  |
|  | **2025** | **2024** | **2023** | **2022**  | **2021**  |
| Net asset value, beginning of period | $50.51 | &nbsp;&nbsp;&nbsp;&nbsp; $41.49 | &nbsp;&nbsp;&nbsp;&nbsp; $41.48 | &nbsp;&nbsp;&nbsp;&nbsp; $43.40 | &nbsp;&nbsp;&nbsp;&nbsp; $25.87 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 1.04<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br>|
| Net realized and unrealized gain (loss) | 6.61<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.11<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.05) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.97) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.55<br>|
| Total from investment operations | 7.65<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.21<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.23<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.05) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.36<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (1.11) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.19) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.22) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.87) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.83) <br>|
| Net asset value, end of period | $57.05<br>| &nbsp;&nbsp;&nbsp;&nbsp; $50.51<br>| &nbsp;&nbsp;&nbsp;&nbsp; $41.49<br>| &nbsp;&nbsp;&nbsp;&nbsp; $41.48<br>| &nbsp;&nbsp;&nbsp;&nbsp; $43.40<br>|
| **Total return** (b) | 15.31<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.17<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.24<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.52)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 71.99<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $2184968<br>| &nbsp;&nbsp;&nbsp;&nbsp; $904182<br>| &nbsp;&nbsp;&nbsp;&nbsp; $894024<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1171738<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1312886<br>|
| Ratio of total expenses to average net assets | 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> % <br>|
| Ratio of net investment income (loss) to average net <br> assets<br>| 1.94<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.57<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.06<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.10<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.25<br> % <br>|
| Portfolio turnover rate (c) | 90<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 75<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 78<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 64<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 86<br> % <br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total
 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions
 at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect
 the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated
 for the time period presented and is not annualized for periods of less than a year.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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**

**Sector Funds**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Health Care AlphaDEX**<sup>®</sup> **Fund (FXH)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  |
|  | **2025** | **2024** | **2023** | **2022**  | **2021**  |
| Net asset value, beginning of period | $109.16 | &nbsp;&nbsp;&nbsp;&nbsp; $106.42 | &nbsp;&nbsp;&nbsp;&nbsp; $108.57 | &nbsp;&nbsp;&nbsp;&nbsp; $122.03 | &nbsp;&nbsp;&nbsp;&nbsp; $95.29 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 0.35<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.15) <br>|
| Net realized and unrealized gain (loss) | (10.29) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.74<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.06) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (13.59) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.89<br>|
| Total from investment operations | (9.94) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.12<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.85) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (13.46) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.74<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (0.34) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.38) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.30) <br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Net asset value, end of period | $98.88<br>| &nbsp;&nbsp;&nbsp;&nbsp; $109.16<br>| &nbsp;&nbsp;&nbsp;&nbsp; $106.42<br>| &nbsp;&nbsp;&nbsp;&nbsp; $108.57<br>| &nbsp;&nbsp;&nbsp;&nbsp; $122.03<br>|
| **Total return** (b) | (9.12)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.95<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.69)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (11.03)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.08<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $845450<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1266313<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1521820<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1503728<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1604748<br>|
| Ratio of total expenses to average net assets | 0.61<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> % <br>|
| Ratio of net investment income (loss) to average net <br> assets<br>| 0.32<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.14)% <br>|
| Portfolio turnover rate (c) | 85<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 98<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 94<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 88<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 103<br> % <br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total
 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions
 at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect
 the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated
 for the time period presented and is not annualized for periods of less than a year.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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**

**Sector Funds**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Industrials/Producer Durables AlphaDEX**<sup>®</sup> **Fund (FXR)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  |
|  | **2025** | **2024** | **2023** | **2022**  | **2021**  |
| Net asset value, beginning of period | $73.15 | &nbsp;&nbsp;&nbsp;&nbsp; $61.85 | &nbsp;&nbsp;&nbsp;&nbsp; $53.68 | &nbsp;&nbsp;&nbsp;&nbsp; $59.52 | &nbsp;&nbsp;&nbsp;&nbsp; $39.13 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 0.53<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br>|
| Net realized and unrealized gain (loss) | 4.05<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.31<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.18<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.87) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.42<br>|
| Total from investment operations | 4.58<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.84<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.63<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.45) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.75<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (0.53) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.54) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.46) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.39) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.36) <br>|
| Net asset value, end of period | $77.20<br>| &nbsp;&nbsp;&nbsp;&nbsp; $73.15<br>| &nbsp;&nbsp;&nbsp;&nbsp; $61.85<br>| &nbsp;&nbsp;&nbsp;&nbsp; $53.68<br>| &nbsp;&nbsp;&nbsp;&nbsp; $59.52<br>|
| **Total return** (b) | 6.30<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.26<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.23<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (9.16)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 53.21<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $1856647<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1945865<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1762616<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1578226<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1767604<br>|
| Ratio of total expenses to average net assets | 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> % <br>|
| Ratio of net investment income (loss) to average net <br> assets<br>| 0.71<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> % <br>|
| Portfolio turnover rate (c) | 76<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 78<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 81<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 77<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) 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**

**Sector Funds**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Materials AlphaDEX**<sup>®</sup> **Fund (FXZ)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  |
|  | **2025** | **2024** | **2023** | **2022**  | **2021**  |
| Net asset value, beginning of period | $67.23 | &nbsp;&nbsp;&nbsp;&nbsp; $68.14 | &nbsp;&nbsp;&nbsp;&nbsp; $61.97 | &nbsp;&nbsp;&nbsp;&nbsp; $57.91 | &nbsp;&nbsp;&nbsp;&nbsp; $35.85 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 1.00<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br>|
| Net realized and unrealized gain (loss) | (9.64) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.89) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.50<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.93<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.05<br>|
| Total from investment operations | (8.64) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.50<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.82<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.77<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (1.07) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.04) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.33) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.76) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.71) <br>|
| Net asset value, end of period | $57.52<br>| &nbsp;&nbsp;&nbsp;&nbsp; $67.23<br>| &nbsp;&nbsp;&nbsp;&nbsp; $68.14<br>| &nbsp;&nbsp;&nbsp;&nbsp; $61.97<br>| &nbsp;&nbsp;&nbsp;&nbsp; $57.91<br>|
| **Total return** (c) | (12.88)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.41<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.37<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 64.02<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $215704<br>| &nbsp;&nbsp;&nbsp;&nbsp; $379864<br>| &nbsp;&nbsp;&nbsp;&nbsp; $589445<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1567915<br>| &nbsp;&nbsp;&nbsp;&nbsp; $460362<br>|
| Ratio of total expenses to average net assets | 0.64<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> % <br>|
| Ratio of net investment income (loss) to average net assets | 1.66<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.69<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.39<br> % <br>|
| Portfolio turnover rate (d) | 62<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 53<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 35<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 77<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**

**Sector Funds**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Technology AlphaDEX**<sup>®</sup> **Fund (FXL)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  |
|  | **2025** | **2024** | **2023** | **2022**  | **2021**  |
| Net asset value, beginning of period | $135.15 | &nbsp;&nbsp;&nbsp;&nbsp; $120.05 | &nbsp;&nbsp;&nbsp;&nbsp; $104.35 | &nbsp;&nbsp;&nbsp;&nbsp; $125.53 | &nbsp;&nbsp;&nbsp;&nbsp; $89.44 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 0.06<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.23<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.06) <br>|
| Net realized and unrealized gain (loss) | 25.22<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.10<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.73<br>| &nbsp;&nbsp;&nbsp;&nbsp; (21.21) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 36.15<br>|
| Total from investment operations | 25.28<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.50<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.96<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20.87) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 36.09<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (0.05) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.40) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.26) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.31) <br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Net asset value, end of period | $160.38<br>| &nbsp;&nbsp;&nbsp;&nbsp; $135.15<br>| &nbsp;&nbsp;&nbsp;&nbsp; $120.05<br>| &nbsp;&nbsp;&nbsp;&nbsp; $104.35<br>| &nbsp;&nbsp;&nbsp;&nbsp; $125.53<br>|
| **Total return** (b) | 18.71<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.93<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.36<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (16.64)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 40.34<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $1372093<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1338637<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1231083<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1143164<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2668074<br>|
| Ratio of total expenses to average net assets | 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> % <br>|
| Ratio of net investment income (loss) to average net <br> assets<br>| 0.04<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.23<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.27<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.05)% <br>|
| Portfolio turnover rate (c) | 104<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 119<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 104<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 91<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 92<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) 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**

**Sector Funds**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Utilities AlphaDEX**<sup>®</sup> **Fund (FXU)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  |
|  | **2025** | **2024** | **2023** | **2022**  | **2021**  |
| Net asset value, beginning of period | $34.84 | &nbsp;&nbsp;&nbsp;&nbsp; $32.56 | &nbsp;&nbsp;&nbsp;&nbsp; $34.33 | &nbsp;&nbsp;&nbsp;&nbsp; $30.82 | &nbsp;&nbsp;&nbsp;&nbsp; $27.54 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 0.95<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br>|
| Net realized and unrealized gain (loss) | 9.60<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.32<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.75) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.47<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.32<br>|
| Total from investment operations | 10.55<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.19<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.05) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.16<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.00<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (0.93) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.91) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.72) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.65) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.72) <br>|
| Net asset value, end of period | $44.46<br>| &nbsp;&nbsp;&nbsp;&nbsp; $34.84<br>| &nbsp;&nbsp;&nbsp;&nbsp; $32.56<br>| &nbsp;&nbsp;&nbsp;&nbsp; $34.33<br>| &nbsp;&nbsp;&nbsp;&nbsp; $30.82<br>|
| **Total return** (b) | 30.64<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.15<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.01)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.69<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.80<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $1705015<br>| &nbsp;&nbsp;&nbsp;&nbsp; $252591<br>| &nbsp;&nbsp;&nbsp;&nbsp; $306069<br>| &nbsp;&nbsp;&nbsp;&nbsp; $396558<br>| &nbsp;&nbsp;&nbsp;&nbsp; $174146<br>|
| Ratio of total expenses to average net assets | 0.61<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> % <br>|
| Ratio of net investment income (loss) to average net assets | 2.34<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.78<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.13<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.22<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.33<br> % <br>|
| Portfolio turnover rate (c) | 68<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 53<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 46<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 48<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 38<br> % <br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total
 return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions
 at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect
 the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated
 for the time period presented and is not annualized for periods of less than a year.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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**

**Sector Funds**

**July 31, 2025**

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

**1. Organization**

First Trust Exchange-Traded AlphaDEX<sup>®</sup> Fund (the "Trust") is an open-end management investment company organized as a Massachusetts business trust on December 6, 2006, 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 nine Sector Funds (each a "Fund" and collectively, the "Funds") listed below, each a diversified series of the Trust. The shares of each Sector Fund are listed and traded on NYSE Arca, Inc.

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

---

| |
|:---|
| First Trust Consumer Discretionary AlphaDEX<sup>®</sup> Fund – (ticker "FXD") |
| First Trust Consumer Staples AlphaDEX<sup>®</sup> Fund – (ticker "FXG") |
| First Trust Energy AlphaDEX<sup>®</sup> Fund – (ticker "FXN") |
| First Trust Financials AlphaDEX<sup>®</sup> Fund – (ticker "FXO") |
| First Trust Health Care AlphaDEX<sup>®</sup> Fund – (ticker "FXH") |
| First Trust Industrials/Producer Durables AlphaDEX<sup>®</sup> Fund – (ticker "FXR") |
| First Trust Materials AlphaDEX<sup>®</sup> Fund – (ticker "FXZ") |
| First Trust Technology AlphaDEX<sup>®</sup> Fund – (ticker "FXL") |
| First Trust Utilities AlphaDEX<sup>®</sup> Fund – (ticker "FXU") |

---

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**  |
| First Trust Consumer Discretionary AlphaDEX<sup>®</sup> Fund<br> StrataQuant<sup>®</sup> Consumer Discretionary Index<sup>(1)</sup> <br>|
| First Trust Consumer Staples AlphaDEX<sup>®</sup> Fund<br> StrataQuant<sup>®</sup> Consumer Staples Index<sup>(1)</sup> <br>|
| First Trust Energy AlphaDEX<sup>®</sup> Fund<br> StrataQuant<sup>®</sup> Energy Index<sup>(1)</sup> <br>|
| First Trust Financials AlphaDEX<sup>®</sup> Fund<br> StrataQuant<sup>®</sup> Financials Index<sup>(1)</sup> <br>|
| First Trust Health Care AlphaDEX<sup>®</sup> Fund<br> StrataQuant<sup>®</sup> Health Care Index<sup>(1)</sup> <br>|
| First Trust Industrials/Producer Durables AlphaDEX<sup>®</sup> Fund<br> StrataQuant<sup>®</sup> Industrials Index<sup>(1)</sup> <br>|
| First Trust Materials AlphaDEX<sup>®</sup> Fund<br> StrataQuant<sup>®</sup> Materials Index<sup>(1)</sup> <br>|
| First Trust Technology AlphaDEX<sup>®</sup> Fund<br> StrataQuant<sup>®</sup> Technology Index<sup>(1)</sup> <br>|
| First Trust Utilities AlphaDEX<sup>®</sup> Fund<br> StrataQuant<sup>®</sup> Utilities Index<sup>(1)</sup> <br>|

---

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

<sup>(1)</sup> This index is developed, maintained and sponsored by ICE Data Indices, LLC or its affiliates ("IDI"), and licensed to First Trust Portfolios L.P. ("FTP"), the distributor of the Trust, by IDI. IDI is a successor-in-interest to previous entities that maintained the index in NYSE Group, Inc. and American Stock Exchange LLC. 

**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.

**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.

------

**Notes to Financial Statements (Continued)**

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

**Sector Funds**

**July 31, 2025**

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, Inc. ("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.

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

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

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;

10)

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

11)

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.

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:

------

**Notes to Financial Statements (Continued)**

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

**Sector Funds**

**July 31, 2025**

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

&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 July 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. 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.

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. 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

------

**Notes to Financial Statements (Continued)**

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

**Sector Funds**

**July 31, 2025**

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. Prior to November 14, 2024, Brown Brothers Harriman & Co. was the securities lending agent for FXD, FXO and FXL. 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 for FXG, FXN, FXH, FXR, FXZ and FXU, and effective November 14, 2024, for FXD, FXO and FXL. 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 loaned is accounted for in the same manner as other dividend and interest income. At July 31, 2025, only FXO, FXH, FXR and FXZ had securities in the securities lending program. During the fiscal year ended July 31, 2025, all the Funds 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.

**E. 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 July 31, 2025, were received as collateral for lending securities.

**F. 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 significantly modified portfolio securities held by the Funds and have no impact on net assets or NAV per share.

------

**Notes to Financial Statements (Continued)**

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

**Sector Funds**

**July 31, 2025**

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 July 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 Consumer Discretionary AlphaDEX<sup>®</sup> Fund | $13337421 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| First Trust Consumer Staples AlphaDEX<sup>®</sup> Fund | 7472183 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Energy AlphaDEX<sup>®</sup> Fund | 10196321 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Financials AlphaDEX<sup>®</sup> Fund | 31233028 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Health Care AlphaDEX<sup>®</sup> Fund | 3555751 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Industrials/Producer Durables AlphaDEX<sup>®</sup> Fund | 13561385 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Materials AlphaDEX<sup>®</sup> Fund | 4819952 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Technology AlphaDEX<sup>®</sup> Fund | 495057 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Utilities AlphaDEX<sup>®</sup> Fund | 15001942 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

The tax character of distributions paid by each Fund during the fiscal year ended July 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 Consumer Discretionary AlphaDEX<sup>®</sup> Fund | $9968451 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| First Trust Consumer Staples AlphaDEX<sup>®</sup> Fund | 7160577 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Energy AlphaDEX<sup>®</sup> Fund | 11341810 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Financials AlphaDEX<sup>®</sup> Fund | 22438342 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Health Care AlphaDEX<sup>®</sup> Fund | 4631531 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Industrials/Producer Durables AlphaDEX<sup>®</sup> Fund | 14721301 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Materials AlphaDEX<sup>®</sup> Fund | 7248352 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Technology AlphaDEX<sup>®</sup> Fund | 4165122 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Utilities AlphaDEX<sup>®</sup> Fund | 6819192 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

As of July 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 Consumer Discretionary AlphaDEX<sup>®</sup> Fund | $102521 | &nbsp;&nbsp; $(474971813)<br>| &nbsp;&nbsp; $5113037 |
| First Trust Consumer Staples AlphaDEX<sup>®</sup> Fund | 1183741 | &nbsp;&nbsp; (306920288)<br>| &nbsp;&nbsp; (7055536)<br>|
| First Trust Energy AlphaDEX<sup>®</sup> Fund | 266692 | &nbsp;&nbsp; (539472636)<br>| &nbsp;&nbsp; (54778525)<br>|
| First Trust Financials AlphaDEX<sup>®</sup> Fund | 3460905 | &nbsp;&nbsp; (547356029)<br>| &nbsp;&nbsp; 188571707 |
| First Trust Health Care AlphaDEX<sup>®</sup> Fund | 4886522 | &nbsp;&nbsp; (748012113)<br>| &nbsp;&nbsp; (11676728)<br>|
| First Trust Industrials/Producer Durables AlphaDEX<sup>®</sup> Fund | 455535 | &nbsp;&nbsp; (433619992)<br>| &nbsp;&nbsp; 184323239 |
| First Trust Materials AlphaDEX<sup>®</sup> Fund | 354387 | &nbsp;&nbsp; (342332424)<br>| &nbsp;&nbsp; (26925985)<br>|
| First Trust Technology AlphaDEX<sup>®</sup> Fund | 82996 | &nbsp;&nbsp; (509528396)<br>| &nbsp;&nbsp; 266053733 |
| First Trust Utilities AlphaDEX<sup>®</sup> Fund | 3184779 | &nbsp;&nbsp; (206016908)<br>| &nbsp;&nbsp; 96282911 |

---

**G. Income 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

------

**Notes to Financial Statements (Continued)**

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

**Sector Funds**

**July 31, 2025**

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.

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 July 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 July 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 Consumer Discretionary AlphaDEX<sup>®</sup> Fund | $474971813 |
| First Trust Consumer Staples AlphaDEX<sup>®</sup> Fund | 306920288 |
| First Trust Energy AlphaDEX<sup>®</sup> Fund | 539472636 |
| First Trust Financials AlphaDEX<sup>®</sup> Fund | 547356029 |
| First Trust Health Care AlphaDEX<sup>®</sup> Fund | 748012113 |
| First Trust Industrials/Producer Durables AlphaDEX<sup>®</sup> Fund | 433619992 |
| First Trust Materials AlphaDEX<sup>®</sup> Fund | 342332424 |
| First Trust Technology AlphaDEX<sup>®</sup> Fund | 509528396 |
| First Trust Utilities AlphaDEX<sup>®</sup> Fund | 206016908 |

---

During the taxable year ended July 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 Technology AlphaDEX<sup>®</sup> Fund | $112655357 |
| First Trust Utilities AlphaDEX<sup>®</sup> Fund | 3299789 |

---

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 July 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 July 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 Consumer Discretionary AlphaDEX<sup>®</sup> Fund | $— | &nbsp;&nbsp; $(153902839)<br>| &nbsp;&nbsp; $153902839 |
| First Trust Consumer Staples AlphaDEX<sup>®</sup> Fund |  | &nbsp;&nbsp; (16288553)<br>| &nbsp;&nbsp; 16288553 |
| First Trust Energy AlphaDEX<sup>®</sup> Fund |  | &nbsp;&nbsp; 3582624 | &nbsp;&nbsp; (3582624)<br>|

---

------

**Notes to Financial Statements (Continued)**

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

**Sector Funds**

**July 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | 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 Financials AlphaDEX<sup>®</sup> Fund | $— | &nbsp;&nbsp; $(137295602)<br>| &nbsp;&nbsp; $137295602 |
| First Trust Health Care AlphaDEX<sup>®</sup> Fund | 1619293 | &nbsp;&nbsp; (67490900)<br>| &nbsp;&nbsp; 65871607 |
| First Trust Industrials/Producer Durables AlphaDEX<sup>®</sup> Fund |  | &nbsp;&nbsp; (306944242)<br>| &nbsp;&nbsp; 306944242 |
| First Trust Materials AlphaDEX<sup>®</sup> Fund |  | &nbsp;&nbsp; 1380775 | &nbsp;&nbsp; (1380775)<br>|
| First Trust Technology AlphaDEX<sup>®</sup> Fund |  | &nbsp;&nbsp; (57558834)<br>| &nbsp;&nbsp; 57558834 |
| First Trust Utilities AlphaDEX<sup>®</sup> Fund |  | &nbsp;&nbsp; (96434348)<br>| &nbsp;&nbsp; 96434348 |

---

As of July 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 Consumer Discretionary AlphaDEX<sup>®</sup> Fund | $315036023 | &nbsp;&nbsp; $34850774 | &nbsp;&nbsp; $(29737737)<br>| &nbsp;&nbsp; $5113037 |
| First Trust Consumer Staples AlphaDEX<sup>®</sup> Fund | 291225804 | &nbsp;&nbsp; 25360942 | &nbsp;&nbsp; (32416478)<br>| &nbsp;&nbsp; (7055536)<br>|
| First Trust Energy AlphaDEX<sup>®</sup> Fund | 326737541 | &nbsp;&nbsp; 13560122 | &nbsp;&nbsp; (68338647)<br>| &nbsp;&nbsp; (54778525)<br>|
| First Trust Financials AlphaDEX<sup>®</sup> Fund | 1997323377 | &nbsp;&nbsp; 248067517 | &nbsp;&nbsp; (59495810)<br>| &nbsp;&nbsp; 188571707 |
| First Trust Health Care AlphaDEX<sup>®</sup> Fund | 876237618 | &nbsp;&nbsp; 100754595 | &nbsp;&nbsp; (112431323)<br>| &nbsp;&nbsp; (11676728)<br>|
| First Trust Industrials/Producer Durables AlphaDEX<sup>®</sup> <br> Fund<br>| 1684502118 | &nbsp;&nbsp; 272070376 | &nbsp;&nbsp; (87747137)<br>| &nbsp;&nbsp; 184323239 |
| First Trust Materials AlphaDEX<sup>®</sup> Fund | 245661722 | &nbsp;&nbsp; 19953163 | &nbsp;&nbsp; (46879148)<br>| &nbsp;&nbsp; (26925985)<br>|
| First Trust Technology AlphaDEX<sup>®</sup> Fund | 1106793032 | &nbsp;&nbsp; 326823908 | &nbsp;&nbsp; (60770175)<br>| &nbsp;&nbsp; 266053733 |
| First Trust Utilities AlphaDEX<sup>®</sup> Fund | 1609351669 | &nbsp;&nbsp; 129439956 | &nbsp;&nbsp; (33157045)<br>| &nbsp;&nbsp; 96282911 |

---

**H. Expenses**

Expenses that are directly related to one of the Funds are charged directly to the respective Fund. General expenses of the Trust are allocated to all the Funds based upon the net assets of each Fund.

FTP has entered into licensing agreements with IDI for each of the Funds. The license agreements allow for the use by FTP of certain trademarks and trade names of IDI. The Funds and First Trust are sub-licensees to the license agreement. The Funds are required to pay licensing fees, which are shown on the Statements of Operations.

**I. Segment Reporting**

Each Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of each Fund. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

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

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

------

**Notes to Financial Statements (Continued)**

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

**Sector Funds**

**July 31, 2025**

The management fee payable by each Fund to First Trust for these services will be reduced at certain levels of each Fund's net assets ("breakpoints") and calculated pursuant to the following schedule:

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

---

| | |
|:---|:---|
| Breakpoints |  |
| Fund net assets up to and including $2.5 billion | 0.5000<br> %<br>|
| Fund net assets greater than $2.5 billion up to and including $5 billion | 0.4875<br> %<br>|
| Fund net assets greater than $5 billion up to and including $7.5 billion | 0.4750<br> %<br>|
| Fund net assets greater than $7.5 billion up to and including $10 billion | 0.4625<br> %<br>|
| Fund net assets greater than $10 billion up to and including $15 billion | 0.4500<br> %<br>|
| Fund net assets greater than $15 billion | 0.4250<br> %<br>|

---

The Trust and First Trust have entered into an Expense Reimbursement and Fee Waiver Agreement ("Agreement") in which First Trust has agreed to waive fees and/or reimburse Fund expenses to the extent that the operating expenses of each Fund (excluding interest expense, brokerage commissions and other trading expenses, acquired fund fees and expenses, taxes and extraordinary expenses) exceed 0.70% of average daily net assets per year (the "Expense Cap"). The Expense Cap will be in effect until at least November 30, 2026. For the fiscal year ended July 31, 2025, there were no fees waived or expenses reimbursed by First Trust for these Funds.

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

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

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

**4. Purchases and Sales of Securities** 

For the fiscal year ended July 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 Consumer Discretionary AlphaDEX<sup>®</sup> Fund | $734762153 | &nbsp;&nbsp; $734776836 |
| First Trust Consumer Staples AlphaDEX<sup>®</sup> Fund | 276838063 | &nbsp;&nbsp; 277323118 |
| First Trust Energy AlphaDEX<sup>®</sup> Fund | 185807507 | &nbsp;&nbsp; 186789839 |
| First Trust Financials AlphaDEX<sup>®</sup> Fund | 1510179804 | &nbsp;&nbsp; 1507028229 |
| First Trust Health Care AlphaDEX<sup>®</sup> Fund | 900232136 | &nbsp;&nbsp; 901132263 |
| First Trust Industrials/Producer Durables AlphaDEX<sup>®</sup> Fund | 1443179456 | &nbsp;&nbsp; 1442386660 |
| First Trust Materials AlphaDEX<sup>®</sup> Fund | 168429384 | &nbsp;&nbsp; 169028045 |
| First Trust Technology AlphaDEX<sup>®</sup> Fund | 1391841266 | &nbsp;&nbsp; 1391241932 |
| First Trust Utilities AlphaDEX<sup>®</sup> Fund | 556258078 | &nbsp;&nbsp; 549968013 |

---

------

**Notes to Financial Statements (Continued)**

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

**Sector Funds**

**July 31, 2025**

For the fiscal year ended July 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 Consumer Discretionary AlphaDEX<sup>®</sup> Fund | $419618119 | &nbsp;&nbsp; $1540379493 |
| First Trust Consumer Staples AlphaDEX<sup>®</sup> Fund | 41196994 | &nbsp;&nbsp; 153137566 |
| First Trust Energy AlphaDEX<sup>®</sup> Fund | 48946389 | &nbsp;&nbsp; 254106554 |
| First Trust Financials AlphaDEX<sup>®</sup> Fund | 1805104141 | &nbsp;&nbsp; 648633618 |
| First Trust Health Care AlphaDEX<sup>®</sup> Fund | 15392924 | &nbsp;&nbsp; 337429213 |
| First Trust Industrials/Producer Durables AlphaDEX<sup>®</sup> Fund | 1084972553 | &nbsp;&nbsp; 1270492391 |
| First Trust Materials AlphaDEX<sup>®</sup> Fund | 11957781 | &nbsp;&nbsp; 124084178 |
| First Trust Technology AlphaDEX<sup>®</sup> Fund | 21562405 | &nbsp;&nbsp; 213855605 |
| First Trust Utilities AlphaDEX<sup>®</sup> Fund | 1721453310 | &nbsp;&nbsp; 461694255 |

---

**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 November 30, 2026.

------

**Notes to Financial Statements (Continued)**

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

**Sector Funds**

**July 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:**

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

We have audited the accompanying statements of assets and liabilities of First Trust Consumer Discretionary AlphaDEX<sup>®</sup> Fund, First Trust Consumer Staples AlphaDEX<sup>®</sup> Fund, First Trust Energy AlphaDEX<sup>®</sup> Fund, First Trust Financials AlphaDEX<sup>®</sup> Fund, First Trust Health Care AlphaDEX<sup>®</sup> Fund, First Trust Industrials/Producer Durables AlphaDEX<sup>®</sup> Fund, First Trust Materials AlphaDEX<sup>®</sup> Fund, First Trust Technology AlphaDEX<sup>®</sup> Fund, and First Trust Utilities AlphaDEX<sup>®</sup> Fund (the "Funds"), each a series of the First Trust Exchange-Traded AlphaDEX<sup>®</sup> Fund, including the portfolios of investments, as of July 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 July 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 July 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

September 19, 2025

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**

**Sector Funds**

**July 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 July 31, 2025.

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

There were no matters submitted for vote by shareholders of any Fund during the fiscal year ended July 31, 2025.

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

The applicable aggregate remuneration paid by each Fund during the period covered by the report is included in the Statements of Operations.

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

The Board of Trustees of First Trust Exchange-Traded AlphaDEX<sup>®</sup> Fund (the "Trust"), including the Independent Trustees, unanimously approved the continuation of the Investment Management Agreement (the "Agreement") with First Trust Advisors L.P. (the "Advisor") on behalf of the following series of the Trust (each a "Fund" and collectively, the "Funds"):

First Trust Consumer Discretionary AlphaDEX<sup>®</sup> Fund (FXD)

First Trust Consumer Staples AlphaDEX<sup>®</sup> Fund (FXG)

First Trust Energy AlphaDEX<sup>®</sup> Fund (FXN)

First Trust Financials AlphaDEX<sup>®</sup> Fund (FXO)

First Trust Health Care AlphaDEX<sup>®</sup> Fund (FXH)

First Trust Industrials/Producer Durables AlphaDEX<sup>®</sup> Fund (FXR)

First Trust Materials AlphaDEX<sup>®</sup> Fund (FXZ)

First Trust Technology AlphaDEX<sup>®</sup> Fund (FXL)

First Trust Utilities AlphaDEX<sup>®</sup> Fund (FXU)

The Board approved the continuation of the Agreement for each Fund for a one-year period ending June 30, 2026 at a meeting held on June 8–9, 2025. The Board determined for each Fund that the continuation of the Agreement is in the best interests of the Fund in light of the nature, extent and quality of the services provided and such other matters as the Board considered to be relevant in the exercise of its business judgment.

To reach this determination for each Fund, the Board considered its duties under the Investment Company Act of 1940, as amended (the "1940 Act"), as well as under the general principles of state law, in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisors with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. At meetings held on April 22, 2025 and June 8–9, 2025, the Board, including the Independent Trustees, reviewed materials provided by the Advisor responding to requests for information from counsel to the Independent Trustees, submitted on behalf of the Independent Trustees, that, among other things, outlined: the services provided by the Advisor to each Fund (including the relevant personnel responsible for these services and their experience); the advisory fee rate schedule payable by each Fund as compared to fees charged to a peer group of funds (the "Expense Group") and a broad peer universe of funds (the "Expense Universe"), each assembled by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent source, and as compared to fees charged to other clients of the Advisor, including other exchange-traded funds ("ETFs") managed by the Advisor; the expense ratio of each Fund as compared to expense ratios of the funds in the Fund's Expense Group and Expense Universe; performance information for each Fund, including comparisons of each Fund's performance to that of one or more relevant benchmark indexes and to that of a performance group of funds and a broad performance universe of funds (the "Performance Universe"), each assembled by Broadridge; the nature of expenses incurred in providing services to each Fund and the potential for the Advisor to realize economies of scale, if any; profitability and other financial data for the Advisor; any indirect benefits to the Advisor and its affiliate, First Trust Portfolios L.P. ("FTP"); and information on the Advisor's compliance program. The Board reviewed initial materials with the Advisor at the meeting held on April 22, 2025, prior to which the Independent Trustees and their counsel met separately to discuss the information provided by the Advisor. Following the April meeting, counsel to the Independent Trustees, on behalf of the Independent Trustees, requested certain clarifications and supplements to the materials provided, and the information provided in response to those requests was considered at an executive session of the Independent Trustees and their counsel held prior to the June 8–9, 2025 meeting, as well as at the June meeting. The Board applied its business judgment to determine whether the

------

**Other Information (Continued)**

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

**Sector Funds**

**July 31, 2025 (Unaudited)**

arrangement between the Trust and the Advisor continues to be a reasonable business arrangement from each Fund's perspective. The Board determined that, given the totality of the information provided with respect to the Agreement, the Board had received sufficient information to renew the Agreement. The Board considered that shareholders chose to invest or remain invested in a Fund knowing that the Advisor manages the Fund and knowing the Fund's advisory fee.

In reviewing the Agreement for each Fund, the Board considered the nature, extent and quality of the services provided by the Advisor under the Agreement. The Board considered that the Advisor is responsible for the overall management and administration of the Trust and each Fund and reviewed all of the services provided by the Advisor to the Funds, as well as the background and experience of the persons responsible for such services. In reviewing the services provided, the Board noted the compliance program that had been developed by the Advisor and considered that it includes a robust program for monitoring the Advisor's and each Fund's compliance with the 1940 Act, as well as each Fund's compliance with its investment objective, policies and restrictions. The Board also considered a report from the Advisor with respect to its risk management functions related to the operation of the Funds. Finally, as part of the Board's consideration of the Advisor's services, the Advisor, in its written materials and at the April 22, 2025 meeting, described to the Board the scope of its ongoing investment in additional personnel and infrastructure to maintain and improve the quality of services provided to the Funds and the other funds in the First Trust Fund Complex. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services provided to the Trust and each Fund by the Advisor under the Agreement have been and are expected to remain satisfactory and that the Advisor has managed each Fund consistent with its investment objective, policies and restrictions.

The Board considered the advisory fee rate schedule payable by each Fund under the Agreement for the services provided. The Board considered that the Advisor agreed to extend the current expense cap for each Fund through November 30, 2026. The Board received and reviewed information showing the fee rates and expense ratios of the peer funds in the Expense Groups, as well as advisory and unitary fee rates charged by the Advisor to other fund (including ETFs) and non-fund clients, as applicable. Because each Fund's Expense Group included peer funds that pay a unitary fee, the Board determined that expense ratios were the most relevant comparative data point. Based on the information provided, the Board noted that the total (net) expense ratio for each Fund was above the median total (net) expense ratio of the peer funds in its respective Expense Group. With respect to the Expense Groups, the Board discussed with the Advisor limitations in creating peer groups for index ETFs, including differences in underlying indexes and index-tracking methodologies that can result in greater management complexities across seemingly comparable ETFs, and different business models that may affect the pricing of services among ETF sponsors. The Board took these limitations and differences into account in considering the peer data. With respect to fees charged to other non-ETF clients, the Board considered differences between the Funds and other non-ETF clients that limited their comparability. In considering the advisory fee rate schedules overall, the Board also considered the Advisor's statement that it seeks to meet investor needs through innovative and value-added investment solutions and the Advisor's demonstrated long-term commitment to each Fund and the other funds in the First Trust Fund Complex.

The Board considered performance information for each Fund. The Board noted the process it has established for monitoring each Fund's performance and portfolio risk on an ongoing basis, which includes quarterly performance reporting from the Advisor for the Funds. The Board determined that this process continues to be effective for reviewing each Fund's performance. The Board received and reviewed information for periods ended December 31, 2024 regarding the performance of each Fund's underlying index, the correlation between each Fund's performance and that of its underlying index, each Fund's tracking difference and each Fund's excess return as compared to its benchmark index. The Board considered the Advisor's explanations of how the AlphaDEX<sup>®</sup> stock selection methodology impacts Fund performance in various market environments, and the Advisor's statement that AlphaDEX<sup>®</sup> is designed to provide long-term outperformance. Based on the information provided and its ongoing review of performance, the Board concluded that each Fund was correlated to its underlying index and that the tracking difference for each Fund was within a reasonable range. In addition, the Board reviewed data prepared by Broadridge comparing each Fund's performance to that of its respective Performance Universe and to that of a benchmark index and noted the Advisor's discussion of FXD's, FXZ's and FXL's performance at the April 22, 2025 meeting. However, given each Fund's objective of seeking investment results that correspond generally to the performance of its underlying index, the Board placed more emphasis on its review of correlation and tracking difference.

On the basis of all the information provided on the fees, expenses and performance of each Fund and the ongoing oversight by the Board, the Board concluded that the advisory fee for each Fund continues to be reasonable and appropriate in light of the nature, extent and quality of the services provided by the Advisor to each Fund under the Agreement.

The Board considered information and discussed with the Advisor whether there were any economies of scale in connection with providing advisory services to the Funds at current asset levels and whether the Funds may benefit from any economies of scale. The

------

**Other Information (Continued)**

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

**Sector Funds**

**July 31, 2025 (Unaudited)**

Board noted that the advisory fee rate schedule for each Fund includes breakpoints pursuant to which the advisory fee rate will be reduced as assets of the Fund meet certain thresholds. The Board considered the Advisor's statement that it believes that its expenses relating to providing advisory services to the Funds will increase during the next twelve months as the Advisor continues to build infrastructure and add new staff. The Board concluded that the advisory fee rate schedule for each Fund reflects an appropriate level of sharing of any economies of scale that may be realized in the management of the Fund at current asset levels. The Board considered the revenues and allocated costs (including the allocation methodology) of the Advisor in serving as investment advisor to each Fund for the twelve months ended December 31, 2024 and the estimated profitability level for each Fund calculated by the Advisor based on such data, as well as complex-wide and product-line profitability data, for the same period. The Board noted the inherent limitations in the profitability analysis and concluded that, based on the information provided, the Advisor's profitability level for each Fund was not unreasonable. In addition, the Board considered indirect benefits described by the Advisor that may be realized from its relationship with the Funds. The Board considered that the Advisor had identified as an indirect benefit to the Advisor and FTP their exposure to investors and brokers who, absent their exposure to the Funds, may have had no dealings with the Advisor or FTP, and noted that the Advisor does not utilize soft dollars in connection with the Funds. The Board concluded that the character and amount of potential indirect benefits to the Advisor were not unreasonable.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, unanimously determined that the terms of the Agreement continue to be fair and reasonable and that the continuation of the Agreement is in the best interests of each Fund. No single factor was determinative in the Board's analysis.

**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 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 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, 2024, the amount of remuneration paid (or to be paid) by First Trust Advisors L.P. in respect of the Funds is $3,556,961. This figure is comprised of $143,372 paid (or to be paid) in fixed compensation and $3,413,589 paid (or to be paid) in variable compensation. There were a total of 24 beneficiaries of the remuneration described above. Those amounts include $1,864,579 paid (or to be paid) to senior management of First Trust Advisors L.P. and $1,692,382 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.

------

**Other Information (Continued)**

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

**Sector Funds**

**July 31, 2025 (Unaudited)**

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 July 31, 2025, the following percentages of income dividends paid by the Funds qualify for the dividends received deduction available to corporations:

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

---

| | |
|:---|:---|
|  | Dividends Received <br>Deduction<br>|
| First Trust Consumer Discretionary AlphaDEX<sup>®</sup> Fund | 100.00<br> %<br>|
| First Trust Consumer Staples AlphaDEX<sup>®</sup> Fund | 100.00<br> %<br>|
| First Trust Energy AlphaDEX<sup>®</sup> Fund | 100.00<br> %<br>|
| First Trust Financials AlphaDEX<sup>®</sup> Fund | 98.87<br> %<br>|
| First Trust Health Care AlphaDEX<sup>®</sup> Fund | 98.76<br> %<br>|
| First Trust Industrials/Producer Durables AlphaDEX<sup>®</sup> Fund | 100.00<br> %<br>|
| First Trust Materials AlphaDEX<sup>®</sup> Fund | 100.00<br> %<br>|
| First Trust Technology AlphaDEX<sup>®</sup> Fund | 100.00<br> %<br>|
| First Trust Utilities AlphaDEX<sup>®</sup> Fund | 100.00<br> %<br>|

---

For the taxable year ended July 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 Consumer Discretionary AlphaDEX<sup>®</sup> Fund | 100.00<br> %<br>|
| First Trust Consumer Staples AlphaDEX<sup>®</sup> Fund | 100.00<br> %<br>|
| First Trust Energy AlphaDEX<sup>®</sup> Fund | 100.00<br> %<br>|
| First Trust Financials AlphaDEX<sup>®</sup> Fund | 100.00<br> %<br>|
| First Trust Health Care AlphaDEX<sup>®</sup> Fund | 100.00<br> %<br>|
| First Trust Industrials/Producer Durables AlphaDEX<sup>®</sup> Fund | 100.00<br> %<br>|
| First Trust Materials AlphaDEX<sup>®</sup> Fund | 100.00<br> %<br>|
| First Trust Technology AlphaDEX<sup>®</sup> Fund | 100.00<br> %<br>|
| First Trust Utilities AlphaDEX<sup>®</sup> Fund | 100.00<br> %<br>|

---

A portion of each of the Funds' 2025 ordinary dividends (including short-term capital gains) paid to its shareholders during the fiscal year ended July 31, 2025, may be eligible for the Qualified Business Income (QBI) Deduction under the Internal Revenue Code of 1986, as amended, Section 199A for the aggregate dividends each Fund received from the underlying Real Estate Investment Trusts (REITs) these Funds invest in.

**Disclaimer**

Source ICE Data Indices, LLC ("ICE Data"), is used with permission. "StrataQuant<sup>®</sup>" is a service/trade mark of ICE Data or its affiliates. Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup>, Russell 1000<sup>®</sup>, and Russell 3000<sup>®</sup> are all registered trademarks of Frank Russell Company. Russell 1000<sup>®</sup> and Russell 3000<sup>®</sup> are being utilized in the indices under license. These trademarks have been licensed, along with the StrataQuant<sup>®</sup> Consumer Discretionary Index, StrataQuant<sup>®</sup> Consumer Staples Index, StrataQuant<sup>®</sup> Energy Index, StrataQuant<sup>®</sup> Financials Index, StrataQuant<sup>®</sup> Health Care Index, StrataQuant<sup>®</sup> Industrials Index, StrataQuant<sup>®</sup> Materials Index, StrataQuant<sup>®</sup> Technology Index and the StrataQuant<sup>®</sup> Utilities Index (each, an "Index") for use by First Trust Portfolios L.P. ("FTP") in connection with the First Trust Consumer Discretionary AlphaDEX<sup>®</sup> Fund (FXD), First Trust Consumer Staples AlphaDEX<sup>®</sup> Fund (FXG), First Trust Energy AlphaDEX<sup>®</sup> Fund (FXN), First Trust Financials AlphaDEX<sup>®</sup> Fund (FXO), First Trust Health Care AlphaDEX<sup>®</sup> Fund (FXH), First Trust Industrials/Producer Durables AlphaDEX<sup>®</sup> Fund (FXR), First Trust Materials AlphaDEX<sup>®</sup> Fund (FXZ), First Trust Technology

------

**Other Information (Continued)**

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

**Sector Funds**

**July 31, 2025 (Unaudited)**

AlphaDEX<sup>®</sup> Fund (FXL) and the First Trust Utilities AlphaDEX<sup>®</sup> Fund (FXU), respectively (each, the "Product"). Neither FTP, First Trust Exchange-Traded AlphaDEX<sup>®</sup> Fund (the "Trust") nor the Product, as applicable, is sponsored, endorsed, sold or promoted by ICE Data, its affiliates or its Third Party Suppliers including without limitation Frank Russell Company ("ICE Data and its Suppliers"). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in the Product particularly, the Trust or the ability of the Index to track general stock market performance. ICE Data's only relationship to FTP is the licensing of certain trademarks and trade names and the Index or components thereof. The Index is determined, composed and calculated by ICE Data without regard to FTP or the Product or its holders. ICE Data has no obligation to take the needs of FTP or the holders of the Product into consideration in determining, composing or calculating the Index. ICE Data is not responsible for and has not participated in the determination of the timing of, prices of, or quantities of the Product to be issued or in the determination or calculation of the equation by which the Product is to be priced, sold, purchased, or redeemed. Except for certain custom index calculation services, all information provided by ICE Data is general in nature and not tailored to the needs of FTP or any other person, entity or group of persons. ICE Data has no obligation or liability in connection with the administration, marketing, or trading of the Product. ICE Data is not an investment advisor. Inclusion of a security within an index is not a recommendation by ICE Data to buy, sell, or hold such security, nor is it considered to be investment advice.

ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM ("INDEX DATA"). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK.

------

![](img4acd8fd21.gif)

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

Annual Financial Statements and Other Information

For the Year Ended July 31, 2025

**<u>AlphaDEX<sup>®</sup> Style Funds</u>** 

---

| |
|:---|
| First Trust Large Cap Core AlphaDEX<sup>®</sup> Fund (FEX) |
| First Trust Mid Cap Core AlphaDEX<sup>®</sup> Fund (FNX) |
| First Trust Small Cap Core AlphaDEX<sup>®</sup> Fund (FYX) |
| First Trust Large Cap Value AlphaDEX<sup>®</sup> Fund (FTA) |
| First Trust Large Cap Growth AlphaDEX<sup>®</sup> Fund (FTC) |
| First Trust Multi Cap Value AlphaDEX<sup>®</sup> Fund (FAB) |
| First Trust Multi Cap Growth AlphaDEX<sup>®</sup> Fund (FAD) |
| First Trust Mid Cap Value AlphaDEX<sup>®</sup> Fund (FNK) |
| First Trust Mid Cap Growth AlphaDEX<sup>®</sup> Fund (FNY) |
| First Trust Small Cap Value AlphaDEX<sup>®</sup> Fund (FYT) |
| First Trust Small Cap Growth AlphaDEX<sup>®</sup> Fund (FYC) |

---

![](img16c1f4d82.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**

**Style Funds**

**Annual Financial Statements and Other Information**

**July 31, 2025** 

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_70323fc3-d255-45d5-8aa0-1732d7de1327_SOI-TOC-ScheduleofInvestments-4230_1) |  |
| [First Trust Large Cap Core AlphaDEX](#xx_70323fc3-d255-45d5-8aa0-1732d7de1327_SOI-TOC-ScheduleofInvestments-4230_1)<sup>®</sup>[Fund (FEX)](#xx_70323fc3-d255-45d5-8aa0-1732d7de1327_SOI-TOC-ScheduleofInvestments-4230_1) | 1 |
| [First Trust Mid Cap Core AlphaDEX](#xx_70323fc3-d255-45d5-8aa0-1732d7de1327_SOI-TOC-ScheduleofInvestments-4231_1)<sup>®</sup>[Fund (FNX)](#xx_70323fc3-d255-45d5-8aa0-1732d7de1327_SOI-TOC-ScheduleofInvestments-4231_1) | 7 |
| [First Trust Small Cap Core AlphaDEX](#xx_70323fc3-d255-45d5-8aa0-1732d7de1327_SOI-TOC-ScheduleofInvestments-4232_1)<sup>®</sup>[Fund (FYX)](#xx_70323fc3-d255-45d5-8aa0-1732d7de1327_SOI-TOC-ScheduleofInvestments-4232_1) | 16 |
| [First Trust Large Cap Value AlphaDEX](#xx_70323fc3-d255-45d5-8aa0-1732d7de1327_SOI-TOC-ScheduleofInvestments-4234_1)<sup>®</sup>[Fund (FTA)](#xx_70323fc3-d255-45d5-8aa0-1732d7de1327_SOI-TOC-ScheduleofInvestments-4234_1) | 26 |
| [First Trust Large Cap Growth AlphaDEX](#xx_70323fc3-d255-45d5-8aa0-1732d7de1327_SOI-TOC-ScheduleofInvestments-4233_1)<sup>®</sup>[Fund (FTC)](#xx_70323fc3-d255-45d5-8aa0-1732d7de1327_SOI-TOC-ScheduleofInvestments-4233_1) | 31 |
| [First Trust Multi Cap Value AlphaDEX](#xx_70323fc3-d255-45d5-8aa0-1732d7de1327_SOI-TOC-ScheduleofInvestments-4236_1)<sup>®</sup>[Fund (FAB)](#xx_70323fc3-d255-45d5-8aa0-1732d7de1327_SOI-TOC-ScheduleofInvestments-4236_1) | 35 |
| [First Trust Multi Cap Growth AlphaDEX](#xx_70323fc3-d255-45d5-8aa0-1732d7de1327_SOI-TOC-ScheduleofInvestments-4235_1)<sup>®</sup>[Fund (FAD)](#xx_70323fc3-d255-45d5-8aa0-1732d7de1327_SOI-TOC-ScheduleofInvestments-4235_1) | 46 |
| [First Trust Mid Cap Value AlphaDEX](#xx_70323fc3-d255-45d5-8aa0-1732d7de1327_SOI-TOC-ScheduleofInvestments-4253_1)<sup>®</sup>[Fund (FNK)](#xx_70323fc3-d255-45d5-8aa0-1732d7de1327_SOI-TOC-ScheduleofInvestments-4253_1) | 58 |
| [First Trust Mid Cap Growth AlphaDEX](#xx_70323fc3-d255-45d5-8aa0-1732d7de1327_SOI-TOC-ScheduleofInvestments-4252_1)<sup>®</sup>[Fund (FNY)](#xx_70323fc3-d255-45d5-8aa0-1732d7de1327_SOI-TOC-ScheduleofInvestments-4252_1) | 63 |
| [First Trust Small Cap Value AlphaDEX](#xx_70323fc3-d255-45d5-8aa0-1732d7de1327_SOI-TOC-ScheduleofInvestments-4255_1)<sup>®</sup>[Fund (FYT)](#xx_70323fc3-d255-45d5-8aa0-1732d7de1327_SOI-TOC-ScheduleofInvestments-4255_1) | 69 |
| [First Trust Small Cap Growth AlphaDEX](#xx_70323fc3-d255-45d5-8aa0-1732d7de1327_SOI-TOC-ScheduleofInvestments-4254_1)<sup>®</sup>[Fund (FYC)](#xx_70323fc3-d255-45d5-8aa0-1732d7de1327_SOI-TOC-ScheduleofInvestments-4254_1) | 75 |
| [Statements of Assets and Liabilities](#xx_70323fc3-d255-45d5-8aa0-1732d7de1327_SAL1-TOC-StatementofAssetsandLiabilities-4230_1) | 82 |
| [Statements of Operations](#xx_70323fc3-d255-45d5-8aa0-1732d7de1327_SOP1-TOC-StatementofOperations-4230_2) | 86 |
| [Statements of Changes in Net Assets](#xx_70323fc3-d255-45d5-8aa0-1732d7de1327_SOC1-TOC-StatementofChanges-4230_2) | 90 |
| [Financial Highlights](#xx_70323fc3-d255-45d5-8aa0-1732d7de1327_FIHI-TOC-FinancialHighlights-4230_1) | 94 |
| [Notes to Financial Statements](#xx_70323fc3-d255-45d5-8aa0-1732d7de1327_NTF-TOC-NotestoFinancialStatements-4230_1) | 105 |
| [Report of Independent Registered Public Accounting Firm](#xx_70323fc3-d255-45d5-8aa0-1732d7de1327_AUD-TOC-RIRPAFirm-4230_1) | 116 |
| [Other Information](#xx_70323fc3-d255-45d5-8aa0-1732d7de1327_AI-TOC-AdditionalInformation-4230_1) | 117 |

---

**Performance and Risk Disclosure**

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

**Portfolio of Investments**

**July 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** |
|  | **Aerospace & Defense — 2.0%**  |  |
| 6958 | Axon Enterprise, Inc. (a) | $5256699 |
| 7900 | General Dynamics Corp. | 2461719 |
| 14047 | HEICO Corp. | 4590560 |
| 30945 | Howmet Aerospace, Inc. | 5562983 |
| 4594 | L3Harris Technologies, Inc. | 1262523 |
| 2486 | Lockheed Martin Corp. | 1046556 |
| 4608 | Northrop Grumman Corp. | 2657019 |
| 2272 | TransDigm Group, Inc. | 3654421 |
|  |  | 26492480 |
|  | **Air Freight & Logistics —** <br> **1.0%**  |  |
| 30250 | Expeditors International of <br> Washington, Inc. | 3516260 |
| 25340 | FedEx Corp. | 5663237 |
| 45650 | United Parcel Service, Inc., <br> Class B | 3933204 |
|  |  | 13112701 |
|  | **Automobiles — 0.9%**  |  |
| 530864 | Ford Motor Co. | 5876664 |
| 117047 | General Motors Co. | 6243287 |
|  |  | 12119951 |
|  | **Banks — 3.9%**  |  |
| 73034 | Bank of America Corp. | 3452317 |
| 54135 | Citigroup, Inc. | 5072450 |
| 77227 | Citizens Financial Group, Inc. | 3685272 |
| 84024 | Fifth Third Bancorp | 3492878 |
| 1178 | First Citizens BancShares, Inc., <br> Class A | 2349827 |
| 274933 | Huntington Bancshares, Inc. | 4517149 |
| 19868 | JPMorgan Chase & Co. | 5885696 |
| 17815 | M&T Bank Corp. | 3361691 |
| 18538 | PNC Financial Services Group <br> (The), Inc. | 3527225 |
| 195915 | Regions Financial Corp. | 4962527 |
| 107186 | Truist Financial Corp. | 4685100 |
| 76373 | U.S. Bancorp | 3433730 |
| 43133 | Wells Fargo & Co. | 3477814 |
|  |  | 51903676 |
|  | **Beverages — 0.8%**  |  |
| 171233 | Brown-Forman Corp., Class B | 4940072 |
| 34844 | Keurig Dr Pepper, Inc. | 1137657 |
| 36781 | Monster Beverage Corp. (a) | 2160884 |
| 17449 | PepsiCo, Inc. | 2406566 |
|  |  | 10645179 |
|  | **Biotechnology — 1.9%**  |  |
| 14131 | Alnylam Pharmaceuticals, <br> Inc. (a) | 5542743 |
| 45864 | Biogen, Inc. (a) | 5870592 |
| 20781 | Gilead Sciences, Inc. | 2333498 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Biotechnology (Continued)**  |  |
| 27274 | Natera, Inc. (a) | $3645443 |
| 9165 | Neurocrine Biosciences, Inc. (a) | 1175228 |
| 10973 | Regeneron Pharmaceuticals, Inc. | 5985333 |
|  |  | 24552837 |
|  | **Broadline Retail — 1.0%**  |  |
| 10502 | Amazon.com, Inc. (a) | 2458623 |
| 192251 | Coupang, Inc. (a) | 5657947 |
| 61884 | eBay, Inc. | 5677857 |
|  |  | 13794427 |
|  | **Building Products — 1.7%**  |  |
| 49361 | Builders FirstSource, Inc. (a) | 6275264 |
| 6170 | Carlisle Cos., Inc. | 2188561 |
| 31480 | Carrier Global Corp. | 2160157 |
| 43627 | Johnson Controls <br> International PLC | 4580835 |
| 17898 | Masco Corp. | 1219391 |
| 8378 | Owens Corning | 1168144 |
| 10534 | Trane Technologies PLC | 4614735 |
|  |  | 22207087 |
|  | **Capital Markets — 6.9%**  |  |
| 6476 | Ameriprise Financial, Inc. | 3355798 |
| 6651 | Ares Management Corp., <br> Class A | 1233960 |
| 37931 | Bank of New York Mellon (The) <br> Corp. | 3848100 |
| 2196 | Blackrock, Inc. | 2428798 |
| 7701 | Blackstone, Inc. | 1331965 |
| 44824 | Carlyle Group (The), Inc. | 2719024 |
| 19758 | Cboe Global Markets, Inc. | 4762468 |
| 12539 | CME Group, Inc. | 3489353 |
| 16433 | Coinbase Global, Inc., <br> Class A (a) | 6207730 |
| 8140 | Goldman Sachs Group (The), <br> Inc. | 5890023 |
| 103951 | Interactive Brokers Group, Inc., <br> Class A | 6815028 |
| 42126 | Jefferies Financial Group, Inc. | 2428985 |
| 15361 | LPL Financial Holdings, Inc. | 6078808 |
| 4594 | Moody's Corp. | 2369264 |
| 32712 | Morgan Stanley | 4660151 |
| 1998 | MSCI, Inc. | 1121597 |
| 51531 | Nasdaq, Inc. | 4958313 |
| 45430 | Northern Trust Corp. | 5905900 |
| 15021 | Raymond James Financial, Inc. | 2510460 |
| 61516 | Robinhood Markets, Inc., <br> Class A (a) | 6339224 |
| 2186 | S&P Global, Inc. | 1204705 |
| 43331 | State Street Corp. | 4842239 |
| 59687 | T. Rowe Price Group, Inc. | 6055246 |
|  |  | 90557139 |

---

See Notes to Financial Statements

------

**First Trust Large Cap Core AlphaDEX**<sup>®</sup> **Fund (FEX)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Chemicals — 1.7%**  |  |
| 62608 | CF Industries Holdings, Inc. | $5811901 |
| 15458 | Corteva, Inc. | 1114985 |
| 174014 | Dow, Inc. | 4052786 |
| 4276 | Ecolab, Inc. | 1119286 |
| 79640 | LyondellBasell Industries N.V., <br> Class A | 4613545 |
| 30381 | PPG Industries, Inc. | 3205195 |
| 20975 | RPM International, Inc. | 2462675 |
|  |  | 22380373 |
|  | **Commercial Services &** <br> **Supplies — 0.9%**  |  |
| 15506 | Cintas Corp. | 3450860 |
| 14014 | Republic Services, Inc. | 3232329 |
| 40836 | Rollins, Inc. | 2338678 |
| 10068 | Waste Management, Inc. | 2307183 |
|  |  | 11329050 |
|  | **Communications Equipment** <br> **— 0.7%**  |  |
| 22520 | Arista Networks, Inc. (a) | 2774915 |
| 49812 | Cisco Systems, Inc. | 3391201 |
| 11741 | F5, Inc. (a) | 3679864 |
|  |  | 9845980 |
|  | **Construction & Engineering** <br> **— 1.6%**  |  |
| 10741 | Comfort Systems USA, Inc. | 7554145 |
| 10767 | EMCOR Group, Inc. | 6756185 |
| 15233 | Quanta Services, Inc. | 6186578 |
|  |  | 20496908 |
|  | **Consumer Finance — 1.3%**  |  |
| 14447 | American Express Co. | 4324131 |
| 5414 | Capital One Financial Corp. | 1164010 |
| 316303 | SoFi Technologies, Inc. (a) | 7142122 |
| 69042 | Synchrony Financial | 4810156 |
|  |  | 17440419 |
|  | **Consumer Staples Distribution** <br> **& Retail — 2.0%**  |  |
| 2257 | Casey's General Stores, Inc. | 1173933 |
| 3491 | Costco Wholesale Corp. | 3280283 |
| 20144 | Dollar General Corp. | 2113106 |
| 48179 | Kroger (The) Co. | 3377348 |
| 34985 | Sprouts Farmers Market, Inc. (a) | 5301627 |
| 58388 | Target Corp. | 5867994 |
| 14960 | US Foods Holding Corp. (a) | 1246617 |
| 47125 | Walmart, Inc. | 4617307 |
|  |  | 26978215 |
|  | **Containers & Packaging —** <br> **0.9%**  |  |
| 13130 | Avery Dennison Corp. | 2202820 |
| 41076 | Ball Corp. | 2352012 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Containers & Packaging** <br> **(Continued)**  |  |
| 49199 | International Paper Co. | $2299561 |
| 24450 | Packaging Corp. of America | 4737188 |
|  |  | 11591581 |
|  | **Distributors — 0.2%**  |  |
| 18993 | Genuine Parts Co. | 2447818 |
|  | **Diversified Telecommunication** <br> **Services — 0.8%**  |  |
| 159222 | AT&T, Inc. | 4364275 |
| 133114 | Verizon Communications, Inc. | 5691955 |
|  |  | 10056230 |
|  | **Electric Utilities — 3.7%**  |  |
| 57151 | Alliant Energy Corp. | 3715386 |
| 33307 | American Electric Power Co., <br> Inc. | 3768354 |
| 17845 | Constellation Energy Corp. | 6207205 |
| 39051 | Duke Energy Corp. | 4750164 |
| 111626 | Edison International | 5817947 |
| 13859 | Entergy Corp. | 1253269 |
| 72428 | Eversource Energy | 4787491 |
| 106124 | Exelon Corp. | 4769212 |
| 85839 | FirstEnergy Corp. | 3666184 |
| 7174 | NRG Energy, Inc. | 1199493 |
| 33992 | PPL Corp. | 1213174 |
| 25089 | Southern (The) Co. | 2370409 |
| 67663 | Xcel Energy, Inc. | 4969171 |
|  |  | 48487459 |
|  | **Electrical Equipment — 1.7%**  |  |
| 9681 | Eaton Corp. PLC | 3724474 |
| 8639 | Emerson Electric Co. | 1257061 |
| 10885 | GE Vernova, Inc. | 7187257 |
| 2820 | Hubbell, Inc. | 1233694 |
| 6937 | Rockwell Automation, Inc. | 2439812 |
| 44855 | Vertiv Holdings Co., Class A | 6530888 |
|  |  | 22373186 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 1.3%**  |  |
| 58328 | Amphenol Corp., Class A | 6212515 |
| 6451 | CDW Corp. | 1124925 |
| 4497 | Teledyne Technologies, Inc. (a) | 2477937 |
| 75808 | Trimble, Inc. (a) | 6359533 |
| 3736 | Zebra Technologies Corp., <br> Class A (a) | 1266579 |
|  |  | 17441489 |
|  | **Energy Equipment & Services** <br> **— 0.9%**  |  |
| 282623 | Halliburton Co. | 6330755 |
| 170410 | Schlumberger N.V. | 5759858 |
|  |  | 12090613 |

---

See Notes to Financial Statements

------

**First Trust Large Cap Core AlphaDEX**<sup>®</sup> **Fund (FEX)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Entertainment — 1.9%**  |  |
| 7212 | Electronic Arts, Inc. | $1099758 |
| 22048 | Liberty Media Corp.-Liberty <br> Formula One, Class C (a) | 2212517 |
| 30459 | Live Nation Entertainment, <br> Inc. (a) | 4498794 |
| 4302 | Netflix, Inc. (a) | 4987739 |
| 54752 | ROBLOX Corp., Class A (a) | 7544278 |
| 14232 | Take-Two Interactive Software, <br> Inc. (a) | 3169893 |
| 18578 | Walt Disney (The) Co. | 2212826 |
|  |  | 25725805 |
|  | **Financial Services — 2.8%**  |  |
| 83308 | Affirm Holdings, Inc. (a) | 5711597 |
| 11857 | Berkshire Hathaway, Inc., <br> Class B (a) | 5595081 |
| 67833 | Block, Inc. (a) | 5240778 |
| 14151 | Fidelity National Information <br> Services, Inc. | 1123731 |
| 71962 | Global Payments, Inc. | 5753362 |
| 4101 | Mastercard, Inc., Class A | 2323093 |
| 46501 | PayPal Holdings, Inc. (a) | 3197409 |
| 130049 | Toast, Inc., Class A (a) | 6351593 |
| 6490 | Visa, Inc., Class A | 2242100 |
|  |  | 37538744 |
|  | **Food Products — 2.1%**  |  |
| 87304 | Archer-Daniels-Midland Co. | 4730131 |
| 88938 | General Mills, Inc. | 4356183 |
| 13883 | Hershey (The) Co. | 2584043 |
| 114245 | Hormel Foods Corp. | 3209142 |
| 223078 | Kraft Heinz (The) Co. | 6125722 |
| 15195 | McCormick & Co., Inc. | 1073223 |
| 17082 | Mondelez International, Inc., <br> Class A | 1105034 |
| 82372 | Tyson Foods, Inc., Class A | 4308056 |
|  |  | 27491534 |
|  | **Gas Utilities — 0.3%**  |  |
| 22426 | Atmos Energy Corp. | 3496662 |
|  | **Ground Transportation —** <br> **1.4%**  |  |
| 105911 | CSX Corp. | 3764077 |
| 32088 | J.B. Hunt Transport Services, <br> Inc. | 4622276 |
| 13502 | Norfolk Southern Corp. | 3753556 |
| 7098 | Old Dominion Freight Line, Inc. | 1059376 |
| 37041 | Uber Technologies, Inc. (a) | 3250348 |
| 10015 | Union Pacific Corp. | 2223030 |
|  |  | 18672663 |
|  | **Health Care Equipment &** <br> **Supplies — 3.5%**  |  |
| 33878 | Abbott Laboratories | 4275065 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Health Care Equipment &** <br> **Supplies (Continued)**  |  |
| 6084 | Align Technology, Inc. (a) | $784897 |
| 13375 | Becton Dickinson & Co. | 2384094 |
| 42900 | Boston Scientific Corp. (a) | 4501068 |
| 32378 | Cooper (The) Cos., Inc. (a) | 2288801 |
| 13197 | Dexcom, Inc. (a) | 1065922 |
| 46657 | GE HealthCare Technologies, <br> Inc. | 3327577 |
| 35358 | Hologic, Inc. (a) | 2362621 |
| 6444 | IDEXX Laboratories, Inc. (a) | 3443094 |
| 14667 | Insulet Corp. (a) | 4229963 |
| 4240 | Intuitive Surgical, Inc. (a) | 2039821 |
| 39646 | Medtronic PLC | 3577655 |
| 8930 | ResMed, Inc. | 2428424 |
| 4796 | STERIS PLC | 1086246 |
| 5823 | Stryker Corp. | 2286867 |
| 63149 | Zimmer Biomet Holdings, Inc. | 5787606 |
|  |  | 45869721 |
|  | **Health Care Providers &** <br> **Services — 2.3%**  |  |
| 106113 | Centene Corp. (a) | 2766366 |
| 10455 | Cigna Group (The) | 2795458 |
| 66801 | CVS Health Corp. | 4148342 |
| 11847 | Elevance Health, Inc. | 3353649 |
| 3006 | HCA Healthcare, Inc. | 1064094 |
| 18847 | Humana, Inc. | 4709300 |
| 8777 | Labcorp Holdings, Inc. | 2282722 |
| 15466 | Molina Healthcare, Inc. (a) | 2441617 |
| 19238 | Quest Diagnostics, Inc. | 3220633 |
| 14769 | UnitedHealth Group, Inc. | 3685752 |
|  |  | 30467933 |
|  | **Health Care REITs — 0.6%**  |  |
| 63443 | Alexandria Real Estate Equities, <br> Inc. | 4848948 |
| 22480 | Welltower, Inc. | 3710774 |
|  |  | 8559722 |
|  | **Health Care Technology —** <br> **0.3%**  |  |
| 16001 | Veeva Systems, Inc., Class A (a) | 4547484 |
|  | **Hotels, Restaurants & Leisure** <br> **— 2.7%**  |  |
| 796 | Booking Holdings, Inc. | 4381232 |
| 204832 | Carnival Corp. (a) | 6097849 |
| 5286 | Darden Restaurants, Inc. | 1066028 |
| 23365 | DoorDash, Inc., Class A (a) | 5847091 |
| 80578 | DraftKings, Inc., Class A (a) | 3629233 |
| 13658 | Expedia Group, Inc. | 2461445 |
| 12975 | Hilton Worldwide Holdings, Inc. | 3478338 |
| 8432 | Marriott International, Inc., <br> Class A | 2224614 |

---

See Notes to Financial Statements

------

**First Trust Large Cap Core AlphaDEX**<sup>®</sup> **Fund (FEX)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Hotels, Restaurants & Leisure** <br> **(Continued)**  |  |
| 18394 | Royal Caribbean Cruises Ltd. | $5846901 |
| 7774 | Yum! Brands, Inc. | 1120622 |
|  |  | 36153353 |
|  | **Household Durables — 1.8%**  |  |
| 44678 | D.R. Horton, Inc. | 6381806 |
| 5520 | Garmin Ltd. | 1207555 |
| 52073 | Lennar Corp., Class A | 5841549 |
| 623 | NVR, Inc. (a) | 4703332 |
| 54617 | PulteGroup, Inc. | 6167352 |
|  |  | 24301594 |
|  | **Household Products — 0.2%**  |  |
| 17871 | Kimberly-Clark Corp. | 2227084 |
|  | **Independent Power and** <br> **Renewable Electricity** <br>**Producers — 0.5%**  |  |
| 29719 | Vistra Corp. | 6197600 |
|  | **Industrial Conglomerates —** <br> **0.3%**  |  |
| 7567 | 3M Co. | 1129148 |
| 9893 | Honeywell International, Inc. | 2199708 |
|  |  | 3328856 |
|  | **Industrial REITs — 0.2%**  |  |
| 21917 | Prologis, Inc. | 2340297 |
|  | **Insurance — 4.1%**  |  |
| 10924 | Aflac, Inc. | 1085409 |
| 17167 | Allstate (The) Corp. | 3489193 |
| 53837 | American International Group, <br> Inc. | 4179366 |
| 63260 | Arch Capital Group Ltd. | 5444156 |
| 10390 | Brown & Brown, Inc. | 949334 |
| 11927 | Chubb Ltd. | 3173059 |
| 23208 | Cincinnati Financial Corp. | 3423412 |
| 6779 | Everest Group Ltd. | 2276388 |
| 61647 | Fidelity National Financial, Inc. | 3478740 |
| 36319 | Hartford Insurance Group (The), <br> Inc. | 4517720 |
| 50272 | Loews Corp. | 4551627 |
| 2306 | Markel Group, Inc. (a) | 4631117 |
| 28649 | MetLife, Inc. | 2175891 |
| 14504 | Principal Financial Group, Inc. | 1128846 |
| 12950 | Progressive (The) Corp. | 3134418 |
| 10722 | Prudential Financial, Inc. | 1110585 |
| 5806 | Reinsurance Group of America, <br> Inc. | 1117365 |
| 12916 | Travelers (The) Cos., Inc. | 3361260 |
| 15681 | W.R. Berkley Corp. | 1079010 |
|  |  | 54306896 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Interactive Media & Services** <br> **— 1.0%**  |  |
| 6536 | Alphabet, Inc., Class A | $1254258 |
| 6244 | Meta Platforms, Inc., Class A | 4829359 |
| 96373 | Pinterest, Inc., Class A (a) | 3719998 |
| 22952 | Reddit, Inc., Class A (a) | 3685862 |
|  |  | 13489477 |
|  | **IT Services — 2.9%**  |  |
| 7708 | Accenture PLC, Class A | 2058807 |
| 43329 | Akamai Technologies, Inc. (a) | 3306436 |
| 29411 | Cloudflare, Inc., Class A (a) | 6108077 |
| 73815 | Cognizant Technology Solutions <br> Corp., Class A | 5296964 |
| 6398 | GoDaddy, Inc., Class A (a) | 1033789 |
| 11723 | International Business Machines <br> Corp. | 2967677 |
| 11523 | Okta, Inc. (a) | 1126949 |
| 25741 | Snowflake, Inc. (a) | 5753114 |
| 46317 | Twilio, Inc., Class A (a) | 5974893 |
| 15954 | VeriSign, Inc. | 4289552 |
|  |  | 37916258 |
|  | **Life Sciences Tools & Services** <br> **— 1.2%**  |  |
| 427924 | Avantor, Inc. (a) | 5751299 |
| 5831 | Danaher Corp. | 1149640 |
| 14620 | IQVIA Holdings, Inc. (a) | 2717273 |
| 23821 | Revvity, Inc. | 2093866 |
| 8524 | Thermo Fisher Scientific, Inc. | 3986504 |
|  |  | 15698582 |
|  | **Machinery — 2.9%**  |  |
| 5935 | Caterpillar, Inc. | 2599649 |
| 3517 | Cummins, Inc. | 1292920 |
| 4531 | Deere & Co. | 2375920 |
| 31435 | Dover Corp. | 5694136 |
| 88392 | Fortive Corp. | 4236629 |
| 13122 | IDEX Corp. | 2145578 |
| 48474 | PACCAR, Inc. | 4787292 |
| 4948 | Parker-Hannifin Corp. | 3621441 |
| 14807 | Snap-on, Inc. | 4755860 |
| 22011 | Westinghouse Air Brake <br> Technologies Corp. | 4227213 |
| 17811 | Xylem, Inc. | 2575827 |
|  |  | 38312465 |
|  | **Media — 1.3%**  |  |
| 5636 | Charter Communications, Inc., <br> Class A (a) | 1518113 |
| 161385 | Comcast Corp., Class A | 5362823 |
| 82226 | Fox Corp., Class A | 4584922 |
| 38762 | News Corp., Class A | 1136502 |
| 64053 | Omnicom Group, Inc. | 4615019 |
|  |  | 17217379 |

---

See Notes to Financial Statements

------

**First Trust Large Cap Core AlphaDEX**<sup>®</sup> **Fund (FEX)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Metals & Mining — 1.7%**  |  |
| 26573 | Freeport-McMoRan, Inc. | $1069298 |
| 98864 | Newmont Corp. | 6139455 |
| 35571 | Nucor Corp. | 5089143 |
| 14680 | Reliance, Inc. | 4259108 |
| 44995 | Steel Dynamics, Inc. | 5739562 |
|  |  | 22296566 |
|  | **Multi-Utilities — 2.5%**  |  |
| 35985 | Ameren Corp. | 3639163 |
| 94063 | CenterPoint Energy, Inc. | 3651526 |
| 49884 | CMS Energy Corp. | 3681439 |
| 45918 | Consolidated Edison, Inc. | 4752513 |
| 61145 | Dominion Energy, Inc. | 3573925 |
| 34787 | DTE Energy Co. | 4814869 |
| 85670 | NiSource, Inc. | 3636692 |
| 13684 | Public Service Enterprise Group, <br> Inc. | 1228686 |
| 33166 | WEC Energy Group, Inc. | 3617747 |
|  |  | 32596560 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 5.2%**  |  |
| 9461 | Cheniere Energy, Inc. | 2231661 |
| 40226 | Chevron Corp. | 6099871 |
| 64184 | ConocoPhillips | 6119303 |
| 226944 | Coterra Energy, Inc. | 5535164 |
| 181071 | Devon Energy Corp. | 6015179 |
| 41920 | Diamondback Energy, Inc. | 6231827 |
| 48156 | EOG Resources, Inc. | 5779683 |
| 39506 | EQT Corp. | 2123447 |
| 53432 | Exxon Mobil Corp. | 5965148 |
| 78366 | Kinder Morgan, Inc. | 2198950 |
| 20806 | Marathon Petroleum Corp. | 3540973 |
| 137107 | Occidental Petroleum Corp. | 6024482 |
| 28968 | Phillips 66 | 3579865 |
| 6617 | Targa Resources Corp. | 1101135 |
| 17140 | Valero Energy Corp. | 2353493 |
| 55022 | Williams (The) Cos., Inc. | 3298569 |
|  |  | 68198750 |
|  | **Passenger Airlines — 0.6%**  |  |
| 23424 | Delta Air Lines, Inc. | 1246391 |
| 106533 | Southwest Airlines Co. | 3295066 |
| 43399 | United Airlines Holdings, <br> Inc. (a) | 3832565 |
|  |  | 8374022 |
|  | **Pharmaceuticals — 1.4%**  |  |
| 74659 | Bristol-Myers Squibb Co. | 3233481 |
| 30166 | Johnson & Johnson | 4969547 |
| 72763 | Merck & Co., Inc. | 5684246 |
| 190095 | Pfizer, Inc. | 4427312 |
|  |  | 18314586 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Professional Services — 1.4%**  |  |
| 7471 | Automatic Data Processing, Inc. | $2312275 |
| 33188 | Booz Allen Hamilton Holding <br> Corp. | 3562068 |
| 14221 | Broadridge Financial Solutions, <br> Inc. | 3519840 |
| 29208 | Leidos Holdings, Inc. | 4663057 |
| 27826 | SS&C Technologies Holdings, <br> Inc. | 2378566 |
| 13092 | TransUnion | 1246227 |
| 3698 | Verisk Analytics, Inc. | 1030670 |
|  |  | 18712703 |
|  | **Real Estate Management &** <br> **Development — 0.2%**  |  |
| 32891 | Zillow Group, Inc., Class C (a) | 2616479 |
|  | **Retail REITs — 0.3%**  |  |
| 164410 | Kimco Realty Corp. | 3490424 |
| 19995 | Realty Income Corp. | 1122320 |
|  |  | 4612744 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 3.3%**  |  |
| 12586 | Applied Materials, Inc. | 2266235 |
| 25480 | Astera Labs, Inc. (a) | 3483880 |
| 16716 | Broadcom, Inc. | 4909489 |
| 14283 | Entegris, Inc. | 1120644 |
| 6960 | First Solar, Inc. (a) | 1216121 |
| 2572 | KLA Corp. | 2260865 |
| 11835 | Lam Research Corp. | 1122431 |
| 14883 | Marvell Technology, Inc. | 1196147 |
| 46733 | Micron Technology, Inc. | 5100440 |
| 4725 | Monolithic Power Systems, Inc. | 3360609 |
| 29165 | NVIDIA Corp. | 5187579 |
| 10545 | NXP Semiconductors N.V. | 2254205 |
| 21980 | ON Semiconductor Corp. (a) | 1238793 |
| 28932 | QUALCOMM, Inc. | 4246060 |
| 38433 | Teradyne, Inc. | 4128857 |
|  |  | 43092355 |
|  | **Software — 5.0%**  |  |
| 13161 | AppLovin Corp., Class A (a) | 5142003 |
| 7442 | Autodesk, Inc. (a) | 2255745 |
| 3739 | Cadence Design Systems, <br> Inc. (a) | 1363127 |
| 9048 | Crowdstrike Holdings, Inc., <br> Class A (a) | 4112949 |
| 8576 | Datadog, Inc., Class A (a) | 1200469 |
| 41730 | Dynatrace, Inc. (a) | 2195415 |
| 32689 | Fortinet, Inc. (a) | 3265631 |
| 39182 | Gen Digital, Inc. | 1155477 |
| 19570 | Guidewire Software, Inc. (a) | 4427125 |
| 5850 | Intuit, Inc. | 4593011 |
| 4631 | Microsoft Corp. | 2470639 |

---

See Notes to Financial Statements

------

**First Trust Large Cap Core AlphaDEX**<sup>®</sup> **Fund (FEX)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Software (Continued)**  |  |
| 8550 | MicroStrategy, Inc., Class A (a) | $3435903 |
| 45210 | Nutanix, Inc., Class A (a) | 3398436 |
| 21077 | Oracle Corp. | 5348710 |
| 42253 | Palantir Technologies, Inc., <br> Class A (a) | 6690763 |
| 16887 | Palo Alto Networks, Inc. (a) | 2931583 |
| 3362 | ServiceNow, Inc. (a) | 3170769 |
| 44318 | Zoom Communications, Inc. (a) | 3281748 |
| 18347 | Zscaler, Inc. (a) | 5239169 |
|  |  | 65678672 |
|  | **Specialized REITs — 0.3%**  |  |
| 22462 | Iron Mountain, Inc. | 2186900 |
| 4905 | SBA Communications Corp. | 1102252 |
| 44842 | Weyerhaeuser Co. | 1123292 |
|  |  | 4412444 |
|  | **Specialty Retail — 2.1%**  |  |
| 620 | AutoZone, Inc. (a) | 2336396 |
| 68641 | Best Buy Co., Inc. | 4465783 |
| 17095 | Carvana Co. (a) | 6669956 |
| 3142 | Home Depot (The), Inc. | 1154716 |
| 5192 | Lowe's Cos., Inc. | 1160775 |
| 25564 | O'Reilly Automotive, Inc. (a) | 2513453 |
| 18058 | Ross Stores, Inc. | 2465639 |
| 9327 | TJX (The) Cos., Inc. | 1161491 |
| 21830 | Tractor Supply Co. | 1243219 |
| 7388 | Ulta Beauty, Inc. (a) | 3804894 |
| 7051 | Williams-Sonoma, Inc. | 1318890 |
|  |  | 28295212 |
|  | **Technology Hardware, Storage** <br> **& Peripherals — 1.9%**  |  |
| 281657 | Hewlett Packard Enterprise Co. | 5827483 |
| 47096 | HP, Inc. | 1167981 |
| 10811 | NetApp, Inc. | 1125750 |
| 20005 | Pure Storage, Inc., Class A (a) | 1190698 |
| 7982 | Seagate Technology <br> Holdings PLC | 1253254 |
| 117524 | Super Micro Computer, Inc. (a) | 6930390 |
| 90012 | Western Digital Corp. | 7083044 |
|  |  | 24578600 |
|  | **Textiles, Apparel & Luxury** <br> **Goods — 0.4%**  |  |
| 52476 | Tapestry, Inc. | 5668982 |
|  | **Tobacco — 0.4%**  |  |
| 19649 | Altria Group, Inc. | 1217059 |
| 25300 | Philip Morris International, Inc. | 4150465 |
|  |  | 5367524 |
|  | **Trading Companies &** <br> **Distributors — 0.6%**  |  |
| 54857 | Fastenal Co. | 2530553 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Trading Companies &** <br> **Distributors (Continued)**  |  |
| 4589 | United Rentals, Inc. | $4051812 |
| 1107 | W.W. Grainger, Inc. | 1150771 |
|  |  | 7733136 |
|  | **Water Utilities — 0.2%**  |  |
| 16563 | American Water Works Co., Inc. | 2322795 |
|  | **Wireless Telecommunication** <br> **Services — 0.2%**  |  |
| 9670 | T-Mobile US, Inc. | 2305425 |
|  | **Total Common Stocks** | 1317382462 |
|  | (Cost $1,130,933,651) |  |
| **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** |
| 2774239 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 4.16% (b) | 2774239 |
|  | (Cost $2,774,239) |  |
|  | **Total Investments — 100.0%** | 1320156701 |
|  | (Cost $1,133,707,890) |  |
|  | **Net Other Assets and** <br> **Liabilities — (0.0)%** | (101153)<br>|
|  | **Net Assets — 100.0%** | $1320055548 |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Rate
 shown reflects yield as of July 31, 2025.

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

Abbreviations throughout the Portfolio of Investments: <br> REITs – Real Estate Investment Trusts

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of July 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>**7/31/2025**<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\* | $1317382462 | $1317382462 | $— | $— |
| Money Market <br> Funds<br>| 2774239 | 2774239 |  |  |
| Total Investments | $1320156701 | $1320156701 | $— | $— |

---

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

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

**First Trust Mid Cap Core AlphaDEX**<sup>®</sup> **Fund (FNX)**

**Portfolio of Investments**

**July 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
|  | **Aerospace & Defense — 3.7%**  |  |
| 14405 | AeroVironment, Inc. (a) | $3855354 |
| 38033 | ATI, Inc. (a) | 2926259 |
| 28492 | BWX Technologies, Inc. | 4328790 |
| 8401 | Curtiss-Wright Corp. | 4118338 |
| 14534 | Hexcel Corp. | 870732 |
| 10199 | Huntington Ingalls Industries, <br> Inc. | 2844093 |
| 70696 | Kratos Defense & Security <br> Solutions, Inc. (a) | 4149855 |
| 88312 | Leonardo DRS, Inc. | 3673779 |
| 38109 | Loar Holdings, Inc. (a) | 2816636 |
| 4536 | Moog, Inc., Class A | 878079 |
| 114754 | Rocket Lab Corp. (a) | 5269504 |
| 30674 | Textron, Inc. | 2385517 |
| 13399 | Woodward, Inc. | 3444615 |
|  |  | 41561551 |
|  | **Air Freight & Logistics —** <br> **0.2%**  |  |
| 8557 | C.H. Robinson Worldwide, Inc. | 986793 |
| 33715 | GXO Logistics, Inc. (a) | 1675973 |
|  |  | 2662766 |
|  | **Automobile Components —** <br> **1.8%**  |  |
| 60170 | Aptiv PLC (a) | 4130069 |
| 98083 | BorgWarner, Inc. | 3609454 |
| 13386 | Dorman Products, Inc. (a) | 1614619 |
| 186666 | Gentex Corp. | 4931716 |
| 43218 | Lear Corp. | 4075025 |
| 16669 | Modine Manufacturing Co. (a) | 2242981 |
|  |  | 20603864 |
|  | **Automobiles — 0.4%**  |  |
| 59748 | Rivian Automotive, Inc., <br> Class A (a) (b) | 768957 |
| 36975 | Thor Industries, Inc. | 3364355 |
|  |  | 4133312 |
|  | **Banks — 6.1%**  |  |
| 38067 | Ameris Bancorp | 2601879 |
| 33661 | Associated Banc-Corp. | 832773 |
| 32388 | Axos Financial, Inc. (a) | 2796704 |
| 19923 | BancFirst Corp. | 2480812 |
| 69778 | Bank OZK | 3440055 |
| 25226 | BOK Financial Corp. | 2561196 |
| 102683 | Cadence Bank | 3578503 |
| 41288 | Comerica, Inc. | 2789830 |
| 13206 | Commerce Bancshares, Inc. | 808207 |
| 12773 | Cullen/Frost Bankers, Inc. | 1627408 |
| 24391 | East West Bancorp, Inc. | 2445198 |
| 45635 | First Financial Bankshares, Inc. | 1579884 |
| 77449 | First Horizon Corp. | 1689163 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Banks (Continued)**  |  |
| 168922 | FNB Corp. | $2587885 |
| 19057 | Glacier Bancorp, Inc. | 835268 |
| 42908 | Hancock Whitney Corp. | 2562466 |
| 57692 | Home BancShares, Inc. | 1624607 |
| 49336 | International Bancshares Corp. | 3363728 |
| 76940 | Old National Bancorp | 1624203 |
| 14871 | Pinnacle Financial Partners, Inc. | 1307012 |
| 22347 | Popular, Inc. | 2560519 |
| 35063 | Prosperity Bancshares, Inc. | 2335897 |
| 10592 | ServisFirst Bancshares, Inc. | 833061 |
| 17842 | SouthState Corp. | 1680181 |
| 31729 | Synovus Financial Corp. | 1498878 |
| 7808 | UMB Financial Corp. | 858802 |
| 67606 | United Bankshares, Inc. | 2401365 |
| 82675 | United Community Banks, Inc. | 2521588 |
| 275797 | Valley National Bancorp | 2556638 |
| 45107 | Webster Financial Corp. | 2600419 |
| 21055 | Western Alliance Bancorp | 1633026 |
| 13242 | Wintrust Financial Corp. | 1694711 |
| 47416 | Zions Bancorp N.A. | 2542446 |
|  |  | 68854312 |
|  | **Beverages — 0.6%**  |  |
| 17697 | Celsius Holdings, Inc. (a) | 802382 |
| 7353 | Coca-Cola Consolidated, Inc. | 821698 |
| 85357 | Molson Coors Beverage Co., <br> Class B | 4158593 |
| 18987 | National Beverage Corp. (a) | 869984 |
|  |  | 6652657 |
|  | **Biotechnology — 1.5%**  |  |
| 114778 | Alkermes PLC (a) | 3040469 |
| 38024 | Bridgebio Pharma, Inc. (a) | 1797394 |
| 46347 | Exact Sciences Corp. (a) | 2175992 |
| 93131 | Exelixis, Inc. (a) | 3373205 |
| 15782 | Halozyme Therapeutics, Inc. (a) | 946447 |
| 24472 | Insmed, Inc. (a) | 2625356 |
| 68432 | TG Therapeutics, Inc. (a) | 2429336 |
|  |  | 16388199 |
|  | **Broadline Retail — 1.1%**  |  |
| 9824 | Dillard's, Inc., Class A | 4587120 |
| 352040 | Macy's, Inc. | 4446265 |
| 24919 | Ollie's Bargain Outlet Holdings, <br> Inc. (a) | 3404683 |
|  |  | 12438068 |
|  | **Building Products — 2.0%**  |  |
| 25040 | A.O. Smith Corp. | 1772582 |
| 14295 | Advanced Drainage Systems, <br> Inc. | 1640351 |
| 17088 | Allegion PLC | 2835241 |
| 20215 | Armstrong World Industries, Inc. | 3803857 |
| 63788 | Fortune Brands Innovations, Inc. | 3478997 |

---

See Notes to Financial Statements

------

**First Trust Mid Cap Core AlphaDEX**<sup>®</sup> **Fund (FNX)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Building Products (Continued)**  |  |
| 15858 | Simpson Manufacturing Co., Inc. | $2845401 |
| 15098 | Trex Co., Inc. (a) | 969896 |
| 33050 | UFP Industries, Inc. | 3238900 |
| 44897 | Zurn Elkay Water Solutions <br> Corp. | 1986692 |
|  |  | 22571917 |
|  | **Capital Markets — 3.5%**  |  |
| 16690 | Affiliated Managers Group, Inc. | 3502730 |
| 3040 | Evercore, Inc., Class A | 915466 |
| 68843 | Franklin Resources, Inc. | 1652232 |
| 226261 | Golub Capital BDC, Inc. | 3384865 |
| 5776 | Hamilton Lane, Inc., Class A | 879685 |
| 18247 | Houlihan Lokey, Inc. | 3478973 |
| 260290 | Invesco Ltd. | 5468693 |
| 17110 | Lazard, Inc. | 889378 |
| 27803 | Main Street Capital Corp. | 1798854 |
| 3676 | MarketAxess Holdings, Inc. | 755418 |
| 2615 | Morningstar, Inc. | 722943 |
| 2954 | Piper Sandler Cos. | 931455 |
| 19901 | PJT Partners, Inc., Class A | 3554717 |
| 36544 | SEI Investments Co. | 3220257 |
| 29584 | StepStone Group, Inc., Class A | 1756106 |
| 7911 | Stifel Financial Corp. | 902803 |
| 31305 | TPG, Inc. | 1786576 |
| 16823 | Tradeweb Markets, Inc., Class A | 2330827 |
| 25787 | Victory Capital Holdings, Inc., <br> Class A | 1776982 |
|  |  | 39708960 |
|  | **Chemicals — 2.6%**  |  |
| 76226 | Avient Corp. | 2406455 |
| 82952 | Axalta Coating Systems Ltd. (a) | 2349201 |
| 54730 | Cabot Corp. | 3950411 |
| 54980 | Eastman Chemical Co. | 3992098 |
| 108736 | Element Solutions, Inc. | 2566170 |
| 78653 | FMC Corp. | 3070613 |
| 90018 | Mosaic (The) Co. | 3241548 |
| 4753 | NewMarket Corp. | 3265311 |
| 24892 | Scotts Miracle-Gro (The) Co. | 1559733 |
| 43248 | Westlake Corp. | 3429566 |
|  |  | 29831106 |
|  | **Commercial Services &** <br> **Supplies — 0.6%**  |  |
| 14230 | Casella Waste Systems, Inc., <br> Class A (a) | 1547228 |
| 10654 | Clean Harbors, Inc. (a) | 2512320 |
| 4902 | MSA Safety, Inc. | 871919 |
| 45659 | Tetra Tech, Inc. | 1677511 |
|  |  | 6608978 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Communications Equipment** <br> **— 0.3%**  |  |
| 34544 | Lumentum Holdings, Inc. (a) | $3802603 |
|  | **Construction & Engineering** <br> **— 3.3%**  |  |
| 36372 | AECOM | 4100579 |
| 24122 | API Group Corp. (a) | 870080 |
| 18935 | Arcosa, Inc. | 1626138 |
| 16796 | Dycom Industries, Inc. (a) | 4514933 |
| 80061 | Fluor Corp. (a) | 4545063 |
| 13857 | IES Holdings, Inc. (a) | 4892491 |
| 24085 | MasTec, Inc. (a) | 4557123 |
| 52666 | Primoris Services Corp. | 4959557 |
| 17791 | Sterling Infrastructure, Inc. (a) | 4760694 |
| 7542 | Valmont Industries, Inc. | 2744911 |
|  |  | 37571569 |
|  | **Consumer Finance — 1.6%**  |  |
| 84308 | Ally Financial, Inc. | 3191058 |
| 1612 | Credit Acceptance Corp. (a) | 790331 |
| 24299 | FirstCash Holdings, Inc. | 3238814 |
| 43208 | OneMain Holdings, Inc. | 2496990 |
| 100147 | SLM Corp. | 3184674 |
| 63463 | Upstart Holdings, Inc. (a) | 5187466 |
|  |  | 18089333 |
|  | **Consumer Staples Distribution** <br> **& Retail — 0.7%**  |  |
| 114499 | Albertsons Cos., Inc., Class A | 2200671 |
| 7615 | BJ's Wholesale Club Holdings, <br> Inc. (a) | 806429 |
| 72587 | Maplebear, Inc. (a) | 3481998 |
| 9385 | Performance Food Group Co. (a) | 942254 |
|  |  | 7431352 |
|  | **Containers & Packaging —** <br> **1.1%**  |  |
| 5248 | AptarGroup, Inc. | 824671 |
| 7973 | Crown Holdings, Inc. | 792197 |
| 194817 | Graphic Packaging Holding Co. | 4356108 |
| 52915 | Sealed Air Corp. | 1548822 |
| 45457 | Silgan Holdings, Inc. | 2115114 |
| 56539 | Sonoco Products Co. | 2548213 |
|  |  | 12185125 |
|  | **Distributors — 0.2%**  |  |
| 88727 | LKQ Corp. | 2614785 |
|  | **Diversified Consumer Services** <br> **— 2.1%**  |  |
| 387701 | ADT, Inc. | 3237303 |
| 32263 | Adtalem Global Education, <br> Inc. (a) | 3686693 |
| 13285 | Bright Horizons Family <br> Solutions, Inc. (a) | 1502533 |
| 10011 | Duolingo, Inc. (a) | 3469312 |

---

See Notes to Financial Statements

------

**First Trust Mid Cap Core AlphaDEX**<sup>®</sup> **Fund (FNX)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Diversified Consumer Services** <br> **(Continued)**  |  |
| 69644 | Frontdoor, Inc. (a) | $4074174 |
| 13030 | Grand Canyon Education, <br> Inc. (a) | 2197249 |
| 44870 | H&R Block, Inc. | 2438236 |
| 28272 | Stride, Inc. (a) | 3625319 |
|  |  | 24230819 |
|  | **Diversified REITs — 0.2%**  |  |
| 25727 | Essential Properties Realty Trust, <br> Inc. | 784416 |
| 26322 | WP Carey, Inc. | 1688820 |
|  |  | 2473236 |
|  | **Diversified Telecommunication** <br> **Services — 0.6%**  |  |
| 87841 | AST SpaceMobile, Inc. (a) (b) | 4670506 |
| 562300 | Lumen Technologies, Inc. (a) | 2502235 |
|  |  | 7172741 |
|  | **Electric Utilities — 1.5%**  |  |
| 47640 | Evergy, Inc. | 3372912 |
| 21331 | IDACORP, Inc. | 2673414 |
| 73994 | OGE Energy Corp. | 3360808 |
| 36704 | Pinnacle West Capital Corp. | 3326116 |
| 101029 | Portland General Electric Co. | 4154313 |
|  |  | 16887563 |
|  | **Electrical Equipment — 1.3%**  |  |
| 5503 | Acuity, Inc. | 1713359 |
| 171605 | Bloom Energy Corp., Class A (a) | 6416311 |
| 11466 | Generac Holdings, Inc. (a) | 2232316 |
| 45297 | NEXTracker, Inc., Class A (a) | 2639003 |
| 11326 | Regal Rexnord Corp. | 1731519 |
|  |  | 14732508 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 2.4%**  |  |
| 19328 | Arrow Electronics, Inc. (a) | 2242048 |
| 61865 | Avnet, Inc. | 3275133 |
| 13407 | Badger Meter, Inc. | 2530705 |
| 28358 | Belden, Inc. | 3506467 |
| 36809 | Coherent Corp. (a) | 3960648 |
| 5944 | Insight Enterprises, Inc. (a) | 704840 |
| 24948 | Itron, Inc. (a) | 3107024 |
| 3620 | Littelfuse, Inc. | 931535 |
| 16783 | Sanmina Corp. (a) | 1947499 |
| 18149 | TD SYNNEX Corp. | 2620534 |
| 66744 | Vontier Corp. | 2767874 |
|  |  | 27594307 |
|  | **Energy Equipment & Services** <br> **— 1.0%**  |  |
| 33063 | Archrock, Inc. | 772352 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Energy Equipment & Services** <br> **(Continued)**  |  |
| 47912 | Kodiak Gas Services, Inc. | $1548995 |
| 330232 | NOV, Inc. | 4154319 |
| 81590 | Weatherford International PLC | 4613914 |
|  |  | 11089580 |
|  | **Entertainment — 0.9%**  |  |
| 7857 | Madison Square Garden Sports <br> Corp. (a) | 1587900 |
| 46703 | Roku, Inc. (a) | 4397554 |
| 22560 | TKO Group Holdings, Inc. | 3790306 |
|  |  | 9775760 |
|  | **Financial Services — 2.5%**  |  |
| 110493 | Enact Holdings, Inc. | 3840737 |
| 67591 | Essent Group Ltd. | 3784420 |
| 24293 | Euronet Worldwide, Inc. (a) | 2360794 |
| 9246 | Jackson Financial, Inc., Class A | 809580 |
| 147441 | MGIC Investment Corp. | 3818722 |
| 24718 | PennyMac Financial Services, <br> Inc. | 2302234 |
| 113960 | Radian Group, Inc. | 3716236 |
| 87476 | Remitly Global, Inc. (a) | 1443354 |
| 33133 | Shift4 Payments, Inc., <br> Class A (a) (b) | 3412699 |
| 23125 | Voya Financial, Inc. | 1618750 |
| 5589 | WEX, Inc. (a) | 948341 |
|  |  | 28055867 |
|  | **Food Products — 2.4%**  |  |
| 51131 | Bunge Global S.A. | 4078209 |
| 41202 | Cal-Maine Foods, Inc. | 4579190 |
| 80355 | Campbell's (The) Co. | 2564932 |
| 120317 | Conagra Brands, Inc. | 2196988 |
| 64915 | Darling Ingredients, Inc. (a) | 2101948 |
| 205495 | Flowers Foods, Inc. | 3257096 |
| 24215 | Ingredion, Inc. | 3185241 |
| 9504 | Marzetti (The) Company | 1689431 |
| 30119 | Post Holdings, Inc. (a) | 3186891 |
|  |  | 26839926 |
|  | **Gas Utilities — 1.6%**  |  |
| 91583 | New Jersey Resources Corp. | 4204575 |
| 45697 | ONE Gas, Inc. | 3322172 |
| 44143 | Southwest Gas Holdings, Inc. | 3449334 |
| 44990 | Spire, Inc. | 3350405 |
| 90165 | UGI Corp. | 3262170 |
|  |  | 17588656 |
|  | **Ground Transportation —** <br> **0.9%**  |  |
| 74244 | Knight-Swift Transportation <br> Holdings, Inc. | 3155370 |
| 5904 | Landstar System, Inc. | 787416 |

---

See Notes to Financial Statements

------

**First Trust Mid Cap Core AlphaDEX**<sup>®</sup> **Fund (FNX)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Ground Transportation** <br> **(Continued)**  |  |
| 20653 | Ryder System, Inc. | $3670245 |
| 45297 | U-Haul Holding Co. | 2355444 |
|  |  | 9968475 |
|  | **Health Care Equipment &** <br> **Supplies — 0.6%**  |  |
| 6212 | ICU Medical, Inc. (a) | 797683 |
| 6676 | Integer Holdings Corp. (a) | 724413 |
| 4880 | Masimo Corp. (a) | 750495 |
| 6398 | Penumbra, Inc. (a) | 1614023 |
| 10825 | Solventum Corp. (a) | 772472 |
| 20808 | Teleflex, Inc. | 2486556 |
|  |  | 7145642 |
|  | **Health Care Providers &** <br> **Services — 3.4%**  |  |
| 180908 | Acadia Healthcare Co., Inc. (a) | 3938367 |
| 174004 | BrightSpring Health Services, <br> Inc. (a) | 3593183 |
| 3372 | Chemed Corp. | 1390276 |
| 7988 | CorVel Corp. (a) | 707737 |
| 11526 | DaVita, Inc. (a) | 1617905 |
| 33473 | Encompass Health Corp. | 3685712 |
| 26609 | Ensign Group (The), Inc. | 3991350 |
| 78876 | Guardant Health, Inc. (a) | 3232338 |
| 23510 | HealthEquity, Inc. (a) | 2280470 |
| 22477 | Henry Schein, Inc. (a) | 1520569 |
| 82342 | Hims & Hers Health, Inc. (a) | 5449393 |
| 25276 | Option Care Health, Inc. (a) | 741851 |
| 13993 | Tenet Healthcare Corp. (a) | 2256791 |
| 22661 | Universal Health Services, Inc., <br> Class B | 3771923 |
|  |  | 38177865 |
|  | **Health Care REITs — 0.6%**  |  |
| 89381 | American Healthcare REIT, Inc. | 3453682 |
| 53657 | CareTrust REIT, Inc. | 1706293 |
| 89042 | Sabra Health Care REIT, Inc. | 1605427 |
|  |  | 6765402 |
|  | **Health Care Technology —** <br> **0.5%**  |  |
| 40151 | Doximity, Inc., Class A (a) | 2358871 |
| 80348 | Waystar Holding Corp. (a) | 2971269 |
|  |  | 5330140 |
|  | **Hotel & Resort REITs — 0.1%**  |  |
| 53447 | Host Hotels & Resorts, Inc. | 840187 |
| 8320 | Ryman Hospitality Properties, <br> Inc. | 790899 |
|  |  | 1631086 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Hotels, Restaurants & Leisure** <br> **— 3.1%**  |  |
| 19606 | Aramark | $834431 |
| 41977 | Boyd Gaming Corp. | 3563847 |
| 22762 | Brinker International, Inc. (a) | 3587291 |
| 86752 | Caesars Entertainment, Inc. (a) | 2314543 |
| 24016 | Dutch Bros, Inc., Class A (a) | 1423428 |
| 19768 | Hilton Grand Vacations, Inc. (a) | 886002 |
| 5879 | Hyatt Hotels Corp., Class A | 828763 |
| 108270 | Life Time Group Holdings, <br> Inc. (a) | 3109515 |
| 8529 | Light & Wonder, Inc. (a) | 821513 |
| 47745 | MGM Resorts International (a) | 1740305 |
| 40481 | Norwegian Cruise Line Holdings <br> Ltd. (a) | 1034694 |
| 22585 | Planet Fitness, Inc., Class A (a) | 2466056 |
| 23356 | Shake Shack, Inc., Class A (a) | 2810661 |
| 13142 | Texas Roadhouse, Inc. | 2432979 |
| 10449 | Vail Resorts, Inc. | 1570067 |
| 7313 | Wingstop, Inc. | 2759488 |
| 26294 | Wynn Resorts Ltd. | 2866835 |
|  |  | 35050418 |
|  | **Household Durables — 2.7%**  |  |
| 3778 | Cavco Industries, Inc. (a) | 1525065 |
| 39336 | Champion Homes, Inc. (a) | 2395562 |
| 9106 | Installed Building Products, Inc. | 1842053 |
| 77492 | KB Home | 4282208 |
| 61292 | Meritage Homes Corp. | 4127403 |
| 39152 | Mohawk Industries, Inc. (a) | 4483296 |
| 152028 | Newell Brands, Inc. | 852877 |
| 66832 | Taylor Morrison Home Corp. (a) | 3961801 |
| 35967 | Toll Brothers, Inc. | 4257054 |
| 7608 | TopBuild Corp. (a) | 2818232 |
|  |  | 30545551 |
|  | **Household Products — 0.3%**  |  |
| 153307 | Reynolds Consumer Products, <br> Inc. | 3447874 |
|  | **Independent Power and** <br> **Renewable Electricity** <br>**Producers — 1.0%**  |  |
| 312151 | AES (The) Corp. | 4104786 |
| 19601 | Ormat Technologies, Inc. | 1752525 |
| 14118 | Talen Energy Corp. (a) | 5330533 |
|  |  | 11187844 |
|  | **Industrial REITs — 0.2%**  |  |
| 67884 | STAG Industrial, Inc. | 2330458 |
|  | **Insurance — 3.4%**  |  |
| 13010 | American Financial Group, Inc. | 1624949 |
| 8315 | Assurant, Inc. | 1557399 |
| 47127 | Assured Guaranty Ltd. | 3986002 |
| 31629 | Axis Capital Holdings Ltd. | 2968065 |

---

See Notes to Financial Statements

------

**First Trust Mid Cap Core AlphaDEX**<sup>®</sup> **Fund (FNX)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Insurance (Continued)**  |  |
| 63837 | CNO Financial Group, Inc. | $2351755 |
| 13373 | First American Financial Corp. | 803049 |
| 26420 | Globe Life, Inc. | 3711217 |
| 9666 | Hanover Insurance Group (The), <br> Inc. | 1658976 |
| 38160 | Kemper Corp. | 2350274 |
| 3393 | Kinsale Capital Group, Inc. | 1495261 |
| 94908 | Lincoln National Corp. | 3616944 |
| 64070 | Old Republic International Corp. | 2317412 |
| 5999 | Primerica, Inc. | 1593514 |
| 16898 | RenaissanceRe Holdings Ltd. | 4118719 |
| 12074 | Ryan Specialty Holdings, Inc. | 738808 |
| 9475 | Selective Insurance Group, Inc. | 738766 |
| 40660 | Unum Group | 2919795 |
|  |  | 38550905 |
|  | **Interactive Media & Services** <br> **— 0.1%**  |  |
| 26576 | Match Group, Inc. | 910759 |
|  | **IT Services — 1.1%**  |  |
| 82211 | ASGN, Inc. (a) | 4122060 |
| 268461 | DXC Technology Co. (a) | 3653754 |
| 9285 | EPAM Systems, Inc. (a) | 1464337 |
| 97825 | Kyndryl Holdings, Inc. (a) | 3694850 |
|  |  | 12935001 |
|  | **Leisure Products — 0.6%**  |  |
| 22547 | Acushnet Holdings Corp. | 1795192 |
| 29723 | Brunswick Corp. | 1732554 |
| 11120 | Hasbro, Inc. | 835779 |
| 166522 | Mattel, Inc. (a) | 2832539 |
|  |  | 7196064 |
|  | **Life Sciences Tools & Services** <br> **— 0.4%**  |  |
| 2615 | Medpace Holdings, Inc. (a) | 1117128 |
| 64601 | Tempus AI, Inc. (a) (b) | 3655771 |
|  |  | 4772899 |
|  | **Machinery — 3.7%**  |  |
| 8642 | Allison Transmission Holdings, <br> Inc. | 778385 |
| 4324 | Crane Co. | 846509 |
| 11838 | Donaldson Co., Inc. | 851981 |
| 4286 | Enpro, Inc. | 910389 |
| 6811 | Esab Corp. | 913832 |
| 30857 | Federal Signal Corp. | 3905570 |
| 15683 | Flowserve Corp. | 878875 |
| 18296 | Franklin Electric Co., Inc. | 1718909 |
| 9550 | Graco, Inc. | 802009 |
| 15705 | ITT, Inc. | 2669222 |
| 3959 | Lincoln Electric Holdings, Inc. | 964017 |
| 17102 | Middleby (The) Corp. (a) | 2483210 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Machinery (Continued)**  |  |
| 41322 | Mueller Industries, Inc. | $3527659 |
| 3829 | Nordson Corp. | 820210 |
| 28922 | Oshkosh Corp. | 3659501 |
| 6401 | RBC Bearings, Inc. (a) | 2479363 |
| 19584 | SPX Technologies, Inc. (a) | 3571926 |
| 36353 | Stanley Black & Decker, Inc. | 2459280 |
| 45262 | Timken (The) Co. | 3443986 |
| 23230 | Toro (The) Co. | 1724828 |
| 10015 | Watts Water Technologies, Inc., <br> Class A | 2627135 |
|  |  | 42036796 |
|  | **Marine Transportation —** <br> **0.5%**  |  |
| 21716 | Kirby Corp. (a) | 2069752 |
| 36864 | Matson, Inc. | 3936338 |
|  |  | 6006090 |
|  | **Media — 0.8%**  |  |
| 118550 | EchoStar Corp., Class A (a) | 3863544 |
| 29330 | New York Times (The) Co., <br> Class A | 1521934 |
| 18988 | Nexstar Media Group, Inc. | 3552845 |
|  |  | 8938323 |
|  | **Metals & Mining — 1.0%**  |  |
| 139098 | Alcoa Corp. | 4168767 |
| 11881 | Carpenter Technology Corp. | 2963003 |
| 16785 | Commercial Metals Co. | 870470 |
| 18465 | Royal Gold, Inc. | 2795970 |
|  |  | 10798210 |
|  | **Mortgage REITs — 0.5%**  |  |
| 87242 | Annaly Capital Management, <br> Inc. | 1773630 |
| 290861 | Rithm Capital Corp. | 3499058 |
| 40905 | Starwood Property Trust, Inc. | 796011 |
|  |  | 6068699 |
|  | **Multi-Utilities — 0.3%**  |  |
| 58536 | Black Hills Corp. | 3382210 |
|  | **Office REITs — 0.6%**  |  |
| 12168 | BXP, Inc. | 796152 |
| 82013 | Cousins Properties, Inc. | 2222552 |
| 47855 | Kilroy Realty Corp. | 1763935 |
| 13262 | SL Green Realty Corp. | 759250 |
| 21469 | Vornado Realty Trust | 824839 |
|  |  | 6366728 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 4.8%**  |  |
| 86644 | Antero Midstream Corp. | 1589917 |
| 40763 | Antero Resources Corp. (a) | 1423852 |
| 224427 | APA Corp. | 4329197 |
| 89878 | California Resources Corp. | 4330322 |
| 42382 | Chord Energy Corp. | 4676006 |

---

See Notes to Financial Statements

------

**First Trust Mid Cap Core AlphaDEX**<sup>®</sup> **Fund (FNX)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Oil, Gas & Consumable Fuels** <br> **(Continued)**  |  |
| 149156 | Civitas Resources, Inc. | $4528376 |
| 73125 | CNX Resources Corp. (a) | 2216419 |
| 118678 | Comstock Resources, Inc. (a) | 2120776 |
| 22409 | DT Midstream, Inc. | 2302077 |
| 59952 | HF Sinclair Corp. | 2634291 |
| 182598 | Magnolia Oil & Gas Corp., <br> Class A | 4349484 |
| 86017 | Matador Resources Co. | 4290528 |
| 182435 | Murphy Oil Corp. | 4526212 |
| 107879 | Ovintiv, Inc. | 4442457 |
| 60276 | Permian Resources Corp. | 853508 |
| 40372 | Range Resources Corp. | 1482460 |
| 166118 | SM Energy Co. | 4583196 |
|  |  | 54679078 |
|  | **Paper & Forest Products —** <br> **0.3%**  |  |
| 38188 | Louisiana-Pacific Corp. | 3452577 |
|  | **Passenger Airlines — 1.0%**  |  |
| 66366 | Alaska Air Group, Inc. (a) | 3514743 |
| 73170 | American Airlines Group, <br> Inc. (a) | 840723 |
| 155632 | Joby Aviation, Inc. (a) | 2592829 |
| 39863 | SkyWest, Inc. (a) | 4622514 |
|  |  | 11570809 |
|  | **Personal Care Products —** <br> **0.3%**  |  |
| 13195 | elf Beauty, Inc. (a) | 1599102 |
| 18756 | Interparfums, Inc. | 2261974 |
|  |  | 3861076 |
|  | **Pharmaceuticals — 1.3%**  |  |
| 15730 | Axsome Therapeutics, Inc. (a) | 1594708 |
| 33554 | Corcept Therapeutics, Inc. (a) | 2253822 |
| 287450 | Elanco Animal Health, Inc. (a) | 3932316 |
| 38681 | Jazz Pharmaceuticals PLC (a) | 4434003 |
| 254429 | Organon & Co. | 2467961 |
|  |  | 14682810 |
|  | **Professional Services — 2.2%**  |  |
| 34772 | Amentum Holdings, Inc. (a) | 868257 |
| 3444 | CACI International, Inc., <br> Class A (a) | 1586203 |
| 11449 | CBIZ, Inc. (a) | 699763 |
| 37496 | ExlService Holdings, Inc. (a) | 1628451 |
| 10166 | FTI Consulting, Inc. (a) | 1691114 |
| 55962 | Genpact Ltd. | 2465126 |
| 34250 | KBR, Inc. | 1600845 |
| 46778 | Maximus, Inc. | 3455023 |
| 22876 | Parsons Corp. (a) | 1697399 |
| 10643 | Paycom Software, Inc. | 2464280 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Professional Services** <br> **(Continued)**  |  |
| 4532 | Paylocity Holding Corp. (a) | $837876 |
| 39999 | Robert Half, Inc. | 1476363 |
| 21872 | Science Applications <br> International Corp. | 2438291 |
| 64668 | Verra Mobility Corp. (a) | 1633514 |
|  |  | 24542505 |
|  | **Real Estate Management &** <br> **Development — 0.5%**  |  |
| 522902 | Compass, Inc., Class A (a) | 4151842 |
| 6420 | Jones Lang LaSalle, Inc. (a) | 1735711 |
|  |  | 5887553 |
|  | **Retail REITs — 0.1%**  |  |
| 11525 | Regency Centers Corp. | 822885 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 2.6%**  |  |
| 195559 | Amkor Technology, Inc. | 4411811 |
| 31498 | Cirrus Logic, Inc. (a) | 3172164 |
| 44332 | Credo Technology Group <br> Holding Ltd. (a) | 4945235 |
| 22917 | MACOM Technology Solutions <br> Holdings, Inc. (a) | 3142837 |
| 16524 | MKS, Inc. | 1572754 |
| 51293 | Rambus, Inc. (a) | 3792091 |
| 18188 | Semtech Corp. (a) | 929407 |
| 16712 | Silicon Laboratories, Inc. (a) | 2202140 |
| 15410 | SiTime Corp. (a) | 3125919 |
| 33050 | Skyworks Solutions, Inc. | 2265247 |
|  |  | 29559605 |
|  | **Software — 4.1%**  |  |
| 17882 | ACI Worldwide, Inc. (a) | 761058 |
| 3566 | Appfolio, Inc., Class A (a) | 953477 |
| 45635 | Bentley Systems, Inc., Class B | 2645917 |
| 28999 | BlackLine, Inc. (a) | 1559566 |
| 72077 | Box, Inc., Class A (a) | 2313672 |
| 18836 | Commvault Systems, Inc. (a) | 3577898 |
| 32930 | Confluent, Inc., Class A (a) | 583684 |
| 22110 | Dolby Laboratories, Inc., <br> Class A | 1665767 |
| 86115 | Dropbox, Inc., Class A (a) | 2339745 |
| 110121 | Freshworks, Inc., Class A (a) | 1430472 |
| 14645 | InterDigital, Inc. | 3781339 |
| 52357 | MARA Holdings, Inc. (a) (b) | 841901 |
| 75831 | Pegasystems, Inc. | 4452038 |
| 11999 | Procore Technologies, Inc. (a) | 859488 |
| 17543 | Q2 Holdings, Inc. (a) | 1424492 |
| 11491 | Qualys, Inc. (a) | 1529107 |
| 45819 | Rubrik, Inc., Class A (a) | 4350514 |
| 20637 | Samsara, Inc., Class A (a) | 784825 |

---

See Notes to Financial Statements

------

**First Trust Mid Cap Core AlphaDEX**<sup>®</sup> **Fund (FNX)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Software (Continued)**  |  |
| 229532 | SoundHound AI, Inc., <br> Class A (a) (b) | $2371066 |
| 128274 | UiPath, Inc., Class A (a) | 1507219 |
| 67846 | Unity Software, Inc. (a) | 2263343 |
| 48531 | Varonis Systems, Inc. (a) | 2709486 |
| 105998 | Zeta Global Holdings Corp., <br> Class A (a) | 1658869 |
|  |  | 46364943 |
|  | **Specialized REITs — 0.5%**  |  |
| 6765 | Lamar Advertising Co., Class A | 827021 |
| 185067 | Rayonier, Inc. | 4313912 |
|  |  | 5140933 |
|  | **Specialty Retail — 4.0%**  |  |
| 9910 | Abercrombie & Fitch Co., <br> Class A (a) | 951558 |
| 13767 | Asbury Automotive Group, <br> Inc. (a) | 3057926 |
| 12399 | AutoNation, Inc. (a) | 2388543 |
| 82205 | Bath & Body Works, Inc. | 2380657 |
| 21604 | Boot Barn Holdings, Inc. (a) | 3713728 |
| 36644 | CarMax, Inc. (a) | 2074417 |
| 96312 | Chewy, Inc., Class A (a) | 3534650 |
| 12450 | Dick's Sporting Goods, Inc. | 2633299 |
| 6259 | Five Below, Inc. (a) | 854479 |
| 10808 | Floor & Decor Holdings, Inc., <br> Class A (a) | 828325 |
| 188207 | Gap (The), Inc. | 3662508 |
| 7520 | Group 1 Automotive, Inc. | 3099368 |
| 12151 | Lithia Motors, Inc. | 3499488 |
| 4036 | Murphy USA, Inc. | 1462969 |
| 19114 | Penske Automotive Group, Inc. | 3199875 |
| 45268 | Urban Outfitters, Inc. (a) | 3407775 |
| 21679 | Valvoline, Inc. (a) | 764185 |
| 48159 | Wayfair, Inc., Class A (a) | 3161157 |
|  |  | 44674907 |
|  | **Technology Hardware, Storage** <br> **& Peripherals — 0.3%**  |  |
| 76421 | IonQ, Inc. (a) | 3046905 |
|  | **Textiles, Apparel & Luxury** <br> **Goods — 1.5%**  |  |
| 53762 | Columbia Sportswear Co. | 3041316 |
| 40529 | Crocs, Inc. (a) | 4041957 |
| 59837 | PVH Corp. | 4393233 |
| 14964 | Ralph Lauren Corp. | 4470495 |
| 69869 | VF Corp. | 818865 |
|  |  | 16765866 |
|  | **Trading Companies &** <br> **Distributors — 2.0%**  |  |
| 70178 | Air Lease Corp. | 3887861 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Trading Companies &** <br> **Distributors (Continued)**  |  |
| 7062 | Applied Industrial Technologies, <br> Inc. | $1917333 |
| 47280 | Boise Cascade Co. | 3962537 |
| 7136 | FTAI Aviation Ltd. | 981985 |
| 10694 | GATX Corp. | 1632867 |
| 6235 | Herc Holdings, Inc. | 728310 |
| 19312 | MSC Industrial Direct Co., Inc., <br> Class A | 1672805 |
| 79689 | Rush Enterprises, Inc., Class A | 4314363 |
| 17731 | WESCO International, Inc. | 3669608 |
|  |  | 22767669 |
|  | **Water Utilities — 0.2%**  |  |
| 66313 | Essential Utilities, Inc. | 2440318 |
|  | **Total Common Stocks** | 1129955298 |
|  | (Cost $996,690,406) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 1466274 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 4.16% (c) | 1466274 |
|  | (Cost $1,466,274) |  |

---

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 1.1%** | **REPURCHASE AGREEMENTS — 1.1%** | **REPURCHASE AGREEMENTS — 1.1%** |
| $3390034 | Bank of America Corp., <br> 4.36% (c), dated 07/31/25, due <br> 08/01/25, with a maturity <br> value of $3,390,445. <br> Collateralized by <br> U.S. Treasury Note, interest <br> rate of 3.88%, due 07/31/27. <br> The value of the collateral <br> including accrued interest is <br> $3,457,835. (d) | 3390034 |
| 701797 | Daiwa Capital Markets America, <br> Inc., 4.36% (c), dated <br> 07/31/25, due 08/01/25, with a <br> maturity value of $701,882. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.00% to <br> 6.00%, due 08/14/25 to <br> 05/15/47. The value of the <br> collateral including accrued <br> interest is $715,833. (d) | 701797 |

---

See Notes to Financial Statements

------

**First Trust Mid Cap Core AlphaDEX**<sup>®</sup> **Fund (FNX)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS (Continued)** | **REPURCHASE AGREEMENTS (Continued)** | **REPURCHASE AGREEMENTS (Continued)** |
| $4649016 | JPMorgan Chase & Co., <br> 4.36% (c), dated 07/31/25, due <br> 08/01/25, with a maturity <br> value of $4,649,579. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.13% to <br> 4.75%, due 02/15/41 to <br> 08/15/52. The value of the <br> collateral including accrued <br> interest is $4,741,996. (d) | $4649016 |
| 3286463 | Mizuho Financial Group, Inc., <br> 4.36% (c), dated 07/31/25, due <br> 08/01/25, with a maturity <br> value of $3,286,861. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.38% to <br> 4.25%, due 06/30/27 to <br> 06/30/31. The value of the <br> collateral including accrued <br> interest is $3,352,194. (d) | 3286463 |
|  | **Total Repurchase Agreements** | 12027310 |
|  | (Cost $12,027,310) |  |
|  | **Total Investments — 101.1%** | 1143448882 |
|  | (Cost $1,010,183,990) |  |
|  | **Net Other Assets and** <br> **Liabilities — (1.1)%** | (12470121)<br>|
|  | **Net Assets — 100.0%** | $1130978761 |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 or a portion of this security is on loan (see Note 2D - 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 $11,514,952 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $12,027,310.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Rate
 shown reflects yield as of July 31, 2025.

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

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

Abbreviations throughout the Portfolio of Investments: <br> REITs – Real Estate Investment Trusts

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of July 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>**7/31/2025**<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 <br> Stocks\*<br>| $1129955298 | $1129955298 | $— | $— |
| Money Market <br> Funds<br>| 1466274 | 1466274 |  |  |
| Repurchase <br> Agreements<br>| 12027310 |  | 12027310 |  |
| Total <br> Investments<br>| $1143448882 | $1131421572 | $12027310 | $— |

---

&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>| $11514952 |
| Non-cash Collateral<sup>(2)</sup> <br>| (11514952)<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 July 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. 

See Notes to Financial Statements

------

**First Trust Mid Cap Core AlphaDEX**<sup>®</sup> **Fund (FNX)**

**Portfolio of Investments (Continued)**

**July 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>| $12027310 |
| Non-cash Collateral<sup>(4)</sup> <br>| (12027310)<br>|
| Net Amount | $— |

---

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

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

<sup>(4)</sup> At July 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 Small Cap Core AlphaDEX**<sup>®</sup> **Fund (FYX)**

**Portfolio of Investments**

**July 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** |
|  | **Aerospace & Defense — 0.6%**  |  |
| 32021 | Cadre Holdings, Inc. | $1058934 |
| 46913 | Intuitive Machines, Inc. (a) | 523549 |
| 37872 | Mercury Systems, Inc. (a) | 1991689 |
| 21006 | V2X, Inc. (a) | 995264 |
|  |  | 4569436 |
|  | **Air Freight & Logistics —** <br> **0.3%**  |  |
| 61016 | Hub Group, Inc., Class A | 2136780 |
|  | **Automobile Components —** <br> **2.1%**  |  |
| 26205 | Adient PLC (a) | 561835 |
| 59469 | Dana, Inc. | 946746 |
| 97040 | Garrett Motion, Inc. | 1265402 |
| 72103 | Gentherm, Inc. (a) | 2310180 |
| 245876 | Goodyear Tire & Rubber (The) <br> Co. (a) | 2527605 |
| 22368 | LCI Industries | 2124960 |
| 11053 | Patrick Industries, Inc. | 1074794 |
| 45848 | Phinia, Inc. | 2324494 |
| 27328 | Visteon Corp. (a) | 3037507 |
| 28410 | XPEL, Inc. (a) (b) | 928723 |
|  |  | 17102246 |
|  | **Automobiles — 0.4%**  |  |
| 108040 | Harley-Davidson, Inc. | 2628613 |
| 35169 | Winnebago Industries, Inc. | 1045223 |
|  |  | 3673836 |
|  | **Banks — 9.8%**  |  |
| 24647 | 1st Source Corp. | 1474384 |
| 49034 | Amalgamated Financial Corp. | 1421496 |
| 16303 | Atlantic Union Bankshares Corp. | 516805 |
| 108885 | Banc of California, Inc. | 1581010 |
| 35804 | Bancorp (The), Inc. (a) | 2261381 |
| 7552 | Bank of Hawaii Corp. | 467318 |
| 42985 | BankUnited, Inc. | 1567663 |
| 15898 | Banner Corp. | 986868 |
| 61096 | Berkshire Hills Bancorp, Inc. | 1505405 |
| 38155 | Byline Bancorp, Inc. | 1003477 |
| 33601 | Cathay General Bancorp | 1519437 |
| 8331 | City Holding Co. | 1017215 |
| 21056 | Coastal Financial Corp. (a) | 2025587 |
| 17934 | Community Financial System, <br> Inc. | 945122 |
| 17362 | Customers Bancorp, Inc. (a) | 1106828 |
| 25768 | CVB Financial Corp. | 481604 |
| 18929 | Dime Community Bancshares, <br> Inc. | 524523 |
| 27765 | Enterprise Financial Services <br> Corp. | 1532350 |
| 22514 | FB Financial Corp. | 1097783 |
| 11566 | First Bancorp | 579341 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Banks (Continued)**  |  |
| 48963 | First BanCorp | $1019899 |
| 22283 | First Busey Corp. | 497357 |
| 62839 | First Commonwealth Financial <br> Corp. | 1037472 |
| 84080 | First Financial Bancorp | 2038099 |
| 40861 | First Hawaiian, Inc. | 990879 |
| 17694 | First Interstate BancSystem, Inc., <br> Class A | 509410 |
| 39944 | First Merchants Corp. | 1522665 |
| 44024 | Firstsun Capital Bancorp (a) | 1565053 |
| 84802 | Fulton Financial Corp. | 1522196 |
| 50406 | Hilltop Holdings, Inc. | 1492018 |
| 142576 | Hope Bancorp, Inc. | 1424334 |
| 24327 | Independent Bank Corp. | 1545981 |
| 8298 | Lakeland Financial Corp. | 525844 |
| 17112 | Live Oak Bancshares, Inc. | 540910 |
| 12273 | NBT Bancorp, Inc. | 507857 |
| 16519 | Nicolet Bankshares, Inc. | 2130951 |
| 119706 | Northwest Bancshares, Inc. | 1400560 |
| 35744 | OFG Bancorp | 1523409 |
| 42805 | Origin Bancorp, Inc. | 1564523 |
| 9147 | Park National Corp. | 1480625 |
| 25781 | Pathward Financial, Inc. | 1949688 |
| 66791 | Peoples Bancorp, Inc.  | 1912894 |
| 17677 | Preferred Bank | 1605425 |
| 87269 | Provident Financial Services, <br> Inc. | 1590041 |
| 7511 | QCR Holdings, Inc. | 533281 |
| 28386 | Renasant Corp. | 1040063 |
| 27901 | Republic Bancorp, Inc., Class A | 1921263 |
| 40450 | S&T Bancorp, Inc. | 1482088 |
| 36926 | Seacoast Banking Corp. of <br> Florida | 1040944 |
| 80688 | Simmons First National Corp., <br> Class A | 1546789 |
| 54677 | Stellar Bancorp, Inc. | 1614612 |
| 25826 | Stock Yards Bancorp, Inc. | 1930752 |
| 6422 | Texas Capital Bancshares, <br> Inc. (a) | 539255 |
| 29839 | TowneBank | 1045260 |
| 37783 | TriCo Bancshares | 1553637 |
| 9253 | Triumph Financial, Inc. (a) | 524830 |
| 55946 | Trustmark Corp. | 2083988 |
| 58614 | Veritex Holdings, Inc. | 1859236 |
| 69665 | WaFd, Inc. | 2027600 |
| 32245 | WesBanco, Inc. | 971542 |
| 31582 | Westamerica BanCorp | 1512778 |
| 27815 | WSFS Financial Corp. | 1525375 |
|  |  | 80266980 |
|  | **Beverages — 0.2%**  |  |
| 42378 | Vita Coco (The) Co., Inc. (a) | 1494248 |

---

See Notes to Financial Statements

------

**First Trust Small Cap Core AlphaDEX**<sup>®</sup> **Fund (FYX)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Biotechnology — 3.6%**  |  |
| 118208 | ACADIA Pharmaceuticals, <br> Inc. (a) | $2816897 |
| 84011 | ADMA Biologics, Inc. (a) | 1571006 |
| 30664 | Agios Pharmaceuticals, Inc. (a) | 1141314 |
| 72746 | Arcutis Biotherapeutics, Inc. (a) | 1060637 |
| 64550 | Arrowhead Pharmaceuticals, <br> Inc. (a) | 1019890 |
| 146117 | ARS Pharmaceuticals, <br> Inc. (a) (c) | 2583348 |
| 284569 | BioCryst Pharmaceuticals, <br> Inc. (a) | 2316392 |
| 78292 | CareDx, Inc. (a) | 961817 |
| 47000 | Catalyst Pharmaceuticals, <br> Inc. (a) | 1002510 |
| 19614 | CG oncology, Inc. (a) | 523498 |
| 23370 | Kymera Therapeutics, Inc. (a) | 1022437 |
| 29085 | Merus N.V. (a) | 1926590 |
| 50103 | Mirum Pharmaceuticals, Inc. (a) | 2589323 |
| 80944 | Novavax, Inc. (a) (c) | 538278 |
| 12127 | Praxis Precision Medicines, <br> Inc. (a) | 657526 |
| 18453 | Protagonist Therapeutics, Inc. (a) | 993879 |
| 41764 | PTC Therapeutics, Inc. (a) | 2176322 |
| 32281 | Rhythm Pharmaceuticals, Inc. (a) | 2751310 |
| 68912 | Travere Therapeutics, Inc. (a) | 1064690 |
| 18865 | Veracyte, Inc. (a) | 443516 |
|  |  | 29161180 |
|  | **Broadline Retail — 0.5%**  |  |
| 300677 | Kohl's Corp. (c) | 3259339 |
| 49995 | Savers Value Village, Inc. (a) | 520448 |
|  |  | 3779787 |
|  | **Building Products — 1.9%**  |  |
| 47775 | American Woodmark Corp. (a) | 2513443 |
| 16191 | AZZ, Inc. | 1772914 |
| 34573 | Gibraltar Industries, Inc. (a) | 2282855 |
| 14093 | Griffon Corp. | 1145338 |
| 73905 | Hayward Holdings, Inc. (a) | 1136659 |
| 125294 | Janus International Group, <br> Inc. (a) | 1073770 |
| 233279 | Masterbrand, Inc. (a) | 2573067 |
| 46232 | Resideo Technologies, Inc. (a) | 1262134 |
| 19776 | Tecnoglass, Inc. | 1543121 |
|  |  | 15303301 |
|  | **Capital Markets — 2.1%**  |  |
| 11504 | Artisan Partners Asset <br> Management, Inc., Class A | 520556 |
| 249242 | BGC Group, Inc., Class A | 2310473 |
| 197081 | DigitalBridge Group, Inc. | 2116650 |
| 24815 | Donnelley Financial Solutions, <br> Inc. (a) | 1314202 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Capital Markets (Continued)**  |  |
| 34518 | Federated Hermes, Inc. | $1711057 |
| 78776 | Perella Weinberg Partners | 1570793 |
| 5595 | StoneX Group, Inc. (a) | 544058 |
| 56926 | Virtu Financial, Inc., Class A | 2512714 |
| 11244 | Virtus Investment Partners, Inc. | 2173578 |
| 177218 | WisdomTree, Inc. | 2351683 |
|  |  | 17125764 |
|  | **Chemicals — 2.1%**  |  |
| 20284 | Ashland, Inc. | 1045843 |
| 89073 | Chemours (The) Co. | 1067095 |
| 16956 | H.B. Fuller Co. | 952927 |
| 17944 | Hawkins, Inc. | 2929896 |
| 146819 | Huntsman Corp. | 1424144 |
| 6063 | Innospec, Inc. | 484434 |
| 9259 | Minerals Technologies, Inc. | 538411 |
| 101532 | Olin Corp. | 1923016 |
| 183172 | Perimeter Solutions, Inc. (a) | 2954564 |
| 13667 | Quaker Chemical Corp. | 1563778 |
| 5177 | Sensient Technologies Corp. | 581325 |
| 37372 | Stepan Co. | 1897377 |
|  |  | 17362810 |
|  | **Commercial Services &** <br> **Supplies — 2.9%**  |  |
| 21604 | ABM Industries, Inc. | 996593 |
| 31440 | ACV Auctions, Inc., Class A (a) | 446762 |
| 7503 | Brady Corp., Class A | 529487 |
| 91882 | BrightView Holdings, Inc. (a) | 1465518 |
| 10850 | Cimpress PLC (a) | 600113 |
| 72608 | CoreCivic, Inc. (a) | 1455064 |
| 87121 | Driven Brands Holdings, Inc. (a) | 1472345 |
| 31107 | HNI Corp. | 1600144 |
| 73093 | Interface, Inc. | 1507178 |
| 78776 | MillerKnoll, Inc. | 1495168 |
| 104284 | OPENLANE, Inc. (a) | 2569558 |
| 186966 | Pitney Bowes, Inc. | 2123934 |
| 244461 | Steelcase, Inc., Class A | 2525282 |
| 8128 | UniFirst Corp. | 1390132 |
| 355985 | Vestis Corp. | 2157269 |
| 11680 | VSE Corp. | 1828387 |
|  |  | 24162934 |
|  | **Communications Equipment** <br> **— 1.2%**  |  |
| 59550 | Applied Optoelectronics, <br> Inc. (a) (c) | 1361908 |
| 307939 | CommScope Holding Co., <br> Inc. (a) | 2525100 |
| 43885 | Digi International, Inc. (a) | 1431090 |
| 85229 | Extreme Networks, Inc. (a) | 1505144 |
| 53849 | Harmonic, Inc. (a) | 458255 |
| 139711 | Viasat, Inc. (a) | 2295452 |
|  |  | 9576949 |

---

See Notes to Financial Statements

------

**First Trust Small Cap Core AlphaDEX**<sup>®</sup> **Fund (FYX)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Construction & Engineering** <br> **— 1.3%**  |  |
| 11564 | Argan, Inc. | $2832949 |
| 23990 | Construction Partners, Inc., <br> Class A (a) | 2419392 |
| 27267 | Granite Construction, Inc. | 2575913 |
| 54505 | Tutor Perini Corp. (a) | 2624416 |
|  |  | 10452670 |
|  | **Construction Materials —** <br> **0.1%**  |  |
| 10219 | United States Lime & Minerals, <br> Inc. | 1017608 |
|  | **Consumer Finance — 1.9%**  |  |
| 35711 | Bread Financial Holdings, Inc. | 2189084 |
| 9499 | Dave, Inc. (a) | 2239864 |
| 39521 | Encore Capital Group, Inc. (a) | 1457535 |
| 22864 | Enova International, Inc. (a) | 2390660 |
| 84779 | LendingClub Corp. (a) | 1321705 |
| 144666 | Navient Corp. | 1871978 |
| 8420 | Nelnet, Inc., Class A | 1050563 |
| 86874 | PROG Holdings, Inc. | 2766068 |
|  |  | 15287457 |
|  | **Consumer Staples Distribution** <br> **& Retail — 1.5%**  |  |
| 69381 | Andersons (The), Inc. | 2492166 |
| 39958 | Chefs' Warehouse (The), Inc. (a) | 2739520 |
| 123175 | Grocery Outlet Holding <br> Corp. (a) | 1622215 |
| 9710 | PriceSmart, Inc. | 1043825 |
| 87507 | United Natural Foods, Inc. (a) | 2418693 |
| 28138 | Weis Markets, Inc. | 2037473 |
|  |  | 12353892 |
|  | **Containers & Packaging —** <br> **0.3%**  |  |
| 31386 | Greif, Inc., Class A | 1990814 |
| 34597 | O-I Glass, Inc. (a) | 450107 |
|  |  | 2440921 |
|  | **Diversified Consumer Services** <br> **— 1.5%**  |  |
| 2695 | Graham Holdings Co., Class B | 2571515 |
| 87244 | Laureate Education, Inc. (a) | 1971714 |
| 100038 | OneSpaWorld Holdings Ltd. | 2212841 |
| 46798 | Perdoceo Education Corp. | 1346846 |
| 17971 | Strategic Education, Inc. | 1332460 |
| 72539 | Udemy, Inc. (a) | 552022 |
| 75236 | Universal Technical Institute, <br> Inc. (a) | 2424104 |
|  |  | 12411502 |
|  | **Diversified REITs — 0.5%**  |  |
| 85801 | Alexander & Baldwin, Inc. | 1542702 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Diversified REITs (Continued)**  |  |
| 25820 | American Assets Trust, Inc. | $491355 |
| 95318 | Broadstone Net Lease, Inc. | 1547964 |
| 135085 | Global Net Lease, Inc. | 944244 |
|  |  | 4526265 |
|  | **Diversified Telecommunication** <br> **Services — 0.4%**  |  |
| 14928 | IDT Corp., Class B | 879408 |
| 50708 | Iridium Communications, Inc. | 1240318 |
| 163970 | Liberty Latin America Ltd., <br> Class C (a) | 1170746 |
|  |  | 3290472 |
|  | **Electric Utilities — 0.3%**  |  |
| 5766 | MGE Energy, Inc. | 489764 |
| 26460 | Otter Tail Corp. | 2042183 |
|  |  | 2531947 |
|  | **Electrical Equipment — 2.1%**  |  |
| 86432 | Array Technologies, Inc. (a) | 561808 |
| 28913 | Atkore, Inc. | 2226879 |
| 29728 | EnerSys | 2745975 |
| 98636 | Enovix Corp. (a) (c) | 1321722 |
| 497996 | Eos Energy Enterprises, <br> Inc. (a) (c) | 2838577 |
| 75998 | Fluence Energy, Inc. (a) (c) | 617104 |
| 64453 | NuScale Power Corp. (a) (c) | 3236185 |
| 12116 | Powell Industries, Inc. | 2872704 |
| 62341 | Sunrun, Inc. (a) | 639619 |
| 11242 | Vicor Corp. (a) | 499595 |
|  |  | 17560168 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 1.7%**  |  |
| 120270 | Arlo Technologies, Inc. (a) | 1948374 |
| 26266 | Benchmark Electronics, Inc. | 1011241 |
| 18922 | Crane NXT Co. | 1122832 |
| 14146 | ePlus, Inc. (a) | 916378 |
| 94741 | Mirion Technologies, Inc. (a) | 2117461 |
| 11339 | OSI Systems, Inc. (a) | 2506032 |
| 7352 | PAR Technology Corp. (a) | 446855 |
| 15505 | PC Connection, Inc. | 954953 |
| 7538 | Plexus Corp. (a) | 961095 |
| 14893 | Rogers Corp. (a) | 976683 |
| 12493 | TTM Technologies, Inc. (a) | 590294 |
| 32113 | Vishay Intertechnology, Inc. | 526332 |
|  |  | 14078530 |
|  | **Energy Equipment & Services** <br> **— 2.7%**  |  |
| 296827 | Expro Group Holdings N.V. (a) | 3199795 |
| 408612 | Helix Energy Solutions Group, <br> Inc. (a) | 2423069 |
| 168189 | Helmerich & Payne, Inc. | 2726344 |

---

See Notes to Financial Statements

------

**First Trust Small Cap Core AlphaDEX**<sup>®</sup> **Fund (FYX)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Energy Equipment & Services** <br> **(Continued)**  |  |
| 163236 | Innovex International, Inc. (a) | $2680335 |
| 222102 | Liberty Energy, Inc. | 2740739 |
| 24612 | Oceaneering International, <br> Inc. (a) | 534080 |
| 85994 | Patterson-UTI Energy, Inc. | 508224 |
| 539057 | RPC, Inc. | 2506615 |
| 22109 | Tidewater, Inc. (a) | 1105671 |
| 196891 | Transocean Ltd. (a) | 574922 |
| 60549 | Valaris Ltd. (a) | 2944498 |
|  |  | 21944292 |
|  | **Entertainment — 0.7%**  |  |
| 32710 | Atlanta Braves Holdings, Inc., <br> Class C (a) | 1457557 |
| 67587 | Cinemark Holdings, Inc. | 1816063 |
| 51034 | Madison Square Garden <br> Entertainment Corp. (a) | 1928575 |
| 12200 | Sphere Entertainment Co. (a) | 525210 |
|  |  | 5727405 |
|  | **Financial Services — 2.0%**  |  |
| 324807 | Compass Diversified Holdings | 2075517 |
| 28291 | EVERTEC, Inc. | 1022720 |
| 7875 | Federal Agricultural Mortgage <br> Corp., Class C | 1356626 |
| 43585 | Flywire Corp. (a) | 474641 |
| 87470 | Marqeta, Inc., Class A (a) | 498579 |
| 35749 | NCR Atleos Corp. (a) | 1093919 |
| 60434 | NMI Holdings, Inc. (a) | 2255397 |
| 74445 | Payoneer Global, Inc. (a) | 489104 |
| 14224 | Sezzle, Inc. (a) | 2202444 |
| 28942 | Walker & Dunlop, Inc. | 2170939 |
| 302819 | Western Union (The) Co. | 2437693 |
|  |  | 16077579 |
|  | **Food Products — 1.4%**  |  |
| 78647 | Fresh Del Monte Produce, Inc. | 2956341 |
| 892 | Seaboard Corp. | 2825125 |
| 15245 | Tootsie Roll Industries, Inc. | 578243 |
| 105036 | TreeHouse Foods, Inc. (a) | 2018792 |
| 40633 | Utz Brands, Inc. | 529448 |
| 39716 | Vital Farms, Inc. (a) | 1477435 |
| 63984 | WK Kellogg Co. | 1474831 |
|  |  | 11860215 |
|  | **Gas Utilities — 0.6%**  |  |
| 8484 | Chesapeake Utilities Corp. | 1017062 |
| 122363 | MDU Resources Group, Inc. | 2110762 |
| 51355 | Northwest Natural Holding Co. | 2050091 |
|  |  | 5177915 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Ground Transportation —** <br> **1.8%**  |  |
| 33109 | ArcBest Corp. | $2421261 |
| 15083 | Avis Budget Group, Inc. (a) | 2567730 |
| 373315 | Hertz Global Holdings, <br> Inc. (a) (c) | 2392949 |
| 117771 | Marten Transport Ltd. | 1432095 |
| 84463 | Schneider National, Inc., Class B | 2065120 |
| 100463 | Universal Logistics Holdings, <br> Inc. | 2404080 |
| 55915 | Werner Enterprises, Inc. | 1549964 |
|  |  | 14833199 |
|  | **Health Care Equipment &** <br> **Supplies — 2.1%**  |  |
| 183765 | Alphatec Holdings, Inc. (a) | 1944234 |
| 49191 | Artivion, Inc. (a) | 1520494 |
| 46684 | AtriCure, Inc. (a) | 1638608 |
| 39166 | CONMED Corp. | 2003341 |
| 13670 | Haemonetics Corp. (a) | 1012127 |
| 124681 | Integra LifeSciences Holdings <br> Corp. (a) | 1638308 |
| 16561 | iRhythm Technologies, Inc. (a) | 2321521 |
| 6140 | LeMaitre Vascular, Inc. | 498814 |
| 28649 | Novocure Ltd. (a) | 331469 |
| 34690 | Omnicell, Inc. (a) | 1075737 |
| 17694 | QuidelOrtho Corp. (a) | 407316 |
| 15221 | TransMedics Group, Inc. (a) | 1810842 |
| 6265 | UFP Technologies, Inc. (a) | 1418333 |
|  |  | 17621144 |
|  | **Health Care Providers &** <br> **Services — 2.5%**  |  |
| 270385 | AdaptHealth Corp. (a) | 2425354 |
| 8854 | Addus HomeCare Corp. (a) | 945430 |
| 145699 | Alignment Healthcare, Inc. (a) | 2007732 |
| 149325 | Ardent Health, Inc. (a) | 1582845 |
| 40993 | Astrana Health, Inc. (a) | 978093 |
| 182777 | Clover Health Investments <br> Corp. (a) | 528226 |
| 24791 | Concentra Group Holdings <br> Parent, Inc. | 495076 |
| 22098 | GeneDx Holdings Corp. (a) | 2252891 |
| 98636 | LifeStance Health Group, <br> Inc. (a) | 392571 |
| 19061 | National HealthCare Corp. | 1830428 |
| 93014 | Premier, Inc., Class A | 1997941 |
| 88687 | Privia Health Group, Inc. (a) | 1731170 |
| 23179 | Progyny, Inc. (a) | 544938 |
| 167967 | Select Medical Holdings Corp. | 2484232 |
| 6521 | U.S. Physical Therapy, Inc. | 477011 |
|  |  | 20673938 |

---

See Notes to Financial Statements

------

**First Trust Small Cap Core AlphaDEX**<sup>®</sup> **Fund (FYX)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Health Care Technology —** <br> **0.4%**  |  |
| 71672 | Phreesia, Inc. (a) | $1932277 |
| 50691 | Schrodinger, Inc. (a) | 1030548 |
|  |  | 2962825 |
|  | **Hotel & Resort REITs — 1.6%**  |  |
| 218487 | Apple Hospitality REIT, Inc. | 2567222 |
| 66573 | DiamondRock Hospitality Co. | 513944 |
| 249242 | Park Hotels & Resorts, Inc. | 2656920 |
| 204183 | Pebblebrook Hotel Trust | 2047955 |
| 350239 | RLJ Lodging Trust | 2591769 |
| 176249 | Sunstone Hotel Investors, Inc. | 1542179 |
| 81137 | Xenia Hotels & Resorts, Inc. | 1031251 |
|  |  | 12951240 |
|  | **Hotels, Restaurants & Leisure** <br> **— 2.7%**  |  |
| 40692 | Cheesecake Factory (The), <br> Inc. (c) | 2600626 |
| 16697 | Cracker Barrel Old Country <br> Store, Inc. (c) | 1035214 |
| 63584 | First Watch Restaurant Group, <br> Inc. (a) | 1099367 |
| 700958 | Krispy Kreme, Inc. (c) | 2537468 |
| 35262 | Marriott Vacations Worldwide <br> Corp. | 2625961 |
| 17698 | Monarch Casino & Resort, Inc. | 1822186 |
| 10419 | Papa John's International, Inc. | 441870 |
| 85609 | Penn Entertainment, Inc. (a) | 1546098 |
| 9801 | Red Rock Resorts, Inc., Class A | 601291 |
| 136898 | Rush Street Interactive, Inc. (a) | 2759864 |
| 484128 | Sabre Corp. (a) | 1466908 |
| 39523 | Travel + Leisure Co. | 2341738 |
| 21631 | United Parks & Resorts, Inc. (a) | 1023795 |
|  |  | 21902386 |
|  | **Household Durables — 2.1%**  |  |
| 45272 | Century Communities, Inc. | 2548361 |
| 40550 | Green Brick Partners, Inc. (a) | 2511667 |
| 89843 | Helen of Troy Ltd. (a) | 1974749 |
| 54877 | La-Z-Boy, Inc. | 1973926 |
| 49491 | LGI Homes, Inc. (a) | 2636385 |
| 22741 | M/I Homes, Inc. (a) | 2733241 |
| 79804 | Tri Pointe Homes, Inc. (a) | 2457963 |
|  |  | 16836292 |
|  | **Household Products — 0.7%**  |  |
| 65190 | Central Garden & Pet Co., <br> Class A (a) | 2315549 |
| 25295 | Energizer Holdings, Inc. | 569643 |
| 38487 | Spectrum Brands Holdings, Inc. | 2059439 |
| 2237 | WD-40 Co. | 479613 |
|  |  | 5424244 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Independent Power and** <br> **Renewable Electricity** <br>**Producers — 0.1%**  |  |
| 31872 | Clearway Energy, Inc., Class C | $1039983 |
|  | **Industrial REITs — 0.5%**  |  |
| 46174 | Innovative Industrial Properties, <br> Inc. | 2387196 |
| 185211 | LXP Industrial Trust | 1437237 |
|  |  | 3824433 |
|  | **Insurance — 3.4%**  |  |
| 23823 | Baldwin Insurance Group (The), <br> Inc. (a) | 877639 |
| 47419 | Brighthouse Financial, Inc. (a) | 2268999 |
| 43235 | Employers Holdings, Inc. | 1784741 |
| 196637 | Genworth Financial, Inc. (a) | 1545567 |
| 9666 | Goosehead Insurance, Inc., <br> Class A | 878736 |
| 117934 | Hamilton Insurance Group Ltd., <br> Class B (a) | 2534402 |
| 16752 | HCI Group, Inc. | 2345950 |
| 23735 | Horace Mann Educators Corp. | 1009450 |
| 58200 | Lemonade, Inc. (a) (c) | 2192976 |
| 15146 | Mercury General Corp. | 1048860 |
| 118925 | Oscar Health, Inc., <br> Class A (a) (c) | 1670896 |
| 16530 | Palomar Holdings, Inc. (a) | 2190060 |
| 12847 | Safety Insurance Group, Inc. | 903786 |
| 50020 | SiriusPoint Ltd. (a) | 980892 |
| 44120 | Skyward Specialty Insurance <br> Group, Inc. (a) | 2231590 |
| 23499 | Stewart Information Services <br> Corp. | 1525790 |
| 46065 | Trupanion, Inc. (a) | 2183942 |
|  |  | 28174276 |
|  | **Interactive Media & Services** <br> **— 1.1%**  |  |
| 45709 | Cargurus, Inc. (a) | 1500169 |
| 43034 | Cars.com, Inc. (a) | 553848 |
| 264221 | fuboTV, Inc. (a) (c) | 1051600 |
| 63347 | QuinStreet, Inc. (a) | 1039524 |
| 56787 | Rumble, Inc. (a) | 479282 |
| 78153 | TripAdvisor, Inc. (a) | 1366896 |
| 14880 | Yelp, Inc. (a) | 512318 |
| 84233 | Ziff Davis, Inc. (a) | 2621331 |
|  |  | 9124968 |
|  | **IT Services — 0.3%**  |  |
| 151921 | Applied Digital Corp. (a) (c) | 1996242 |
| 72231 | Fastly, Inc., Class A (a) | 490448 |
|  |  | 2486690 |
|  | **Leisure Products — 0.5%**  |  |
| 146959 | Peloton Interactive, Inc., <br> Class A (a) | 1049287 |

---

See Notes to Financial Statements

------

**First Trust Small Cap Core AlphaDEX**<sup>®</sup> **Fund (FYX)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Leisure Products (Continued)**  |  |
| 25089 | Polaris, Inc. | $1327459 |
| 48536 | YETI Holdings, Inc. (a) | 1783213 |
|  |  | 4159959 |
|  | **Life Sciences Tools & Services** <br> **— 0.3%**  |  |
| 218862 | Adaptive Biotechnologies <br> Corp. (a) | 2241147 |
| 16568 | Azenta, Inc. (a) | 541774 |
|  |  | 2782921 |
|  | **Machinery — 3.5%**  |  |
| 4671 | Alamo Group, Inc. | 1039671 |
| 14543 | Albany International Corp., <br> Class A | 788085 |
| 28004 | Atmus Filtration Technologies, <br> Inc. | 1089636 |
| 47260 | Blue Bird Corp. (a) | 2116775 |
| 12573 | Enerpac Tool Group Corp. | 484186 |
| 10631 | ESCO Technologies, Inc. | 2059225 |
| 55368 | Greenbrier (The) Cos., Inc. | 2519244 |
| 45845 | Helios Technologies, Inc. | 1682053 |
| 214263 | Hillman Solutions Corp. (a) | 1690535 |
| 88841 | Kennametal, Inc. | 2199703 |
| 7070 | Lindsay Corp. | 965126 |
| 63638 | Mueller Water Products, Inc., <br> Class A | 1575677 |
| 53577 | REV Group, Inc. | 2654740 |
| 3259 | Standex International Corp. | 536888 |
| 65630 | Symbotic, Inc. (a) (c) | 3540738 |
| 13163 | Tennant Co. | 1086474 |
| 43688 | Terex Corp. | 2221972 |
| 8013 | Worthington Enterprises, Inc. | 496566 |
|  |  | 28747294 |
|  | **Media — 1.2%**  |  |
| 238293 | Altice USA, Inc., Class A (a) | 619562 |
| 18774 | Cable One, Inc. | 2402697 |
| 34065 | DoubleVerify Holdings, Inc. (a) | 521876 |
| 61365 | Integral Ad Science Holding <br> Corp. (a) | 503193 |
| 22852 | John Wiley & Sons, Inc., <br> Class A | 882087 |
| 105710 | Magnite, Inc. (a) | 2432387 |
| 152132 | TEGNA, Inc. | 2540604 |
|  |  | 9902406 |
|  | **Metals & Mining — 1.5%**  |  |
| 18135 | Alpha Metallurgical Resources, <br> Inc. (a) | 2141199 |
| 172668 | Coeur Mining, Inc. (a) | 1500485 |
| 340533 | Hecla Mining Co. | 1954659 |
| 19147 | Kaiser Aluminum Corp. | 1480255 |
| 6425 | Materion Corp. | 676553 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Metals & Mining (Continued)**  |  |
| 44508 | Warrior Met Coal, Inc. | $2286821 |
| 68381 | Worthington Steel, Inc. | 2086988 |
|  |  | 12126960 |
|  | **Mortgage REITs — 1.6%**  |  |
| 52681 | Apollo Commercial Real Estate <br> Finance, Inc. | 506791 |
| 190635 | Arbor Realty Trust, Inc. (c) | 2127487 |
| 26490 | Blackstone Mortgage Trust, Inc., <br> Class A | 489535 |
| 183832 | Chimera Investment Corp. | 2457834 |
| 83461 | Dynex Capital, Inc. | 1038255 |
| 39258 | Ellington Financial, Inc. | 498184 |
| 189748 | Ladder Capital Corp. | 2072048 |
| 269528 | MFA Financial, Inc. | 2450009 |
| 158615 | PennyMac Mortgage Investment <br> Trust | 1870071 |
|  |  | 13510214 |
|  | **Multi-Utilities — 0.6%**  |  |
| 53749 | Avista Corp. | 2004838 |
| 49703 | Northwestern Energy Group, <br> Inc. | 2669051 |
|  |  | 4673889 |
|  | **Office REITs — 0.9%**  |  |
| 18490 | COPT Defense Properties | 504407 |
| 91882 | Easterly Government Properties, <br> Inc. | 2021404 |
| 65609 | Highwoods Properties, Inc. | 1903317 |
| 29477 | JBG SMITH Properties (c) | 624323 |
| 279806 | Piedmont Realty Trust, Inc. | 2115334 |
|  |  | 7168785 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 3.2%**  |  |
| 64734 | Calumet, Inc. (a) (c) | 1031860 |
| 13920 | Centrus Energy Corp., <br> Class A (a) | 2998368 |
| 10140 | Gulfport Energy Corp. (a) | 1765678 |
| 69894 | International Seaways, Inc. | 2788771 |
| 1185925 | Kosmos Energy Ltd. (a) | 2549739 |
| 89938 | Northern Oil & Gas, Inc. | 2532654 |
| 189995 | Peabody Energy Corp. | 3068419 |
| 300677 | Talos Energy, Inc. (a) | 2570789 |
| 299969 | Uranium Energy Corp. (a) | 2600731 |
| 158467 | Vital Energy, Inc. (a) | 2961748 |
| 35975 | World Kinect Corp. | 981038 |
|  |  | 25849795 |
|  | **Paper & Forest Products —** <br> **0.3%**  |  |
| 50892 | Sylvamo Corp. | 2344594 |

---

See Notes to Financial Statements

------

**First Trust Small Cap Core AlphaDEX**<sup>®</sup> **Fund (FYX)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Passenger Airlines — 0.4%**  |  |
| 18560 | Allegiant Travel Co. (a) | $958438 |
| 482220 | JetBlue Airways Corp. (a) | 2141057 |
|  |  | 3099495 |
|  | **Personal Care Products —** <br> **0.3%**  |  |
| 108917 | Edgewell Personal Care Co. | 2747976 |
|  | **Pharmaceuticals — 2.0%**  |  |
| 252137 | Amneal Pharmaceuticals, Inc. (a) | 1971711 |
| 111052 | Amphastar Pharmaceuticals, <br> Inc. (a) | 2326539 |
| 23446 | ANI Pharmaceuticals, Inc. (a) | 1485304 |
| 32276 | Harmony Biosciences Holdings, <br> Inc. (a) | 1135470 |
| 66791 | Harrow, Inc. (a) | 2121282 |
| 17944 | Ligand Pharmaceuticals, Inc. (a) | 2361072 |
| 109902 | Ocular Therapeutix, Inc. (a) | 1272665 |
| 19085 | Perrigo Co. PLC | 508997 |
| 12773 | Prestige Consumer Healthcare, <br> Inc. (a) | 944563 |
| 48536 | Supernus Pharmaceuticals, <br> Inc. (a) | 1703614 |
| 12588 | Tarsus Pharmaceuticals, Inc. (a) | 488666 |
|  |  | 16319883 |
|  | **Professional Services — 3.2%**  |  |
| 270290 | Alight, Inc., Class A | 1448754 |
| 48927 | Barrett Business Services, Inc. | 2249174 |
| 48239 | Concentrix Corp. | 2506981 |
| 8165 | CRA International, Inc. | 1442429 |
| 7808 | CSG Systems International, Inc. | 487688 |
| 92104 | First Advantage Corp. (a) | 1592478 |
| 14831 | Huron Consulting Group, Inc. (a) | 1958878 |
| 24080 | ICF International, Inc. | 2020071 |
| 49780 | Innodata, Inc. (a) (c) | 2732922 |
| 20862 | Korn Ferry | 1478490 |
| 57233 | Legalzoom.com, Inc. (a) | 514525 |
| 50490 | ManpowerGroup, Inc. | 2082713 |
| 417990 | Planet Labs PBC (a) | 2612437 |
| 27996 | UL Solutions, Inc., Class A | 2047068 |
| 75885 | Upwork, Inc. (a) | 907585 |
|  |  | 26082193 |
|  | **Real Estate Management &** <br> **Development — 0.7%**  |  |
| 127487 | Forestar Group, Inc. (a) | 3161678 |
| 15109 | Howard Hughes Holdings, <br> Inc. (a) | 1038442 |
| 83942 | Newmark Group, Inc., Class A | 1273400 |
| 10691 | St. Joe (The) Co. | 539895 |
|  |  | 6013415 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Residential REITs — 0.1%**  |  |
| 58953 | Apartment Investment and <br> Management Co., Class A | $495795 |
| 32072 | Elme Communities | 483646 |
|  |  | 979441 |
|  | **Retail REITs — 0.2%**  |  |
| 60241 | NETSTREIT Corp. | 1098193 |
| 16677 | Tanger, Inc. | 500644 |
|  |  | 1598837 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 2.0%**  |  |
| 59067 | ACM Research, Inc., Class A (a) | 1793274 |
| 19873 | Alpha & Omega Semiconductor <br> Ltd. (a) | 506165 |
| 23157 | Ambarella, Inc. (a) | 1530446 |
| 21952 | Axcelis Technologies, Inc. (a) | 1485931 |
| 19283 | Diodes, Inc. (a) | 952002 |
| 14820 | FormFactor, Inc. (a) | 421036 |
| 4591 | Impinj, Inc. (a) | 709677 |
| 135408 | Photronics, Inc. (a) | 2756907 |
| 9122 | Power Integrations, Inc. | 442599 |
| 42998 | Rigetti Computing, Inc. (a) (c) | 623471 |
| 31468 | Synaptics, Inc. (a) | 1973044 |
| 67783 | Ultra Clean Holdings, Inc. (a) | 1526473 |
| 75287 | Veeco Instruments, Inc. (a) | 1564464 |
|  |  | 16285489 |
|  | **Software — 3.8%**  |  |
| 105416 | A10 Networks, Inc. | 1941763 |
| 72128 | Adeia, Inc. | 934058 |
| 8896 | Agilysys, Inc. (a) | 1014856 |
| 9015 | Alarm.com Holdings, Inc. (a) | 492490 |
| 33838 | Alkami Technology, Inc. (a) | 754249 |
| 123375 | Amplitude, Inc., Class A (a) | 1508876 |
| 17078 | Appian Corp., Class A (a) | 471524 |
| 105635 | AvePoint, Inc. (a) | 2015516 |
| 7942 | Blackbaud, Inc. (a) | 535450 |
| 213367 | Cipher Mining, Inc. (a) | 1164984 |
| 138698 | Cleanspark, Inc. (a) | 1576996 |
| 73479 | Clear Secure, Inc., Class A | 2161017 |
| 89621 | Core Scientific, Inc. (a) (c) | 1213468 |
| 30372 | Klaviyo, Inc., Class A (a) | 944569 |
| 39077 | Life360, Inc. (a) | 2992907 |
| 61737 | LiveRamp Holdings, Inc. (a) | 2026208 |
| 134197 | NextNav, Inc. (a) | 1984774 |
| 31952 | Progress Software Corp. | 1536252 |
| 53962 | RingCentral, Inc., Class A (a) | 1375491 |
| 120555 | Sprinklr, Inc., Class A (a) | 1086201 |
| 45715 | Teradata Corp. (a) | 956815 |
| 116427 | Terawulf, Inc. (a) | 600763 |
| 77775 | Verint Systems, Inc. (a) | 1655052 |
|  |  | 30944279 |

---

See Notes to Financial Statements

------

**First Trust Small Cap Core AlphaDEX**<sup>®</sup> **Fund (FYX)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Specialized REITs — 0.6%**  |  |
| 26259 | EPR Properties | $1445295 |
| 31247 | Outfront Media, Inc. | 547760 |
| 13290 | PotlatchDeltic Corp. | 543428 |
| 131092 | Safehold, Inc. | 1833977 |
| 118043 | Uniti Group, Inc. (a) | 627989 |
|  |  | 4998449 |
|  | **Specialty Retail — 2.3%**  |  |
| 56901 | Academy Sports & Outdoors, <br> Inc. | 2890002 |
| 265045 | American Eagle Outfitters, Inc. | 2862486 |
| 33734 | Buckle (The), Inc. | 1665448 |
| 25434 | Revolve Group, Inc. (a) | 527755 |
| 275350 | Sally Beauty Holdings, Inc. (a) | 2681909 |
| 6410 | Signet Jewelers Ltd. | 507031 |
| 19140 | Sonic Automotive, Inc., Class A | 1384779 |
| 81266 | Upbound Group, Inc. | 1676924 |
| 110140 | Victoria's Secret & Co. (a) | 2070632 |
| 69760 | Warby Parker, Inc., Class A (a) | 1670752 |
| 1350 | Winmark Corp. | 509517 |
|  |  | 18447235 |
|  | **Technology Hardware, Storage** <br> **& Peripherals — 0.4%**  |  |
| 108576 | CompoSecure, Inc., <br> Class A (a) (c) | 1542865 |
| 9206 | Diebold Nixdorf, Inc. (a) | 518206 |
| 79804 | Quantum Computing, Inc. (a) (c) | 1184291 |
|  |  | 3245362 |
|  | **Textiles, Apparel & Luxury** <br> **Goods — 1.5%**  |  |
| 84625 | Carter's, Inc. | 2051310 |
| 113827 | G-III Apparel Group Ltd. (a) | 2686317 |
| 55159 | Levi Strauss & Co., Class A | 1086081 |
| 63347 | Oxford Industries, Inc. | 2418588 |
| 85062 | Steven Madden Ltd. | 2041913 |
| 84615 | Wolverine World Wide, Inc. | 1910607 |
|  |  | 12194816 |
|  | **Tobacco — 0.5%**  |  |
| 26921 | Turning Point Brands, Inc. | 2232828 |
| 35024 | Universal Corp. | 1907757 |
|  |  | 4140585 |
|  | **Trading Companies &** <br> **Distributors — 1.5%**  |  |
| 309684 | Custom Truck One Source, <br> Inc. (a) | 1916944 |
| 37127 | Distribution Solutions Group, <br> Inc. (a) | 1112696 |
| 103159 | DNOW, Inc. (a) | 1605154 |
| 29090 | DXP Enterprises, Inc. (a) | 3294733 |
| 8795 | McGrath RentCorp | 1097528 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Trading Companies &** <br> **Distributors (Continued)**  |  |
| 7143 | Willis Lease Finance Corp. | $1011306 |
| 60367 | Xometry, Inc., Class A (a) | 1952269 |
|  |  | 11990630 |
|  | **Water Utilities — 0.5%**  |  |
| 6652 | American States Water Co. | 489521 |
| 33637 | California Water Service Group | 1529474 |
| 39250 | H2O America | 1895383 |
|  |  | 3914378 |
|  | **Wireless Telecommunication** <br> **Services — 0.2%**  |  |
| 28665 | Telephone and Data Systems, <br> Inc. | 1119082 |
| 7971 | United States Cellular Corp. (a) | 581325 |
|  |  | 1700407 |
|  | **Total Common Stocks** | 816280394 |
|  | (Cost $747,362,476) |  |
| **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** |
| 1597641 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 4.16% (d) | 1597641 |
|  | (Cost $1,597,641) |  |

---

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 4.0%** | **REPURCHASE AGREEMENTS — 4.0%** | **REPURCHASE AGREEMENTS — 4.0%** |
| $9135680 | Bank of America Corp., <br> 4.36% (d), dated 07/31/25, <br> due 08/01/25, with a maturity <br> value of $9,136,786. <br> Collateralized by <br> U.S. Treasury Note, interest <br> rate of 3.88%, due 07/31/27. <br> The value of the collateral <br> including accrued interest is <br> $9,318,395. (e) | 9135680 |
| 1891247 | Daiwa Capital Markets America, <br> Inc., 4.36% (d), dated <br> 07/31/25, due 08/01/25, with a <br> maturity value of $1,891,476. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.00% to <br> 6.00%, due 08/14/25 to <br> 05/15/47. The value of the <br> collateral including accrued <br> interest is $1,929,072. (e) | 1891247 |

---

See Notes to Financial Statements

------

**First Trust Small Cap Core AlphaDEX**<sup>®</sup> **Fund (FYX)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS (Continued)** | **REPURCHASE AGREEMENTS (Continued)** | **REPURCHASE AGREEMENTS (Continued)** |
| $12528464 | JPMorgan Chase & Co., <br> 4.36% (d), dated 07/31/25, <br> due 08/01/25, with a maturity <br> value of $12,529,981. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.13% to <br> 4.75%, due 02/15/41 to <br> 08/15/52. The value of the <br> collateral including accrued <br> interest is $12,779,033. (e) | $12528464 |
| 8856564 | Mizuho Financial Group, Inc., <br> 4.36% (d), dated 07/31/25, <br> due 08/01/25, with a maturity <br> value of $8,857,637. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.38% to <br> 4.25%, due 06/30/27 to <br> 06/30/31. The value of the <br> collateral including accrued <br> interest is $9,033,699. (e) | 8856564 |
|  | **Total Repurchase Agreements** | 32411955 |
|  | (Cost $32,411,955) |  |
|  | **Total Investments — 104.0%** | 850289990 |
|  | (Cost $781,372,072) |  |
|  | **Net Other Assets and** <br> **Liabilities — (4.0)%** | (32647070)<br>|
|  | **Net Assets — 100.0%** | $817642920 |

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) All
 or a portion of this security is on loan (see Note 2D - 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 $31,682,250 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $32,411,955.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Rate
 shown reflects yield as of July 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> REITs – Real Estate Investment Trusts

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of July 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>**7/31/2025**<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\* | $816280394 | $816280394 | $— | $— |
| Money Market <br> Funds<br>| 1597641 | 1597641 |  |  |
| Repurchase <br> Agreements<br>| 32411955 |  | 32411955 |  |
| Total Investments | $850289990 | $817878035 | $32411955 | $— |

---

&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>| $31682250 |
| Non-cash Collateral<sup>(2)</sup> <br>| (31682250)<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 July 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. 

See Notes to Financial Statements

------

**First Trust Small Cap Core AlphaDEX**<sup>®</sup> **Fund (FYX)**

**Portfolio of Investments (Continued)**

**July 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>| $32411955 |
| Non-cash Collateral<sup>(4)</sup> <br>| (32411955)<br>|
| Net Amount | $— |

---

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

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

<sup>(4)</sup> At July 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 Large Cap Value AlphaDEX**<sup>®</sup> **Fund (FTA)**

**Portfolio of Investments**

**July 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
|  | **Aerospace & Defense — 1.1%**  |  |
| 13530 | General Dynamics Corp. | $4216083 |
| 7658 | L3Harris Technologies, Inc. | 2104572 |
| 4148 | Lockheed Martin Corp. | 1746225 |
| 7894 | Northrop Grumman Corp. | 4551759 |
|  |  | 12618639 |
|  | **Air Freight & Logistics —** <br> **1.7%**  |  |
| 16819 | Expeditors International of <br> Washington, Inc. | 1955040 |
| 43406 | FedEx Corp. | 9700807 |
| 78199 | United Parcel Service, Inc., <br> Class B | 6737626 |
|  |  | 18393473 |
|  | **Automobiles — 1.9%**  |  |
| 909368 | Ford Motor Co. | 10066704 |
| 200502 | General Motors Co. | 10694776 |
|  |  | 20761480 |
|  | **Banks — 6.6%**  |  |
| 83404 | Bank of America Corp. | 3942507 |
| 92730 | Citigroup, Inc. | 8688801 |
| 176388 | Citizens Financial Group, Inc. | 8417235 |
| 140146 | Fifth Third Bancorp | 5825869 |
| 470961 | Huntington Bancshares, Inc. | 7737889 |
| 29713 | M&T Bank Corp. | 5606843 |
| 21172 | PNC Financial Services Group <br> (The), Inc. | 4028397 |
| 335601 | Regions Financial Corp. | 8500773 |
| 183609 | Truist Financial Corp. | 8025549 |
| 127386 | U.S. Bancorp | 5727275 |
| 71944 | Wells Fargo & Co. | 5800845 |
|  |  | 72301983 |
|  | **Beverages — 0.7%**  |  |
| 214202 | Brown-Forman Corp., <br> Class B (a) | 6179728 |
| 14553 | PepsiCo, Inc. | 2007150 |
|  |  | 8186878 |
|  | **Biotechnology — 2.0%**  |  |
| 78561 | Biogen, Inc. (b) | 10055808 |
| 17331 | Gilead Sciences, Inc. | 1946098 |
| 18792 | Regeneron Pharmaceuticals, Inc. | 10250284 |
|  |  | 22252190 |
|  | **Building Products — 1.5%**  |  |
| 84555 | Builders FirstSource, Inc. (b) | 10749477 |
| 5144 | Carlisle Cos., Inc. | 1824629 |
| 29855 | Masco Corp. | 2034021 |
| 13972 | Owens Corning | 1948116 |
|  |  | 16556243 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Capital Markets — 3.1%**  |  |
| 63265 | Bank of New York Mellon (The) <br> Corp. | $6418234 |
| 37383 | Carlyle Group (The), Inc. | 2267653 |
| 72162 | Jefferies Financial Group, Inc. | 4160861 |
| 12528 | Raymond James Financial, Inc. | 2093805 |
| 74227 | State Street Corp. | 8294867 |
| 102245 | T. Rowe Price Group, Inc. | 10372755 |
|  |  | 33608175 |
|  | **Chemicals — 3.0%**  |  |
| 107245 | CF Industries Holdings, Inc. | 9955553 |
| 298086 | Dow, Inc. | 6942423 |
| 170528 | LyondellBasell Industries N.V., <br> Class A | 9878687 |
| 34695 | PPG Industries, Inc. | 3660323 |
| 17492 | RPM International, Inc. | 2053736 |
|  |  | 32490722 |
|  | **Consumer Finance — 0.7%**  |  |
| 118271 | Synchrony Financial | 8239941 |
|  | **Consumer Staples Distribution** <br> **& Retail — 1.8%**  |  |
| 34506 | Dollar General Corp. | 3619679 |
| 80360 | Kroger (The) Co. | 5633236 |
| 100016 | Target Corp. | 10051608 |
|  |  | 19304523 |
|  | **Containers & Packaging —** <br> **1.4%**  |  |
| 22492 | Avery Dennison Corp. | 3773483 |
| 34256 | Ball Corp. | 1961498 |
| 84277 | International Paper Co. | 3939107 |
| 30588 | Packaging Corp. of America | 5926425 |
|  |  | 15600513 |
|  | **Distributors — 0.2%**  |  |
| 15839 | Genuine Parts Co. | 2041330 |
|  | **Diversified Telecommunication** <br> **Services — 1.6%**  |  |
| 272748 | AT&T, Inc. | 7476022 |
| 228026 | Verizon Communications, Inc. | 9750392 |
|  |  | 17226414 |
|  | **Electric Utilities — 5.8%**  |  |
| 95323 | Alliant Energy Corp. | 6196948 |
| 55552 | American Electric Power Co., <br> Inc. | 6285153 |
| 66891 | Duke Energy Corp. | 8136621 |
| 191213 | Edison International | 9966022 |
| 124070 | Eversource Energy | 8201027 |
| 181789 | Exelon Corp. | 8169598 |
| 143174 | FirstEnergy Corp. | 6114962 |
| 11965 | NRG Energy, Inc. | 2000548 |
| 115908 | Xcel Energy, Inc. | 8512283 |
|  |  | 63583162 |

---

See Notes to Financial Statements

------

**First Trust Large Cap Value AlphaDEX**<sup>®</sup> **Fund (FTA)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 1.0%**  |  |
| 3751 | Teledyne Technologies, Inc. (b) | $2066876 |
| 103886 | Trimble, Inc. (b) | 8714997 |
|  |  | 10781873 |
|  | **Energy Equipment & Services** <br> **— 1.9%**  |  |
| 484134 | Halliburton Co. | 10844602 |
| 291913 | Schlumberger N.V. | 9866659 |
|  |  | 20711261 |
|  | **Entertainment — 0.3%**  |  |
| 31827 | Walt Disney (The) Co. | 3790914 |
|  | **Financial Services — 2.6%**  |  |
| 20312 | Berkshire Hathaway, Inc., <br> Class B (b) | 9584827 |
| 116198 | Block, Inc. (b) | 8977457 |
| 123272 | Global Payments, Inc. | 9855596 |
|  |  | 28417880 |
|  | **Food Products — 3.7%**  |  |
| 149551 | Archer-Daniels-Midland Co. | 8102673 |
| 152351 | General Mills, Inc. | 7462152 |
| 11577 | Hershey (The) Co. | 2154827 |
| 130468 | Hormel Foods Corp. | 3664846 |
| 382131 | Kraft Heinz (The) Co. | 10493317 |
| 176381 | Tyson Foods, Inc., Class A | 9224727 |
|  |  | 41102542 |
|  | **Gas Utilities — 0.5%**  |  |
| 37402 | Atmos Energy Corp. | 5831720 |
|  | **Ground Transportation —** <br> **2.2%**  |  |
| 120952 | CSX Corp. | 4298634 |
| 40142 | J.B. Hunt Transport Services, <br> Inc. | 5782455 |
| 22519 | Norfolk Southern Corp. | 6260282 |
| 11838 | Old Dominion Freight Line, Inc. | 1766822 |
| 42301 | Uber Technologies, Inc. (b) | 3711913 |
| 8351 | Union Pacific Corp. | 1853671 |
|  |  | 23673777 |
|  | **Health Care Equipment &** <br> **Supplies — 2.8%**  |  |
| 42382 | Abbott Laboratories | 5348185 |
| 22914 | Becton Dickinson & Co. | 4084420 |
| 27001 | Cooper (The) Cos., Inc. (b) | 1908701 |
| 53281 | GE HealthCare Technologies, <br> Inc. | 3800001 |
| 29487 | Hologic, Inc. (b) | 1970321 |
| 45275 | Medtronic PLC | 4085616 |
| 108175 | Zimmer Biomet Holdings, Inc. | 9914239 |
|  |  | 31111483 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Health Care Providers &** <br> **Services — 4.3%**  |  |
| 181773 | Centene Corp. (b) | $4738822 |
| 11939 | Cigna Group (The) | 3192250 |
| 114428 | CVS Health Corp. | 7105979 |
| 20293 | Elevance Health, Inc. | 5744542 |
| 10302 | HCA Healthcare, Inc. | 3646805 |
| 32287 | Humana, Inc. | 8067553 |
| 7320 | Labcorp Holdings, Inc. | 1903786 |
| 19349 | Molina Healthcare, Inc. (b) | 3054627 |
| 21971 | Quest Diagnostics, Inc. | 3678165 |
| 25301 | UnitedHealth Group, Inc. | 6314117 |
|  |  | 47446646 |
|  | **Health Care REITs — 0.8%**  |  |
| 108678 | Alexandria Real Estate Equities, <br> Inc. | 8306260 |
|  | **Household Durables — 3.4%**  |  |
| 76534 | D.R. Horton, Inc. | 10932117 |
| 89201 | Lennar Corp., Class A | 10006568 |
| 780 | NVR, Inc. (b) | 5888602 |
| 93557 | PulteGroup, Inc. | 10564456 |
|  |  | 37391743 |
|  | **Household Products — 0.3%**  |  |
| 30613 | Kimberly-Clark Corp. | 3814992 |
|  | **Industrial Conglomerates —** <br> **0.2%**  |  |
| 12622 | 3M Co. | 1883455 |
|  | **Industrial REITs — 0.4%**  |  |
| 37545 | Prologis, Inc. | 4009055 |
|  | **Insurance — 7.0%**  |  |
| 18218 | Aflac, Inc. | 1810141 |
| 19604 | Allstate (The) Corp. | 3984513 |
| 92221 | American International Group, <br> Inc. | 7159116 |
| 108365 | Arch Capital Group Ltd. | 9325892 |
| 19894 | Chubb Ltd. | 5292600 |
| 38707 | Cincinnati Financial Corp. | 5709670 |
| 11613 | Everest Group Ltd. | 3899645 |
| 102821 | Fidelity National Financial, Inc. | 5802189 |
| 45436 | Hartford Insurance Group (The), <br> Inc. | 5651784 |
| 86115 | Loews Corp. | 7796852 |
| 3952 | Markel Group, Inc. (b) | 7936762 |
| 23892 | MetLife, Inc. | 1814597 |
| 24190 | Principal Financial Group, Inc. | 1882708 |
| 17884 | Prudential Financial, Inc. | 1852425 |
| 9685 | Reinsurance Group of America, <br> Inc. | 1863878 |
| 14751 | Travelers (The) Cos., Inc. | 3838800 |
| 26152 | W.R. Berkley Corp. | 1799519 |
|  |  | 77421091 |

---

See Notes to Financial Statements

------

**First Trust Large Cap Value AlphaDEX**<sup>®</sup> **Fund (FTA)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **IT Services — 1.3%**  |  |
| 6429 | Accenture PLC, Class A | $1717186 |
| 72269 | Akamai Technologies, Inc. (b) | 5514847 |
| 101158 | Cognizant Technology Solutions <br> Corp., Class A | 7259098 |
|  |  | 14491131 |
|  | **Life Sciences Tools & Services** <br> **— 2.1%**  |  |
| 733034 | Avantor, Inc. (b) | 9851977 |
| 25044 | IQVIA Holdings, Inc. (b) | 4654678 |
| 40804 | Revvity, Inc. | 3586672 |
| 9734 | Thermo Fisher Scientific, Inc. | 4552397 |
|  |  | 22645724 |
|  | **Machinery — 2.8%**  |  |
| 53848 | Dover Corp. | 9754027 |
| 110573 | Fortive Corp. | 5299764 |
| 10945 | IDEX Corp. | 1789617 |
| 83034 | PACCAR, Inc. | 8200438 |
| 18523 | Snap-on, Inc. | 5949402 |
|  |  | 30993248 |
|  | **Media — 2.3%**  |  |
| 9653 | Charter Communications, Inc., <br> Class A (b) | 2600132 |
| 276455 | Comcast Corp., Class A | 9186600 |
| 102859 | Fox Corp., Class A | 5735418 |
| 109720 | Omnicom Group, Inc. | 7905326 |
|  |  | 25427476 |
|  | **Metals & Mining — 2.9%**  |  |
| 169356 | Newmont Corp. | 10517008 |
| 60934 | Nucor Corp. | 8717827 |
| 18363 | Reliance, Inc. | 5327657 |
| 61661 | Steel Dynamics, Inc. | 7865477 |
|  |  | 32427969 |
|  | **Multi-Utilities — 3.9%**  |  |
| 60019 | Ameren Corp. | 6069721 |
| 107423 | CenterPoint Energy, Inc. | 4170161 |
| 83202 | CMS Energy Corp. | 6140308 |
| 78658 | Consolidated Edison, Inc. | 8141103 |
| 101984 | Dominion Energy, Inc. | 5960965 |
| 59591 | DTE Energy Co. | 8247990 |
| 37877 | WEC Energy Group, Inc. | 4131623 |
|  |  | 42861871 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 9.1%**  |  |
| 68905 | Chevron Corp. | 10448754 |
| 109948 | ConocoPhillips | 10482442 |
| 388758 | Coterra Energy, Inc. | 9481808 |
| 310173 | Devon Energy Corp. | 10303947 |
| 71811 | Diamondback Energy, Inc. | 10675423 |
| 82489 | EOG Resources, Inc. | 9900330 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Oil, Gas & Consumable Fuels** <br> **(Continued)**  |  |
| 67674 | EQT Corp. | $3637477 |
| 91529 | Exxon Mobil Corp. | 10218298 |
| 23761 | Marathon Petroleum Corp. | 4043885 |
| 234863 | Occidental Petroleum Corp. | 10319880 |
| 48316 | Phillips 66 | 5970891 |
| 29360 | Valero Energy Corp. | 4031422 |
|  |  | 99514557 |
|  | **Passenger Airlines — 0.5%**  |  |
| 177689 | Southwest Airlines Co. | 5495921 |
|  | **Pharmaceuticals — 2.5%**  |  |
| 124524 | Bristol-Myers Squibb Co. | 5393134 |
| 37735 | Johnson & Johnson | 6216464 |
| 99712 | Merck & Co., Inc. | 7789501 |
| 325633 | Pfizer, Inc. | 7583993 |
|  |  | 26983092 |
|  | **Professional Services — 1.3%**  |  |
| 37902 | Booz Allen Hamilton Holding <br> Corp. | 4068022 |
| 36539 | Leidos Holdings, Inc. | 5833451 |
| 47667 | SS&C Technologies Holdings, <br> Inc. | 4074575 |
|  |  | 13976048 |
|  | **Retail REITs — 0.5%**  |  |
| 274225 | Kimco Realty Corp. | 5821797 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 1.9%**  |  |
| 10495 | Applied Materials, Inc. | 1889730 |
| 64044 | Micron Technology, Inc. | 6989762 |
| 8793 | NXP Semiconductors N.V. | 1879680 |
| 36660 | ON Semiconductor Corp. (b) | 2066158 |
| 36195 | QUALCOMM, Inc. | 5311978 |
| 21368 | Teradyne, Inc. | 2295564 |
|  |  | 20432872 |
|  | **Software — 0.3%**  |  |
| 50611 | Zoom Communications, Inc. (b) | 3747745 |
|  | **Specialty Retail — 1.3%**  |  |
| 85865 | Best Buy Co., Inc. | 5586377 |
| 8660 | Lowe's Cos., Inc. | 1936116 |
| 15061 | Ross Stores, Inc. | 2056429 |
| 8437 | Ulta Beauty, Inc. (b) | 4345139 |
|  |  | 13924061 |
|  | **Technology Hardware, Storage** <br> **& Peripherals — 2.5%**  |  |
| 15673 | Dell Technologies, Inc., Class C | 2079650 |
| 482475 | Hewlett Packard Enterprise Co. | 9982408 |
| 235657 | HP, Inc. | 5844294 |
| 123351 | Western Digital Corp. | 9706490 |
|  |  | 27612842 |

---

See Notes to Financial Statements

------

**First Trust Large Cap Value AlphaDEX**<sup>®</sup> **Fund (FTA)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Water Utilities — 0.2%**  |  |
| 13812 | American Water Works Co., Inc. | $1936995 |
|  | **Total Common Stocks** | 1097153707 |
|  | (Cost $1,054,499,588) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 932781 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 4.16% (c) | 932781 |
|  | (Cost $932,781) |  |

---

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 0.1%** | **REPURCHASE AGREEMENTS — 0.1%** | **REPURCHASE AGREEMENTS — 0.1%** |
| $396361 | Bank of America Corp., <br> 4.36% (c), dated 07/31/25, due <br> 08/01/25, with a maturity <br> value of $396,409. <br> Collateralized by <br> U.S. Treasury Note, interest <br> rate of 3.88%, due 07/31/27. <br> The value of the collateral <br> including accrued interest is <br> $404,288. (d) | 396361 |
| 82055 | Daiwa Capital Markets America, <br> Inc., 4.36% (c), dated <br> 07/31/25, due 08/01/25, with a <br> maturity value of $82,065. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.00% to <br> 6.00%, due 08/14/25 to <br> 05/15/47. The value of the <br> collateral including accrued <br> interest is $83,696. (d) | 82055 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Value** |
| $543560 | JPMorgan Chase & Co., <br> 4.36% (c), dated 07/31/25, due <br> 08/01/25, with a maturity <br> value of $543,626. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.13% to <br> 4.75%, due 02/15/41 to <br> 08/15/52. The value of the <br> collateral including accrued <br> interest is $554,431. (d) | $543560 |
| 384254 | Mizuho Financial Group, Inc., <br> 4.36% (c), dated 07/31/25, due <br> 08/01/25, with a maturity <br> value of $384,301. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.38% to <br> 4.25%, due 06/30/27 to <br> 06/30/31. The value of the <br> collateral including accrued <br> interest is $391,939. (d) | 384254 |
|  | **Total Repurchase Agreements** | 1406230 |
|  | (Cost $1,406,230) |  |
|  | **Total Investments — 100.1%** | 1099492718 |
|  | (Cost $1,056,838,599) |  |
|  | **Net Other Assets and** <br> **Liabilities — (0.1)%** | (1194429)<br>|
|  | **Net Assets — 100.0%** | $1098298289 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 or a portion of this security is on loan (see Note 2D - 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 $1,352,315 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $1,406,230.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Rate
 shown reflects yield as of July 31, 2025.

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

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

Abbreviations throughout the Portfolio of Investments: <br> REITs – Real Estate Investment Trusts

See Notes to Financial Statements

------

**First Trust Large Cap Value AlphaDEX**<sup>®</sup> **Fund (FTA)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of July 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>**7/31/2025**<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\* | $1097153707 | $1097153707 | $— | $— |
| Money Market <br> Funds<br>| 932781 | 932781 |  |  |
| Repurchase <br> Agreements<br>| 1406230 |  | 1406230 |  |
| Total Investments | $1099492718 | $1098086488 | $1406230 | $— |

---

&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>| $1352315 |
| Non-cash Collateral<sup>(2)</sup> <br>| (1352315)<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 July 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. 

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>| $1406230 |
| Non-cash Collateral<sup>(4)</sup> <br>| (1406230)<br>|
| Net Amount | $— |

---

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

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

<sup>(4)</sup> At July 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 Large Cap Growth AlphaDEX**<sup>®</sup> **Fund (FTC)**

**Portfolio of Investments**

**July 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** |
|  | **Aerospace & Defense — 2.9%**  |  |
| 12859 | Axon Enterprise, Inc. (a) | $9714846 |
| 25967 | HEICO Corp. | 8486016 |
| 57200 | Howmet Aerospace, Inc. | 10282844 |
| 4090 | TransDigm Group, Inc. | 6578601 |
|  |  | 35062307 |
|  | **Automobiles — 0.2%**  |  |
| 6527 | Tesla, Inc. (a) | 2012078 |
|  | **Banks — 1.2%**  |  |
| 2177 | First Citizens BancShares, Inc., <br> Class A | 4342592 |
| 36724 | JPMorgan Chase & Co. | 10879118 |
|  |  | 15221710 |
|  | **Beverages — 0.6%**  |  |
| 29304 | Coca-Cola (The) Co. | 1989449 |
| 99295 | Monster Beverage Corp. (a) | 5833581 |
|  |  | 7823030 |
|  | **Biotechnology — 1.9%**  |  |
| 26120 | Alnylam Pharmaceuticals, <br> Inc. (a) | 10245309 |
| 7425 | Amgen, Inc. | 2191117 |
| 50416 | Natera, Inc. (a) | 6738603 |
| 33883 | Neurocrine Biosciences, Inc. (a) | 4344817 |
|  |  | 23519846 |
|  | **Broadline Retail — 2.3%**  |  |
| 28351 | Amazon.com, Inc. (a) | 6637253 |
| 355361 | Coupang, Inc. (a) | 10458274 |
| 114387 | eBay, Inc. | 10495007 |
|  |  | 27590534 |
|  | **Building Products — 2.2%**  |  |
| 84983 | Carrier Global Corp. | 5831534 |
| 80641 | Johnson Controls <br> International PLC | 8467305 |
| 3616 | Lennox International, Inc. | 2202144 |
| 24340 | Trane Technologies PLC | 10662867 |
|  |  | 27163850 |
|  | **Capital Markets — 10.8%**  |  |
| 15958 | Ameriprise Financial, Inc. | 8269276 |
| 11970 | Ares Management Corp., <br> Class A | 2220794 |
| 4058 | Blackrock, Inc. | 4488189 |
| 13861 | Blackstone, Inc. | 2397398 |
| 36522 | Cboe Global Markets, Inc. | 8803263 |
| 22567 | CME Group, Inc. | 6279945 |
| 30376 | Coinbase Global, Inc., <br> Class A (a) | 11474838 |
| 15043 | Goldman Sachs Group (The), <br> Inc. | 10884964 |
| 192142 | Interactive Brokers Group, Inc., <br> Class A | 12596829 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Capital Markets (Continued)**  |  |
| 28393 | LPL Financial Holdings, Inc. | $11235962 |
| 8490 | Moody's Corp. | 4378548 |
| 60467 | Morgan Stanley | 8614129 |
| 3595 | MSCI, Inc. | 2018089 |
| 119063 | Nasdaq, Inc. | 11456242 |
| 83971 | Northern Trust Corp. | 10916230 |
| 113709 | Robinhood Markets, Inc., <br> Class A (a) | 11717712 |
| 8076 | S&P Global, Inc. | 4450684 |
|  |  | 132203092 |
|  | **Chemicals — 0.5%**  |  |
| 15805 | Ecolab, Inc. | 4137117 |
| 6038 | Sherwin-Williams (The) Co. | 1997853 |
|  |  | 6134970 |
|  | **Commercial Services &** <br> **Supplies — 1.7%**  |  |
| 27908 | Cintas Corp. | 6210925 |
| 25221 | Republic Services, Inc. | 5817224 |
| 75481 | Rollins, Inc. | 4322797 |
| 18612 | Waste Management, Inc. | 4265126 |
|  |  | 20616072 |
|  | **Communications Equipment** <br> **— 1.8%**  |  |
| 41624 | Arista Networks, Inc. (a) | 5128909 |
| 122763 | Cisco Systems, Inc. | 8357705 |
| 28939 | F5, Inc. (a) | 9070062 |
|  |  | 22556676 |
|  | **Construction & Engineering** <br> **— 3.1%**  |  |
| 19855 | Comfort Systems USA, Inc. | 13964022 |
| 19905 | EMCOR Group, Inc. | 12490188 |
| 28159 | Quanta Services, Inc. | 11436215 |
|  |  | 37890425 |
|  | **Construction Materials —** <br> **0.4%**  |  |
| 3777 | Martin Marietta Materials, Inc. | 2171322 |
| 7949 | Vulcan Materials Co. | 2183352 |
|  |  | 4354674 |
|  | **Consumer Finance — 1.7%**  |  |
| 26702 | American Express Co. | 7992175 |
| 584658 | SoFi Technologies, Inc. (a) | 13201578 |
|  |  | 21193753 |
|  | **Consumer Staples Distribution** <br> **& Retail — 2.0%**  |  |
| 6283 | Costco Wholesale Corp. | 5903758 |
| 64666 | Sprouts Farmers Market, Inc. (a) | 9799486 |
| 87106 | Walmart, Inc. | 8534646 |
|  |  | 24237890 |
|  | **Electric Utilities — 2.2%**  |  |
| 32986 | Constellation Energy Corp. | 11473850 |

---

See Notes to Financial Statements

------

**First Trust Large Cap Growth AlphaDEX**<sup>®</sup> **Fund (FTC)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Electric Utilities (Continued)**  |  |
| 51235 | Entergy Corp. | $4633181 |
| 29866 | NextEra Energy, Inc. | 2122278 |
| 61177 | PPL Corp. | 2183407 |
| 67732 | Southern (The) Co. | 6399320 |
|  |  | 26812036 |
|  | **Electrical Equipment — 3.5%**  |  |
| 17423 | Eaton Corp. PLC | 6702976 |
| 20120 | GE Vernova, Inc. | 13285035 |
| 10427 | Hubbell, Inc. | 4561604 |
| 18725 | Rockwell Automation, Inc. | 6585770 |
| 82911 | Vertiv Holdings Co., Class A | 12071842 |
|  |  | 43207227 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 0.9%**  |  |
| 107813 | Amphenol Corp., Class A | 11483163 |
|  | **Entertainment — 3.9%**  |  |
| 26667 | Electronic Arts, Inc. | 4066451 |
| 40752 | Liberty Media Corp.-Liberty <br> Formula One, Class C (a) | 4089463 |
| 56302 | Live Nation Entertainment, <br> Inc. (a) | 8315805 |
| 7951 | Netflix, Inc. (a) | 9218390 |
| 101204 | ROBLOX Corp., Class A (a) | 13944899 |
| 35073 | Take-Two Interactive Software, <br> Inc. (a) | 7811809 |
|  |  | 47446817 |
|  | **Financial Services — 3.0%**  |  |
| 153986 | Affirm Holdings, Inc. (a) | 10557280 |
| 6248 | Corpay, Inc. (a) | 2018416 |
| 3689 | Mastercard, Inc., Class A | 2089708 |
| 83691 | PayPal Holdings, Inc. (a) | 5754593 |
| 240385 | Toast, Inc., Class A (a) | 11740404 |
| 11995 | Visa, Inc., Class A | 4143913 |
|  |  | 36304314 |
|  | **Health Care Equipment &** <br> **Supplies — 3.7%**  |  |
| 79297 | Boston Scientific Corp. (a) | 8319841 |
| 48787 | Dexcom, Inc. (a) | 3940526 |
| 11597 | IDEXX Laboratories, Inc. (a) | 6196393 |
| 27110 | Insulet Corp. (a) | 7818524 |
| 7836 | Intuitive Surgical, Inc. (a) | 3769821 |
| 24108 | ResMed, Inc. | 6555930 |
| 17728 | STERIS PLC | 4015215 |
| 10765 | Stryker Corp. | 4227738 |
|  |  | 44843988 |
|  | **Health Care REITs — 0.5%**  |  |
| 40459 | Welltower, Inc. | 6678567 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Health Care Technology —** <br> **0.7%**  |  |
| 29576 | Veeva Systems, Inc., Class A (a) | $8405499 |
|  | **Hotels, Restaurants & Leisure** <br> **— 6.6%**  |  |
| 15667 | Airbnb, Inc., Class A (a) | 2074468 |
| 1471 | Booking Holdings, Inc. | 8096472 |
| 378613 | Carnival Corp. (a) | 11271309 |
| 36925 | Chipotle Mexican Grill, Inc. (a) | 1583344 |
| 4601 | Domino's Pizza, Inc. | 2131229 |
| 43189 | DoorDash, Inc., Class A (a) | 10808047 |
| 198584 | DraftKings, Inc., Class A (a) | 8944224 |
| 36874 | Expedia Group, Inc. | 6645432 |
| 31979 | Hilton Worldwide Holdings, Inc. | 8572930 |
| 47650 | Las Vegas Sands Corp. | 2496860 |
| 22766 | Marriott International, Inc., <br> Class A | 6006354 |
| 34000 | Royal Caribbean Cruises Ltd. | 10807580 |
| 13992 | Yum! Brands, Inc. | 2016947 |
|  |  | 81455196 |
|  | **Household Durables — 0.4%**  |  |
| 20403 | Garmin Ltd. | 4463360 |
|  | **Independent Power and** <br> **Renewable Electricity** <br>**Producers — 0.9%**  |  |
| 54934 | Vistra Corp. | 11455936 |
|  | **Industrial Conglomerates —** <br> **0.3%**  |  |
| 18287 | Honeywell International, Inc. | 4066114 |
|  | **Insurance — 0.9%**  |  |
| 5812 | Aon PLC, Class A | 2067386 |
| 18700 | Brown & Brown, Inc. | 1708619 |
| 31916 | Progressive (The) Corp. | 7724949 |
|  |  | 11500954 |
|  | **Interactive Media & Services** <br> **— 2.2%**  |  |
| 11765 | Alphabet, Inc., Class A | 2257703 |
| 11540 | Meta Platforms, Inc., Class A | 8925498 |
| 173449 | Pinterest, Inc., Class A (a) | 6695131 |
| 56567 | Reddit, Inc., Class A (a) | 9084095 |
|  |  | 26962427 |
|  | **IT Services — 4.4%**  |  |
| 54366 | Cloudflare, Inc., Class A (a) | 11290731 |
| 11514 | GoDaddy, Inc., Class A (a) | 1860432 |
| 28893 | International Business Machines <br> Corp. | 7314263 |
| 42599 | Okta, Inc. (a) | 4166182 |
| 47578 | Snowflake, Inc. (a) | 10633683 |
| 85611 | Twilio, Inc., Class A (a) | 11043819 |
| 29492 | VeriSign, Inc. | 7929514 |
|  |  | 54238624 |

---

See Notes to Financial Statements

------

**First Trust Large Cap Growth AlphaDEX**<sup>®</sup> **Fund (FTC)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Machinery — 2.7%**  |  |
| 10970 | Caterpillar, Inc. | $4805080 |
| 6331 | Cummins, Inc. | 2327402 |
| 12233 | Deere & Co. | 6414618 |
| 8905 | Parker-Hannifin Corp. | 6517570 |
| 40685 | Westinghouse Air Brake <br> Technologies Corp. | 7813554 |
| 32921 | Xylem, Inc. | 4761035 |
|  |  | 32639259 |
|  | **Media — 0.2%**  |  |
| 28800 | Trade Desk (The), Inc., <br> Class A (a) | 2504448 |
|  | **Multi-Utilities — 0.9%**  |  |
| 154186 | NiSource, Inc. | 6545196 |
| 50589 | Public Service Enterprise Group, <br> Inc. | 4542386 |
|  |  | 11087582 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 1.8%**  |  |
| 25542 | Cheniere Energy, Inc. | 6024847 |
| 144852 | Kinder Morgan, Inc. | 4064547 |
| 25399 | ONEOK, Inc. | 2085512 |
| 24464 | Targa Resources Corp. | 4071054 |
| 99027 | Williams (The) Cos., Inc. | 5936669 |
|  |  | 22182629 |
|  | **Passenger Airlines — 1.0%**  |  |
| 42157 | Delta Air Lines, Inc. | 2243174 |
| 106961 | United Airlines Holdings, <br> Inc. (a) | 9445726 |
|  |  | 11688900 |
|  | **Professional Services — 1.6%**  |  |
| 13809 | Automatic Data Processing, Inc. | 4273885 |
| 35047 | Broadridge Financial Solutions, <br> Inc. | 8674483 |
| 48394 | TransUnion | 4606625 |
| 6656 | Verisk Analytics, Inc. | 1855094 |
|  |  | 19410087 |
|  | **Real Estate Management &** <br> **Development — 0.4%**  |  |
| 60794 | Zillow Group, Inc., Class C (a) | 4836163 |
|  | **Retail REITs — 0.2%**  |  |
| 35989 | Realty Income Corp. | 2020063 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 4.4%**  |  |
| 68789 | Astera Labs, Inc. (a) | 9405520 |
| 38624 | Broadcom, Inc. | 11343869 |
| 37573 | First Solar, Inc. (a) | 6565130 |
| 6944 | KLA Corp. | 6103984 |
| 55021 | Marvell Technology, Inc. | 4422038 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br> **(Continued)**  |  |
| 8504 | Monolithic Power Systems, Inc. | $6048385 |
| 53910 | NVIDIA Corp. | 9588972 |
|  |  | 53477898 |
|  | **Software — 10.7%**  |  |
| 24329 | AppLovin Corp., Class A (a) | 9505340 |
| 20093 | Autodesk, Inc. (a) | 6090389 |
| 13820 | Cadence Design Systems, <br> Inc. (a) | 5038357 |
| 16723 | Crowdstrike Holdings, Inc., <br> Class A (a) | 7601774 |
| 31702 | Datadog, Inc., Class A (a) | 4437646 |
| 26618 | Docusign, Inc. (a) | 2013386 |
| 112659 | Dynatrace, Inc. (a) | 5926990 |
| 58833 | Fortinet, Inc. (a) | 5877417 |
| 144852 | Gen Digital, Inc. | 4271686 |
| 36174 | Guidewire Software, Inc. (a) | 8183282 |
| 10813 | Intuit, Inc. | 8489611 |
| 8562 | Microsoft Corp. | 4567827 |
| 15387 | MicroStrategy, Inc., Class A (a) | 6183420 |
| 81369 | Nutanix, Inc., Class A (a) | 6116508 |
| 38957 | Oracle Corp. | 9886118 |
| 78100 | Palantir Technologies, Inc., <br> Class A (a) | 12367135 |
| 30394 | Palo Alto Networks, Inc. (a) | 5276398 |
| 3658 | Roper Technologies, Inc. | 2013363 |
| 6050 | ServiceNow, Inc. (a) | 5705876 |
| 8639 | Workday, Inc., Class A (a) | 1981614 |
| 33913 | Zscaler, Inc. (a) | 9684196 |
|  |  | 131218333 |
|  | **Specialized REITs — 0.6%**  |  |
| 60640 | Iron Mountain, Inc. | 5903910 |
| 8829 | SBA Communications Corp. | 1984053 |
|  |  | 7887963 |
|  | **Specialty Retail — 2.6%**  |  |
| 1676 | AutoZone, Inc. (a) | 6315805 |
| 8912 | Burlington Stores, Inc. (a) | 2432619 |
| 31596 | Carvana Co. (a) | 12327811 |
| 47250 | O'Reilly Automotive, Inc. (a) | 4645620 |
| 34485 | TJX (The) Cos., Inc. | 4294417 |
| 12691 | Williams-Sonoma, Inc. | 2373852 |
|  |  | 32390124 |
|  | **Technology Hardware, Storage** <br> **& Peripherals — 1.4%**  |  |
| 19458 | NetApp, Inc. | 2026161 |
| 36007 | Pure Storage, Inc., Class A (a) | 2143137 |
| 217234 | Super Micro Computer, Inc. (a) | 12810289 |
|  |  | 16979587 |

---

See Notes to Financial Statements

------

**First Trust Large Cap Growth AlphaDEX**<sup>®</sup> **Fund (FTC)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Textiles, Apparel & Luxury** <br> **Goods — 0.9%**  |  |
| 96997 | Tapestry, Inc. | $10478586 |
|  | **Tobacco — 0.8%**  |  |
| 35362 | Altria Group, Inc. | 2190322 |
| 46765 | Philip Morris International, Inc. | 7671798 |
|  |  | 9862120 |
|  | **Trading Companies &** <br> **Distributors — 1.7%**  |  |
| 148092 | Fastenal Co. | 6831484 |
| 11305 | United Rentals, Inc. | 9981636 |
| 4094 | W.W. Grainger, Inc. | 4255877 |
|  |  | 21068997 |
|  | **Wireless Telecommunication** <br> **Services — 0.5%**  |  |
| 26105 | T-Mobile US, Inc. | 6223693 |
|  | **Total Common Stocks** | 1222861561 |
|  | (Cost $949,283,332) |  |
| **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** |
| 2219176 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 4.16% (b) | 2219176 |
|  | (Cost $2,219,176) |  |
|  | **Total Investments — 100.0%** | 1225080737 |
|  | (Cost $951,502,508) |  |
|  | **Net Other Assets and** <br> **Liabilities — (0.0)%** | (418162)<br>|
|  | **Net Assets — 100.0%** | $1224662575 |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Rate
 shown reflects yield as of July 31, 2025.

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

Abbreviations throughout the Portfolio of Investments: <br> REITs – Real Estate Investment Trusts

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of July 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>**7/31/2025**<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\* | $1222861561 | $1222861561 | $— | $— |
| Money Market <br> Funds<br>| 2219176 | 2219176 |  |  |
| Total Investments | $1225080737 | $1225080737 | $— | $— |

---

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

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

**First Trust Multi Cap Value AlphaDEX**<sup>®</sup> **Fund (FAB)**

**Portfolio of Investments**

**July 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** |
|  | **Aerospace & Defense — 0.9%**  |  |
| 729 | General Dynamics Corp. | $227164 |
| 652 | Huntington Ingalls Industries, <br> Inc. | 181817 |
| 413 | L3Harris Technologies, Inc. | 113501 |
| 224 | Lockheed Martin Corp. | 94299 |
| 425 | Northrop Grumman Corp. | 245059 |
| 1307 | Textron, Inc. | 101645 |
| 1247 | V2X, Inc. (a) | 59083 |
|  |  | 1022568 |
|  | **Air Freight & Logistics —** <br> **1.0%**  |  |
| 906 | Expeditors International of <br> Washington, Inc. | 105314 |
| 2339 | FedEx Corp. | 522743 |
| 1077 | GXO Logistics, Inc. (a) | 53538 |
| 3621 | Hub Group, Inc., Class A | 126807 |
| 4214 | United Parcel Service, Inc., <br> Class B | 363078 |
|  |  | 1171480 |
|  | **Automobile Components —** <br> **1.6%**  |  |
| 3845 | Aptiv PLC (a) | 263921 |
| 6267 | BorgWarner, Inc. | 230625 |
| 1731 | Dana, Inc. | 27557 |
| 8476 | Garrett Motion, Inc. | 110527 |
| 9542 | Gentex Corp. | 252100 |
| 4279 | Gentherm, Inc. (a) | 137099 |
| 14592 | Goodyear Tire & Rubber (The) <br> Co. (a) | 150006 |
| 977 | LCI Industries | 92815 |
| 2762 | Lear Corp. | 260429 |
| 656 | Patrick Industries, Inc. | 63789 |
| 2721 | Phinia, Inc. | 137955 |
| 1298 | Visteon Corp. (a) | 144273 |
|  |  | 1871096 |
|  | **Automobiles — 1.3%**  |  |
| 49002 | Ford Motor Co. | 542452 |
| 10804 | General Motors Co. | 576285 |
| 6412 | Harley-Davidson, Inc. | 156004 |
| 2363 | Thor Industries, Inc. | 215010 |
| 1024 | Winnebago Industries, Inc. | 30433 |
|  |  | 1520184 |
|  | **Banks — 7.9%**  |  |
| 975 | 1st Source Corp. | 58324 |
| 2432 | Ameris Bancorp | 166227 |
| 2151 | Associated Banc-Corp. | 53216 |
| 1380 | Axos Financial, Inc. (a) | 119163 |
| 4494 | Bank of America Corp. | 212431 |
| 4459 | Bank OZK | 219829 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Banks (Continued)**  |  |
| 2503 | BankUnited, Inc. | $91284 |
| 944 | Banner Corp. | 58599 |
| 3557 | Berkshire Hills Bancorp, Inc. | 87644 |
| 1612 | BOK Financial Corp. | 163666 |
| 6561 | Cadence Bank | 228651 |
| 1329 | Cathay General Bancorp | 60097 |
| 4997 | Citigroup, Inc. | 468219 |
| 9505 | Citizens Financial Group, Inc. | 453579 |
| 2638 | Comerica, Inc. | 178250 |
| 1030 | Customers Bancorp, Inc. (a) | 65662 |
| 1102 | Dime Community Bancshares, <br> Inc. | 30536 |
| 655 | FB Financial Corp. | 31938 |
| 7552 | Fifth Third Bancorp | 313937 |
| 673 | First Bancorp | 33711 |
| 1425 | First BanCorp | 29683 |
| 1298 | First Busey Corp. | 28971 |
| 3729 | First Commonwealth Financial <br> Corp. | 61566 |
| 4990 | First Financial Bancorp | 120958 |
| 2425 | First Hawaiian, Inc. | 58806 |
| 4949 | First Horizon Corp. | 107938 |
| 2326 | First Merchants Corp. | 88667 |
| 2563 | Firstsun Capital Bancorp (a) | 91115 |
| 10794 | FNB Corp. | 165364 |
| 4938 | Fulton Financial Corp. | 88637 |
| 2742 | Hancock Whitney Corp. | 163752 |
| 1994 | Hilltop Holdings, Inc. | 59022 |
| 5641 | Hope Bancorp, Inc. | 56354 |
| 25378 | Huntington Bancshares, Inc. | 416961 |
| 1417 | Independent Bank Corp. | 90050 |
| 2364 | International Bancshares Corp. | 161178 |
| 1601 | M&T Bank Corp. | 302109 |
| 6970 | Northwest Bancshares, Inc. | 81549 |
| 1414 | OFG Bancorp | 60265 |
| 1694 | Origin Bancorp, Inc. | 61916 |
| 3964 | Peoples Bancorp, Inc.  | 113529 |
| 1141 | PNC Financial Services Group <br> (The), Inc. | 217098 |
| 952 | Popular, Inc. | 109080 |
| 699 | Preferred Bank | 63483 |
| 2241 | Prosperity Bancshares, Inc. | 149295 |
| 5082 | Provident Financial Services, <br> Inc. | 92594 |
| 18084 | Regions Financial Corp. | 458068 |
| 826 | Renasant Corp. | 30265 |
| 2355 | S&T Bancorp, Inc. | 86287 |
| 1075 | Seacoast Banking Corp. of <br> Florida | 30304 |
| 3192 | Simmons First National Corp., <br> Class A | 61191 |
| 570 | SouthState Corp. | 53677 |

---

See Notes to Financial Statements

------

**First Trust Multi Cap Value AlphaDEX**<sup>®</sup> **Fund (FAB)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Banks (Continued)**  |  |
| 3184 | Stellar Bancorp, Inc. | $94024 |
| 1014 | Synovus Financial Corp. | 47901 |
| 1771 | TowneBank | 62038 |
| 2200 | TriCo Bancshares | 90464 |
| 9894 | Truist Financial Corp. | 432467 |
| 2443 | Trustmark Corp. | 91002 |
| 6864 | U.S. Bancorp | 308605 |
| 499 | UMB Financial Corp. | 54885 |
| 2880 | United Bankshares, Inc. | 102298 |
| 3522 | United Community Banks, Inc. | 107421 |
| 17623 | Valley National Bancorp | 163365 |
| 3413 | Veritex Holdings, Inc. | 108260 |
| 3042 | WaFd, Inc. | 88537 |
| 2882 | Webster Financial Corp. | 166147 |
| 3877 | Wells Fargo & Co. | 312602 |
| 939 | WesBanco, Inc. | 28292 |
| 1839 | Westamerica BanCorp | 88088 |
| 1101 | WSFS Financial Corp. | 60379 |
| 3030 | Zions Bancorp N.A. | 162469 |
|  |  | 9423939 |
|  | **Beverages — 0.6%**  |  |
| 11543 | Brown-Forman Corp., Class B | 333015 |
| 5454 | Molson Coors Beverage Co., <br> Class B | 265719 |
| 1213 | National Beverage Corp. (a) | 55580 |
| 784 | PepsiCo, Inc. | 108129 |
|  |  | 762443 |
|  | **Biotechnology — 1.1%**  |  |
| 5501 | Alkermes PLC (a) | 145721 |
| 4233 | Biogen, Inc. (a) | 541824 |
| 934 | Gilead Sciences, Inc. | 104879 |
| 1013 | Regeneron Pharmaceuticals, Inc. | 552551 |
|  |  | 1344975 |
|  | **Broadline Retail — 0.6%**  |  |
| 502 | Dillard's, Inc., Class A | 234399 |
| 17845 | Kohl's Corp. (b) | 193440 |
| 22495 | Macy's, Inc. | 284112 |
|  |  | 711951 |
|  | **Building Products — 1.8%**  |  |
| 1600 | A.O. Smith Corp. | 113264 |
| 913 | Advanced Drainage Systems, <br> Inc. | 104767 |
| 2835 | American Woodmark Corp. (a) | 149149 |
| 4556 | Builders FirstSource, Inc. (a) | 579204 |
| 277 | Carlisle Cos., Inc. | 98255 |
| 3057 | Fortune Brands Innovations, Inc. | 166729 |
| 1510 | Gibraltar Industries, Inc. (a) | 99705 |
| 2152 | Hayward Holdings, Inc. (a) | 33098 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Building Products (Continued)**  |  |
| 3648 | Janus International Group, <br> Inc. (a) | $31263 |
| 1609 | Masco Corp. | 109621 |
| 11076 | Masterbrand, Inc. (a) | 122168 |
| 753 | Owens Corning | 104991 |
| 1346 | Resideo Technologies, Inc. (a) | 36746 |
| 675 | Simpson Manufacturing Co., Inc. | 121115 |
| 965 | Trex Co., Inc. (a) | 61992 |
| 2112 | UFP Industries, Inc. | 206976 |
|  |  | 2139043 |
|  | **Capital Markets — 2.7%**  |  |
| 800 | Affiliated Managers Group, Inc. | 167896 |
| 670 | Artisan Partners Asset <br> Management, Inc., Class A | 30318 |
| 3409 | Bank of New York Mellon (The) <br> Corp. | 345843 |
| 2014 | Carlyle Group (The), Inc. | 122169 |
| 8607 | DigitalBridge Group, Inc. | 92439 |
| 982 | Donnelley Financial Solutions, <br> Inc. (a) | 52007 |
| 194 | Evercore, Inc., Class A | 58421 |
| 1366 | Federated Hermes, Inc. | 67713 |
| 4399 | Franklin Resources, Inc. | 105576 |
| 14323 | Golub Capital BDC, Inc. | 214272 |
| 16632 | Invesco Ltd. | 349438 |
| 3889 | Jefferies Financial Group, Inc. | 224240 |
| 1093 | Lazard, Inc. | 56814 |
| 189 | Piper Sandler Cos. | 59595 |
| 675 | Raymond James Financial, Inc. | 112813 |
| 4000 | State Street Corp. | 447000 |
| 5510 | T. Rowe Price Group, Inc. | 558989 |
| 667 | Virtus Investment Partners, Inc. | 128938 |
|  |  | 3194481 |
|  | **Chemicals — 3.3%**  |  |
| 591 | Ashland, Inc. | 30472 |
| 4871 | Avient Corp. | 153778 |
| 5301 | Axalta Coating Systems Ltd. (a) | 150124 |
| 3497 | Cabot Corp. | 252413 |
| 5779 | CF Industries Holdings, Inc. | 536465 |
| 2593 | Chemours (The) Co. | 31064 |
| 16063 | Dow, Inc. | 374107 |
| 3513 | Eastman Chemical Co. | 255079 |
| 4632 | Element Solutions, Inc. | 109315 |
| 5026 | FMC Corp. | 196215 |
| 494 | H.B. Fuller Co. | 27763 |
| 5809 | Huntsman Corp. | 56347 |
| 9189 | LyondellBasell Industries N.V., <br> Class A | 532319 |
| 5752 | Mosaic (The) Co. | 207130 |
| 228 | NewMarket Corp. | 156636 |
| 6026 | Olin Corp. | 114132 |

---

See Notes to Financial Statements

------

**First Trust Multi Cap Value AlphaDEX**<sup>®</sup> **Fund (FAB)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Chemicals (Continued)**  |  |
| 1870 | PPG Industries, Inc. | $197285 |
| 541 | Quaker Chemical Corp. | 61901 |
| 943 | RPM International, Inc. | 110718 |
| 301 | Sensient Technologies Corp. | 33799 |
| 2218 | Stepan Co. | 112608 |
| 3454 | Westlake Corp. | 273902 |
|  |  | 3973572 |
|  | **Commercial Services &** <br> **Supplies — 0.7%**  |  |
| 629 | ABM Industries, Inc. | 29016 |
| 5350 | BrightView Holdings, Inc. (a) | 85332 |
| 588 | Brink's (The) Co. | 51356 |
| 2873 | CoreCivic, Inc. (a) | 57575 |
| 1811 | HNI Corp. | 93158 |
| 4256 | Interface, Inc. | 87759 |
| 4587 | MillerKnoll, Inc. | 87061 |
| 14508 | Steelcase, Inc., Class A | 149868 |
| 473 | UniFirst Corp. | 80897 |
| 21127 | Vestis Corp. | 128029 |
|  |  | 850051 |
|  | **Communications Equipment** <br> **— 0.1%**  |  |
| 8292 | Viasat, Inc. (a) | 136238 |
|  | **Construction & Engineering** <br> **— 0.3%**  |  |
| 605 | Arcosa, Inc. | 51958 |
| 5116 | Fluor Corp. (a) | 290435 |
|  |  | 342393 |
|  | **Consumer Finance — 1.2%**  |  |
| 5387 | Ally Financial, Inc. | 203898 |
| 2119 | Bread Financial Holdings, Inc. | 129895 |
| 1553 | FirstCash Holdings, Inc. | 206999 |
| 2468 | LendingClub Corp. (a) | 38476 |
| 8586 | Navient Corp. | 111103 |
| 245 | Nelnet, Inc., Class A | 30569 |
| 1841 | OneMain Holdings, Inc. | 106391 |
| 5156 | PROG Holdings, Inc. | 164167 |
| 6373 | Synchrony Financial | 444007 |
|  |  | 1435505 |
|  | **Consumer Staples Distribution** <br> **& Retail — 1.4%**  |  |
| 7316 | Albertsons Cos., Inc., Class A | 140614 |
| 4118 | Andersons (The), Inc. | 147919 |
| 1859 | Dollar General Corp. | 195009 |
| 4874 | Grocery Outlet Holding <br> Corp. (a) | 64191 |
| 4330 | Kroger (The) Co. | 303533 |
| 283 | PriceSmart, Inc. | 30422 |
| 5389 | Target Corp. | 541594 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Consumer Staples Distribution** <br> **& Retail (Continued)**  |  |
| 5193 | United Natural Foods, Inc. (a) | $143534 |
| 1670 | Weis Markets, Inc. | 120925 |
|  |  | 1687741 |
|  | **Containers & Packaging —** <br> **1.3%**  |  |
| 1212 | Avery Dennison Corp. | 203337 |
| 1846 | Ball Corp. | 105702 |
| 509 | Crown Holdings, Inc. | 50574 |
| 9959 | Graphic Packaging Holding Co. | 222683 |
| 1371 | Greif, Inc., Class A | 86963 |
| 4541 | International Paper Co. | 212246 |
| 1648 | Packaging Corp. of America | 319300 |
| 3381 | Sealed Air Corp. | 98962 |
| 1936 | Silgan Holdings, Inc. | 90082 |
| 2409 | Sonoco Products Co. | 108574 |
|  |  | 1498423 |
|  | **Distributors — 0.2%**  |  |
| 853 | Genuine Parts Co. | 109935 |
| 5670 | LKQ Corp. | 167095 |
|  |  | 277030 |
|  | **Diversified Consumer Services** <br> **— 0.4%**  |  |
| 24774 | ADT, Inc. | 206863 |
| 160 | Graham Holdings Co., Class B | 152669 |
| 1852 | Perdoceo Education Corp. | 53300 |
| 1046 | Strategic Education, Inc. | 77556 |
|  |  | 490388 |
|  | **Diversified REITs — 0.2%**  |  |
| 3395 | Alexander & Baldwin, Inc. | 61042 |
| 5550 | Broadstone Net Lease, Inc. | 90132 |
| 841 | WP Carey, Inc. | 53959 |
|  |  | 205133 |
|  | **Diversified Telecommunication** <br> **Services — 0.8%**  |  |
| 14697 | AT&T, Inc. | 402845 |
| 435 | IDT Corp., Class B | 25626 |
| 4774 | Liberty Latin America Ltd., <br> Class C (a) | 34086 |
| 12287 | Verizon Communications, Inc. | 525392 |
|  |  | 987949 |
|  | **Electric Utilities — 3.7%**  |  |
| 5137 | Alliant Energy Corp. | 333956 |
| 2994 | American Electric Power Co., <br> Inc. | 338741 |
| 3605 | Duke Energy Corp. | 438512 |
| 10304 | Edison International | 537045 |
| 2283 | Evergy, Inc. | 161636 |
| 6686 | Eversource Energy | 441945 |
| 9796 | Exelon Corp. | 440232 |

---

See Notes to Financial Statements

------

**First Trust Multi Cap Value AlphaDEX**<sup>®</sup> **Fund (FAB)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Electric Utilities (Continued)**  |  |
| 7715 | FirstEnergy Corp. | $329508 |
| 909 | IDACORP, Inc. | 113925 |
| 645 | NRG Energy, Inc. | 107844 |
| 3546 | OGE Energy Corp. | 161059 |
| 1570 | Otter Tail Corp. | 121173 |
| 2345 | Pinnacle West Capital Corp. | 212504 |
| 6456 | Portland General Electric Co. | 265471 |
| 6246 | Xcel Energy, Inc. | 458706 |
|  |  | 4462257 |
|  | **Electrical Equipment — 0.5%**  |  |
| 176 | Acuity, Inc. | 54798 |
| 1716 | Atkore, Inc. | 132166 |
| 1411 | EnerSys | 130334 |
| 366 | Generac Holdings, Inc. (a) | 71256 |
| 1930 | NEXTracker, Inc., Class A (a) | 112442 |
| 362 | Regal Rexnord Corp. | 55343 |
|  |  | 556339 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 1.3%**  |  |
| 823 | Arrow Electronics, Inc. (a) | 95468 |
| 3953 | Avnet, Inc. | 209272 |
| 1559 | Benchmark Electronics, Inc. | 60022 |
| 1123 | Crane NXT Co. | 66639 |
| 840 | ePlus, Inc. (a) | 54415 |
| 920 | PC Connection, Inc. | 56663 |
| 434 | Rogers Corp. (a) | 28462 |
| 536 | Sanmina Corp. (a) | 62197 |
| 1160 | TD SYNNEX Corp. | 167492 |
| 202 | Teledyne Technologies, Inc. (a) | 111306 |
| 5598 | Trimble, Inc. (a) | 469616 |
| 1870 | Vishay Intertechnology, Inc. | 30649 |
| 2843 | Vontier Corp. | 117899 |
|  |  | 1530100 |
|  | **Energy Equipment & Services** <br> **— 2.4%**  |  |
| 17616 | Expro Group Holdings N.V. (a) | 189900 |
| 26088 | Halliburton Co. | 584371 |
| 24250 | Helix Energy Solutions Group, <br> Inc. (a) | 143803 |
| 9982 | Helmerich & Payne, Inc. | 161808 |
| 9688 | Innovex International, Inc. (a) | 159077 |
| 13181 | Liberty Energy, Inc. | 162654 |
| 21102 | NOV, Inc. | 265463 |
| 5007 | Patterson-UTI Energy, Inc. | 29591 |
| 31992 | RPC, Inc. | 148763 |
| 15730 | Schlumberger N.V. | 531674 |
| 11465 | Transocean Ltd. (a) | 33478 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Energy Equipment & Services** <br> **(Continued)**  |  |
| 2875 | Valaris Ltd. (a) | $139811 |
| 5214 | Weatherford International PLC | 294852 |
|  |  | 2845245 |
|  | **Entertainment — 0.2%**  |  |
| 1715 | Walt Disney (The) Co. | 204274 |
|  | **Financial Services — 2.8%**  |  |
| 1095 | Berkshire Hathaway, Inc., <br> Class B (a) | 516708 |
| 6261 | Block, Inc. (a) | 483725 |
| 19277 | Compass Diversified Holdings | 123180 |
| 7060 | Enact Holdings, Inc. | 245406 |
| 4319 | Essent Group Ltd. | 241821 |
| 1035 | Euronet Worldwide, Inc. (a) | 100581 |
| 1679 | EVERTEC, Inc. | 60696 |
| 6643 | Global Payments, Inc. | 531108 |
| 591 | Jackson Financial, Inc., Class A | 51748 |
| 9421 | MGIC Investment Corp. | 244004 |
| 2869 | NMI Holdings, Inc. (a) | 107071 |
| 1053 | PennyMac Financial Services, <br> Inc. | 98076 |
| 7282 | Radian Group, Inc. | 237466 |
| 739 | Voya Financial, Inc. | 51730 |
| 1264 | Walker & Dunlop, Inc. | 94813 |
| 14377 | Western Union (The) Co. | 115735 |
|  |  | 3303868 |
|  | **Food Products — 3.3%**  |  |
| 8059 | Archer-Daniels-Midland Co. | 436637 |
| 3267 | Bunge Global S.A. | 260576 |
| 3423 | Campbell's (The) Co. | 109262 |
| 5125 | Conagra Brands, Inc. | 93583 |
| 4148 | Darling Ingredients, Inc. (a) | 134312 |
| 13131 | Flowers Foods, Inc. | 208126 |
| 4668 | Fresh Del Monte Produce, Inc. | 175470 |
| 8210 | General Mills, Inc. | 402126 |
| 624 | Hershey (The) Co. | 116145 |
| 7030 | Hormel Foods Corp. | 197473 |
| 1547 | Ingredion, Inc. | 203492 |
| 20592 | Kraft Heinz (The) Co. | 565456 |
| 304 | Marzetti (The) Company | 54039 |
| 1925 | Post Holdings, Inc. (a) | 203684 |
| 53 | Seaboard Corp. | 167861 |
| 6234 | TreeHouse Foods, Inc. (a) | 119818 |
| 9504 | Tyson Foods, Inc., Class A | 497059 |
| 1863 | WK Kellogg Co. | 42942 |
|  |  | 3988061 |
|  | **Gas Utilities — 1.3%**  |  |
| 2016 | Atmos Energy Corp. | 314335 |
| 7262 | MDU Resources Group, Inc. | 125269 |
| 4682 | New Jersey Resources Corp. | 214951 |

---

See Notes to Financial Statements

------

**First Trust Multi Cap Value AlphaDEX**<sup>®</sup> **Fund (FAB)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Gas Utilities (Continued)**  |  |
| 3048 | Northwest Natural Holding Co. | $121676 |
| 2920 | ONE Gas, Inc. | 212284 |
| 2116 | Southwest Gas Holdings, Inc. | 165344 |
| 2875 | Spire, Inc. | 214101 |
| 5761 | UGI Corp. | 208433 |
|  |  | 1576393 |
|  | **Ground Transportation —** <br> **2.1%**  |  |
| 1965 | ArcBest Corp. | 143700 |
| 6518 | CSX Corp. | 231650 |
| 2163 | J.B. Hunt Transport Services, <br> Inc. | 311580 |
| 4744 | Knight-Swift Transportation <br> Holdings, Inc. | 201620 |
| 377 | Landstar System, Inc. | 50281 |
| 6858 | Marten Transport Ltd. | 83393 |
| 1213 | Norfolk Southern Corp. | 337214 |
| 638 | Old Dominion Freight Line, Inc. | 95222 |
| 1320 | Ryder System, Inc. | 234577 |
| 3689 | Schneider National, Inc., Class B | 90196 |
| 2279 | Uber Technologies, Inc. (a) | 199982 |
| 2894 | U-Haul Holding Co. | 150488 |
| 450 | Union Pacific Corp. | 99887 |
| 5962 | Universal Logistics Holdings, <br> Inc. (b) | 142671 |
| 3256 | Werner Enterprises, Inc. | 90256 |
|  |  | 2462717 |
|  | **Health Care Equipment &** <br> **Supplies — 1.7%**  |  |
| 2284 | Abbott Laboratories | 288218 |
| 1235 | Becton Dickinson & Co. | 220139 |
| 1710 | CONMED Corp. | 87466 |
| 1455 | Cooper (The) Cos., Inc. (a) | 102854 |
| 2871 | GE HealthCare Technologies, <br> Inc. | 204760 |
| 1589 | Hologic, Inc. (a) | 106177 |
| 7260 | Integra LifeSciences Holdings <br> Corp. (a) | 95396 |
| 2440 | Medtronic PLC | 220186 |
| 2059 | Omnicell, Inc. (a) | 63849 |
| 1030 | QuidelOrtho Corp. (a) | 23711 |
| 886 | Teleflex, Inc. | 105877 |
| 5829 | Zimmer Biomet Holdings, Inc. | 534228 |
|  |  | 2052861 |
|  | **Health Care Providers &** <br> **Services — 3.3%**  |  |
| 11560 | Acadia Healthcare Co., Inc. (a) | 251661 |
| 16047 | AdaptHealth Corp. (a) | 143942 |
| 8862 | Ardent Health, Inc. (a) | 93937 |
| 1193 | Astrana Health, Inc. (a) | 28465 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Health Care Providers &** <br> **Services (Continued)**  |  |
| 9795 | Centene Corp. (a) | $255356 |
| 108 | Chemed Corp. | 44528 |
| 643 | Cigna Group (The) | 171925 |
| 1444 | Concentra Group Holdings <br> Parent, Inc. | 28837 |
| 6166 | CVS Health Corp. | 382909 |
| 1094 | Elevance Health, Inc. | 309690 |
| 555 | HCA Healthcare, Inc. | 196464 |
| 718 | Henry Schein, Inc. (a) | 48573 |
| 1740 | Humana, Inc. | 434774 |
| 394 | Labcorp Holdings, Inc. | 102472 |
| 1043 | Molina Healthcare, Inc. (a) | 164658 |
| 832 | National HealthCare Corp. | 79897 |
| 5520 | Premier, Inc., Class A | 118570 |
| 1350 | Progyny, Inc. (a) | 31738 |
| 1184 | Quest Diagnostics, Inc. | 198213 |
| 7975 | Select Medical Holdings Corp. | 117950 |
| 894 | Tenet Healthcare Corp. (a) | 144184 |
| 1363 | UnitedHealth Group, Inc. | 340150 |
| 1448 | Universal Health Services, Inc., <br> Class B | 241020 |
|  |  | 3929913 |
|  | **Health Care REITs — 0.4%**  |  |
| 5856 | Alexandria Real Estate Equities, <br> Inc. | 447574 |
|  | **Hotel & Resort REITs — 0.6%**  |  |
| 12967 | Apple Hospitality REIT, Inc. | 152362 |
| 14792 | Park Hotels & Resorts, Inc. | 157683 |
| 12118 | Pebblebrook Hotel Trust | 121544 |
| 20786 | RLJ Lodging Trust | 153816 |
| 10263 | Sunstone Hotel Investors, Inc. | 89801 |
|  |  | 675206 |
|  | **Hotels, Restaurants & Leisure** <br> **— 0.9%**  |  |
| 2012 | Boyd Gaming Corp. | 170819 |
| 5543 | Caesars Entertainment, Inc. (a) | 147887 |
| 991 | Cracker Barrel Old Country <br> Store, Inc. (b) | 61442 |
| 52001 | Krispy Kreme, Inc. (b) | 188244 |
| 545 | Light & Wonder, Inc. (a) | 52494 |
| 1674 | Marriott Vacations Worldwide <br> Corp. | 124663 |
| 3051 | MGM Resorts International (a) | 111209 |
| 1237 | Papa John's International, Inc. | 52461 |
| 4985 | Penn Entertainment, Inc. (a) | 90029 |
| 334 | Vail Resorts, Inc. | 50187 |
|  |  | 1049435 |
|  | **Household Durables — 4.0%**  |  |
| 241 | Cavco Industries, Inc. (a) | 97284 |
| 2687 | Century Communities, Inc. | 151251 |

---

See Notes to Financial Statements

------

**First Trust Multi Cap Value AlphaDEX**<sup>®</sup> **Fund (FAB)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Household Durables** <br> **(Continued)**  |  |
| 1676 | Champion Homes, Inc. (a) | $102068 |
| 4124 | D.R. Horton, Inc. | 589072 |
| 1925 | Green Brick Partners, Inc. (a) | 119235 |
| 5332 | Helen of Troy Ltd. (a) | 117197 |
| 582 | Installed Building Products, Inc. | 117733 |
| 4952 | KB Home | 273648 |
| 3257 | La-Z-Boy, Inc. | 117154 |
| 4807 | Lennar Corp., Class A | 539249 |
| 2937 | LGI Homes, Inc. (a) | 156454 |
| 1350 | M/I Homes, Inc. (a) | 162257 |
| 3917 | Meritage Homes Corp. | 263771 |
| 2502 | Mohawk Industries, Inc. (a) | 286504 |
| 42 | NVR, Inc. (a) | 317079 |
| 5041 | PulteGroup, Inc. | 569230 |
| 4271 | Taylor Morrison Home Corp. (a) | 253185 |
| 2298 | Toll Brothers, Inc. | 271991 |
| 324 | TopBuild Corp. (a) | 120019 |
| 4736 | Tri Pointe Homes, Inc. (a) | 145869 |
|  |  | 4770250 |
|  | **Household Products — 0.6%**  |  |
| 2847 | Central Garden & Pet Co., <br> Class A (a) | 101125 |
| 1473 | Energizer Holdings, Inc. | 33172 |
| 1650 | Kimberly-Clark Corp. | 205623 |
| 9796 | Reynolds Consumer Products, <br> Inc. | 220312 |
| 2284 | Spectrum Brands Holdings, Inc. | 122217 |
|  |  | 682449 |
|  | **Independent Power and** <br> **Renewable Electricity** <br>**Producers — 0.2%**  |  |
| 19946 | AES (The) Corp. | 262290 |
|  | **Industrial Conglomerates —** <br> **0.1%**  |  |
| 680 | 3M Co. | 101470 |
|  | **Industrial REITs — 0.5%**  |  |
| 2740 | Innovative Industrial Properties, <br> Inc. | 141658 |
| 10785 | LXP Industrial Trust | 83692 |
| 2023 | Prologis, Inc. | 216016 |
| 2892 | STAG Industrial, Inc. | 99282 |
|  |  | 540648 |
|  | **Insurance — 5.6%**  |  |
| 982 | Aflac, Inc. | 97572 |
| 1056 | Allstate (The) Corp. | 214632 |
| 416 | American Financial Group, Inc. | 51958 |
| 4969 | American International Group, <br> Inc. | 385743 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Insurance (Continued)**  |  |
| 5839 | Arch Capital Group Ltd. | $502504 |
| 531 | Assurant, Inc. | 99456 |
| 3011 | Assured Guaranty Ltd. | 254670 |
| 1516 | Axis Capital Holdings Ltd. | 142261 |
| 2251 | Brighthouse Financial, Inc. (a) | 107710 |
| 1072 | Chubb Ltd. | 285195 |
| 2086 | Cincinnati Financial Corp. | 307706 |
| 4079 | CNO Financial Group, Inc. | 150270 |
| 2566 | Employers Holdings, Inc. | 105925 |
| 626 | Everest Group Ltd. | 210211 |
| 5541 | Fidelity National Financial, Inc. | 312679 |
| 855 | First American Financial Corp. | 51343 |
| 7780 | Genworth Financial, Inc. (a) | 61151 |
| 1266 | Globe Life, Inc. | 177835 |
| 6999 | Hamilton Insurance Group Ltd., <br> Class B (a) | 150409 |
| 309 | Hanover Insurance Group (The), <br> Inc. | 53034 |
| 2448 | Hartford Insurance Group (The), <br> Inc. | 304507 |
| 691 | Horace Mann Educators Corp. | 29388 |
| 2438 | Kemper Corp. | 150156 |
| 6065 | Lincoln National Corp. | 231137 |
| 4640 | Loews Corp. | 420106 |
| 213 | Markel Group, Inc. (a) | 427766 |
| 899 | Mercury General Corp. | 62256 |
| 1287 | MetLife, Inc. | 97748 |
| 2729 | Old Republic International Corp. | 98708 |
| 1304 | Principal Financial Group, Inc. | 101490 |
| 964 | Prudential Financial, Inc. | 99851 |
| 522 | Reinsurance Group of America, <br> Inc. | 100459 |
| 1080 | RenaissanceRe Holdings Ltd. | 263239 |
| 762 | Safety Insurance Group, Inc. | 53607 |
| 1456 | SiriusPoint Ltd. (a) | 28552 |
| 930 | Stewart Information Services <br> Corp. | 60385 |
| 795 | Travelers (The) Cos., Inc. | 206891 |
| 2598 | Unum Group | 186562 |
| 1409 | W.R. Berkley Corp. | 96953 |
|  |  | 6742025 |
|  | **Interactive Media & Services** <br> **— 0.2%**  |  |
| 7693 | fuboTV, Inc. (a) | 30618 |
| 2275 | TripAdvisor, Inc. (a) | 39790 |
| 4999 | Ziff Davis, Inc. (a) | 155569 |
|  |  | 225977 |
|  | **IT Services — 1.1%**  |  |
| 346 | Accenture PLC, Class A | 92417 |
| 3894 | Akamai Technologies, Inc. (a) | 297151 |
| 4203 | ASGN, Inc. (a) | 210738 |

---

See Notes to Financial Statements

------

**First Trust Multi Cap Value AlphaDEX**<sup>®</sup> **Fund (FAB)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **IT Services (Continued)**  |  |
| 5451 | Cognizant Technology Solutions <br> Corp., Class A | $391164 |
| 17154 | DXC Technology Co. (a) | 233466 |
| 593 | EPAM Systems, Inc. (a) | 93522 |
|  |  | 1318458 |
|  | **Leisure Products — 0.3%**  |  |
| 720 | Acushnet Holdings Corp. | 57326 |
| 950 | Brunswick Corp. | 55376 |
| 7980 | Mattel, Inc. (a) | 135740 |
| 730 | Polaris, Inc. | 38624 |
| 1920 | YETI Holdings, Inc. (a) | 70541 |
|  |  | 357607 |
|  | **Life Sciences Tools & Services** <br> **— 1.0%**  |  |
| 39500 | Avantor, Inc. (a) | 530880 |
| 1349 | IQVIA Holdings, Inc. (a) | 250725 |
| 2199 | Revvity, Inc. | 193292 |
| 525 | Thermo Fisher Scientific, Inc. | 245532 |
|  |  | 1220429 |
|  | **Machinery — 2.9%**  |  |
| 136 | Alamo Group, Inc. | 30271 |
| 423 | Albany International Corp., <br> Class A | 22922 |
| 2902 | Dover Corp. | 525668 |
| 5958 | Fortive Corp. | 285567 |
| 1169 | Franklin Electric Co., Inc. | 109828 |
| 3286 | Greenbrier (The) Cos., Inc. | 149513 |
| 2670 | Helios Technologies, Inc. | 97962 |
| 8478 | Hillman Solutions Corp. (a) | 66891 |
| 590 | IDEX Corp. | 96471 |
| 5273 | Kennametal, Inc. | 130559 |
| 253 | Lincoln Electric Holdings, Inc. | 61606 |
| 206 | Lindsay Corp. | 28121 |
| 729 | Middleby (The) Corp. (a) | 105851 |
| 1980 | Mueller Industries, Inc. | 169033 |
| 1848 | Oshkosh Corp. | 233827 |
| 4474 | PACCAR, Inc. | 441852 |
| 998 | Snap-on, Inc. | 320548 |
| 1549 | Stanley Black & Decker, Inc. | 104790 |
| 781 | Tennant Co. | 64464 |
| 1908 | Terex Corp. | 97041 |
| 2892 | Timken (The) Co. | 220052 |
| 1484 | Toro (The) Co. | 110187 |
| 467 | Worthington Enterprises, Inc. | 28940 |
|  |  | 3501964 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Marine Transportation —** <br> **0.3%**  |  |
| 1388 | Kirby Corp. (a) | $132290 |
| 2356 | Matson, Inc. | 251574 |
|  |  | 383864 |
|  | **Media — 1.6%**  |  |
| 1114 | Cable One, Inc. | 142570 |
| 520 | Charter Communications, Inc., <br> Class A (a) | 140067 |
| 14897 | Comcast Corp., Class A | 495027 |
| 5543 | Fox Corp., Class A | 309078 |
| 665 | John Wiley & Sons, Inc., <br> Class A | 25669 |
| 1213 | Nexstar Media Group, Inc. | 226964 |
| 5912 | Omnicom Group, Inc. | 425960 |
| 9029 | TEGNA, Inc. | 150784 |
|  |  | 1916119 |
|  | **Metals & Mining — 2.1%**  |  |
| 8888 | Alcoa Corp. | 266373 |
| 1076 | Alpha Metallurgical Resources, <br> Inc. (a) | 127043 |
| 758 | Kaiser Aluminum Corp. | 58601 |
| 9126 | Newmont Corp. | 566725 |
| 3283 | Nucor Corp. | 469699 |
| 989 | Reliance, Inc. | 286938 |
| 3323 | Steel Dynamics, Inc. | 423882 |
| 2641 | Warrior Met Coal, Inc. | 135695 |
| 4058 | Worthington Steel, Inc. | 123850 |
|  |  | 2458806 |
|  | **Mortgage REITs — 0.8%**  |  |
| 2787 | Annaly Capital Management, <br> Inc. | 56660 |
| 3068 | Apollo Commercial Real Estate <br> Finance, Inc. | 29514 |
| 11314 | Arbor Realty Trust, Inc. (b) | 126264 |
| 10910 | Chimera Investment Corp. | 145867 |
| 2430 | Dynex Capital, Inc. | 30229 |
| 11261 | Ladder Capital Corp. | 122970 |
| 15996 | MFA Financial, Inc. | 145404 |
| 6927 | PennyMac Mortgage Investment <br> Trust | 81669 |
| 18586 | Rithm Capital Corp. | 223590 |
| 2614 | Starwood Property Trust, Inc. | 50868 |
|  |  | 1013035 |
|  | **Multi-Utilities — 2.3%**  |  |
| 3234 | Ameren Corp. | 327055 |
| 3190 | Avista Corp. | 118987 |
| 3740 | Black Hills Corp. | 216097 |
| 5789 | CenterPoint Energy, Inc. | 224729 |
| 4483 | CMS Energy Corp. | 330845 |
| 4239 | Consolidated Edison, Inc. | 438737 |
| 5496 | Dominion Energy, Inc. | 321241 |

---

See Notes to Financial Statements

------

**First Trust Multi Cap Value AlphaDEX**<sup>®</sup> **Fund (FAB)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Multi-Utilities (Continued)**  |  |
| 3211 | DTE Energy Co. | $444435 |
| 2360 | Northwestern Energy Group, <br> Inc. | 126732 |
| 2041 | WEC Energy Group, Inc. | 222632 |
|  |  | 2771490 |
|  | **Office REITs — 0.4%**  |  |
| 3494 | Cousins Properties, Inc. | 94687 |
| 4013 | Easterly Government Properties, <br> Inc. | 88286 |
| 2865 | Highwoods Properties, Inc. | 83114 |
| 1529 | Kilroy Realty Corp. | 56359 |
| 16606 | Piedmont Realty Trust, Inc. | 125541 |
|  |  | 447987 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 7.7%**  |  |
| 1302 | Antero Resources Corp. (a) | 45479 |
| 14341 | APA Corp. | 276638 |
| 5743 | California Resources Corp. | 276698 |
| 3713 | Chevron Corp. | 563039 |
| 2708 | Chord Energy Corp. | 298774 |
| 9531 | Civitas Resources, Inc. | 289361 |
| 5925 | ConocoPhillips | 564890 |
| 20949 | Coterra Energy, Inc. | 510946 |
| 16714 | Devon Energy Corp. | 555239 |
| 3870 | Diamondback Energy, Inc. | 575314 |
| 4445 | EOG Resources, Inc. | 533489 |
| 3647 | EQT Corp. | 196026 |
| 4932 | Exxon Mobil Corp. | 550609 |
| 2554 | HF Sinclair Corp. | 112223 |
| 4148 | International Seaways, Inc. | 165505 |
| 70383 | Kosmos Energy Ltd. (a) | 151323 |
| 11668 | Magnolia Oil & Gas Corp., <br> Class A | 277932 |
| 1280 | Marathon Petroleum Corp. | 217843 |
| 5497 | Matador Resources Co. | 274190 |
| 11657 | Murphy Oil Corp. | 289210 |
| 5338 | Northern Oil & Gas, Inc. | 150318 |
| 12656 | Occidental Petroleum Corp. | 556105 |
| 6893 | Ovintiv, Inc. | 283854 |
| 11276 | Peabody Energy Corp. | 182107 |
| 2604 | Phillips 66 | 321802 |
| 1290 | Range Resources Corp. | 47369 |
| 10615 | SM Energy Co. | 292868 |
| 17845 | Talos Energy, Inc. (a) | 152575 |
| 1582 | Valero Energy Corp. | 217224 |
| 9405 | Vital Energy, Inc. (a) | 175780 |
| 2135 | World Kinect Corp. | 58221 |
|  |  | 9162951 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Paper & Forest Products —** <br> **0.2%**  |  |
| 1830 | Louisiana-Pacific Corp. | $165450 |
| 2416 | Sylvamo Corp. | 111305 |
|  |  | 276755 |
|  | **Passenger Airlines — 0.5%**  |  |
| 4241 | Alaska Air Group, Inc. (a) | 224603 |
| 28619 | JetBlue Airways Corp. (a) | 127068 |
| 9575 | Southwest Airlines Co. | 296155 |
|  |  | 647826 |
|  | **Personal Care Products —** <br> **0.1%**  |  |
| 6464 | Edgewell Personal Care Co. | 163087 |
|  | **Pharmaceuticals — 2.0%**  |  |
| 6591 | Amphastar Pharmaceuticals, <br> Inc. (a) | 138082 |
| 6710 | Bristol-Myers Squibb Co. | 290610 |
| 14694 | Elanco Animal Health, Inc. (a) | 201014 |
| 2472 | Jazz Pharmaceuticals PLC (a) | 283365 |
| 2033 | Johnson & Johnson | 334916 |
| 5373 | Merck & Co., Inc. | 419739 |
| 21677 | Organon & Co. | 210267 |
| 1111 | Perrigo Co. PLC | 29630 |
| 17547 | Pfizer, Inc. | 408670 |
| 372 | Prestige Consumer Healthcare, <br> Inc. (a) | 27509 |
| 1920 | Supernus Pharmaceuticals, <br> Inc. (a) | 67392 |
|  |  | 2411194 |
|  | **Professional Services — 1.8%**  |  |
| 15739 | Alight, Inc., Class A | 84361 |
| 2042 | Booz Allen Hamilton Holding <br> Corp. | 219168 |
| 110 | CACI International, Inc., <br> Class A (a) | 50663 |
| 2863 | Concentrix Corp. | 148790 |
| 455 | CSG Systems International, Inc. | 28419 |
| 325 | FTI Consulting, Inc. (a) | 54064 |
| 3576 | Genpact Ltd. | 157523 |
| 1052 | ICF International, Inc. | 88252 |
| 2189 | KBR, Inc. | 102314 |
| 825 | Korn Ferry | 58468 |
| 3333 | Legalzoom.com, Inc. (a) | 29964 |
| 1969 | Leidos Holdings, Inc. | 314351 |
| 2996 | ManpowerGroup, Inc. | 123585 |
| 2989 | Maximus, Inc. | 220767 |
| 2556 | Robert Half, Inc. | 94342 |
| 932 | Science Applications <br> International Corp. | 103899 |
| 2568 | SS&C Technologies Holdings, <br> Inc. | 219512 |
|  |  | 2098442 |

---

See Notes to Financial Statements

------

**First Trust Multi Cap Value AlphaDEX**<sup>®</sup> **Fund (FAB)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Real Estate Management &** <br> **Development — 0.3%**  |  |
| 7566 | Forestar Group, Inc. (a) | $187637 |
| 205 | Jones Lang LaSalle, Inc. (a) | 55424 |
| 4982 | Newmark Group, Inc., Class A | 75577 |
|  |  | 318638 |
|  | **Retail REITs — 0.3%**  |  |
| 14777 | Kimco Realty Corp. | 313716 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 1.9%**  |  |
| 2337 | ACM Research, Inc., Class A (a) | 70951 |
| 1157 | Alpha & Omega Semiconductor <br> Ltd. (a) | 29469 |
| 12496 | Amkor Technology, Inc. | 281910 |
| 566 | Applied Materials, Inc. | 101914 |
| 1278 | Axcelis Technologies, Inc. (a) | 86508 |
| 1510 | Cirrus Logic, Inc. (a) | 152072 |
| 561 | Diodes, Inc. (a) | 27697 |
| 3451 | Micron Technology, Inc. | 376642 |
| 528 | MKS, Inc. | 50255 |
| 474 | NXP Semiconductors N.V. | 101327 |
| 1975 | ON Semiconductor Corp. (a) | 111311 |
| 8036 | Photronics, Inc. (a) | 163613 |
| 1950 | QUALCOMM, Inc. | 286182 |
| 1408 | Skyworks Solutions, Inc. | 96504 |
| 1374 | Synaptics, Inc. (a) | 86150 |
| 1151 | Teradyne, Inc. | 123652 |
| 3947 | Ultra Clean Holdings, Inc. (a) | 88886 |
| 2979 | Veeco Instruments, Inc. (a) | 61904 |
|  |  | 2296947 |
|  | **Software — 0.4%**  |  |
| 4281 | Adeia, Inc. | 55439 |
| 706 | Dolby Laboratories, Inc., <br> Class A | 53190 |
| 2713 | Teradata Corp. (a) | 56783 |
| 4529 | Verint Systems, Inc. (a) | 96377 |
| 2727 | Zoom Communications, Inc. (a) | 201935 |
|  |  | 463724 |
|  | **Specialized REITs — 0.3%**  |  |
| 11826 | Rayonier, Inc. | 275664 |
| 7780 | Safehold, Inc. | 108842 |
|  |  | 384506 |
|  | **Specialty Retail — 2.9%**  |  |
| 3377 | Academy Sports & Outdoors, <br> Inc. | 171518 |
| 15730 | American Eagle Outfitters, Inc. | 169884 |
| 880 | Asbury Automotive Group, <br> Inc. (a) | 195465 |
| 792 | AutoNation, Inc. (a) | 152571 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Specialty Retail (Continued)**  |  |
| 7004 | Bath & Body Works, Inc. | $202836 |
| 4627 | Best Buy Co., Inc. | 301033 |
| 1335 | Buckle (The), Inc. | 65909 |
| 1561 | CarMax, Inc. (a) | 88368 |
| 796 | Dick's Sporting Goods, Inc. | 168362 |
| 400 | Five Below, Inc. (a) | 54608 |
| 9621 | Gap (The), Inc. | 187225 |
| 360 | Group 1 Automotive, Inc. | 148374 |
| 621 | Lithia Motors, Inc. | 178848 |
| 467 | Lowe's Cos., Inc. | 104407 |
| 258 | Murphy USA, Inc. | 93520 |
| 916 | Penske Automotive Group, Inc. | 153347 |
| 812 | Ross Stores, Inc. | 110870 |
| 16341 | Sally Beauty Holdings, Inc. (a) | 159161 |
| 1114 | Sonic Automotive, Inc., Class A | 80598 |
| 455 | Ulta Beauty, Inc. (a) | 234329 |
| 3549 | Upbound Group, Inc. | 73234 |
| 2170 | Urban Outfitters, Inc. (a) | 163358 |
| 1385 | Valvoline, Inc. (a) | 48821 |
| 6537 | Victoria's Secret & Co. (a) | 122896 |
|  |  | 3429542 |
|  | **Technology Hardware, Storage** <br> **& Peripherals — 1.2%**  |  |
| 845 | Dell Technologies, Inc., Class C | 112123 |
| 25999 | Hewlett Packard Enterprise Co. | 537919 |
| 12699 | HP, Inc. | 314935 |
| 6647 | Western Digital Corp. | 523053 |
|  |  | 1488030 |
|  | **Textiles, Apparel & Luxury** <br> **Goods — 1.0%**  |  |
| 5022 | Carter's, Inc. | 121733 |
| 2577 | Columbia Sportswear Co. | 145781 |
| 2590 | Crocs, Inc. (a) | 258301 |
| 6755 | G-III Apparel Group Ltd. (a) | 159418 |
| 1606 | Levi Strauss & Co., Class A | 31622 |
| 3760 | Oxford Industries, Inc. | 143557 |
| 3824 | PVH Corp. | 280758 |
| 3715 | Steven Madden Ltd. | 89178 |
|  |  | 1230348 |
|  | **Tobacco — 0.1%**  |  |
| 2079 | Universal Corp. | 113243 |
|  | **Trading Companies &** <br> **Distributors — 0.9%**  |  |
| 4484 | Air Lease Corp. | 248414 |
| 3021 | Boise Cascade Co. | 253190 |
| 12253 | Custom Truck One Source, <br> Inc. (a) | 75846 |
| 4082 | DNOW, Inc. (a) | 63516 |
| 617 | MSC Industrial Direct Co., Inc., <br> Class A | 53445 |

---

See Notes to Financial Statements

------

**First Trust Multi Cap Value AlphaDEX**<sup>®</sup> **Fund (FAB)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Trading Companies &** <br> **Distributors (Continued)**  |  |
| 4074 | Rush Enterprises, Inc., Class A | $220566 |
| 850 | WESCO International, Inc. | 175916 |
|  |  | 1090893 |
|  | **Water Utilities — 0.3%**  |  |
| 744 | American Water Works Co., Inc. | 104338 |
| 1331 | California Water Service Group | 60521 |
| 4237 | Essential Utilities, Inc. | 155922 |
| 1714 | H2O America | 82769 |
|  |  | 403550 |
|  | **Total Common Stocks** | 119139086 |
|  | (Cost $116,761,104) |  |
| **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** |
| 227695 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 4.16% (c) | 227695 |
|  | (Cost $227,695) |  |

---

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 0.5%** | **REPURCHASE AGREEMENTS — 0.5%** | **REPURCHASE AGREEMENTS — 0.5%** |
| $147664 | Bank of America Corp., <br> 4.36% (c), dated 07/31/25, due <br> 08/01/25, with a maturity <br> value of $147,682. <br> Collateralized by <br> U.S. Treasury Note, interest <br> rate of 3.88%, due 07/31/27. <br> The value of the collateral <br> including accrued interest is <br> $150,617. (d) | 147664 |
| 30570 | Daiwa Capital Markets America, <br> Inc., 4.36% (c), dated <br> 07/31/25, due 08/01/25, with a <br> maturity value of $30,574. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.00% to <br> 6.00%, due 08/14/25 to <br> 05/15/47. The value of the <br> collateral including accrued <br> interest is $31,181. (d) | 30570 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Value** |
| $202504 | JPMorgan Chase & Co., <br> 4.36% (c), dated 07/31/25, due <br> 08/01/25, with a maturity <br> value of $202,529. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.13% to <br> 4.75%, due 02/15/41 to <br> 08/15/52. The value of the <br> collateral including accrued <br> interest is $206,554. (d) | $202504 |
| 143156 | Mizuho Financial Group, Inc., <br> 4.36% (c), dated 07/31/25, due <br> 08/01/25, with a maturity <br> value of $143,173. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.38% to <br> 4.25%, due 06/30/27 to <br> 06/30/31. The value of the <br> collateral including accrued <br> interest is $146,019. (d) | 143156 |
|  | **Total Repurchase Agreements** | 523894 |
|  | (Cost $523,894) |  |
|  | **Total Investments — 100.5%** | 119890675 |
|  | (Cost $117,512,693) |  |
|  | **Net Other Assets and** <br> **Liabilities — (0.5)%** | (555004)<br>|
|  | **Net Assets — 100.0%** | $119335671 |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 or a portion of this security is on loan (see Note 2D - 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 $489,827 and the total value of the collateral
 held by the Fund, including for securities sold and pending
 settlement, is $523,894.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Rate
 shown reflects yield as of July 31, 2025.

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

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

Abbreviations throughout the Portfolio of Investments: <br> REITs – Real Estate Investment Trusts

See Notes to Financial Statements

------

**First Trust Multi Cap Value AlphaDEX**<sup>®</sup> **Fund (FAB)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of July 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>**7/31/2025**<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\* | $119139086 | $119139086 | $— | $— |
| Money Market Funds | 227695 | 227695 |  |  |
| Repurchase <br> Agreements<br>| 523894 |  | 523894 |  |
| Total Investments | $119890675 | $119366781 | $523894 | $— |

---

&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>| $489827 |
| Non-cash Collateral<sup>(2)</sup> <br>| (489827)<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 July 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. 

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>| $523894 |
| Non-cash Collateral<sup>(4)</sup> <br>| (523894)<br>|
| Net Amount | $— |

---

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

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

<sup>(4)</sup> At July 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 Multi Cap Growth AlphaDEX**<sup>®</sup> **Fund (FAD)**

**Portfolio of Investments**

**July 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
|  | **Aerospace & Defense — 3.8%**  |  |
| 2283 | AeroVironment, Inc. (a) | $611022 |
| 7533 | ATI, Inc. (a) | 579589 |
| 1593 | Axon Enterprise, Inc. (a) | 1203496 |
| 4515 | BWX Technologies, Inc. | 685964 |
| 6935 | Cadre Holdings, Inc. | 229341 |
| 1331 | Curtiss-Wright Corp. | 652483 |
| 3215 | HEICO Corp. | 1050662 |
| 2303 | Hexcel Corp. | 137973 |
| 7083 | Howmet Aerospace, Inc. | 1273311 |
| 13808 | Intuitive Machines, Inc. (a) | 154097 |
| 14002 | Kratos Defense & Security <br> Solutions, Inc. (a) | 821917 |
| 13994 | Leonardo DRS, Inc. | 582150 |
| 6039 | Loar Holdings, Inc. (a) | 446343 |
| 5573 | Mercury Systems, Inc. (a) | 293084 |
| 1438 | Moog, Inc., Class A | 278368 |
| 18184 | Rocket Lab Corp. (a) | 835009 |
| 507 | TransDigm Group, Inc. | 815489 |
| 2653 | Woodward, Inc. | 682033 |
|  |  | 11332331 |
|  | **Automobile Components —** <br> **0.3%**  |  |
| 3182 | Dorman Products, Inc. (a) | 383813 |
| 2641 | Modine Manufacturing Co. (a) | 355373 |
| 6153 | XPEL, Inc. (a) (b) | 201141 |
|  |  | 940327 |
|  | **Automobiles — 0.2%**  |  |
| 18935 | Rivian Automotive, Inc., <br> Class A (a) (c) | 243694 |
| 808 | Tesla, Inc. (a) | 249082 |
|  |  | 492776 |
|  | **Banks — 3.3%**  |  |
| 7080 | Amalgamated Financial Corp. | 205249 |
| 21366 | Banc of California, Inc. | 310234 |
| 4209 | BancFirst Corp. | 524105 |
| 6587 | Bancorp (The), Inc. (a) | 416035 |
| 8264 | Byline Bancorp, Inc. | 217343 |
| 1804 | City Holding Co. | 220268 |
| 3099 | Coastal Financial Corp. (a) | 298124 |
| 5564 | Columbia Banking System, Inc. | 132423 |
| 5075 | Columbia Financial, Inc. (a) | 73029 |
| 2092 | Commerce Bancshares, Inc. | 128030 |
| 3884 | Community Financial System, <br> Inc. | 204687 |
| 2024 | Cullen/Frost Bankers, Inc. | 257878 |
| 7585 | CVB Financial Corp. | 141764 |
| 5153 | East West Bancorp, Inc. | 516588 |
| 4009 | Enterprise Financial Services <br> Corp. | 221257 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Banks (Continued)**  |  |
| 270 | First Citizens BancShares, Inc., <br> Class A | $538585 |
| 7231 | First Financial Bankshares, Inc. | 250337 |
| 2555 | First Interstate BancSystem, Inc., <br> Class A | 73559 |
| 1912 | German American Bancorp, Inc. | 73459 |
| 3019 | Glacier Bancorp, Inc. | 132323 |
| 9142 | Home BancShares, Inc. | 257439 |
| 4548 | JPMorgan Chase & Co. | 1347300 |
| 1198 | Lakeland Financial Corp. | 75917 |
| 1958 | National Bank Holdings Corp., <br> Class A | 72564 |
| 3612 | NBT Bancorp, Inc. | 149465 |
| 2431 | Nicolet Bankshares, Inc. | 313599 |
| 12192 | Old National Bancorp | 257373 |
| 1321 | Park National Corp. | 213830 |
| 3794 | Pathward Financial, Inc. | 286921 |
| 3534 | Pinnacle Financial Partners, Inc. | 310603 |
| 2210 | QCR Holdings, Inc. | 156910 |
| 4106 | Republic Bancorp, Inc., Class A | 282739 |
| 3357 | ServisFirst Bancshares, Inc. | 264028 |
| 3801 | Stock Yards Bancorp, Inc. | 284163 |
| 5004 | Western Alliance Bancorp | 388110 |
| 3148 | Wintrust Financial Corp. | 402881 |
|  |  | 9999119 |
|  | **Beverages — 0.5%**  |  |
| 5608 | Celsius Holdings, Inc. (a) | 254266 |
| 3629 | Coca-Cola (The) Co. | 246373 |
| 1165 | Coca-Cola Consolidated, Inc. | 130189 |
| 12296 | Monster Beverage Corp. (a) | 722390 |
| 6119 | Vita Coco (The) Co., Inc. (a) | 215756 |
|  |  | 1568974 |
|  | **Biotechnology — 3.5%**  |  |
| 17397 | ACADIA Pharmaceuticals, <br> Inc. (a) | 414571 |
| 12130 | ADMA Biologics, Inc. (a) | 226831 |
| 4513 | Agios Pharmaceuticals, Inc. (a) | 167974 |
| 3235 | Alnylam Pharmaceuticals, <br> Inc. (a) | 1268896 |
| 920 | Amgen, Inc. | 271492 |
| 15756 | Arcutis Biotherapeutics, Inc. (a) | 229722 |
| 18784 | Ardelyx, Inc. (a) | 79644 |
| 13981 | Arrowhead Pharmaceuticals, <br> Inc. (a) | 220900 |
| 21504 | ARS Pharmaceuticals, Inc. (a) | 380191 |
| 41880 | BioCryst Pharmaceuticals, <br> Inc. (a) | 340903 |
| 9038 | Bridgebio Pharma, Inc. (a) | 427226 |
| 11305 | CareDx, Inc. (a) | 138882 |
| 10179 | Catalyst Pharmaceuticals, <br> Inc. (a) | 217118 |

---

See Notes to Financial Statements

------

**First Trust Multi Cap Growth AlphaDEX**<sup>®</sup> **Fund (FAD)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Biotechnology (Continued)**  |  |
| 3618 | Celldex Therapeutics, Inc. (a) | $79524 |
| 5773 | CG oncology, Inc. (a) | 154081 |
| 7344 | Exact Sciences Corp. (a) | 344801 |
| 14757 | Exelixis, Inc. (a) | 534499 |
| 5001 | Halozyme Therapeutics, Inc. (a) | 299910 |
| 27891 | ImmunityBio, Inc. (a) (c) | 68612 |
| 3878 | Insmed, Inc. (a) | 416032 |
| 5062 | Kymera Therapeutics, Inc. (a) | 221462 |
| 4200 | Merus N.V. (a) | 278208 |
| 7373 | Mirum Pharmaceuticals, Inc. (a) | 381037 |
| 6243 | Natera, Inc. (a) | 834439 |
| 4196 | Neurocrine Biosciences, Inc. (a) | 538053 |
| 11687 | Novavax, Inc. (a) (c) | 77719 |
| 1751 | Praxis Precision Medicines, <br> Inc. (a) | 94939 |
| 3997 | Protagonist Therapeutics, Inc. (a) | 215278 |
| 7683 | PTC Therapeutics, Inc. (a) | 400361 |
| 4751 | Rhythm Pharmaceuticals, Inc. (a) | 404928 |
| 7607 | Sarepta Therapeutics, Inc. (a) | 124907 |
| 10843 | TG Therapeutics, Inc. (a) | 384926 |
| 10142 | Travere Therapeutics, Inc. (a) | 156694 |
| 2001 | Twist Bioscience Corp. (a) | 67174 |
| 3577 | Ultragenyx Pharmaceutical, <br> Inc. (a) | 97724 |
| 2724 | Veracyte, Inc. (a) | 64041 |
|  |  | 10623699 |
|  | **Broadline Retail — 1.3%**  |  |
| 3511 | Amazon.com, Inc. (a) | 821960 |
| 44006 | Coupang, Inc. (a) | 1295096 |
| 14165 | eBay, Inc. | 1299639 |
| 3949 | Ollie's Bargain Outlet Holdings, <br> Inc. (a) | 539552 |
|  |  | 3956247 |
|  | **Building Products — 1.9%**  |  |
| 3610 | Allegion PLC | 598971 |
| 3203 | Armstrong World Industries, Inc. | 602708 |
| 2338 | AZZ, Inc. | 256011 |
| 10524 | Carrier Global Corp. | 722157 |
| 3052 | Griffon Corp. | 248036 |
| 9987 | Johnson Controls <br> International PLC | 1048635 |
| 448 | Lennox International, Inc. | 272832 |
| 2855 | Tecnoglass, Inc. | 222776 |
| 3014 | Trane Technologies PLC | 1320373 |
| 7115 | Zurn Elkay Water Solutions <br> Corp. | 314839 |
|  |  | 5607338 |
|  | **Capital Markets — 7.3%**  |  |
| 1976 | Ameriprise Financial, Inc. | 1023943 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Capital Markets (Continued)**  |  |
| 1482 | Ares Management Corp., <br> Class A | $274955 |
| 36681 | BGC Group, Inc., Class A | 340033 |
| 503 | Blackrock, Inc. | 556323 |
| 1716 | Blackstone, Inc. | 296799 |
| 4523 | Cboe Global Markets, Inc. | 1090224 |
| 2795 | CME Group, Inc. | 777793 |
| 3762 | Coinbase Global, Inc., <br> Class A (a) | 1421133 |
| 1863 | Goldman Sachs Group (The), <br> Inc. | 1348048 |
| 915 | Hamilton Lane, Inc., Class A | 139355 |
| 2891 | Houlihan Lokey, Inc. | 551198 |
| 23794 | Interactive Brokers Group, Inc., <br> Class A | 1559935 |
| 3516 | LPL Financial Holdings, Inc. | 1391387 |
| 6606 | Main Street Capital Corp. (c) | 427408 |
| 583 | MarketAxess Holdings, Inc. | 119807 |
| 1051 | Moody's Corp. | 542032 |
| 7488 | Morgan Stanley | 1066741 |
| 414 | Morningstar, Inc. | 114454 |
| 445 | MSCI, Inc. | 249805 |
| 14745 | Nasdaq, Inc. | 1418764 |
| 10398 | Northern Trust Corp. | 1351740 |
| 15458 | Perella Weinberg Partners | 308233 |
| 3154 | PJT Partners, Inc., Class A | 563367 |
| 14081 | Robinhood Markets, Inc., <br> Class A (a) | 1451047 |
| 1000 | S&P Global, Inc. | 551100 |
| 5791 | SEI Investments Co. | 510303 |
| 7032 | StepStone Group, Inc., Class A | 417420 |
| 7440 | TPG, Inc. | 424601 |
| 2666 | Tradeweb Markets, Inc., Class A | 369374 |
| 6129 | Victory Capital Holdings, Inc., <br> Class A | 422349 |
| 8377 | Virtu Financial, Inc., Class A | 369761 |
| 32601 | WisdomTree, Inc. | 432615 |
|  |  | 21882047 |
|  | **Chemicals — 0.7%**  |  |
| 817 | Balchem Corp. | 124568 |
| 1957 | Ecolab, Inc. | 512264 |
| 2641 | Hawkins, Inc. | 431223 |
| 26957 | Perimeter Solutions, Inc. (a) | 434817 |
| 5917 | Scotts Miracle-Gro (The) Co. | 370759 |
| 748 | Sherwin-Williams (The) Co. | 247498 |
|  |  | 2121129 |
|  | **Commercial Services &** <br> **Supplies — 1.9%**  |  |
| 9254 | ACV Auctions, Inc., Class A (a) | 131499 |
| 2208 | Brady Corp., Class A | 155819 |

---

See Notes to Financial Statements

------

**First Trust Multi Cap Growth AlphaDEX**<sup>®</sup> **Fund (FAD)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Commercial Services &** <br> **Supplies (Continued)**  |  |
| 3383 | Casella Waste Systems, Inc., <br> Class A (a) | $367834 |
| 1567 | Cimpress PLC (a) | 86671 |
| 3456 | Cintas Corp. | 769133 |
| 1688 | Clean Harbors, Inc. (a) | 398047 |
| 12579 | Driven Brands Holdings, Inc. (a) | 212585 |
| 5432 | GEO Group (The), Inc. (a) | 140797 |
| 1553 | MSA Safety, Inc. | 276232 |
| 15348 | OPENLANE, Inc. (a) | 378175 |
| 34395 | Pitney Bowes, Inc. | 390727 |
| 3123 | Republic Services, Inc. | 720320 |
| 9348 | Rollins, Inc. | 535360 |
| 10852 | Tetra Tech, Inc. | 398702 |
| 2292 | VSE Corp. | 358790 |
| 2305 | Waste Management, Inc. | 528214 |
|  |  | 5848905 |
|  | **Communications Equipment** <br> **— 1.6%**  |  |
| 8599 | Applied Optoelectronics, <br> Inc. (a) (c) | 196659 |
| 5155 | Arista Networks, Inc. (a) | 635199 |
| 15202 | Cisco Systems, Inc. | 1034952 |
| 45319 | CommScope Holding Co., <br> Inc. (a) | 371616 |
| 8611 | Digi International, Inc. (a) | 280805 |
| 16724 | Extreme Networks, Inc. (a) | 295346 |
| 3584 | F5, Inc. (a) | 1123297 |
| 15849 | Harmonic, Inc. (a) | 134875 |
| 5474 | Lumentum Holdings, Inc. (a) | 602578 |
|  |  | 4675327 |
|  | **Construction & Engineering** <br> **— 3.7%**  |  |
| 5763 | AECOM | 649721 |
| 1702 | Argan, Inc. | 416956 |
| 2458 | Comfort Systems USA, Inc. | 1728711 |
| 3530 | Construction Partners, Inc., <br> Class A (a) | 356001 |
| 2662 | Dycom Industries, Inc. (a) | 715572 |
| 2465 | EMCOR Group, Inc. | 1546763 |
| 4012 | Granite Construction, Inc. | 379014 |
| 2196 | IES Holdings, Inc. (a) | 775342 |
| 3816 | MasTec, Inc. (a) | 722025 |
| 8346 | Primoris Services Corp. | 785943 |
| 3487 | Quanta Services, Inc. | 1416175 |
| 2818 | Sterling Infrastructure, Inc. (a) | 754069 |
| 8022 | Tutor Perini Corp. (a) | 386259 |
| 1594 | Valmont Industries, Inc. | 580136 |
|  |  | 11212687 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Construction Materials —** <br> **0.3%**  |  |
| 1594 | Knife River Corp. (a) | $131473 |
| 468 | Martin Marietta Materials, Inc. | 269044 |
| 1504 | United States Lime & Minerals, <br> Inc. | 149768 |
| 985 | Vulcan Materials Co. | 270550 |
|  |  | 820835 |
|  | **Consumer Finance — 1.6%**  |  |
| 3307 | American Express Co. | 989818 |
| 1398 | Dave, Inc. (a) | 329648 |
| 5707 | Encore Capital Group, Inc. (a) | 210474 |
| 3365 | Enova International, Inc. (a) | 351844 |
| 15869 | SLM Corp. | 504634 |
| 72401 | SoFi Technologies, Inc. (a) | 1634815 |
| 10056 | Upstart Holdings, Inc. (a) | 821978 |
|  |  | 4843211 |
|  | **Consumer Staples Distribution** <br> **& Retail — 1.3%**  |  |
| 5881 | Chefs' Warehouse (The), Inc. (a) | 403202 |
| 778 | Costco Wholesale Corp. | 731040 |
| 11502 | Maplebear, Inc. (a) | 551751 |
| 8008 | Sprouts Farmers Market, Inc. (a) | 1213532 |
| 10787 | Walmart, Inc. | 1056910 |
|  |  | 3956435 |
|  | **Containers & Packaging —** <br> **0.1%**  |  |
| 1663 | AptarGroup, Inc. | 261324 |
|  | **Diversified Consumer Services** <br> **— 1.6%**  |  |
| 5112 | Adtalem Global Education, <br> Inc. (a) | 584148 |
| 3158 | Bright Horizons Family <br> Solutions, Inc. (a) | 357170 |
| 1587 | Duolingo, Inc. (a) | 549975 |
| 11035 | Frontdoor, Inc. (a) | 645548 |
| 2753 | Grand Canyon Education, <br> Inc. (a) | 464238 |
| 9480 | H&R Block, Inc. | 515143 |
| 16049 | Laureate Education, Inc. (a) | 362707 |
| 14722 | OneSpaWorld Holdings Ltd. | 325651 |
| 4480 | Stride, Inc. (a) | 574471 |
| 10474 | Udemy, Inc. (a) | 79707 |
| 11073 | Universal Technical Institute, <br> Inc. (a) | 356772 |
|  |  | 4815530 |
|  | **Diversified REITs — 0.1%**  |  |
| 3728 | American Assets Trust, Inc. | 70944 |
| 4077 | Essential Properties Realty Trust, <br> Inc. | 124308 |
| 29258 | Global Net Lease, Inc. | 204513 |
|  |  | 399765 |

---

See Notes to Financial Statements

------

**First Trust Multi Cap Growth AlphaDEX**<sup>®</sup> **Fund (FAD)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Diversified Telecommunication** <br> **Services — 0.5%**  |  |
| 13919 | AST SpaceMobile, Inc. (a) (c) | $740073 |
| 9950 | Iridium Communications, Inc. | 243377 |
| 89098 | Lumen Technologies, Inc. (a) | 396486 |
|  |  | 1379936 |
|  | **Electric Utilities — 1.1%**  |  |
| 4085 | Constellation Energy Corp. | 1420926 |
| 6345 | Entergy Corp. | 573778 |
| 833 | MGE Energy, Inc. | 70755 |
| 3698 | NextEra Energy, Inc. | 262780 |
| 7576 | PPL Corp. | 270388 |
| 8388 | Southern (The) Co. | 792498 |
|  |  | 3391125 |
|  | **Electrical Equipment — 2.8%**  |  |
| 25440 | Array Technologies, Inc. (a) | 165360 |
| 27192 | Bloom Energy Corp., Class A (a) | 1016709 |
| 2158 | Eaton Corp. PLC | 830226 |
| 14516 | Enovix Corp. (a) (c) | 194514 |
| 73289 | Eos Energy Enterprises, <br> Inc. (a) (c) | 417747 |
| 22369 | Fluence Energy, Inc. (a) (c) | 181636 |
| 2491 | GE Vernova, Inc. | 1644782 |
| 1291 | Hubbell, Inc. | 564787 |
| 9485 | NuScale Power Corp. (a) (c) | 476242 |
| 1783 | Powell Industries, Inc. | 422749 |
| 2319 | Rockwell Automation, Inc. | 815616 |
| 18350 | Sunrun, Inc. (a) | 188271 |
| 10268 | Vertiv Holdings Co., Class A | 1495021 |
|  |  | 8413660 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 1.7%**  |  |
| 13351 | Amphenol Corp., Class A | 1422015 |
| 17701 | Arlo Technologies, Inc. (a) | 286756 |
| 2124 | Badger Meter, Inc. | 400926 |
| 4493 | Belden, Inc. | 555560 |
| 5833 | Coherent Corp. (a) | 627631 |
| 1728 | CTS Corp. | 67720 |
| 4942 | Itron, Inc. (a) | 615477 |
| 13944 | Mirion Technologies, Inc. (a) | 311648 |
| 2480 | Napco Security Technologies, <br> Inc. | 75714 |
| 1669 | OSI Systems, Inc. (a) | 368866 |
| 2164 | PAR Technology Corp. (a) | 131528 |
| 1633 | Plexus Corp. (a) | 208208 |
|  |  | 5072049 |
|  | **Energy Equipment & Services** <br> **— 0.3%**  |  |
| 10478 | Archrock, Inc. | 244766 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Energy Equipment & Services** <br> **(Continued)**  |  |
| 5508 | Atlas Energy Solutions, Inc. (c) | $71604 |
| 11388 | Kodiak Gas Services, Inc. | 368174 |
| 7244 | Oceaneering International, <br> Inc. (a) | 157195 |
| 3253 | Tidewater, Inc. (a) | 162682 |
|  |  | 1004421 |
|  | **Entertainment — 2.7%**  |  |
| 23752 | AMC Entertainment Holdings, <br> Inc., Class A (a) (c) | 68881 |
| 4723 | Atlanta Braves Holdings, Inc., <br> Class C (a) | 210457 |
| 9947 | Cinemark Holdings, Inc. (c) | 267276 |
| 3303 | Electronic Arts, Inc. | 503674 |
| 5046 | Liberty Media Corp.-Liberty <br> Formula One, Class C (a) | 506366 |
| 6972 | Live Nation Entertainment, <br> Inc. (a) | 1029764 |
| 7511 | Madison Square Garden <br> Entertainment Corp. (a) | 283841 |
| 1245 | Madison Square Garden Sports <br> Corp. (a) | 251615 |
| 985 | Netflix, Inc. (a) | 1142009 |
| 12532 | ROBLOX Corp., Class A (a) | 1726784 |
| 7400 | Roku, Inc. (a) | 696784 |
| 4344 | Take-Two Interactive Software, <br> Inc. (a) | 967539 |
| 3574 | TKO Group Holdings, Inc. | 600468 |
|  |  | 8255458 |
|  | **Financial Services — 2.3%**  |  |
| 19069 | Affirm Holdings, Inc. (a) | 1307371 |
| 774 | Corpay, Inc. (a) | 250041 |
| 1545 | Federal Agricultural Mortgage <br> Corp., Class C | 266157 |
| 12829 | Flywire Corp. (a) | 139708 |
| 722 | Jack Henry & Associates, Inc. | 122606 |
| 456 | Mastercard, Inc., Class A | 258310 |
| 5262 | NCR Atleos Corp. (a) | 161017 |
| 21912 | Payoneer Global, Inc. (a) | 143962 |
| 10364 | PayPal Holdings, Inc. (a) | 712629 |
| 20791 | Remitly Global, Inc. (a) | 343052 |
| 2093 | Sezzle, Inc. (a) | 324080 |
| 5250 | Shift4 Payments, Inc., <br> Class A (a) (c) | 540750 |
| 29768 | Toast, Inc., Class A (a) | 1453869 |
| 1485 | Visa, Inc., Class A | 513023 |
| 1771 | WEX, Inc. (a) | 300503 |
|  |  | 6837078 |
|  | **Food Products — 0.4%**  |  |
| 6528 | Cal-Maine Foods, Inc. | 725522 |

---

See Notes to Financial Statements

------

**First Trust Multi Cap Growth AlphaDEX**<sup>®</sup> **Fund (FAD)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Food Products (Continued)**  |  |
| 2331 | Simply Good Foods (The) <br> Co. (a) | $71002 |
| 4487 | Tootsie Roll Industries, Inc. | 170192 |
| 7793 | Vital Farms, Inc. (a) | 289900 |
|  |  | 1256616 |
|  | **Gas Utilities — 0.1%**  |  |
| 1838 | Chesapeake Utilities Corp. | 220339 |
|  | **Ground Transportation —** <br> **0.2%**  |  |
| 2219 | Avis Budget Group, Inc. (a) | 377762 |
| 54941 | Hertz Global Holdings, <br> Inc. (a) (c) | 352172 |
|  |  | 729934 |
|  | **Health Care Equipment &** <br> **Supplies — 3.1%**  |  |
| 27044 | Alphatec Holdings, Inc. (a) | 286125 |
| 9652 | Artivion, Inc. (a) | 298343 |
| 9161 | AtriCure, Inc. (a) | 321551 |
| 9819 | Boston Scientific Corp. (a) | 1030209 |
| 6042 | Dexcom, Inc. (a) | 488012 |
| 2348 | Enovis Corp. (a) | 62926 |
| 2204 | Globus Medical, Inc., <br> Class A (a) | 115997 |
| 2961 | Haemonetics Corp. (a) | 219232 |
| 1968 | ICU Medical, Inc. (a) | 252711 |
| 1436 | IDEXX Laboratories, Inc. (a) | 767269 |
| 3357 | Insulet Corp. (a) | 968159 |
| 2116 | Integer Holdings Corp. (a) | 229607 |
| 970 | Intuitive Surgical, Inc. (a) | 466657 |
| 2437 | iRhythm Technologies, Inc. (a) | 341619 |
| 1589 | Lantheus Holdings, Inc. (a) | 113121 |
| 886 | LeMaitre Vascular, Inc. | 71979 |
| 1547 | Masimo Corp. (a) | 237913 |
| 1392 | Merit Medical Systems, Inc. (a) | 118125 |
| 4136 | Novocure Ltd. (a) | 47854 |
| 1521 | Penumbra, Inc. (a) | 383703 |
| 2986 | ResMed, Inc. | 812013 |
| 2196 | STERIS PLC | 497372 |
| 1333 | Stryker Corp. | 523509 |
| 3950 | Tandem Diabetes Care, Inc. (a) | 61541 |
| 2240 | TransMedics Group, Inc. (a) | 266493 |
| 1230 | UFP Technologies, Inc. (a) | 278460 |
|  |  | 9260500 |
|  | **Health Care Providers &** <br> **Services — 1.8%**  |  |
| 1303 | Addus HomeCare Corp. (a) | 139134 |
| 26803 | Alignment Healthcare, Inc. (a) | 369345 |
| 27572 | BrightSpring Health Services, <br> Inc. (a) | 569362 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Health Care Providers &** <br> **Services (Continued)**  |  |
| 53798 | Clover Health Investments <br> Corp. (a) | $155476 |
| 1266 | CorVel Corp. (a) | 112168 |
| 2739 | DaVita, Inc. (a) | 384473 |
| 5304 | Encompass Health Corp. | 584024 |
| 4216 | Ensign Group (The), Inc. | 632400 |
| 4066 | GeneDx Holdings Corp. (a) | 414529 |
| 12498 | Guardant Health, Inc. (a) | 512168 |
| 4967 | HealthEquity, Inc. (a) | 481799 |
| 13047 | Hims & Hers Health, Inc. (a) | 863451 |
| 14242 | LifeStance Health Group, <br> Inc. (a) | 56683 |
| 13052 | Privia Health Group, Inc. (a) | 254775 |
|  |  | 5529787 |
|  | **Health Care REITs — 0.7%**  |  |
| 14163 | American Healthcare REIT, Inc. | 547258 |
| 8503 | CareTrust REIT, Inc. | 270396 |
| 7429 | Healthpeak Properties, Inc. | 125847 |
| 2127 | LTC Properties, Inc. | 72403 |
| 14109 | Sabra Health Care REIT, Inc. | 254385 |
| 5010 | Welltower, Inc. | 827001 |
|  |  | 2097290 |
|  | **Health Care Technology —** <br> **0.8%**  |  |
| 8483 | Doximity, Inc., Class A (a) | 498376 |
| 10548 | Phreesia, Inc. (a) | 284374 |
| 10979 | Schrodinger, Inc. (a) | 223203 |
| 3663 | Veeva Systems, Inc., Class A (a) | 1041025 |
| 12731 | Waystar Holding Corp. (a) | 470792 |
|  |  | 2517770 |
|  | **Hotel & Resort REITs — 0.3%**  |  |
| 19595 | DiamondRock Hospitality Co. | 151273 |
| 16937 | Host Hotels & Resorts, Inc. | 266250 |
| 2637 | Ryman Hospitality Properties, <br> Inc. | 250673 |
| 11941 | Xenia Hotels & Resorts, Inc. | 151770 |
|  |  | 819966 |
|  | **Hotels, Restaurants & Leisure** <br> **— 5.6%**  |  |
| 1939 | Airbnb, Inc., Class A (a) | 256743 |
| 183 | Booking Holdings, Inc. | 1007243 |
| 3607 | Brinker International, Inc. (a) | 568463 |
| 46885 | Carnival Corp. (a) | 1395766 |
| 5989 | Cheesecake Factory (The), <br> Inc. (c) | 382757 |
| 4572 | Chipotle Mexican Grill, Inc. (a) | 196047 |
| 1026 | Choice Hotels International, <br> Inc. (c) | 131030 |
| 570 | Domino's Pizza, Inc. | 264030 |
| 5349 | DoorDash, Inc., Class A (a) | 1338587 |

---

See Notes to Financial Statements

------

**First Trust Multi Cap Growth AlphaDEX**<sup>®</sup> **Fund (FAD)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Hotels, Restaurants & Leisure** <br> **(Continued)**  |  |
| 24592 | DraftKings, Inc., Class A (a) | $1107624 |
| 5708 | Dutch Bros, Inc., Class A (a) | 338313 |
| 4566 | Expedia Group, Inc. | 822885 |
| 9358 | First Watch Restaurant Group, <br> Inc. (a) | 161800 |
| 3960 | Hilton Worldwide Holdings, Inc. | 1061597 |
| 931 | Hyatt Hotels Corp., Class A | 131243 |
| 5901 | Las Vegas Sands Corp. | 309212 |
| 17156 | Life Time Group Holdings, <br> Inc. (a) | 492720 |
| 2819 | Marriott International, Inc., <br> Class A | 743737 |
| 2556 | Monarch Casino & Resort, Inc. | 263166 |
| 12829 | Norwegian Cruise Line Holdings <br> Ltd. (a) | 327909 |
| 4771 | Planet Fitness, Inc., Class A (a) | 520945 |
| 4210 | Royal Caribbean Cruises Ltd. | 1338233 |
| 25185 | Rush Street Interactive, Inc. (a) | 507730 |
| 69904 | Sabre Corp. (a) | 211809 |
| 4626 | Shake Shack, Inc., Class A (a) | 556693 |
| 2776 | Texas Roadhouse, Inc. | 513921 |
| 5816 | Travel + Leisure Co. | 344598 |
| 3184 | United Parks & Resorts, <br> Inc. (a) (c) | 150699 |
| 1159 | Wingstop, Inc. | 437337 |
| 1602 | Wyndham Hotels & Resorts, Inc. | 137772 |
| 4166 | Wynn Resorts Ltd. | 454219 |
| 1732 | Yum! Brands, Inc. | 249668 |
|  |  | 16724496 |
|  | **Household Durables — 0.2%**  |  |
| 2527 | Garmin Ltd. | 552806 |
|  | **Household Products — 0.0%**  |  |
| 323 | WD-40 Co. | 69251 |
|  | **Independent Power and** <br> **Renewable Electricity** <br>**Producers — 1.0%**  |  |
| 6903 | Clearway Energy, Inc., Class C | 225245 |
| 4659 | Ormat Technologies, Inc. | 416561 |
| 2237 | Talen Energy Corp. (a) | 844624 |
| 6803 | Vistra Corp. | 1418698 |
|  |  | 2905128 |
|  | **Industrial Conglomerates —** <br> **0.2%**  |  |
| 2265 | Honeywell International, Inc. | 503623 |
|  | **Insurance — 1.5%**  |  |
| 720 | Aon PLC, Class A | 256111 |
| 3506 | Baldwin Insurance Group (The), <br> Inc. (a) | 129161 |
| 2316 | Brown & Brown, Inc. | 211613 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Insurance (Continued)**  |  |
| 1423 | Goosehead Insurance, Inc., <br> Class A | $129365 |
| 2466 | HCI Group, Inc. | 345339 |
| 806 | Kinsale Capital Group, Inc. | 355196 |
| 8565 | Lemonade, Inc. (a) (c) | 322729 |
| 17502 | Oscar Health, Inc., <br> Class A (a) (c) | 245903 |
| 2433 | Palomar Holdings, Inc. (a) | 322348 |
| 1426 | Primerica, Inc. | 378788 |
| 3953 | Progressive (The) Corp. | 956784 |
| 3827 | Ryan Specialty Holdings, Inc. | 234174 |
| 6493 | Skyward Specialty Insurance <br> Group, Inc. (a) | 328416 |
| 6779 | Trupanion, Inc. (a) | 321393 |
|  |  | 4537320 |
|  | **Interactive Media & Services** <br> **— 1.5%**  |  |
| 1457 | Alphabet, Inc., Class A | 279598 |
| 6600 | Cargurus, Inc. (a) | 216612 |
| 6213 | Cars.com, Inc. (a) | 79961 |
| 8423 | Match Group, Inc. | 288656 |
| 1429 | Meta Platforms, Inc., Class A | 1105246 |
| 21479 | Pinterest, Inc., Class A (a) | 829089 |
| 9323 | QuinStreet, Inc. (a) | 152991 |
| 7005 | Reddit, Inc., Class A (a) | 1124933 |
| 16715 | Rumble, Inc. (a) (c) | 141075 |
| 4379 | Yelp, Inc. (a) | 150769 |
|  |  | 4368930 |
|  | **IT Services — 2.6%**  |  |
| 29810 | Applied Digital Corp. (a) (c) | 391703 |
| 6732 | Cloudflare, Inc., Class A (a) | 1398102 |
| 2578 | DigitalOcean Holdings, Inc. (a) | 71823 |
| 10430 | Fastly, Inc., Class A (a) | 70820 |
| 1426 | GoDaddy, Inc., Class A (a) | 230413 |
| 3578 | International Business Machines <br> Corp. | 905771 |
| 15501 | Kyndryl Holdings, Inc. (a) | 585473 |
| 5275 | Okta, Inc. (a) | 515895 |
| 5892 | Snowflake, Inc. (a) | 1316862 |
| 10601 | Twilio, Inc., Class A (a) | 1367529 |
| 3652 | VeriSign, Inc. | 981913 |
|  |  | 7836304 |
|  | **Leisure Products — 0.1%**  |  |
| 31830 | Peloton Interactive, Inc., <br> Class A (a) | 227266 |
|  | **Life Sciences Tools & Services** <br> **— 0.4%**  |  |
| 32209 | Adaptive Biotechnologies <br> Corp. (a) | 329820 |
| 414 | Medpace Holdings, Inc. (a) | 176861 |

---

See Notes to Financial Statements

------

**First Trust Multi Cap Growth AlphaDEX**<sup>®</sup> **Fund (FAD)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Life Sciences Tools & Services** <br> **(Continued)**  |  |
| 162 | OmniAb, Inc. - 12.5 Earnout <br> Shares (a) (d) (e) (f) (g) | $0 |
| 162 | OmniAb, Inc. - 15 Earnout <br> Shares (a) (d) (e) (f) (g) | 0 |
| 10237 | Tempus AI, Inc. (a) (c) | 579312 |
|  |  | 1085993 |
|  | **Machinery — 3.5%**  |  |
| 2739 | Allison Transmission Holdings, <br> Inc. | 246702 |
| 6066 | Atmus Filtration Technologies, <br> Inc. | 236028 |
| 6956 | Blue Bird Corp. (a) | 311559 |
| 1358 | Caterpillar, Inc. | 594831 |
| 784 | Cummins, Inc. | 288214 |
| 1515 | Deere & Co. | 794420 |
| 3752 | Donaldson Co., Inc. | 270031 |
| 1815 | Enerpac Tool Group Corp. | 69896 |
| 2158 | Esab Corp. | 289539 |
| 1564 | ESCO Technologies, Inc. | 302947 |
| 4889 | Federal Signal Corp. | 618801 |
| 4970 | Flowserve Corp. | 278519 |
| 1513 | Graco, Inc. | 127062 |
| 3318 | ITT, Inc. | 563927 |
| 410 | Kadant, Inc. | 136436 |
| 9189 | Mueller Water Products, Inc., <br> Class A | 227519 |
| 1103 | Parker-Hannifin Corp. | 807286 |
| 1014 | RBC Bearings, Inc. (a) | 392763 |
| 7885 | REV Group, Inc. | 390702 |
| 3104 | SPX Technologies, Inc. (a) | 566138 |
| 959 | Standex International Corp. | 157986 |
| 9658 | Symbotic, Inc. (a) (c) | 521049 |
| 2726 | Trinity Industries, Inc. | 63516 |
| 2116 | Watts Water Technologies, Inc., <br> Class A | 555069 |
| 5038 | Westinghouse Air Brake <br> Technologies Corp. | 967548 |
| 4077 | Xylem, Inc. | 589616 |
|  |  | 10368104 |
|  | **Media — 0.7%**  |  |
| 34407 | Altice USA, Inc., Class A (a) | 89458 |
| 10027 | DoubleVerify Holdings, Inc. (a) | 153614 |
| 18785 | EchoStar Corp., Class A (a) | 612203 |
| 8861 | Integral Ad Science Holding <br> Corp. (a) | 72660 |
| 15557 | Magnite, Inc. (a) | 357967 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Media (Continued)**  |  |
| 6971 | New York Times (The) Co., <br> Class A | $361725 |
| 3566 | Trade Desk (The), Inc., <br> Class A (a) | 310099 |
|  |  | 1957726 |
|  | **Metals & Mining — 0.5%**  |  |
| 2353 | Carpenter Technology Corp. | 586815 |
| 33882 | Coeur Mining, Inc. (a) | 294434 |
| 50116 | Hecla Mining Co. | 287666 |
| 2926 | Royal Gold, Inc. | 443055 |
|  |  | 1611970 |
|  | **Mortgage REITs — 0.1%**  |  |
| 11555 | Ellington Financial, Inc. | 146633 |
|  | **Multi-Utilities — 0.5%**  |  |
| 19093 | NiSource, Inc. | 810498 |
| 6265 | Public Service Enterprise Group, <br> Inc. | 562534 |
|  |  | 1373032 |
|  | **Office REITs — 0.1%**  |  |
| 2670 | COPT Defense Properties | 72838 |
| 4895 | Douglas Emmett, Inc. | 74208 |
| 9102 | Empire State Realty Trust, Inc., <br> Class A | 65898 |
|  |  | 212944 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 1.9%**  |  |
| 13729 | Antero Midstream Corp. | 251927 |
| 9527 | Calumet, Inc. (a) (c) | 151861 |
| 2048 | Centrus Energy Corp., <br> Class A (a) (c) | 441139 |
| 3163 | Cheniere Energy, Inc. | 746089 |
| 15449 | CNX Resources Corp. (a) | 468259 |
| 18805 | Comstock Resources, Inc. (a) | 336045 |
| 3551 | DT Midstream, Inc. | 364794 |
| 1492 | Gulfport Energy Corp. (a) | 259802 |
| 17937 | Kinder Morgan, Inc. | 503312 |
| 1672 | Kinetik Holdings, Inc. | 72531 |
| 3146 | ONEOK, Inc. | 258318 |
| 19103 | Permian Resources Corp. | 270499 |
| 3030 | Targa Resources Corp. | 504222 |
| 44147 | Uranium Energy Corp. (a) | 382755 |
| 12263 | Williams (The) Cos., Inc. | 735167 |
|  |  | 5746720 |
|  | **Passenger Airlines — 1.0%**  |  |
| 2731 | Allegiant Travel Co. (a) | 141029 |
| 11594 | American Airlines Group, <br> Inc. (a) | 133215 |
| 5221 | Delta Air Lines, Inc. | 277810 |
| 36991 | Joby Aviation, Inc. (a) | 616270 |

---

See Notes to Financial Statements

------

**First Trust Multi Cap Growth AlphaDEX**<sup>®</sup> **Fund (FAD)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Passenger Airlines (Continued)**  |  |
| 6317 | SkyWest, Inc. (a) | $732519 |
| 13245 | United Airlines Holdings, <br> Inc. (a) | 1169666 |
|  |  | 3070509 |
|  | **Personal Care Products —** <br> **0.3%**  |  |
| 2245 | BellRing Brands, Inc. (a) | 122532 |
| 3136 | elf Beauty, Inc. (a) | 380052 |
| 3963 | Interparfums, Inc. | 477938 |
|  |  | 980522 |
|  | **Pharmaceuticals — 0.9%**  |  |
| 37107 | Amneal Pharmaceuticals, Inc. (a) | 290177 |
| 4601 | ANI Pharmaceuticals, Inc. (a) | 291473 |
| 10004 | Arvinas, Inc. (a) | 74430 |
| 3738 | Axsome Therapeutics, Inc. (a) | 378958 |
| 7089 | Corcept Therapeutics, Inc. (a) | 476168 |
| 6991 | Harmony Biosciences Holdings, <br> Inc. (a) | 245943 |
| 9830 | Harrow, Inc. (a) | 312201 |
| 2641 | Ligand Pharmaceuticals, Inc. (a) | 347503 |
| 23803 | Ocular Therapeutix, Inc. (a) | 275639 |
| 3706 | Tarsus Pharmaceuticals, Inc. (a) | 143867 |
|  |  | 2836359 |
|  | **Professional Services — 2.2%**  |  |
| 1710 | Automatic Data Processing, Inc. | 529245 |
| 7201 | Barrett Business Services, Inc. | 331030 |
| 4339 | Broadridge Financial Solutions, <br> Inc. | 1073946 |
| 1178 | CRA International, Inc. | 208105 |
| 2349 | Dayforce, Inc. (a) | 135467 |
| 8912 | ExlService Holdings, Inc. (a) | 387048 |
| 13299 | First Advantage Corp. (a) | 229940 |
| 2183 | Huron Consulting Group, Inc. (a) | 288331 |
| 7326 | Innodata, Inc. (a) (c) | 402197 |
| 5438 | Parsons Corp. (a) | 403499 |
| 2249 | Paycom Software, Inc. | 520733 |
| 1436 | Paylocity Holding Corp. (a) | 265488 |
| 61515 | Planet Labs PBC (a) | 384469 |
| 5993 | TransUnion | 570474 |
| 5150 | UL Solutions, Inc., Class A | 376568 |
| 11168 | Upwork, Inc. (a) | 133569 |
| 825 | Verisk Analytics, Inc. | 229936 |
| 10247 | Verra Mobility Corp. (a) | 258839 |
|  |  | 6728884 |
|  | **Real Estate Management &** <br> **Development — 0.5%**  |  |
| 82856 | Compass, Inc., Class A (a) | 657877 |
| 3273 | Howard Hughes Holdings, <br> Inc. (a) | 224953 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Real Estate Management &** <br> **Development (Continued)**  |  |
| 1544 | St. Joe (The) Co. | $77972 |
| 7528 | Zillow Group, Inc., Class C (a) | 598852 |
|  |  | 1559654 |
|  | **Residential REITs — 0.0%**  |  |
| 8513 | Apartment Investment and <br> Management Co., Class A | 71594 |
| 4631 | Elme Communities | 69836 |
|  |  | 141430 |
|  | **Retail REITs — 0.3%**  |  |
| 1781 | Agree Realty Corp. | 127698 |
| 4996 | Brixmor Property Group, Inc. | 130546 |
| 8866 | NETSTREIT Corp. | 161627 |
| 3012 | NNN REIT, Inc. | 124275 |
| 4456 | Realty Income Corp. | 250115 |
| 1827 | Regency Centers Corp. | 130448 |
| 2408 | Tanger, Inc. | 72288 |
|  |  | 996997 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 3.5%**  |  |
| 4544 | Ambarella, Inc. (a) | 300313 |
| 8518 | Astera Labs, Inc. (a) | 1164666 |
| 4783 | Broadcom, Inc. | 1404767 |
| 7025 | Credo Technology Group <br> Holding Ltd. (a) | 783639 |
| 4653 | First Solar, Inc. (a) | 813019 |
| 4362 | FormFactor, Inc. (a) | 123924 |
| 663 | Impinj, Inc. (a) | 102487 |
| 859 | KLA Corp. | 755087 |
| 3632 | MACOM Technology Solutions <br> Holdings, Inc. (a) | 498092 |
| 6813 | Marvell Technology, Inc. | 547561 |
| 1053 | Monolithic Power Systems, Inc. | 748936 |
| 6676 | NVIDIA Corp. | 1187460 |
| 3444 | PDF Solutions, Inc. (a) | 76560 |
| 8127 | Rambus, Inc. (a) | 600829 |
| 12655 | Rigetti Computing, Inc. (a) (c) | 183497 |
| 5764 | Semtech Corp. (a) | 294540 |
| 2648 | Silicon Laboratories, Inc. (a) | 348927 |
| 2442 | SiTime Corp. (a) | 495360 |
| 842 | Universal Display Corp. | 121585 |
|  |  | 10551249 |
|  | **Software — 9.7%**  |  |
| 11415 | A10 Networks, Inc. | 210264 |
| 5667 | ACI Worldwide, Inc. (a) | 241188 |
| 1927 | Agilysys, Inc. (a) | 219832 |
| 2653 | Alarm.com Holdings, Inc. (a) | 144933 |
| 4981 | Alkami Technology, Inc. (a) | 111027 |
| 17814 | Amplitude, Inc., Class A (a) | 217865 |
| 565 | Appfolio, Inc., Class A (a) | 151070 |

---

See Notes to Financial Statements

------

**First Trust Multi Cap Growth AlphaDEX**<sup>®</sup> **Fund (FAD)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Software (Continued)**  |  |
| 5027 | Appian Corp., Class A (a) | $138795 |
| 3013 | AppLovin Corp., Class A (a) | 1177179 |
| 2488 | Autodesk, Inc. (a) | 754138 |
| 15547 | AvePoint, Inc. (a) | 296637 |
| 7231 | Bentley Systems, Inc., Class B | 419253 |
| 2812 | BILL Holdings, Inc. (a) | 120494 |
| 1147 | Blackbaud, Inc. (a) | 77331 |
| 4595 | BlackLine, Inc. (a) | 247119 |
| 11421 | Box, Inc., Class A (a) | 366614 |
| 5294 | C3.ai, Inc., Class A (a) | 124727 |
| 1712 | Cadence Design Systems, <br> Inc. (a) | 624144 |
| 31401 | Cipher Mining, Inc. (a) | 171449 |
| 27216 | Cleanspark, Inc. (a) | 309446 |
| 10814 | Clear Secure, Inc., Class A | 318040 |
| 2985 | Commvault Systems, Inc. (a) | 567001 |
| 5218 | Confluent, Inc., Class A (a) | 92489 |
| 12941 | Core Scientific, Inc. (a) (c) | 175221 |
| 2071 | Crowdstrike Holdings, Inc., <br> Class A (a) | 941414 |
| 3926 | Datadog, Inc., Class A (a) | 549561 |
| 3296 | Docusign, Inc. (a) | 249309 |
| 18194 | Dropbox, Inc., Class A (a) | 494331 |
| 13951 | Dynatrace, Inc. (a) | 733962 |
| 2781 | Five9, Inc. (a) | 71833 |
| 7285 | Fortinet, Inc. (a) | 727772 |
| 17449 | Freshworks, Inc., Class A (a) | 226663 |
| 17937 | Gen Digital, Inc. | 528962 |
| 4480 | Guidewire Software, Inc. (a) | 1013466 |
| 2901 | InterDigital, Inc. | 749038 |
| 1339 | Intuit, Inc. | 1051289 |
| 6578 | Klaviyo, Inc., Class A (a) | 204576 |
| 5751 | Life360, Inc. (a) | 440469 |
| 9086 | LiveRamp Holdings, Inc. (a) | 298203 |
| 8296 | MARA Holdings, Inc. (a) | 133400 |
| 1061 | Microsoft Corp. | 566044 |
| 1906 | MicroStrategy, Inc., Class A (a) | 765945 |
| 9090 | N-able, Inc. (a) | 73447 |
| 4651 | nCino, Inc. (a) | 129879 |
| 19750 | NextNav, Inc. (a) | 292103 |
| 10076 | Nutanix, Inc., Class A (a) | 757413 |
| 4825 | Oracle Corp. | 1224440 |
| 9672 | Palantir Technologies, Inc., <br> Class A (a) | 1531561 |
| 3764 | Palo Alto Networks, Inc. (a) | 653430 |
| 12015 | Pegasystems, Inc. | 705401 |
| 1902 | Procore Technologies, Inc. (a) | 136240 |
| 4703 | Progress Software Corp. | 226120 |
| 2779 | Q2 Holdings, Inc. (a) | 225655 |
| 1822 | Qualys, Inc. (a) | 242454 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Software (Continued)**  |  |
| 7792 | RingCentral, Inc., Class A (a) | $198618 |
| 453 | Roper Technologies, Inc. | 249331 |
| 7259 | Rubrik, Inc., Class A (a) | 689242 |
| 6541 | Samsara, Inc., Class A (a) | 248754 |
| 8136 | SEMrush Holdings, Inc., <br> Class A (a) | 72899 |
| 7116 | SentinelOne, Inc., Class A (a) | 130507 |
| 750 | ServiceNow, Inc. (a) | 707340 |
| 36370 | SoundHound AI, Inc., <br> Class A (a) (c) | 375702 |
| 17742 | Sprinklr, Inc., Class A (a) | 159855 |
| 16811 | Terawulf, Inc. (a) | 86745 |
| 30488 | UiPath, Inc., Class A (a) | 358234 |
| 16126 | Unity Software, Inc. (a) | 537963 |
| 7690 | Varonis Systems, Inc. (a) | 429333 |
| 1070 | Workday, Inc., Class A (a) | 245437 |
| 16796 | Zeta Global Holdings Corp., <br> Class A (a) | 262857 |
| 4200 | Zscaler, Inc. (a) | 1199352 |
|  |  | 29172805 |
|  | **Specialized REITs — 0.6%**  |  |
| 3792 | EPR Properties | 208712 |
| 7509 | Iron Mountain, Inc. | 731076 |
| 1072 | Lamar Advertising Co., Class A | 131052 |
| 9197 | Outfront Media, Inc. | 161224 |
| 1093 | SBA Communications Corp. | 245619 |
| 34745 | Uniti Group, Inc. (a) | 184843 |
|  |  | 1662526 |
|  | **Specialty Retail — 2.2%**  |  |
| 3141 | Abercrombie & Fitch Co., <br> Class A (a) | 301599 |
| 207 | AutoZone, Inc. (a) | 780055 |
| 3424 | Boot Barn Holdings, Inc. (a) | 588586 |
| 1104 | Burlington Stores, Inc. (a) | 301348 |
| 3913 | Carvana Co. (a) | 1526735 |
| 15261 | Chewy, Inc., Class A (a) | 560079 |
| 5851 | O'Reilly Automotive, Inc. (a) | 575270 |
| 7486 | Revolve Group, Inc. (a) | 155334 |
| 4271 | TJX (The) Cos., Inc. | 531868 |
| 13689 | Warby Parker, Inc., Class A (a) | 327851 |
| 10174 | Wayfair, Inc., Class A (a) | 667821 |
| 1571 | Williams-Sonoma, Inc. | 293856 |
| 195 | Winmark Corp. | 73597 |
|  |  | 6683999 |
|  | **Technology Hardware, Storage** <br> **& Peripherals — 1.1%**  |  |
| 21306 | CompoSecure, Inc., <br> Class A (a) (c) | 302758 |
| 15136 | IonQ, Inc. (a) (c) | 603472 |
| 2409 | NetApp, Inc. | 250849 |
| 4458 | Pure Storage, Inc., Class A (a) | 265340 |

---

See Notes to Financial Statements

------

**First Trust Multi Cap Growth AlphaDEX**<sup>®</sup> **Fund (FAD)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Technology Hardware, Storage** <br> **& Peripherals (Continued)**  |  |
| 15659 | Quantum Computing, Inc. (a) (c) | $232380 |
| 26902 | Super Micro Computer, Inc. (a) | 1586411 |
|  |  | 3241210 |
|  | **Textiles, Apparel & Luxury** <br> **Goods — 0.8%**  |  |
| 1972 | Kontoor Brands, Inc. | 109762 |
| 2371 | Ralph Lauren Corp. | 708336 |
| 12011 | Tapestry, Inc. | 1297548 |
| 12217 | Wolverine World Wide, Inc. | 275860 |
|  |  | 2391506 |
|  | **Tobacco — 0.5%**  |  |
| 4379 | Altria Group, Inc. | 271235 |
| 5791 | Philip Morris International, Inc. | 950014 |
| 4952 | Turning Point Brands, Inc. | 410719 |
|  |  | 1631968 |
|  | **Trading Companies &** <br> **Distributors — 1.7%**  |  |
| 1679 | Applied Industrial Technologies, <br> Inc. | 455848 |
| 8041 | Distribution Solutions Group, <br> Inc. (a) | 240989 |
| 4281 | DXP Enterprises, Inc. (a) | 484866 |
| 18339 | Fastenal Co. | 845978 |
| 2262 | FTAI Aviation Ltd. | 311274 |
| 1694 | GATX Corp. | 258657 |
| 988 | Herc Holdings, Inc. (c) | 115408 |
| 1905 | McGrath RentCorp | 237725 |
| 1400 | United Rentals, Inc. | 1236116 |
| 507 | W.W. Grainger, Inc. | 527047 |
| 1547 | Willis Lease Finance Corp. | 219024 |
| 8884 | Xometry, Inc., Class A (a) | 287309 |
|  |  | 5220241 |
|  | **Water Utilities — 0.0%**  |  |
| 961 | American States Water Co. | 70720 |
|  | **Wireless Telecommunication** <br> **Services — 0.4%**  |  |
| 6208 | Telephone and Data Systems, <br> Inc. | 242360 |
| 3233 | T-Mobile US, Inc. | 770780 |
| 2347 | United States Cellular Corp. (a) | 171167 |
|  |  | 1184307 |
|  | **Total Common Stocks** | 300497067 |
|  | (Cost $238,654,933) |  |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 230285 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 4.16% (h) | $230285 |
|  | (Cost $230,285) |  |

---

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 2.8%** | **REPURCHASE AGREEMENTS — 2.8%** | **REPURCHASE AGREEMENTS — 2.8%** |
| $2370968 | Bank of America Corp., <br> 4.36% (h), dated 07/31/25, <br> due 08/01/25, with a maturity <br> value of $2,371,255. <br> Collateralized by <br> U.S. Treasury Note, interest <br> rate of 3.88%, due 07/31/27. <br> The value of the collateral <br> including accrued interest is <br> $2,418,388. (i) | 2370968 |
| 490834 | Daiwa Capital Markets America, <br> Inc., 4.36% (h), dated <br> 07/31/25, due 08/01/25, with a <br> maturity value of $490,893. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.00% to <br> 6.00%, due 08/14/25 to <br> 05/15/47. The value of the <br> collateral including accrued <br> interest is $500,651. (i) | 490834 |

---

See Notes to Financial Statements

------

**First Trust Multi Cap Growth AlphaDEX**<sup>®</sup> **Fund (FAD)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS (Continued)** | **REPURCHASE AGREEMENTS (Continued)** | **REPURCHASE AGREEMENTS (Continued)** |
| $3251491 | JPMorgan Chase & Co., <br> 4.36% (h), dated 07/31/25, <br> due 08/01/25, with a maturity <br> value of $3,251,885. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.13% to <br> 4.75%, due 02/15/41 to <br> 08/15/52. The value of the <br> collateral including accrued <br> interest is $3,316,521. (i) | $3251491 |
| 2298532 | Mizuho Financial Group, Inc., <br> 4.36% (h), dated 07/31/25, <br> due 08/01/25, with a maturity <br> value of $2,298,810. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.38% to <br> 4.25%, due 06/30/27 to <br> 06/30/31. The value of the <br> collateral including accrued <br> interest is $2,344,504. (i) | 2298532 |
|  | **Total Repurchase Agreements** | 8411825 |
|  | (Cost $8,411,825) |  |
|  | **Total Investments — 102.8%** | 309139177 |
|  | (Cost $247,297,043) |  |
|  | **Net Other Assets and** <br> **Liabilities — (2.8)%** | (8561195)<br>|
|  | **Net Assets — 100.0%** | $300577982 |

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) All
 or a portion of this security is on loan (see Note 2D - 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 $8,235,378 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $8,411,825.

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Restricted
 security as to resale, excluding Rule 144A securities
 (see Note 2F - Restricted Securities in the Notes to Financial
 Statements).

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

&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 July 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;(h) Rate
 shown reflects yield as of July 31, 2025.

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

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

Abbreviations throughout the Portfolio of Investments: <br> REITs – Real Estate Investment Trusts

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of July 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>**7/31/2025**<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: |  |  |  |  |
| Life Sciences Tools <br> & Services<br>| $1085993 | $1085993 | $— | $—\*\* |
| Other Industry <br> Categories\*<br>| 299411074 | 299411074 |  |  |
| Money Market Funds | 230285 | 230285 |  |  |
| Repurchase <br> Agreements<br>| 8411825 |  | 8411825 |  |
| Total Investments | $309139177 | $300727352 | $8411825 | $—\*\* |

---

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

\* See Portfolio of Investments for industry 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.

See Notes to Financial Statements

------

**First Trust Multi Cap Growth AlphaDEX**<sup>®</sup> **Fund (FAD)**

**Portfolio of Investments (Continued)**

**July 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>| $8235378 |
| Non-cash Collateral<sup>(2)</sup> <br>| (8235378)<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 July 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. 

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>| $8411825 |
| Non-cash Collateral<sup>(4)</sup> <br>| (8411825)<br>|
| Net Amount | $— |

---

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

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

<sup>(4)</sup> At July 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 Mid Cap Value AlphaDEX**<sup>®</sup> **Fund (FNK)**

**Portfolio of Investments**

**July 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** |
|  | **Aerospace & Defense — 0.8%**  |  |
| 3469 | Huntington Ingalls Industries, <br> Inc. | $967365 |
| 6962 | Textron, Inc. | 541435 |
|  |  | 1508800 |
|  | **Air Freight & Logistics —** <br> **0.1%**  |  |
| 5736 | GXO Logistics, Inc. (a) | 285137 |
|  | **Automobile Components —** <br> **2.8%**  |  |
| 20477 | Aptiv PLC (a) | 1405541 |
| 33384 | BorgWarner, Inc. | 1228531 |
| 50827 | Gentex Corp. | 1342849 |
| 14709 | Lear Corp. | 1386912 |
|  |  | 5363833 |
|  | **Automobiles — 0.6%**  |  |
| 12586 | Thor Industries, Inc. | 1145200 |
|  | **Banks — 7.9%**  |  |
| 12957 | Ameris Bancorp | 885611 |
| 11456 | Associated Banc-Corp. | 283421 |
| 7348 | Axos Financial, Inc. (a) | 634500 |
| 23751 | Bank OZK | 1170924 |
| 8584 | BOK Financial Corp. | 871534 |
| 34948 | Cadence Bank | 1217938 |
| 14052 | Comerica, Inc. | 949494 |
| 26360 | First Horizon Corp. | 574912 |
| 57490 | FNB Corp. | 880747 |
| 14604 | Hancock Whitney Corp. | 872151 |
| 12592 | International Bancshares Corp. | 858523 |
| 5072 | Popular, Inc. | 581150 |
| 11936 | Prosperity Bancshares, Inc. | 795176 |
| 3034 | SouthState Corp. | 285712 |
| 5399 | Synovus Financial Corp. | 255049 |
| 2659 | UMB Financial Corp. | 292463 |
| 15341 | United Bankshares, Inc. | 544912 |
| 18759 | United Community Banks, Inc. | 572149 |
| 93867 | Valley National Bancorp | 870147 |
| 15353 | Webster Financial Corp. | 885100 |
| 16139 | Zions Bancorp N.A. | 865373 |
|  |  | 15146986 |
|  | **Beverages — 0.9%**  |  |
| 29050 | Molson Coors Beverage Co., <br> Class B | 1415316 |
| 6460 | National Beverage Corp. (a) | 295997 |
|  |  | 1711313 |
|  | **Biotechnology — 0.4%**  |  |
| 29300 | Alkermes PLC (a) | 776157 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Broadline Retail — 1.4%**  |  |
| 2673 | Dillard's, Inc., Class A | $1248104 |
| 119818 | Macy's, Inc. | 1513301 |
|  |  | 2761405 |
|  | **Building Products — 2.2%**  |  |
| 8522 | A.O. Smith Corp. | 603272 |
| 4864 | Advanced Drainage Systems, <br> Inc. | 558144 |
| 16283 | Fortune Brands Innovations, Inc. | 888075 |
| 3600 | Simpson Manufacturing Co., Inc. | 645948 |
| 5140 | Trex Co., Inc. (a) | 330194 |
| 11249 | UFP Industries, Inc. | 1102402 |
|  |  | 4128035 |
|  | **Capital Markets — 2.8%**  |  |
| 4262 | Affiliated Managers Group, Inc. | 894466 |
| 1036 | Evercore, Inc., Class A | 311981 |
| 23431 | Franklin Resources, Inc. | 562344 |
| 76293 | Golub Capital BDC, Inc. | 1141343 |
| 88589 | Invesco Ltd. | 1861255 |
| 5823 | Lazard, Inc. | 302680 |
| 1004 | Piper Sandler Cos. | 316581 |
|  |  | 5390650 |
|  | **Chemicals — 4.9%**  |  |
| 25945 | Avient Corp. | 819084 |
| 28232 | Axalta Coating Systems Ltd. (a) | 799530 |
| 18628 | Cabot Corp. | 1344569 |
| 18713 | Eastman Chemical Co. | 1358751 |
| 24673 | Element Solutions, Inc. | 582283 |
| 26769 | FMC Corp. | 1045062 |
| 30636 | Mosaic (The) Co. | 1103202 |
| 1211 | NewMarket Corp. | 831957 |
| 18400 | Westlake Corp. | 1459120 |
|  |  | 9343558 |
|  | **Commercial Services &** <br> **Supplies — 0.1%**  |  |
| 3129 | Brink's (The) Co. | 273287 |
|  | **Construction & Engineering** <br> **— 1.0%**  |  |
| 3223 | Arcosa, Inc. | 276791 |
| 27250 | Fluor Corp. (a) | 1546983 |
|  |  | 1823774 |
|  | **Consumer Finance — 1.4%**  |  |
| 28694 | Ally Financial, Inc. | 1086068 |
| 8272 | FirstCash Holdings, Inc. | 1102575 |
| 9806 | OneMain Holdings, Inc. | 566688 |
|  |  | 2755331 |
|  | **Consumer Staples Distribution** <br> **& Retail — 0.4%**  |  |
| 38969 | Albertsons Cos., Inc., Class A | 748984 |

---

See Notes to Financial Statements

------

**First Trust Mid Cap Value AlphaDEX**<sup>®</sup> **Fund (FNK)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Containers & Packaging —** <br> **1.6%**  |  |
| 2714 | Crown Holdings, Inc. | $269663 |
| 53043 | Graphic Packaging Holding Co. | 1186042 |
| 18008 | Sealed Air Corp. | 527094 |
| 10316 | Silgan Holdings, Inc. | 480003 |
| 12828 | Sonoco Products Co. | 578158 |
|  |  | 3040960 |
|  | **Distributors — 0.5%**  |  |
| 30198 | LKQ Corp. | 889935 |
|  | **Diversified Consumer Services** <br> **— 0.6%**  |  |
| 131953 | ADT, Inc. | 1101808 |
|  | **Diversified REITs — 0.2%**  |  |
| 4481 | WP Carey, Inc. | 287501 |
|  | **Electric Utilities — 2.5%**  |  |
| 12159 | Evergy, Inc. | 860857 |
| 4842 | IDACORP, Inc. | 606848 |
| 18887 | OGE Energy Corp. | 857847 |
| 12493 | Pinnacle West Capital Corp. | 1132116 |
| 34385 | Portland General Electric Co. | 1413911 |
|  |  | 4871579 |
|  | **Electrical Equipment — 0.8%**  |  |
| 936 | Acuity, Inc. | 291424 |
| 1950 | Generac Holdings, Inc. (a) | 379646 |
| 10277 | NEXTracker, Inc., Class A (a) | 598738 |
| 1930 | Regal Rexnord Corp. | 295058 |
|  |  | 1564866 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 1.8%**  |  |
| 4386 | Arrow Electronics, Inc. (a) | 508776 |
| 21058 | Avnet, Inc. | 1114811 |
| 2857 | Sanmina Corp. (a) | 331526 |
| 6175 | TD SYNNEX Corp. | 891608 |
| 15146 | Vontier Corp. | 628105 |
|  |  | 3474826 |
|  | **Energy Equipment & Services** <br> **— 1.6%**  |  |
| 112393 | NOV, Inc. | 1413904 |
| 27771 | Weatherford International PLC | 1570450 |
|  |  | 2984354 |
|  | **Financial Services — 3.5%**  |  |
| 37607 | Enact Holdings, Inc. | 1307220 |
| 23005 | Essent Group Ltd. | 1288050 |
| 5512 | Euronet Worldwide, Inc. (a) | 535656 |
| 3147 | Jackson Financial, Inc., Class A | 275551 |
| 50184 | MGIC Investment Corp. | 1299766 |
| 5608 | PennyMac Financial Services, <br> Inc. | 522329 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Financial Services (Continued)**  |  |
| 38787 | Radian Group, Inc. | $1264844 |
| 3935 | Voya Financial, Inc. | 275450 |
|  |  | 6768866 |
|  | **Food Products — 3.5%**  |  |
| 17404 | Bunge Global S.A. | 1388143 |
| 18232 | Campbell's (The) Co. | 581965 |
| 27299 | Conagra Brands, Inc. | 498480 |
| 22092 | Darling Ingredients, Inc. (a) | 715339 |
| 69940 | Flowers Foods, Inc. | 1108549 |
| 8241 | Ingredion, Inc. | 1084021 |
| 1618 | Marzetti (The) Company | 287616 |
| 10252 | Post Holdings, Inc. (a) | 1084764 |
|  |  | 6748877 |
|  | **Gas Utilities — 2.8%**  |  |
| 24935 | New Jersey Resources Corp. | 1144766 |
| 15554 | ONE Gas, Inc. | 1130776 |
| 11269 | Southwest Gas Holdings, Inc. | 880559 |
| 15311 | Spire, Inc. | 1140210 |
| 30689 | UGI Corp. | 1110328 |
|  |  | 5406639 |
|  | **Ground Transportation —** <br> **1.8%**  |  |
| 25269 | Knight-Swift Transportation <br> Holdings, Inc. | 1073932 |
| 2008 | Landstar System, Inc. | 267807 |
| 7031 | Ryder System, Inc. | 1249479 |
| 15417 | U-Haul Holding Co. | 801684 |
|  |  | 3392902 |
|  | **Health Care Equipment &** <br> **Supplies — 0.3%**  |  |
| 4720 | Teleflex, Inc. | 564040 |
|  | **Health Care Providers &** <br> **Services — 2.0%**  |  |
| 61573 | Acadia Healthcare Co., Inc. (a) | 1340444 |
| 573 | Chemed Corp. | 236248 |
| 3827 | Henry Schein, Inc. (a) | 258897 |
| 4764 | Tenet Healthcare Corp. (a) | 768338 |
| 7711 | Universal Health Services, Inc., <br> Class B | 1283496 |
|  |  | 3887423 |
|  | **Hotels, Restaurants & Leisure** <br> **— 1.5%**  |  |
| 10714 | Boyd Gaming Corp. | 909618 |
| 29528 | Caesars Entertainment, Inc. (a) | 787807 |
| 2901 | Light & Wonder, Inc. (a) | 279424 |
| 16248 | MGM Resorts International (a) | 592240 |
| 1780 | Vail Resorts, Inc. | 267463 |
|  |  | 2836552 |
|  | **Household Durables — 5.0%**  |  |
| 1284 | Cavco Industries, Inc. (a) | 518312 |

---

See Notes to Financial Statements

------

**First Trust Mid Cap Value AlphaDEX**<sup>®</sup> **Fund (FNK)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Household Durables** <br> **(Continued)**  |  |
| 8927 | Champion Homes, Inc. (a) | $543654 |
| 3100 | Installed Building Products, Inc. | 627099 |
| 26376 | KB Home | 1457538 |
| 20860 | Meritage Homes Corp. | 1404712 |
| 13324 | Mohawk Industries, Inc. (a) | 1525731 |
| 22745 | Taylor Morrison Home Corp. (a) | 1348324 |
| 12240 | Toll Brothers, Inc. | 1448727 |
| 1724 | TopBuild Corp. (a) | 638621 |
|  |  | 9512718 |
|  | **Household Products — 0.6%**  |  |
| 52177 | Reynolds Consumer Products, <br> Inc. | 1173461 |
|  | **Independent Power and** <br> **Renewable Electricity** <br>**Producers — 0.7%**  |  |
| 106241 | AES (The) Corp. | 1397069 |
|  | **Industrial REITs — 0.3%**  |  |
| 15403 | STAG Industrial, Inc. | 528785 |
|  | **Insurance — 5.3%**  |  |
| 2216 | American Financial Group, Inc. | 276778 |
| 2828 | Assurant, Inc. | 529684 |
| 16039 | Assured Guaranty Ltd. | 1356579 |
| 8072 | Axis Capital Holdings Ltd. | 757476 |
| 21726 | CNO Financial Group, Inc. | 800386 |
| 4553 | First American Financial Corp. | 273408 |
| 6745 | Globe Life, Inc. | 947470 |
| 1643 | Hanover Insurance Group (The), <br> Inc. | 281988 |
| 12988 | Kemper Corp. | 799931 |
| 32302 | Lincoln National Corp. | 1231029 |
| 14539 | Old Republic International Corp. | 525876 |
| 5751 | RenaissanceRe Holdings Ltd. | 1401749 |
| 13837 | Unum Group | 993635 |
|  |  | 10175989 |
|  | **IT Services — 1.5%**  |  |
| 22383 | ASGN, Inc. (a) | 1122284 |
| 91369 | DXC Technology Co. (a) | 1243532 |
| 3162 | EPAM Systems, Inc. (a) | 498679 |
|  |  | 2864495 |
|  | **Leisure Products — 0.7%**  |  |
| 3835 | Acushnet Holdings Corp. | 305343 |
| 5060 | Brunswick Corp. | 294947 |
| 42508 | Mattel, Inc. (a) | 723061 |
|  |  | 1323351 |
|  | **Machinery — 3.1%**  |  |
| 6229 | Franklin Electric Co., Inc. | 585215 |
| 1350 | Lincoln Electric Holdings, Inc. | 328725 |
| 3882 | Middleby (The) Corp. (a) | 563666 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Machinery (Continued)**  |  |
| 10548 | Mueller Industries, Inc. | $900483 |
| 9843 | Oshkosh Corp. | 1245435 |
| 8249 | Stanley Black & Decker, Inc. | 558045 |
| 15406 | Timken (The) Co. | 1172242 |
| 7908 | Toro (The) Co. | 587169 |
|  |  | 5940980 |
|  | **Marine Transportation —** <br> **1.1%**  |  |
| 7393 | Kirby Corp. (a) | 704627 |
| 12546 | Matson, Inc. | 1339662 |
|  |  | 2044289 |
|  | **Media — 0.6%**  |  |
| 6460 | Nexstar Media Group, Inc. | 1208731 |
|  | **Metals & Mining — 0.7%**  |  |
| 47341 | Alcoa Corp. | 1418810 |
|  | **Mortgage REITs — 0.9%**  |  |
| 14848 | Annaly Capital Management, <br> Inc. | 301860 |
| 98995 | Rithm Capital Corp. | 1190910 |
| 13921 | Starwood Property Trust, Inc. | 270902 |
|  |  | 1763672 |
|  | **Multi-Utilities — 0.6%**  |  |
| 19922 | Black Hills Corp. | 1151093 |
|  | **Office REITs — 0.4%**  |  |
| 18609 | Cousins Properties, Inc. | 504304 |
| 8142 | Kilroy Realty Corp. | 300114 |
|  |  | 804418 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 7.7%**  |  |
| 6937 | Antero Resources Corp. (a) | 242309 |
| 76385 | APA Corp. | 1473467 |
| 30590 | California Resources Corp. | 1473826 |
| 14423 | Chord Energy Corp. | 1591290 |
| 50768 | Civitas Resources, Inc. | 1541317 |
| 13604 | HF Sinclair Corp. | 597760 |
| 62148 | Magnolia Oil & Gas Corp., <br> Class A | 1480365 |
| 29276 | Matador Resources Co. | 1460287 |
| 62090 | Murphy Oil Corp. | 1540453 |
| 36716 | Ovintiv, Inc. | 1511965 |
| 6871 | Range Resources Corp. | 252303 |
| 56538 | SM Energy Co. | 1559883 |
|  |  | 14725225 |
|  | **Paper & Forest Products —** <br> **0.5%**  |  |
| 9746 | Louisiana-Pacific Corp. | 881136 |
|  | **Passenger Airlines — 0.6%**  |  |
| 22589 | Alaska Air Group, Inc. (a) | 1196313 |

---

See Notes to Financial Statements

------

**First Trust Mid Cap Value AlphaDEX**<sup>®</sup> **Fund (FNK)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Pharmaceuticals — 1.9%**  |  |
| 78267 | Elanco Animal Health, Inc. (a) | $1070692 |
| 13166 | Jazz Pharmaceuticals PLC (a) | 1509219 |
| 115458 | Organon & Co. | 1119943 |
|  |  | 3699854 |
|  | **Professional Services — 2.2%**  |  |
| 586 | CACI International, Inc., <br> Class A (a) | 269894 |
| 1729 | FTI Consulting, Inc. (a) | 287619 |
| 19046 | Genpact Ltd. | 838976 |
| 11655 | KBR, Inc. | 544755 |
| 15922 | Maximus, Inc. | 1175999 |
| 13615 | Robert Half, Inc. | 502530 |
| 4963 | Science Applications <br> International Corp. | 553275 |
|  |  | 4173048 |
|  | **Real Estate Management &** <br> **Development — 0.2%**  |  |
| 1092 | Jones Lang LaSalle, Inc. (a) | 295233 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 1.6%**  |  |
| 66558 | Amkor Technology, Inc. | 1501548 |
| 8041 | Cirrus Logic, Inc. (a) | 809809 |
| 2810 | MKS, Inc. | 267456 |
| 7498 | Skyworks Solutions, Inc. | 513913 |
|  |  | 3092726 |
|  | **Software — 0.1%**  |  |
| 3760 | Dolby Laboratories, Inc., <br> Class A | 283278 |
|  | **Specialized REITs — 0.8%**  |  |
| 62987 | Rayonier, Inc. | 1468227 |
|  | **Specialty Retail — 5.1%**  |  |
| 4686 | Asbury Automotive Group, <br> Inc. (a) | 1040854 |
| 4219 | AutoNation, Inc. (a) | 812748 |
| 37305 | Bath & Body Works, Inc. | 1080353 |
| 8314 | CarMax, Inc. (a) | 470656 |
| 4238 | Dick's Sporting Goods, Inc. | 896379 |
| 2131 | Five Below, Inc. (a) | 290924 |
| 51245 | Gap (The), Inc. | 997228 |
| 1921 | Group 1 Automotive, Inc. | 791740 |
| 3310 | Lithia Motors, Inc. | 953280 |
| 1373 | Murphy USA, Inc. | 497685 |
| 4878 | Penske Automotive Group, Inc. | 816626 |
| 11556 | Urban Outfitters, Inc. (a) | 869936 |
| 7379 | Valvoline, Inc. (a) | 260110 |
|  |  | 9778519 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Textiles, Apparel & Luxury** <br> **Goods — 1.9%**  |  |
| 13724 | Columbia Sportswear Co. | $776367 |
| 13794 | Crocs, Inc. (a) | 1375675 |
| 20366 | PVH Corp. | 1495272 |
|  |  | 3647314 |
|  | **Trading Companies &** <br> **Distributors — 2.6%**  |  |
| 23886 | Air Lease Corp. | 1323284 |
| 16093 | Boise Cascade Co. | 1348754 |
| 3287 | MSC Industrial Direct Co., Inc., <br> Class A | 284720 |
| 21698 | Rush Enterprises, Inc., Class A | 1174730 |
| 4526 | WESCO International, Inc. | 936701 |
|  |  | 5068189 |
|  | **Water Utilities — 0.4%**  |  |
| 22570 | Essential Utilities, Inc. | 830576 |
|  | **Total Common Stocks** | 191431077 |
|  | (Cost $182,989,114) |  |
| **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** |
| 355241 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 4.20% (b) | 355241 |
|  | (Cost $355,241) |  |

---

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 0.0%** | **REPURCHASE AGREEMENTS — 0.0%** | **REPURCHASE AGREEMENTS — 0.0%** |
| $419 | Bank of America Corp., <br> 4.36% (b), dated 07/31/25, <br> due 08/01/25, with a maturity <br> value of $419. Collateralized <br> by U.S. Treasury Note, <br> interest rate of 3.88%, due <br> 07/31/27. The value of the <br> collateral including accrued <br> interest is $427. (c) | 419 |
| 88 | Daiwa Capital Markets America, <br> Inc., 4.36% (b), dated <br> 07/31/25, due 08/01/25, with a <br> maturity value of $88. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.00% to <br> 6.00%, due 08/14/25 to <br> 05/15/47. The value of the <br> collateral including accrued <br> interest is $90. (c) | 88 |

---

See Notes to Financial Statements

------

**First Trust Mid Cap Value AlphaDEX**<sup>®</sup> **Fund (FNK)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS (Continued)** | **REPURCHASE AGREEMENTS (Continued)** | **REPURCHASE AGREEMENTS (Continued)** |
| $574 | JPMorgan Chase & Co., <br> 4.36% (b), dated 07/31/25, <br> due 08/01/25, with a maturity <br> value of $574. Collateralized <br> by U.S. Treasury Securities, <br> interest rates of 0.13% to <br> 4.75%, due 02/15/41 to <br> 08/15/52. The value of the <br> collateral including accrued <br> interest is $585. (c) | $574 |
| 408 | Mizuho Financial Group, Inc., <br> 4.36% (b), dated 07/31/25, <br> due 08/01/25, with a maturity <br> value of $408. Collateralized <br> by U.S. Treasury Securities, <br> interest rates of 0.38% to <br> 4.25%, due 06/30/27 to <br> 06/30/31. The value of the <br> collateral including accrued <br> interest is $416. (c) | 408 |
|  | **Total Repurchase Agreements** | 1489 |
|  | (Cost $1,489) |  |
|  | **Total Investments — 100.0%** | 191787807 |
|  | (Cost $183,345,844) |  |
|  | **Net Other Assets and** <br> **Liabilities — (0.0)%** | (43013)<br>|
|  | **Net Assets — 100.0%** | $191744794 |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Rate
 shown reflects yield as of July 31, 2025.

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

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

Abbreviations throughout the Portfolio of Investments: <br> REITs – Real Estate Investment Trusts

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of July 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>**7/31/2025**<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\* | $191431077 | $191431077 | $— | $— |
| Money Market Funds | 355241 | 355241 |  |  |
| Repurchase <br> Agreements<br>| 1489 |  | 1489 |  |
| Total Investments | $191787807 | $191786318 | $1489 | $— |

---

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

\* See Portfolio of Investments for industry breakout.

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>(1)</sup> <br>| $1489 |
| Non-cash Collateral<sup>(2)</sup> <br>| (1489)<br>|
| Net Amount | $— |

---

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

<sup>(1)</sup> The amount is included in "Investments, at value" on the Statements of Assets and Liabilities. 

<sup>(2)</sup> At July 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 Mid Cap Growth AlphaDEX**<sup>®</sup> **Fund (FNY)**

**Portfolio of Investments**

**July 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 100.0%** | **COMMON STOCKS — 100.0%** | **COMMON STOCKS — 100.0%** |
|  | **Aerospace & Defense — 7.0%**  |  |
| 10165 | AeroVironment, Inc. (a) | $2720561 |
| 33548 | ATI, Inc. (a) | 2581183 |
| 20107 | BWX Technologies, Inc. | 3054857 |
| 5928 | Curtiss-Wright Corp. | 2906024 |
| 10256 | Hexcel Corp. | 614437 |
| 62359 | Kratos Defense & Security <br> Solutions, Inc. (a) | 3660473 |
| 62319 | Leonardo DRS, Inc. | 2592470 |
| 26892 | Loar Holdings, Inc. (a) | 1987588 |
| 6402 | Moog, Inc., Class A | 1239299 |
| 80977 | Rocket Lab Corp. (a) | 3718464 |
| 11818 | Woodward, Inc. | 3038171 |
|  |  | 28113527 |
|  | **Automobile Components —** <br> **0.8%**  |  |
| 14168 | Dorman Products, Inc. (a) | 1708944 |
| 11763 | Modine Manufacturing Co. (a) | 1582829 |
|  |  | 3291773 |
|  | **Automobiles — 0.3%**  |  |
| 84326 | Rivian Automotive, Inc., <br> Class A (a) (b) | 1085276 |
|  | **Banks — 4.3%**  |  |
| 18745 | BancFirst Corp. | 2334127 |
| 24779 | Columbia Banking System, Inc. | 589740 |
| 9318 | Commerce Bancshares, Inc. | 570262 |
| 9014 | Cullen/Frost Bankers, Inc. | 1148474 |
| 22948 | East West Bancorp, Inc. | 2300537 |
| 32202 | First Financial Bankshares, Inc. | 1114833 |
| 13447 | Glacier Bancorp, Inc. | 589382 |
| 40711 | Home BancShares, Inc. | 1146422 |
| 54294 | Old National Bancorp | 1146146 |
| 15742 | Pinnacle Financial Partners, Inc. | 1383564 |
| 14948 | ServisFirst Bancshares, Inc. | 1175660 |
| 22287 | Western Alliance Bancorp | 1728580 |
| 14018 | Wintrust Financial Corp. | 1794024 |
|  |  | 17021751 |
|  | **Beverages — 0.4%**  |  |
| 24976 | Celsius Holdings, Inc. (a) | 1132412 |
| 5190 | Coca-Cola Consolidated, Inc. | 579982 |
|  |  | 1712394 |
|  | **Biotechnology — 2.9%**  |  |
| 40249 | Bridgebio Pharma, Inc. (a) | 1902570 |
| 32705 | Exact Sciences Corp. (a) | 1535500 |
| 65720 | Exelixis, Inc. (a) | 2380378 |
| 22272 | Halozyme Therapeutics, Inc. (a) | 1335652 |
| 17270 | Insmed, Inc. (a) | 1852725 |
| 33878 | Sarepta Therapeutics, Inc. (a) | 556277 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Biotechnology (Continued)**  |  |
| 48290 | TG Therapeutics, Inc. (a) | $1714295 |
| 15934 | Ultragenyx Pharmaceutical, <br> Inc. (a) | 435317 |
|  |  | 11712714 |
|  | **Broadline Retail — 0.6%**  |  |
| 17584 | Ollie's Bargain Outlet Holdings, <br> Inc. (a) | 2402502 |
|  | **Building Products — 1.7%**  |  |
| 16078 | Allegion PLC | 2667662 |
| 14265 | Armstrong World Industries, Inc. | 2684245 |
| 31682 | Zurn Elkay Water Solutions <br> Corp. | 1401928 |
|  |  | 6753835 |
|  | **Capital Markets — 4.5%**  |  |
| 4076 | Hamilton Lane, Inc., Class A | 620775 |
| 12877 | Houlihan Lokey, Inc. | 2455129 |
| 29441 | Main Street Capital Corp. (b) | 1904833 |
| 2593 | MarketAxess Holdings, Inc. | 532862 |
| 1844 | Morningstar, Inc. | 509792 |
| 14044 | PJT Partners, Inc., Class A | 2508539 |
| 25787 | SEI Investments Co. | 2272350 |
| 31314 | StepStone Group, Inc., Class A | 1858799 |
| 33135 | TPG, Inc. | 1891015 |
| 11871 | Tradeweb Markets, Inc., Class A | 1644727 |
| 27296 | Victory Capital Holdings, Inc., <br> Class A | 1880967 |
|  |  | 18079788 |
|  | **Chemicals — 0.6%**  |  |
| 3638 | Balchem Corp. | 554686 |
| 26348 | Scotts Miracle-Gro (The) Co. | 1650966 |
|  |  | 2205652 |
|  | **Commercial Services &** <br> **Supplies — 1.8%**  |  |
| 15063 | Casella Waste Systems, Inc., <br> Class A (a) | 1637800 |
| 7518 | Clean Harbors, Inc. (a) | 1772820 |
| 24189 | GEO Group (The), Inc. (a) | 626979 |
| 6916 | MSA Safety, Inc. | 1230149 |
| 48330 | Tetra Tech, Inc. | 1775644 |
|  |  | 7043392 |
|  | **Communications Equipment** <br> **— 0.7%**  |  |
| 24377 | Lumentum Holdings, Inc. (a) | 2683420 |
|  | **Construction & Engineering** <br> **— 5.5%**  |  |
| 25665 | AECOM | 2893472 |
| 11853 | Dycom Industries, Inc. (a) | 3186205 |
| 9779 | IES Holdings, Inc. (a) | 3452672 |
| 16996 | MasTec, Inc. (a) | 3215813 |
| 37164 | Primoris Services Corp. | 3499734 |

---

See Notes to Financial Statements

------

**First Trust Mid Cap Growth AlphaDEX**<sup>®</sup> **Fund (FNY)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Construction & Engineering** <br> **(Continued)**  |  |
| 12554 | Sterling Infrastructure, Inc. (a) | $3359325 |
| 7096 | Valmont Industries, Inc. | 2582589 |
|  |  | 22189810 |
|  | **Construction Materials —** <br> **0.1%**  |  |
| 7097 | Knife River Corp. (a) | 585361 |
|  | **Consumer Finance — 1.5%**  |  |
| 70670 | SLM Corp. | 2247306 |
| 44783 | Upstart Holdings, Inc. (a) | 3660562 |
|  |  | 5907868 |
|  | **Consumer Staples Distribution** <br> **& Retail — 0.6%**  |  |
| 51222 | Maplebear, Inc. (a) | 2457119 |
|  | **Containers & Packaging —** <br> **0.3%**  |  |
| 7407 | AptarGroup, Inc. | 1163936 |
|  | **Diversified Consumer Services** <br> **— 4.1%**  |  |
| 22767 | Adtalem Global Education, <br> Inc. (a) | 2601585 |
| 14062 | Bright Horizons Family <br> Solutions, Inc. (a) | 1590412 |
| 7064 | Duolingo, Inc. (a) | 2448029 |
| 49144 | Frontdoor, Inc. (a) | 2874924 |
| 12261 | Grand Canyon Education, <br> Inc. (a) | 2067572 |
| 42216 | H&R Block, Inc. | 2294018 |
| 19951 | Stride, Inc. (a) | 2558317 |
|  |  | 16434857 |
|  | **Diversified REITs — 0.1%**  |  |
| 18155 | Essential Properties Realty Trust, <br> Inc. | 553546 |
|  | **Diversified Telecommunication** <br> **Services — 1.3%**  |  |
| 61985 | AST SpaceMobile, Inc. (a) (b) | 3295743 |
| 396792 | Lumen Technologies, Inc. (a) | 1765724 |
|  |  | 5061467 |
|  | **Electrical Equipment — 1.1%**  |  |
| 121094 | Bloom Energy Corp., Class A (a) | 4527705 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 2.4%**  |  |
| 9460 | Badger Meter, Inc. | 1785669 |
| 20011 | Belden, Inc. | 2474360 |
| 25975 | Coherent Corp. (a) | 2794910 |
| 22005 | Itron, Inc. (a) | 2740503 |
|  |  | 9795442 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Energy Equipment & Services** <br> **— 0.7%**  |  |
| 46663 | Archrock, Inc. | $1090048 |
| 50713 | Kodiak Gas Services, Inc. | 1639551 |
|  |  | 2729599 |
|  | **Entertainment — 1.7%**  |  |
| 5544 | Madison Square Garden Sports <br> Corp. (a) | 1120443 |
| 32957 | Roku, Inc. (a) | 3103231 |
| 15920 | TKO Group Holdings, Inc. | 2674719 |
|  |  | 6898393 |
|  | **Financial Services — 1.5%**  |  |
| 3216 | Jack Henry & Associates, Inc. | 546125 |
| 92592 | Remitly Global, Inc. (a) | 1527768 |
| 23381 | Shift4 Payments, Inc., <br> Class A (a) (b) | 2408243 |
| 7888 | WEX, Inc. (a) | 1338436 |
|  |  | 5820572 |
|  | **Food Products — 0.8%**  |  |
| 29074 | Cal-Maine Foods, Inc. | 3231284 |
|  | **Health Care Equipment &** <br> **Supplies — 1.6%**  |  |
| 9815 | Globus Medical, Inc., <br> Class A (a) | 516564 |
| 8767 | ICU Medical, Inc. (a) | 1125771 |
| 9422 | Integer Holdings Corp. (a) | 1022381 |
| 7076 | Lantheus Holdings, Inc. (a) | 503740 |
| 6887 | Masimo Corp. (a) | 1059152 |
| 6197 | Merit Medical Systems, Inc. (a) | 525877 |
| 6772 | Penumbra, Inc. (a) | 1708372 |
|  |  | 6461857 |
|  | **Health Care Providers &** <br> **Services — 4.6%**  |  |
| 122789 | BrightSpring Health Services, <br> Inc. (a) | 2535593 |
| 5636 | CorVel Corp. (a) | 499350 |
| 12200 | DaVita, Inc. (a) | 1712514 |
| 23621 | Encompass Health Corp. | 2600908 |
| 18777 | Ensign Group (The), Inc. | 2816550 |
| 55661 | Guardant Health, Inc. (a) | 2280988 |
| 22120 | HealthEquity, Inc. (a) | 2145640 |
| 58106 | Hims & Hers Health, Inc. (a) | 3845455 |
|  |  | 18436998 |
|  | **Health Care REITs — 1.3%**  |  |
| 63072 | American Healthcare REIT, Inc. | 2437102 |
| 37864 | CareTrust REIT, Inc. | 1204075 |
| 33085 | Healthpeak Properties, Inc. | 560460 |
| 62832 | Sabra Health Care REIT, Inc. | 1132861 |
|  |  | 5334498 |

---

See Notes to Financial Statements

------

**First Trust Mid Cap Growth AlphaDEX**<sup>®</sup> **Fund (FNY)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Health Care Technology —** <br> **1.1%**  |  |
| 37778 | Doximity, Inc., Class A (a) | $2219457 |
| 56699 | Waystar Holding Corp. (a) | 2096729 |
|  |  | 4316186 |
|  | **Hotel & Resort REITs — 0.6%**  |  |
| 75432 | Host Hotels & Resorts, Inc. | 1185791 |
| 11742 | Ryman Hospitality Properties, <br> Inc. | 1116195 |
|  |  | 2301986 |
|  | **Hotels, Restaurants & Leisure** <br> **— 5.1%**  |  |
| 16063 | Brinker International, Inc. (a) | 2531529 |
| 4566 | Choice Hotels International, Inc. | 583124 |
| 25420 | Dutch Bros, Inc., Class A (a) | 1506643 |
| 4149 | Hyatt Hotels Corp., Class A | 584885 |
| 76401 | Life Time Group Holdings, <br> Inc. (a) | 2194237 |
| 57132 | Norwegian Cruise Line Holdings <br> Ltd. (a) | 1460294 |
| 21249 | Planet Fitness, Inc., Class A (a) | 2320178 |
| 20602 | Shake Shack, Inc., Class A (a) | 2479245 |
| 12364 | Texas Roadhouse, Inc. | 2288947 |
| 5160 | Wingstop, Inc. | 1947074 |
| 7134 | Wyndham Hotels & Resorts, Inc. | 613524 |
| 18554 | Wynn Resorts Ltd. | 2022943 |
|  |  | 20532623 |
|  | **Independent Power and** <br> **Renewable Electricity** <br>**Producers — 1.4%**  |  |
| 20749 | Ormat Technologies, Inc. | 1855168 |
| 9962 | Talen Energy Corp. (a) | 3761352 |
|  |  | 5616520 |
|  | **Insurance — 1.1%**  |  |
| 3592 | Kinsale Capital Group, Inc. | 1582958 |
| 6351 | Primerica, Inc. | 1687016 |
| 17040 | Ryan Specialty Holdings, Inc. | 1042678 |
|  |  | 4312652 |
|  | **Interactive Media & Services** <br> **— 0.3%**  |  |
| 37508 | Match Group, Inc. | 1285399 |
|  | **IT Services — 0.7%**  |  |
| 69032 | Kyndryl Holdings, Inc. (a) | 2607339 |
|  | **Life Sciences Tools & Services** <br> **— 0.8%**  |  |
| 1845 | Medpace Holdings, Inc. (a) | 788184 |
| 45587 | Tempus AI, Inc. (a) (b) | 2579768 |
|  |  | 3367952 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Machinery — 4.5%**  |  |
| 12197 | Allison Transmission Holdings, <br> Inc. | $1098584 |
| 16708 | Donaldson Co., Inc. | 1202475 |
| 9611 | Esab Corp. | 1289508 |
| 21774 | Federal Signal Corp. | 2755935 |
| 22133 | Flowserve Corp. | 1240333 |
| 6739 | Graco, Inc. | 565941 |
| 14776 | ITT, Inc. | 2511329 |
| 1825 | Kadant, Inc. | 607305 |
| 4516 | RBC Bearings, Inc. (a) | 1749228 |
| 13819 | SPX Technologies, Inc. (a) | 2520447 |
| 9424 | Watts Water Technologies, Inc., <br> Class A | 2472104 |
|  |  | 18013189 |
|  | **Media — 1.1%**  |  |
| 83656 | EchoStar Corp., Class A (a) | 2726349 |
| 31045 | New York Times (The) Co., <br> Class A | 1610925 |
|  |  | 4337274 |
|  | **Metals & Mining — 1.1%**  |  |
| 10480 | Carpenter Technology Corp. | 2613607 |
| 13030 | Royal Gold, Inc. | 1973003 |
|  |  | 4586610 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 1.9%**  |  |
| 61142 | Antero Midstream Corp. | 1121956 |
| 68802 | CNX Resources Corp. (a) | 2085388 |
| 83747 | Comstock Resources, Inc. (a) | 1496559 |
| 15812 | DT Midstream, Inc. | 1624367 |
| 85067 | Permian Resources Corp. | 1204549 |
|  |  | 7532819 |
|  | **Passenger Airlines — 1.6%**  |  |
| 51632 | American Airlines Group, <br> Inc. (a) | 593252 |
| 164734 | Joby Aviation, Inc. (a) | 2744468 |
| 28131 | SkyWest, Inc. (a) | 3262071 |
|  |  | 6599791 |
|  | **Personal Care Products —** <br> **1.1%**  |  |
| 10000 | BellRing Brands, Inc. (a) | 545800 |
| 13966 | elf Beauty, Inc. (a) | 1692539 |
| 17648 | Interparfums, Inc. | 2128349 |
|  |  | 4366688 |
|  | **Pharmaceuticals — 1.0%**  |  |
| 16648 | Axsome Therapeutics, Inc. (a) | 1687774 |
| 31570 | Corcept Therapeutics, Inc. (a) | 2120557 |
|  |  | 3808331 |
|  | **Professional Services — 2.2%**  |  |
| 10459 | Dayforce, Inc. (a) | 603170 |
| 39688 | ExlService Holdings, Inc. (a) | 1723650 |

---

See Notes to Financial Statements

------

**First Trust Mid Cap Growth AlphaDEX**<sup>®</sup> **Fund (FNY)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Professional Services** <br> **(Continued)**  |  |
| 24216 | Parsons Corp. (a) | $1796827 |
| 10013 | Paycom Software, Inc. | 2318410 |
| 6394 | Paylocity Holding Corp. (a) | 1182123 |
| 45633 | Verra Mobility Corp. (a) | 1152690 |
|  |  | 8776870 |
|  | **Real Estate Management &** <br> **Development — 0.7%**  |  |
| 368991 | Compass, Inc., Class A (a) | 2929789 |
|  | **Retail REITs — 0.6%**  |  |
| 7929 | Agree Realty Corp. | 568509 |
| 22247 | Brixmor Property Group, Inc. | 581314 |
| 13416 | NNN REIT, Inc. | 553544 |
| 8134 | Regency Centers Corp. | 580768 |
|  |  | 2284135 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 3.5%**  |  |
| 31284 | Credo Technology Group <br> Holding Ltd. (a) | 3489730 |
| 16172 | MACOM Technology Solutions <br> Holdings, Inc. (a) | 2217828 |
| 36196 | Rambus, Inc. (a) | 2675970 |
| 25667 | Semtech Corp. (a) | 1311584 |
| 11794 | Silicon Laboratories, Inc. (a) | 1554095 |
| 10874 | SiTime Corp. (a) | 2205791 |
| 3750 | Universal Display Corp. | 541500 |
|  |  | 13996498 |
|  | **Software — 9.4%**  |  |
| 25237 | ACI Worldwide, Inc. (a) | 1074087 |
| 2515 | Appfolio, Inc., Class A (a) | 672461 |
| 32202 | Bentley Systems, Inc., Class B | 1867072 |
| 12524 | BILL Holdings, Inc. (a) | 536653 |
| 20463 | BlackLine, Inc. (a) | 1100500 |
| 50862 | Box, Inc., Class A (a) | 1632670 |
| 23578 | C3.ai, Inc., Class A (a) (b) | 555498 |
| 13293 | Commvault Systems, Inc. (a) | 2525005 |
| 23238 | Confluent, Inc., Class A (a) | 411893 |
| 81023 | Dropbox, Inc., Class A (a) | 2201395 |
| 77708 | Freshworks, Inc., Class A (a) | 1009427 |
| 12918 | InterDigital, Inc. | 3335428 |
| 36946 | MARA Holdings, Inc. (a) (b) | 594092 |
| 20712 | nCino, Inc. (a) | 578383 |
| 53512 | Pegasystems, Inc. | 3141689 |
| 8467 | Procore Technologies, Inc. (a) | 606491 |
| 12379 | Q2 Holdings, Inc. (a) | 1005175 |
| 8109 | Qualys, Inc. (a) | 1079065 |
| 32331 | Rubrik, Inc., Class A (a) | 3069828 |
| 29126 | Samsara, Inc., Class A (a) | 1107662 |
| 31691 | SentinelOne, Inc., Class A (a) | 581213 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Software (Continued)**  |  |
| 161971 | SoundHound AI, Inc., <br> Class A (a) (b) | $1673160 |
| 135777 | UiPath, Inc., Class A (a) | 1595380 |
| 71816 | Unity Software, Inc. (a) | 2395782 |
| 34245 | Varonis Systems, Inc. (a) | 1911898 |
| 74798 | Zeta Global Holdings Corp., <br> Class A (a) | 1170589 |
|  |  | 37432496 |
|  | **Specialized REITs — 0.1%**  |  |
| 4773 | Lamar Advertising Co., Class A | 583499 |
|  | **Specialty Retail — 2.4%**  |  |
| 13984 | Abercrombie & Fitch Co., <br> Class A (a) | 1342743 |
| 15244 | Boot Barn Holdings, Inc. (a) | 2620444 |
| 67963 | Chewy, Inc., Class A (a) | 2494242 |
| 45312 | Wayfair, Inc., Class A (a) | 2974280 |
|  |  | 9431709 |
|  | **Technology Hardware, Storage** <br> **& Peripherals — 0.7%**  |  |
| 67410 | IonQ, Inc. (a) | 2687637 |
|  | **Textiles, Apparel & Luxury** <br> **Goods — 0.9%**  |  |
| 8781 | Kontoor Brands, Inc. | 488750 |
| 10561 | Ralph Lauren Corp. | 3155099 |
|  |  | 3643849 |
|  | **Trading Companies &** <br> **Distributors — 1.3%**  |  |
| 7477 | Applied Industrial Technologies, <br> Inc. | 2030006 |
| 10072 | FTAI Aviation Ltd. | 1386008 |
| 7544 | GATX Corp. | 1151893 |
| 4399 | Herc Holdings, Inc. (b) | 513847 |
|  |  | 5081754 |
|  | **Total Common Stocks** | 400129931 |
|  | (Cost $327,362,365) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 351393 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 4.20% (c) | 351393 |
|  | (Cost $351,393) |  |

---

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

See Notes to Financial Statements

------

**First Trust Mid Cap Growth AlphaDEX**<sup>®</sup> **Fund (FNY)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 2.0%** | **REPURCHASE AGREEMENTS — 2.0%** | **REPURCHASE AGREEMENTS — 2.0%** |
| $2303796 | Bank of America Corp., <br> 4.36% (c), dated 07/31/25, due <br> 08/01/25, with a maturity <br> value of $2,304,075. <br> Collateralized by <br> U.S. Treasury Note, interest <br> rate of 3.88%, due 07/31/27. <br> The value of the collateral <br> including accrued interest is <br> $2,349,872. (d) | $2303796 |
| 476927 | Daiwa Capital Markets America, <br> Inc., 4.36% (c), dated <br> 07/31/25, due 08/01/25, with a <br> maturity value of $476,985. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.00% to <br> 6.00%, due 08/14/25 to <br> 05/15/47. The value of the <br> collateral including accrued <br> interest is $486,466. (d) | 476927 |
| 3159372 | JPMorgan Chase & Co., <br> 4.36% (c), dated 07/31/25, due <br> 08/01/25, with a maturity <br> value of $3,159,755. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.13% to <br> 4.75%, due 02/15/41 to <br> 08/15/52. The value of the <br> collateral including accrued <br> interest is $3,222,559. (d) | 3159372 |
| 2233411 | Mizuho Financial Group, Inc., <br> 4.36% (c), dated 07/31/25, due <br> 08/01/25, with a maturity <br> value of $2,233,681. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.38% to <br> 4.25%, due 06/30/27 to <br> 06/30/31. The value of the <br> collateral including accrued <br> interest is $2,278,080. (d) | 2233411 |
|  | **Total Repurchase Agreements** | 8173506 |
|  | (Cost $8,173,506) |  |
|  | **Total Investments — 102.1%** | 408654830 |
|  | (Cost $335,887,264) |  |
|  | **Net Other Assets and** <br> **Liabilities — (2.1)%** | (8368462)<br>|
|  | **Net Assets — 100.0%** | $400286368 |

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 or a portion of this security is on loan (see Note 2D - Securities
 Lending in the Notes to Financial Statements). The remaining
 contractual maturity of all of the securities lending transactions
 is overnight and continuous. The aggregate value
 of such securities is $7,824,146 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $8,173,506.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Rate
 shown reflects yield as of July 31, 2025.

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

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

Abbreviations throughout the Portfolio of Investments: <br> REITs – Real Estate Investment Trusts

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of July 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>**7/31/2025**<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\* | $400129931 | $400129931 | $— | $— |
| Money Market Funds | 351393 | 351393 |  |  |
| Repurchase <br> Agreements<br>| 8173506 |  | 8173506 |  |
| Total Investments | $408654830 | $400481324 | $8173506 | $— |

---

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

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

**First Trust Mid Cap Growth AlphaDEX**<sup>®</sup> **Fund (FNY)**

**Portfolio of Investments (Continued)**

**July 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>| $7824146 |
| Non-cash Collateral<sup>(2)</sup> <br>| (7824146)<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 July 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. 

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>| $8173506 |
| Non-cash Collateral<sup>(4)</sup> <br>| (8173506)<br>|
| Net Amount | $— |

---

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

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

<sup>(4)</sup> At July 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 Small Cap Value AlphaDEX**<sup>®</sup> **Fund (FYT)**

**Portfolio of Investments**

**July 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
|  | **Aerospace & Defense — 0.2%**  |  |
| 6521 | V2X, Inc. (a) | $308965 |
|  | **Air Freight & Logistics —** <br> **0.5%**  |  |
| 18941 | Hub Group, Inc., Class A | 663314 |
|  | **Automobile Components —** <br> **3.6%**  |  |
| 9056 | Dana, Inc. | 144172 |
| 44333 | Garrett Motion, Inc. | 578102 |
| 22382 | Gentherm, Inc. (a) | 717119 |
| 76326 | Goodyear Tire & Rubber (The) <br> Co. (a) | 784631 |
| 5110 | LCI Industries | 485450 |
| 3431 | Patrick Industries, Inc. | 333631 |
| 14232 | Phinia, Inc. | 721562 |
| 6787 | Visteon Corp. (a) | 754375 |
|  |  | 4519042 |
|  | **Automobiles — 0.8%**  |  |
| 33538 | Harley-Davidson, Inc. | 815980 |
| 5356 | Winnebago Industries, Inc. | 159180 |
|  |  | 975160 |
|  | **Banks — 11.1%**  |  |
| 5101 | 1st Source Corp. | 305142 |
| 13092 | BankUnited, Inc. | 477465 |
| 4935 | Banner Corp. | 306340 |
| 18608 | Berkshire Hills Bancorp, Inc. | 458501 |
| 6954 | Cathay General Bancorp | 314460 |
| 5390 | Customers Bancorp, Inc. (a) | 343613 |
| 5765 | Dime Community Bancshares, <br> Inc. | 159748 |
| 3428 | FB Financial Corp. | 167149 |
| 3523 | First Bancorp | 176467 |
| 7456 | First BanCorp | 155308 |
| 6787 | First Busey Corp. | 151486 |
| 19507 | First Commonwealth Financial <br> Corp. | 322061 |
| 26101 | First Financial Bancorp | 632688 |
| 12684 | First Hawaiian, Inc. | 307587 |
| 12166 | First Merchants Corp. | 463768 |
| 13408 | Firstsun Capital Bancorp (a) | 476654 |
| 25828 | Fulton Financial Corp. | 463613 |
| 10432 | Hilltop Holdings, Inc. | 308787 |
| 29506 | Hope Bancorp, Inc. | 294765 |
| 7409 | Independent Bank Corp. | 470842 |
| 36458 | Northwest Bancshares, Inc. | 426559 |
| 7397 | OFG Bancorp | 315260 |
| 8858 | Origin Bancorp, Inc. | 323760 |
| 20733 | Peoples Bancorp, Inc.  | 593793 |
| 3658 | Preferred Bank | 332220 |
| 26579 | Provident Financial Services, <br> Inc. | 484269 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Banks (Continued)**  |  |
| 4323 | Renasant Corp. | $158395 |
| 12320 | S&T Bancorp, Inc. | 451405 |
| 5623 | Seacoast Banking Corp. of <br> Florida | 158512 |
| 16698 | Simmons First National Corp., <br> Class A | 320101 |
| 16653 | Stellar Bancorp, Inc. | 491763 |
| 9263 | TowneBank | 324483 |
| 11508 | TriCo Bancshares | 473209 |
| 12779 | Trustmark Corp. | 476018 |
| 17852 | Veritex Holdings, Inc. | 566265 |
| 15913 | WaFd, Inc. | 463148 |
| 4910 | WesBanco, Inc. | 147938 |
| 9619 | Westamerica BanCorp | 460750 |
| 5756 | WSFS Financial Corp. | 315659 |
|  |  | 14039951 |
|  | **Broadline Retail — 0.8%**  |  |
| 93337 | Kohl's Corp. (b) | 1011773 |
|  | **Building Products — 2.0%**  |  |
| 14830 | American Woodmark Corp. (a) | 780206 |
| 7897 | Gibraltar Industries, Inc. (a) | 521439 |
| 11255 | Hayward Holdings, Inc. (a) | 173102 |
| 19080 | Janus International Group, <br> Inc. (a) | 163516 |
| 57932 | Masterbrand, Inc. (a) | 638990 |
| 7040 | Resideo Technologies, Inc. (a) | 192192 |
|  |  | 2469445 |
|  | **Capital Markets — 1.5%**  |  |
| 3504 | Artisan Partners Asset <br> Management, Inc., Class A | 158556 |
| 45018 | DigitalBridge Group, Inc. | 483493 |
| 5135 | Donnelley Financial Solutions, <br> Inc. (a) | 271950 |
| 7143 | Federated Hermes, Inc. | 354079 |
| 3491 | Virtus Investment Partners, Inc. | 674845 |
|  |  | 1942923 |
|  | **Chemicals — 1.9%**  |  |
| 3089 | Ashland, Inc. | 159269 |
| 13564 | Chemours (The) Co. | 162497 |
| 2582 | H.B. Fuller Co. | 145108 |
| 30384 | Huntsman Corp. | 294725 |
| 31518 | Olin Corp. | 596951 |
| 2828 | Quaker Chemical Corp. | 323580 |
| 1577 | Sensient Technologies Corp. | 177081 |
| 11601 | Stepan Co. | 588983 |
|  |  | 2448194 |
|  | **Commercial Services &** <br> **Supplies — 3.3%**  |  |
| 3290 | ABM Industries, Inc. | 151768 |
| 27984 | BrightView Holdings, Inc. (a) | 446345 |

---

See Notes to Financial Statements

------

**First Trust Small Cap Value AlphaDEX**<sup>®</sup> **Fund (FYT)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Commercial Services &** <br> **Supplies (Continued)**  |  |
| 15026 | CoreCivic, Inc. (a) | $301121 |
| 9474 | HNI Corp. | 487343 |
| 22262 | Interface, Inc. | 459042 |
| 23993 | MillerKnoll, Inc. | 455387 |
| 75887 | Steelcase, Inc., Class A | 783913 |
| 2476 | UniFirst Corp. | 423470 |
| 110506 | Vestis Corp. | 669666 |
|  |  | 4178055 |
|  | **Communications Equipment** <br> **— 0.6%**  |  |
| 43370 | Viasat, Inc. (a) | 712569 |
|  | **Consumer Finance — 2.0%**  |  |
| 11085 | Bread Financial Holdings, Inc. | 679510 |
| 12910 | LendingClub Corp. (a) | 201267 |
| 44908 | Navient Corp. | 581110 |
| 1282 | Nelnet, Inc., Class A | 159955 |
| 26968 | PROG Holdings, Inc. | 858661 |
|  |  | 2480503 |
|  | **Consumer Staples Distribution** <br> **& Retail — 2.1%**  |  |
| 21537 | Andersons (The), Inc. | 773609 |
| 25491 | Grocery Outlet Holding <br> Corp. (a) | 335716 |
| 1479 | PriceSmart, Inc. | 158993 |
| 27164 | United Natural Foods, Inc. (a) | 750813 |
| 8735 | Weis Markets, Inc. | 632501 |
|  |  | 2651632 |
|  | **Containers & Packaging —** <br> **0.4%**  |  |
| 7169 | Greif, Inc., Class A | 454730 |
|  | **Diversified Consumer Services** <br> **— 1.2%**  |  |
| 837 | Graham Holdings Co., Class B | 798649 |
| 9685 | Perdoceo Education Corp. | 278734 |
| 5473 | Strategic Education, Inc. | 405796 |
|  |  | 1483179 |
|  | **Diversified REITs — 0.6%**  |  |
| 17757 | Alexander & Baldwin, Inc. | 319271 |
| 29030 | Broadstone Net Lease, Inc. | 471447 |
|  |  | 790718 |
|  | **Diversified Telecommunication** <br> **Services — 0.2%**  |  |
| 2273 | IDT Corp., Class B | 133902 |
| 24970 | Liberty Latin America Ltd., <br> Class C (a) | 178286 |
|  |  | 312188 |
|  | **Electric Utilities — 0.5%**  |  |
| 8214 | Otter Tail Corp. | 633957 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Electrical Equipment — 1.1%**  |  |
| 8975 | Atkore, Inc. | $691255 |
| 7382 | EnerSys | 681875 |
|  |  | 1373130 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 1.2%**  |  |
| 8153 | Benchmark Electronics, Inc. | 313891 |
| 5874 | Crane NXT Co. | 348563 |
| 4391 | ePlus, Inc. (a) | 284449 |
| 4813 | PC Connection, Inc. | 296433 |
| 2268 | Rogers Corp. (a) | 148735 |
| 9780 | Vishay Intertechnology, Inc. | 160294 |
|  |  | 1552365 |
|  | **Energy Equipment & Services** <br> **— 4.9%**  |  |
| 92142 | Expro Group Holdings N.V. (a) | 993291 |
| 126843 | Helix Energy Solutions Group, <br> Inc. (a) | 752179 |
| 52210 | Helmerich & Payne, Inc. | 846324 |
| 50672 | Innovex International, Inc. (a) | 832034 |
| 68946 | Liberty Energy, Inc. | 850794 |
| 26191 | Patterson-UTI Energy, Inc. | 154789 |
| 167336 | RPC, Inc. | 778112 |
| 59966 | Transocean Ltd. (a) | 175101 |
| 15037 | Valaris Ltd. (a) | 731249 |
|  |  | 6113873 |
|  | **Financial Services — 2.1%**  |  |
| 100828 | Compass Diversified Holdings | 644291 |
| 8782 | EVERTEC, Inc. | 317469 |
| 15008 | NMI Holdings, Inc. (a) | 560099 |
| 6611 | Walker & Dunlop, Inc. | 495891 |
| 75202 | Western Union (The) Co. | 605376 |
|  |  | 2623126 |
|  | **Food Products — 2.1%**  |  |
| 24414 | Fresh Del Monte Produce, Inc. | 917722 |
| 277 | Seaboard Corp. | 877309 |
| 32605 | TreeHouse Foods, Inc. (a) | 626668 |
| 9744 | WK Kellogg Co. | 224599 |
|  |  | 2646298 |
|  | **Gas Utilities — 1.0%**  |  |
| 37984 | MDU Resources Group, Inc. | 655224 |
| 15942 | Northwest Natural Holding Co. | 636405 |
|  |  | 1291629 |
|  | **Ground Transportation —** <br> **2.3%**  |  |
| 10278 | ArcBest Corp. | 751630 |
| 35869 | Marten Transport Ltd. | 436167 |
| 19294 | Schneider National, Inc., Class B | 471738 |

---

See Notes to Financial Statements

------

**First Trust Small Cap Value AlphaDEX**<sup>®</sup> **Fund (FYT)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Ground Transportation** <br> **(Continued)**  |  |
| 31186 | Universal Logistics Holdings, <br> Inc. | $746281 |
| 17030 | Werner Enterprises, Inc. | 472072 |
|  |  | 2877888 |
|  | **Health Care Equipment &** <br> **Supplies — 1.1%**  |  |
| 8947 | CONMED Corp. | 457639 |
| 37974 | Integra LifeSciences Holdings <br> Corp. (a) | 498978 |
| 10769 | Omnicell, Inc. (a) | 333947 |
| 5389 | QuidelOrtho Corp. (a) | 124055 |
|  |  | 1414619 |
|  | **Health Care Providers &** <br> **Services — 2.7%**  |  |
| 83934 | AdaptHealth Corp. (a) | 752888 |
| 46354 | Ardent Health, Inc. (a) | 491352 |
| 6242 | Astrana Health, Inc. (a) | 148934 |
| 7550 | Concentra Group Holdings <br> Parent, Inc. | 150773 |
| 4354 | National HealthCare Corp. | 418115 |
| 28874 | Premier, Inc., Class A | 620214 |
| 7060 | Progyny, Inc. (a) | 165981 |
| 41713 | Select Medical Holdings Corp. | 616935 |
|  |  | 3365192 |
|  | **Hotel & Resort REITs — 2.8%**  |  |
| 67823 | Apple Hospitality REIT, Inc. | 796920 |
| 77370 | Park Hotels & Resorts, Inc. | 824764 |
| 63383 | Pebblebrook Hotel Trust | 635732 |
| 108722 | RLJ Lodging Trust | 804543 |
| 53680 | Sunstone Hotel Investors, Inc. | 469700 |
|  |  | 3531659 |
|  | **Hotels, Restaurants & Leisure** <br> **— 2.1%**  |  |
| 5183 | Cracker Barrel Old Country <br> Store, Inc. (b) | 321346 |
| 271993 | Krispy Kreme, Inc. (b) | 984615 |
| 8757 | Marriott Vacations Worldwide <br> Corp. | 652134 |
| 6469 | Papa John's International, Inc. | 274350 |
| 26074 | Penn Entertainment, Inc. (a) | 470896 |
|  |  | 2703341 |
|  | **Household Durables — 4.0%**  |  |
| 14054 | Century Communities, Inc. | 791100 |
| 10070 | Green Brick Partners, Inc. (a) | 623736 |
| 27889 | Helen of Troy Ltd. (a) | 613000 |
| 17035 | La-Z-Boy, Inc. | 612749 |
| 15363 | LGI Homes, Inc. (a) | 818387 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Household Durables** <br> **(Continued)**  |  |
| 7059 | M/I Homes, Inc. (a) | $848421 |
| 24773 | Tri Pointe Homes, Inc. (a) | 763008 |
|  |  | 5070401 |
|  | **Household Products — 1.1%**  |  |
| 14891 | Central Garden & Pet Co., <br> Class A (a) | 528928 |
| 7704 | Energizer Holdings, Inc. | 173494 |
| 11947 | Spectrum Brands Holdings, Inc. | 639284 |
|  |  | 1341706 |
|  | **Industrial REITs — 0.9%**  |  |
| 14334 | Innovative Industrial Properties, <br> Inc. | 741068 |
| 56409 | LXP Industrial Trust | 437734 |
|  |  | 1178802 |
|  | **Insurance — 2.7%**  |  |
| 11776 | Brighthouse Financial, Inc. (a) | 563482 |
| 13421 | Employers Holdings, Inc. | 554019 |
| 40694 | Genworth Financial, Inc. (a) | 319855 |
| 36610 | Hamilton Insurance Group Ltd., <br> Class B (a) | 786749 |
| 3614 | Horace Mann Educators Corp. | 153703 |
| 4702 | Mercury General Corp. | 325613 |
| 3988 | Safety Insurance Group, Inc. | 280556 |
| 7617 | SiriusPoint Ltd. (a) | 149369 |
| 4863 | Stewart Information Services <br> Corp. | 315755 |
|  |  | 3449101 |
|  | **Interactive Media & Services** <br> **— 0.9%**  |  |
| 40237 | fuboTV, Inc. (a) | 160143 |
| 11901 | TripAdvisor, Inc. (a) | 208148 |
| 26148 | Ziff Davis, Inc. (a) | 813726 |
|  |  | 1182017 |
|  | **Leisure Products — 0.5%**  |  |
| 3821 | Polaris, Inc. | 202169 |
| 10044 | YETI Holdings, Inc. (a) | 369017 |
|  |  | 571186 |
|  | **Machinery — 3.0%**  |  |
| 711 | Alamo Group, Inc. | 158254 |
| 2215 | Albany International Corp., <br> Class A | 120031 |
| 17188 | Greenbrier (The) Cos., Inc. | 782054 |
| 13963 | Helios Technologies, Inc. | 512303 |
| 44342 | Hillman Solutions Corp. (a) | 349858 |
| 27578 | Kennametal, Inc. | 682831 |
| 1077 | Lindsay Corp. | 147021 |
| 4086 | Tennant Co. | 337259 |

---

See Notes to Financial Statements

------

**First Trust Small Cap Value AlphaDEX**<sup>®</sup> **Fund (FYT)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Machinery (Continued)**  |  |
| 9979 | Terex Corp. | $507532 |
| 2440 | Worthington Enterprises, Inc. | 151207 |
|  |  | 3748350 |
|  | **Media — 1.3%**  |  |
| 5828 | Cable One, Inc. | 745868 |
| 3480 | John Wiley & Sons, Inc., <br> Class A | 134328 |
| 47226 | TEGNA, Inc. | 788674 |
|  |  | 1668870 |
|  | **Metals & Mining — 1.8%**  |  |
| 5629 | Alpha Metallurgical Resources, <br> Inc. (a) | 664616 |
| 3962 | Kaiser Aluminum Corp. | 306302 |
| 13816 | Warrior Met Coal, Inc. | 709866 |
| 21227 | Worthington Steel, Inc. | 647848 |
|  |  | 2328632 |
|  | **Mortgage REITs — 2.8%**  |  |
| 16045 | Apollo Commercial Real Estate <br> Finance, Inc. | 154353 |
| 59178 | Arbor Realty Trust, Inc. (b) | 660427 |
| 57066 | Chimera Investment Corp. | 762972 |
| 12710 | Dynex Capital, Inc. | 158112 |
| 58902 | Ladder Capital Corp. | 643210 |
| 83668 | MFA Financial, Inc. | 760542 |
| 36232 | PennyMac Mortgage Investment <br> Trust | 427175 |
|  |  | 3566791 |
|  | **Multi-Utilities — 1.0%**  |  |
| 16685 | Avista Corp. | 622351 |
| 12343 | Northwestern Energy Group, <br> Inc. | 662819 |
|  |  | 1285170 |
|  | **Office REITs — 1.2%**  |  |
| 20988 | Easterly Government Properties, <br> Inc. | 461736 |
| 14987 | Highwoods Properties, Inc. | 434773 |
| 86858 | Piedmont Realty Trust, Inc. | 656646 |
|  |  | 1553155 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 4.3%**  |  |
| 21697 | International Seaways, Inc. | 865710 |
| 368139 | Kosmos Energy Ltd. (a) | 791499 |
| 27919 | Northern Oil & Gas, Inc. | 786199 |
| 58979 | Peabody Energy Corp. | 952511 |
| 93337 | Talos Energy, Inc. (a) | 798031 |
| 49192 | Vital Energy, Inc. (a) | 919399 |
| 11168 | World Kinect Corp. | 304551 |
|  |  | 5417900 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Paper & Forest Products —** <br> **0.5%**  |  |
| 12639 | Sylvamo Corp. | $582279 |
|  | **Passenger Airlines — 0.5%**  |  |
| 149692 | JetBlue Airways Corp. (a) | 664632 |
|  | **Personal Care Products —** <br> **0.7%**  |  |
| 33810 | Edgewell Personal Care Co. | 853026 |
|  | **Pharmaceuticals — 1.1%**  |  |
| 34473 | Amphastar Pharmaceuticals, <br> Inc. (a) | 722209 |
| 5813 | Perrigo Co. PLC | 155033 |
| 1945 | Prestige Consumer Healthcare, <br> Inc. (a) | 143833 |
| 10044 | Supernus Pharmaceuticals, <br> Inc. (a) | 352544 |
|  |  | 1373619 |
|  | **Professional Services — 2.3%**  |  |
| 82321 | Alight, Inc., Class A | 441240 |
| 14975 | Concentrix Corp. | 778251 |
| 2378 | CSG Systems International, Inc. | 148530 |
| 5500 | ICF International, Inc. | 461395 |
| 4318 | Korn Ferry | 306017 |
| 17431 | Legalzoom.com, Inc. (a) | 156705 |
| 15673 | ManpowerGroup, Inc. | 646511 |
|  |  | 2938649 |
|  | **Real Estate Management &** <br> **Development — 1.1%**  |  |
| 39575 | Forestar Group, Inc. (a) | 981460 |
| 26058 | Newmark Group, Inc., Class A | 395300 |
|  |  | 1376760 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 2.6%**  |  |
| 12224 | ACM Research, Inc., Class A (a) | 371121 |
| 6053 | Alpha & Omega Semiconductor <br> Ltd. (a) | 154170 |
| 6686 | Axcelis Technologies, Inc. (a) | 452575 |
| 2937 | Diodes, Inc. (a) | 145000 |
| 42034 | Photronics, Inc. (a) | 855812 |
| 7188 | Synaptics, Inc. (a) | 450687 |
| 20644 | Ultra Clean Holdings, Inc. (a) | 464903 |
| 15581 | Veeco Instruments, Inc. (a) | 323773 |
|  |  | 3218041 |
|  | **Software — 0.9%**  |  |
| 22390 | Adeia, Inc. | 289950 |
| 14191 | Teradata Corp. (a) | 297018 |
| 23688 | Verint Systems, Inc. (a) | 504081 |
|  |  | 1091049 |
|  | **Specialized REITs — 0.5%**  |  |
| 40694 | Safehold, Inc. | 569309 |

---

See Notes to Financial Statements

------

**First Trust Small Cap Value AlphaDEX**<sup>®</sup> **Fund (FYT)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Specialty Retail — 3.5%**  |  |
| 17663 | Academy Sports & Outdoors, <br> Inc. | $897104 |
| 82276 | American Eagle Outfitters, Inc. | 888581 |
| 6981 | Buckle (The), Inc. | 344652 |
| 85475 | Sally Beauty Holdings, Inc. (a) | 832526 |
| 5829 | Sonic Automotive, Inc., Class A | 421728 |
| 18563 | Upbound Group, Inc. | 383048 |
| 34190 | Victoria's Secret & Co. (a) | 642772 |
|  |  | 4410411 |
|  | **Textiles, Apparel & Luxury** <br> **Goods — 2.3%**  |  |
| 26269 | Carter's, Inc. | 636760 |
| 35335 | G-III Apparel Group Ltd. (a) | 833906 |
| 8400 | Levi Strauss & Co., Class A | 165396 |
| 19665 | Oxford Industries, Inc. | 750810 |
| 19430 | Steven Madden Ltd. | 466417 |
|  |  | 2853289 |
|  | **Tobacco — 0.5%**  |  |
| 10872 | Universal Corp. | 592198 |
|  | **Trading Companies &** <br> **Distributors — 0.6%**  |  |
| 64089 | Custom Truck One Source, <br> Inc. (a) | 396711 |
| 21349 | DNOW, Inc. (a) | 332190 |
|  |  | 728901 |
|  | **Water Utilities — 0.6%**  |  |
| 6961 | California Water Service Group | 316517 |
| 8966 | H2O America | 432968 |
|  |  | 749485 |
|  | **Total Common Stocks** | 125933147 |
|  | (Cost $130,660,060) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 184352 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 4.20% (c) | 184352 |
|  | (Cost $184,352) |  |

---

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 2.2%** | **REPURCHASE AGREEMENTS — 2.2%** | **REPURCHASE AGREEMENTS — 2.2%** |
| $794658 | Bank of America Corp., <br> 4.36% (c), dated 07/31/25, due <br> 08/01/25, with a maturity <br> value of $794,754. <br> Collateralized by <br> U.S. Treasury Note, interest <br> rate of 3.88%, due 07/31/27. <br> The value of the collateral <br> including accrued interest is <br> $810,551. (d) | $794658 |
| 164509 | Daiwa Capital Markets America, <br> Inc., 4.36% (c), dated <br> 07/31/25, due 08/01/25, with a <br> maturity value of $164,529. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.00% to <br> 6.00%, due 08/14/25 to <br> 05/15/47. The value of the <br> collateral including accrued <br> interest is $167,799. (d) | 164509 |
| 1089773 | JPMorgan Chase & Co., <br> 4.36% (c), dated 07/31/25, due <br> 08/01/25, with a maturity <br> value of $1,089,905. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.13% to <br> 4.75%, due 02/15/41 to <br> 08/15/52. The value of the <br> collateral including accrued <br> interest is $1,111,568. (d) | 1089773 |
| 770379 | Mizuho Financial Group, Inc., <br> 4.36% (c), dated 07/31/25, due <br> 08/01/25, with a maturity <br> value of $770,472. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.38% to <br> 4.25%, due 06/30/27 to <br> 06/30/31. The value of the <br> collateral including accrued <br> interest is $785,787. (d) | 770379 |
|  | **Total Repurchase Agreements** | 2819319 |
|  | (Cost $2,819,319) |  |
|  | **Total Investments — 102.2%** | 128936818 |
|  | (Cost $133,663,731) |  |
|  | **Net Other Assets and** <br> **Liabilities — (2.2)%** | (2823186)<br>|
|  | **Net Assets — 100.0%** | $126113632 |

---

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

See Notes to Financial Statements

------

**First Trust Small Cap Value AlphaDEX**<sup>®</sup> **Fund (FYT)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 or a portion of this security is on loan (see Note 2D - 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 $2,634,125 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $2,819,319.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Rate
 shown reflects yield as of July 31, 2025.

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

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

Abbreviations throughout the Portfolio of Investments: <br> REITs – Real Estate Investment Trusts

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of July 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>**7/31/2025**<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\* | $125933147 | $125933147 | $— | $— |
| Money Market Funds | 184352 | 184352 |  |  |
| Repurchase <br> Agreements<br>| 2819319 |  | 2819319 |  |
| Total Investments | $128936818 | $126117499 | $2819319 | $— |

---

&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>| $2634125 |
| Non-cash Collateral<sup>(2)</sup> <br>| (2634125)<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 July 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. 

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>| $2819319 |
| Non-cash Collateral<sup>(4)</sup> <br>| (2819319)<br>|
| Net Amount | $— |

---

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

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

<sup>(4)</sup> At July 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 Small Cap Growth AlphaDEX**<sup>®</sup> **Fund (FYC)**

**Portfolio of Investments**

**July 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
|  | **Aerospace & Defense — 1.1%**  |  |
| 53752 | Cadre Holdings, Inc. | $1777579 |
| 107017 | Intuitive Machines, Inc. (a) | 1194310 |
| 43197 | Mercury Systems, Inc. (a) | 2271730 |
|  |  | 5243619 |
|  | **Automobile Components —** <br> **0.3%**  |  |
| 47688 | XPEL, Inc. (a) (b) | 1558921 |
|  | **Banks — 7.2%**  |  |
| 54871 | Amalgamated Financial Corp. | 1590710 |
| 165592 | Banc of California, Inc. | 2404396 |
| 51048 | Bancorp (The), Inc. (a) | 3224192 |
| 64048 | Byline Bancorp, Inc. | 1684462 |
| 13985 | City Holding Co. | 1707569 |
| 24017 | Coastal Financial Corp. (a) | 2310435 |
| 39329 | Columbia Financial, Inc. (a) | 565944 |
| 30104 | Community Financial System, <br> Inc. | 1586481 |
| 58781 | CVB Financial Corp. | 1098617 |
| 31071 | Enterprise Financial Services <br> Corp. | 1714809 |
| 19801 | First Interstate BancSystem, Inc., <br> Class A | 570071 |
| 14819 | German American Bancorp, Inc. | 569346 |
| 9287 | Lakeland Financial Corp. | 588517 |
| 15173 | National Bank Holdings Corp., <br> Class A | 562311 |
| 27997 | NBT Bancorp, Inc. | 1158516 |
| 18842 | Nicolet Bankshares, Inc. | 2430618 |
| 10235 | Park National Corp. | 1656739 |
| 29406 | Pathward Financial, Inc. | 2223829 |
| 17132 | QCR Holdings, Inc. | 1216372 |
| 31823 | Republic Bancorp, Inc., Class A | 2191332 |
| 29457 | Stock Yards Bancorp, Inc. | 2202205 |
|  |  | 33257471 |
|  | **Beverages — 0.4%**  |  |
| 47423 | Vita Coco (The) Co., Inc. (a) | 1672135 |
|  | **Biotechnology — 8.6%**  |  |
| 134826 | ACADIA Pharmaceuticals, <br> Inc. (a) | 3212904 |
| 94014 | ADMA Biologics, Inc. (a) | 1758062 |
| 34975 | Agios Pharmaceuticals, Inc. (a) | 1301770 |
| 122111 | Arcutis Biotherapeutics, Inc. (a) | 1780378 |
| 145578 | Ardelyx, Inc. (a) | 617251 |
| 108354 | Arrowhead Pharmaceuticals, <br> Inc. (a) | 1711993 |
| 166659 | ARS Pharmaceuticals, <br> Inc. (a) (c) | 2946531 |
| 324576 | BioCryst Pharmaceuticals, <br> Inc. (a) | 2642049 |
| 87615 | CareDx, Inc. (a) | 1076350 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Biotechnology (Continued)**  |  |
| 78894 | Catalyst Pharmaceuticals, <br> Inc. (a) | $1682809 |
| 28043 | Celldex Therapeutics, Inc. (a) | 616385 |
| 44741 | CG oncology, Inc. (a) | 1194137 |
| 216161 | ImmunityBio, Inc. (a) (c) | 531756 |
| 39230 | Kymera Therapeutics, Inc. (a) | 1716312 |
| 32547 | Merus N.V. (a) | 2155913 |
| 57147 | Mirum Pharmaceuticals, Inc. (a) | 2953357 |
| 90581 | Novavax, Inc. (a) (c) | 602364 |
| 13571 | Praxis Precision Medicines, <br> Inc. (a) | 735820 |
| 30975 | Protagonist Therapeutics, Inc. (a) | 1668313 |
| 59546 | PTC Therapeutics, Inc. (a) | 3102942 |
| 36818 | Rhythm Pharmaceuticals, Inc. (a) | 3137998 |
| 78599 | Travere Therapeutics, Inc. (a) | 1214355 |
| 15511 | Twist Bioscience Corp. (a) | 520704 |
| 21113 | Veracyte, Inc. (a) | 496367 |
|  |  | 39376820 |
|  | **Building Products — 1.2%**  |  |
| 18121 | AZZ, Inc. | 1984250 |
| 23657 | Griffon Corp. | 1922604 |
| 22130 | Tecnoglass, Inc. | 1726804 |
|  |  | 5633658 |
|  | **Capital Markets — 2.5%**  |  |
| 284281 | BGC Group, Inc., Class A | 2635285 |
| 119802 | Perella Weinberg Partners | 2388852 |
| 64929 | Virtu Financial, Inc., Class A | 2865966 |
| 252667 | WisdomTree, Inc. | 3352891 |
|  |  | 11242994 |
|  | **Chemicals — 1.5%**  |  |
| 20466 | Hawkins, Inc. | 3341688 |
| 208922 | Perimeter Solutions, Inc. (a) | 3369912 |
|  |  | 6711600 |
|  | **Commercial Services &** <br> **Supplies — 2.9%**  |  |
| 71718 | ACV Auctions, Inc., Class A (a) | 1019113 |
| 17115 | Brady Corp., Class A | 1207806 |
| 12142 | Cimpress PLC (a) | 671574 |
| 97495 | Driven Brands Holdings, Inc. (a) | 1647666 |
| 118944 | OPENLANE, Inc. (a) | 2930780 |
| 266562 | Pitney Bowes, Inc. | 3028144 |
| 17762 | VSE Corp. | 2780463 |
|  |  | 13285546 |
|  | **Communications Equipment** <br> **— 2.2%**  |  |
| 66640 | Applied Optoelectronics, <br> Inc. (a) (c) | 1524057 |
| 351232 | CommScope Holding Co., <br> Inc. (a) | 2880102 |
| 66740 | Digi International, Inc. (a) | 2176391 |

---

See Notes to Financial Statements

------

**First Trust Small Cap Growth AlphaDEX**<sup>®</sup> **Fund (FYC)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Communications Equipment** <br> **(Continued)**  |  |
| 129613 | Extreme Networks, Inc. (a) | $2288966 |
| 122839 | Harmonic, Inc. (a) | 1045360 |
|  |  | 9914876 |
|  | **Construction & Engineering** <br> **— 2.6%**  |  |
| 13191 | Argan, Inc. | 3231531 |
| 27364 | Construction Partners, Inc., <br> Class A (a) | 2759660 |
| 31100 | Granite Construction, Inc. | 2938017 |
| 62167 | Tutor Perini Corp. (a) | 2993341 |
|  |  | 11922549 |
|  | **Construction Materials —** <br> **0.3%**  |  |
| 11656 | United States Lime & Minerals, <br> Inc. | 1160705 |
|  | **Consumer Finance — 1.5%**  |  |
| 10835 | Dave, Inc. (a) | 2554893 |
| 44226 | Encore Capital Group, Inc. (a) | 1631055 |
| 26078 | Enova International, Inc. (a) | 2726716 |
|  |  | 6912664 |
|  | **Consumer Staples Distribution** <br> **& Retail — 0.7%**  |  |
| 45575 | Chefs' Warehouse (The), Inc. (a) | 3124622 |
|  | **Diversified Consumer Services** <br> **— 1.9%**  |  |
| 124388 | Laureate Education, Inc. (a) | 2811169 |
| 114103 | OneSpaWorld Holdings Ltd. | 2523958 |
| 81176 | Udemy, Inc. (a) | 617749 |
| 85813 | Universal Technical Institute, <br> Inc. (a) | 2764895 |
|  |  | 8717771 |
|  | **Diversified REITs — 0.5%**  |  |
| 28894 | American Assets Trust, Inc. | 549853 |
| 226754 | Global Net Lease, Inc. | 1585010 |
|  |  | 2134863 |
|  | **Diversified Telecommunication** <br> **Services — 0.4%**  |  |
| 77115 | Iridium Communications, Inc. | 1886233 |
|  | **Electric Utilities — 0.1%**  |  |
| 6453 | MGE Energy, Inc. | 548118 |
|  | **Electrical Equipment — 3.5%**  |  |
| 197166 | Array Technologies, Inc. (a) | 1281579 |
| 112503 | Enovix Corp. (a) (c) | 1507540 |
| 568007 | Eos Energy Enterprises, <br> Inc. (a) (c) | 3237640 |
| 173365 | Fluence Energy, Inc. (a) (c) | 1407724 |
| 73514 | NuScale Power Corp. (a) (c) | 3691138 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Electrical Equipment** <br> **(Continued)**  |  |
| 13819 | Powell Industries, Inc. | $3276485 |
| 142210 | Sunrun, Inc. (a) | 1459074 |
|  |  | 15861180 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 2.4%**  |  |
| 137180 | Arlo Technologies, Inc. (a) | 2222316 |
| 13392 | CTS Corp. | 524833 |
| 108061 | Mirion Technologies, Inc. (a) | 2415163 |
| 19221 | Napco Security Technologies, <br> Inc. | 586817 |
| 12933 | OSI Systems, Inc. (a) | 2858322 |
| 16770 | PAR Technology Corp. (a) | 1019281 |
| 12652 | Plexus Corp. (a) | 1613130 |
|  |  | 11239862 |
|  | **Energy Equipment & Services** <br> **— 0.7%**  |  |
| 42682 | Atlas Energy Solutions, Inc. (c) | 554866 |
| 56143 | Oceaneering International, <br> Inc. (a) | 1218303 |
| 25217 | Tidewater, Inc. (a) | 1261102 |
|  |  | 3034271 |
|  | **Entertainment — 1.4%**  |  |
| 184085 | AMC Entertainment Holdings, <br> Inc., Class A (a) (c) | 533847 |
| 36604 | Atlanta Braves Holdings, Inc., <br> Class C (a) | 1631074 |
| 77089 | Cinemark Holdings, Inc. | 2071381 |
| 58207 | Madison Square Garden <br> Entertainment Corp. (a) | 2199643 |
|  |  | 6435945 |
|  | **Financial Services — 1.7%**  |  |
| 11975 | Federal Agricultural Mortgage <br> Corp., Class C | 2062933 |
| 99425 | Flywire Corp. (a) | 1082738 |
| 40773 | NCR Atleos Corp. (a) | 1247654 |
| 169821 | Payoneer Global, Inc. (a) | 1115724 |
| 16224 | Sezzle, Inc. (a) | 2512124 |
|  |  | 8021173 |
|  | **Food Products — 0.9%**  |  |
| 18065 | Simply Good Foods (The) <br> Co. (a) | 550260 |
| 34776 | Tootsie Roll Industries, Inc. | 1319053 |
| 60399 | Vital Farms, Inc. (a) | 2246843 |
|  |  | 4116156 |
|  | **Gas Utilities — 0.4%**  |  |
| 14241 | Chesapeake Utilities Corp. | 1707211 |

---

See Notes to Financial Statements

------

**First Trust Small Cap Growth AlphaDEX**<sup>®</sup> **Fund (FYC)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Ground Transportation —** <br> **1.2%**  |  |
| 17203 | Avis Budget Group, Inc. (a) | $2928639 |
| 425798 | Hertz Global Holdings, <br> Inc. (a) (c) | 2729365 |
|  |  | 5658004 |
|  | **Health Care Equipment &** <br> **Supplies — 3.8%**  |  |
| 209599 | Alphatec Holdings, Inc. (a) | 2217557 |
| 74809 | Artivion, Inc. (a) | 2312346 |
| 70996 | AtriCure, Inc. (a) | 2491960 |
| 18197 | Enovis Corp. (a) | 487680 |
| 22945 | Haemonetics Corp. (a) | 1698848 |
| 18889 | iRhythm Technologies, Inc. (a) | 2647860 |
| 6872 | LeMaitre Vascular, Inc. | 558281 |
| 32060 | Novocure Ltd. (a) | 370934 |
| 30615 | Tandem Diabetes Care, Inc. (a) | 476982 |
| 17361 | TransMedics Group, Inc. (a) | 2065438 |
| 9529 | UFP Technologies, Inc. (a) | 2157270 |
|  |  | 17485156 |
|  | **Health Care Providers &** <br> **Services — 2.3%**  |  |
| 10099 | Addus HomeCare Corp. (a) | 1078371 |
| 207728 | Alignment Healthcare, Inc. (a) | 2862492 |
| 416946 | Clover Health Investments <br> Corp. (a) | 1204974 |
| 31505 | GeneDx Holdings Corp. (a) | 3211935 |
| 110380 | LifeStance Health Group, <br> Inc. (a) | 439312 |
| 101154 | Privia Health Group, Inc. (a) | 1974526 |
|  |  | 10771610 |
|  | **Health Care REITs — 0.1%**  |  |
| 16488 | LTC Properties, Inc. | 561252 |
|  | **Health Care Technology —** <br> **0.9%**  |  |
| 81749 | Phreesia, Inc. (a) | 2203953 |
| 85089 | Schrodinger, Inc. (a) | 1729859 |
|  |  | 3933812 |
|  | **Hotel & Resort REITs — 0.5%**  |  |
| 151864 | DiamondRock Hospitality Co. | 1172390 |
| 92545 | Xenia Hotels & Resorts, Inc. | 1176247 |
|  |  | 2348637 |
|  | **Hotels, Restaurants & Leisure** <br> **— 3.4%**  |  |
| 46412 | Cheesecake Factory (The), <br> Inc. (c) | 2966191 |
| 72523 | First Watch Restaurant Group, <br> Inc. (a) | 1253922 |
| 19806 | Monarch Casino & Resort, Inc. | 2039226 |
| 195181 | Rush Street Interactive, Inc. (a) | 3934849 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Hotels, Restaurants & Leisure** <br> **(Continued)**  |  |
| 541770 | Sabre Corp. (a) | $1641563 |
| 45080 | Travel + Leisure Co. | 2670990 |
| 24672 | United Parks & Resorts, Inc. (a) | 1167726 |
|  |  | 15674467 |
|  | **Household Products — 0.1%**  |  |
| 2502 | WD-40 Co. | 536429 |
|  | **Independent Power and** <br> **Renewable Electricity** <br>**Producers — 0.4%**  |  |
| 53500 | Clearway Energy, Inc., Class C | 1745705 |
|  | **Insurance — 3.6%**  |  |
| 27173 | Baldwin Insurance Group (The), <br> Inc. (a) | 1001053 |
| 11025 | Goosehead Insurance, Inc., <br> Class A | 1002283 |
| 19107 | HCI Group, Inc. | 2675744 |
| 66382 | Lemonade, Inc. (a) (c) | 2501274 |
| 135642 | Oscar Health, Inc., <br> Class A (a) (c) | 1905770 |
| 18854 | Palomar Holdings, Inc. (a) | 2497967 |
| 50323 | Skyward Specialty Insurance <br> Group, Inc. (a) | 2545337 |
| 52542 | Trupanion, Inc. (a) | 2491016 |
|  |  | 16620444 |
|  | **Interactive Media & Services** <br> **— 1.3%**  |  |
| 51150 | Cargurus, Inc. (a) | 1678743 |
| 48158 | Cars.com, Inc. (a) | 619794 |
| 72253 | QuinStreet, Inc. (a) | 1185672 |
| 129541 | Rumble, Inc. (a) (c) | 1093326 |
| 33945 | Yelp, Inc. (a) | 1168726 |
|  |  | 5746261 |
|  | **IT Services — 0.9%**  |  |
| 231039 | Applied Digital Corp. (a) (c) | 3035852 |
| 19982 | DigitalOcean Holdings, Inc. (a) | 556699 |
| 80831 | Fastly, Inc., Class A (a) | 548842 |
|  |  | 4141393 |
|  | **Leisure Products — 0.4%**  |  |
| 246685 | Peloton Interactive, Inc., <br> Class A (a) | 1761331 |
|  | **Life Sciences Tools & Services** <br> **— 0.6%**  |  |
| 249631 | Adaptive Biotechnologies <br> Corp. (a) | 2556221 |
| 1080 | OmniAb, Inc. - 12.5 Earnout <br> Shares (a) (d) (e) (f) (g) | 0 |
| 1080 | OmniAb, Inc. - 15 Earnout <br> Shares (a) (d) (e) (f) (g) | 0 |
|  |  | 2556221 |

---

See Notes to Financial Statements

------

**First Trust Small Cap Growth AlphaDEX**<sup>®</sup> **Fund (FYC)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Machinery — 3.9%**  |  |
| 47007 | Atmus Filtration Technologies, <br> Inc. | $1829042 |
| 53906 | Blue Bird Corp. (a) | 2414450 |
| 14069 | Enerpac Tool Group Corp. | 541797 |
| 12125 | ESCO Technologies, Inc. | 2348613 |
| 71214 | Mueller Water Products, Inc., <br> Class A | 1763259 |
| 61109 | REV Group, Inc. | 3027951 |
| 7434 | Standex International Corp. | 1224677 |
| 74857 | Symbotic, Inc. (a) (c) | 4038535 |
| 21128 | Trinity Industries, Inc. | 492282 |
|  |  | 17680606 |
|  | **Media — 1.1%**  |  |
| 266666 | Altice USA, Inc., Class A (a) | 693332 |
| 77708 | DoubleVerify Holdings, Inc. (a) | 1190486 |
| 68672 | Integral Ad Science Holding <br> Corp. (a) | 563110 |
| 120572 | Magnite, Inc. (a) | 2774362 |
|  |  | 5221290 |
|  | **Metals & Mining — 1.0%**  |  |
| 262591 | Coeur Mining, Inc. (a) | 2281916 |
| 388407 | Hecla Mining Co. | 2229456 |
|  |  | 4511372 |
|  | **Mortgage REITs — 0.2%**  |  |
| 89552 | Ellington Financial, Inc. | 1136415 |
|  | **Office REITs — 0.4%**  |  |
| 20691 | COPT Defense Properties | 564450 |
| 37943 | Douglas Emmett, Inc. | 575216 |
| 70540 | Empire State Realty Trust, Inc., <br> Class A | 510710 |
|  |  | 1650376 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 2.2%**  |  |
| 73835 | Calumet, Inc. (a) (c) | 1176930 |
| 15876 | Centrus Energy Corp., <br> Class A (a) | 3419690 |
| 11566 | Gulfport Energy Corp. (a) | 2013988 |
| 12955 | Kinetik Holdings, Inc. | 561988 |
| 342141 | Uranium Energy Corp. (a) | 2966362 |
|  |  | 10138958 |
|  | **Passenger Airlines — 0.2%**  |  |
| 21170 | Allegiant Travel Co. (a) | 1093219 |
|  | **Pharmaceuticals — 3.3%**  |  |
| 287584 | Amneal Pharmaceuticals, Inc. (a) | 2248907 |
| 35656 | ANI Pharmaceuticals, Inc. (a) | 2258808 |
| 77536 | Arvinas, Inc. (a) | 576868 |
| 54177 | Harmony Biosciences Holdings, <br> Inc. (a) | 1905947 |
| 76181 | Harrow, Inc. (a) | 2419508 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Pharmaceuticals (Continued)**  |  |
| 20466 | Ligand Pharmaceuticals, Inc. (a) | $2692916 |
| 184482 | Ocular Therapeutix, Inc. (a) | 2136302 |
| 28716 | Tarsus Pharmaceuticals, Inc. (a) | 1114755 |
|  |  | 15354011 |
|  | **Professional Services — 4.0%**  |  |
| 55806 | Barrett Business Services, Inc. | 2565402 |
| 9137 | CRA International, Inc. | 1614142 |
| 103070 | First Advantage Corp. (a) | 1782080 |
| 16915 | Huron Consulting Group, Inc. (a) | 2234133 |
| 56779 | Innodata, Inc. (a) (c) | 3117167 |
| 476754 | Planet Labs PBC (a) | 2979713 |
| 39915 | UL Solutions, Inc., Class A | 2918585 |
| 86553 | Upwork, Inc. (a) | 1035174 |
|  |  | 18246396 |
|  | **Real Estate Management &** <br> **Development — 0.5%**  |  |
| 25362 | Howard Hughes Holdings, <br> Inc. (a) | 1743130 |
| 11963 | St. Joe (The) Co. | 604132 |
|  |  | 2347262 |
|  | **Residential REITs — 0.2%**  |  |
| 65973 | Apartment Investment and <br> Management Co., Class A | 554833 |
| 35891 | Elme Communities | 541236 |
|  |  | 1096069 |
|  | **Retail REITs — 0.4%**  |  |
| 68711 | NETSTREIT Corp. (c) | 1252602 |
| 18661 | Tanger, Inc. | 560203 |
|  |  | 1812805 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 1.3%**  |  |
| 35216 | Ambarella, Inc. (a) | 2327425 |
| 33806 | FormFactor, Inc. (a) | 960429 |
| 5138 | Impinj, Inc. (a) | 794232 |
| 26692 | PDF Solutions, Inc. (a) | 593363 |
| 98085 | Rigetti Computing, Inc. (a) (c) | 1422233 |
|  |  | 6097682 |
|  | **Software — 7.6%**  |  |
| 88475 | A10 Networks, Inc. | 1629709 |
| 14934 | Agilysys, Inc. (a) | 1703671 |
| 20564 | Alarm.com Holdings, Inc. (a) | 1123411 |
| 38596 | Alkami Technology, Inc. (a) | 860305 |
| 138064 | Amplitude, Inc., Class A (a) | 1688523 |
| 38958 | Appian Corp., Class A (a) | 1075630 |
| 120484 | AvePoint, Inc. (a) | 2298835 |
| 8887 | Blackbaud, Inc. (a) | 599162 |
| 243364 | Cipher Mining, Inc. (a) | 1328767 |
| 210930 | Cleanspark, Inc. (a) (c) | 2398274 |
| 83810 | Clear Secure, Inc., Class A | 2464852 |

---

See Notes to Financial Statements

------

**First Trust Small Cap Growth AlphaDEX**<sup>®</sup> **Fund (FYC)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Software (Continued)**  |  |
| 100293 | Core Scientific, Inc. (a) (c) | $1357967 |
| 21550 | Five9, Inc. (a) | 556637 |
| 50982 | Klaviyo, Inc., Class A (a) | 1585540 |
| 44569 | Life360, Inc. (a) | 3413540 |
| 70416 | LiveRamp Holdings, Inc. (a) | 2311053 |
| 70452 | N-able, Inc. (a) | 569252 |
| 153063 | NextNav, Inc. (a) | 2263802 |
| 36444 | Progress Software Corp. | 1752228 |
| 60388 | RingCentral, Inc., Class A (a) | 1539290 |
| 63057 | SEMrush Holdings, Inc., <br> Class A (a) | 564991 |
| 137503 | Sprinklr, Inc., Class A (a) | 1238902 |
| 130289 | Terawulf, Inc. (a) (c) | 672291 |
|  |  | 34996632 |
|  | **Specialized REITs — 0.9%**  |  |
| 29385 | EPR Properties | 1617350 |
| 71280 | Outfront Media, Inc. | 1249538 |
| 269277 | Uniti Group, Inc. (a) | 1432554 |
|  |  | 4299442 |
|  | **Specialty Retail — 0.9%**  |  |
| 58017 | Revolve Group, Inc. (a) | 1203853 |
| 106090 | Warby Parker, Inc., Class A (a) | 2540855 |
| 1511 | Winmark Corp. | 570282 |
|  |  | 4314990 |
|  | **Technology Hardware, Storage** <br> **& Peripherals — 0.9%**  |  |
| 165122 | CompoSecure, Inc., <br> Class A (a) (c) | 2346383 |
| 121364 | Quantum Computing, Inc. (a) | 1801042 |
|  |  | 4147425 |
|  | **Textiles, Apparel & Luxury** <br> **Goods — 0.5%**  |  |
| 94690 | Wolverine World Wide, Inc. | 2138100 |
|  | **Tobacco — 0.7%**  |  |
| 38382 | Turning Point Brands, Inc. | 3183403 |
|  | **Trading Companies &** <br> **Distributors — 2.5%**  |  |
| 62322 | Distribution Solutions Group, <br> Inc. (a) | 1867790 |
| 33179 | DXP Enterprises, Inc. (a) | 3757854 |
| 14763 | McGrath RentCorp | 1842275 |
| 11990 | Willis Lease Finance Corp. | 1697544 |
| 68854 | Xometry, Inc., Class A (a) | 2226738 |
|  |  | 11392201 |
|  | **Water Utilities — 0.1%**  |  |
| 7444 | American States Water Co. | 547804 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Wireless Telecommunication** <br> **Services — 0.7%**  |  |
| 48116 | Telephone and Data Systems, <br> Inc. | $1878449 |
| 18185 | United States Cellular Corp. (a) | 1326232 |
|  |  | 3204681 |
|  | **Total Common Stocks** | 458872824 |
|  | (Cost $382,470,893) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 550239 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 4.20% (h) | 550239 |
|  | (Cost $550,239) |  |

---

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 7.6%** | **REPURCHASE AGREEMENTS — 7.6%** | **REPURCHASE AGREEMENTS — 7.6%** |
| $9848723 | Bank of America Corp., <br> 4.36% (h), dated 07/31/25, <br> due 08/01/25, with a maturity <br> value of $9,849,916. <br> Collateralized by <br> U.S. Treasury Note, interest <br> rate of 3.88%, due 07/31/27. <br> The value of the collateral <br> including accrued interest is <br> $10,045,699. (i) | 9848723 |
| 2038858 | Daiwa Capital Markets America, <br> Inc., 4.36% (h), dated <br> 07/31/25, due 08/01/25, with a <br> maturity value of $2,039,105. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.00% to <br> 6.00%, due 08/14/25 to <br> 05/15/47. The value of the <br> collateral including accrued <br> interest is $2,079,635. (i) | 2038858 |

---

See Notes to Financial Statements

------

**First Trust Small Cap Growth AlphaDEX**<sup>®</sup> **Fund (FYC)**

**Portfolio of Investments (Continued)**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS (Continued)** | **REPURCHASE AGREEMENTS (Continued)** | **REPURCHASE AGREEMENTS (Continued)** |
| $13506317 | JPMorgan Chase & Co., <br> 4.36% (h), dated 07/31/25, <br> due 08/01/25, with a maturity <br> value of $13,507,953. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.13% to <br> 4.75%, due 02/15/41 to <br> 08/15/52. The value of the <br> collateral including accrued <br> interest is $13,776,443. (i) | $13506317 |
| 9547824 | Mizuho Financial Group, Inc., <br> 4.36% (h), dated 07/31/25, <br> due 08/01/25, with a maturity <br> value of $9,548,980. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 0.38% to <br> 4.25%, due 06/30/27 to <br> 06/30/31. The value of the <br> collateral including accrued <br> interest is $9,738,785. (i) | 9547824 |
|  | **Total Repurchase Agreements** | 34941722 |
|  | (Cost $34,941,722) |  |
|  | **Total Investments — 107.6%** | 494364785 |
|  | (Cost $417,962,854) |  |
|  | **Net Other Assets and** <br> **Liabilities — (7.6)%** | (35111618)<br>|
|  | **Net Assets — 100.0%** | $459253167 |

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) All
 or a portion of this security is on loan (see Note 2D - 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 $35,191,006 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $34,941,722.

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Restricted
 security as to resale, excluding Rule 144A securities
 (see Note 2F - Restricted Securities in the Notes to Financial
 Statements).

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

&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 July 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;(h) Rate
 shown reflects yield as of July 31, 2025.

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

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

Abbreviations throughout the Portfolio of Investments: <br> REITs – Real Estate Investment Trusts

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of July 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>**7/31/2025**<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: |  |  |  |  |
| Life <br> Sciences Tools <br> & Services<br>| $2556221 | $2556221 | $— | $—\*\* |
| Other Industry <br> Categories\*<br>| 456316603 | 456316603 |  |  |
| Money Market <br> Funds<br>| 550239 | 550239 |  |  |
| Repurchase <br> Agreements<br>| 34941722 |  | 34941722 |  |
| Total Investments | $494364785 | $459423063 | $34941722 | $—\*\* |

---

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

\* See Portfolio of Investments for industry 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.

See Notes to Financial Statements

------

**First Trust Small Cap Growth AlphaDEX**<sup>®</sup> **Fund (FYC)**

**Portfolio of Investments (Continued)**

**July 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>| $35191006 |
| Non-cash Collateral<sup>(2)</sup> <br>| (34941722)<br>|
| Net Amount | $249284 |

---

&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> The collateral requirements are determined at the beginning of each business day based on the market value of the loaned securities from the end of the prior day. On July 31, 2025, the last business day of the period, there was sufficient collateral based on the end of day market value from the prior business day; however, as a result of market movement from July 30 to July 31, the value of the related securities loaned was above the collateral value received. See Note 2D - Securities Lending in the Notes to Financial Statements. 

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>| $34941722 |
| Non-cash Collateral<sup>(4)</sup> <br>| (34941722)<br>|
| Net Amount | $— |

---

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

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

<sup>(4)</sup> At July 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 Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Style Funds**

**Statements of Assets and Liabilities**

**July 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **First Trust** <br> **Large Cap Core** <br> **AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FEX)** <br>| **First Trust Mid** <br> **Cap Core** <br> **AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FNX)** <br>| **First Trust** <br> **Small Cap Core** <br> **AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FYX)** <br>|
| **ASSETS:** |  |  |  |
| Investments, at value | $1320156701 | &nbsp;&nbsp; $1143448882 | &nbsp;&nbsp; $850289990 |
| Receivables: |  |  |  |
| Investment securities sold | 5583977 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4915779 |
| Dividends | 738161 | &nbsp;&nbsp; 283138 | &nbsp;&nbsp; 292051 |
| Capital shares sold |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Reclaims |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Securities lending income |  | &nbsp;&nbsp; 6013 | &nbsp;&nbsp; 33054 |
| Prepaid expenses | 6550 | &nbsp;&nbsp; 6472 | &nbsp;&nbsp; 6018 |
| Total Assets | 1326485389 | &nbsp;&nbsp; 1143744505 | &nbsp;&nbsp; 855536892 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| Capital shares redeemed | 5593451 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4925559 |
| Investment advisory fees | 566838 | &nbsp;&nbsp; 489598 | &nbsp;&nbsp; 357417 |
| Licensing fees | 42214 | &nbsp;&nbsp; 36801 | &nbsp;&nbsp; 26852 |
| Audit and tax fees | 25071 | &nbsp;&nbsp; 25117 | &nbsp;&nbsp; 25158 |
| Shareholder reporting fees | 20758 | &nbsp;&nbsp; 26505 | &nbsp;&nbsp; 23943 |
| Trustees' fees | 3140 | &nbsp;&nbsp; 3130 | &nbsp;&nbsp; 3080 |
| Investment securities purchased |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Collateral for securities on loan |  | &nbsp;&nbsp; 12027310 | &nbsp;&nbsp; 32411955 |
| Other liabilities | 178369 | &nbsp;&nbsp; 157283 | &nbsp;&nbsp; 120008 |
| Total Liabilities | 6429841 | &nbsp;&nbsp; 12765744 | &nbsp;&nbsp; 37893972 |
| **NET ASSETS** | $1320055548 | &nbsp;&nbsp; $1130978761 | &nbsp;&nbsp; $817642920 |
| **NET ASSETS consist of:** |  |  |  |
| Paid-in capital | $1491477088 | &nbsp;&nbsp; $1380891276 | &nbsp;&nbsp; $1174927826 |
| Par value | 118000 | &nbsp;&nbsp; 96500 | &nbsp;&nbsp; 83000 |
| Accumulated distributable earnings (loss) | (171539540)<br>| &nbsp;&nbsp; (250009015)<br>| &nbsp;&nbsp; (357367906)<br>|
| **NET ASSETS** | $1320055548 | &nbsp;&nbsp; $1130978761 | &nbsp;&nbsp; $817642920 |
| **NET ASSET VALUE,** per share | $111.87 | &nbsp;&nbsp; $117.20 | &nbsp;&nbsp; $98.51 |
| Number of shares outstanding (unlimited number of shares authorized, <br> par value $0.01 per share)<br>| 11800002 | &nbsp;&nbsp; 9650002 | &nbsp;&nbsp; 8300002 |
| Investments, at cost | $1133707890 | &nbsp;&nbsp; $1010183990 | &nbsp;&nbsp; $781372072 |
| Securities on loan, at value | $— | &nbsp;&nbsp; $11514952 | &nbsp;&nbsp; $31682250 |

---

See Notes to Financial Statements

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **First Trust Large** <br> **Cap Value** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FTA)** <br>| **First Trust Large** <br> **Cap Growth** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FTC)** <br>| **First Trust Multi** <br> **Cap Value** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FAB)** <br>| **First Trust Multi** <br> **Cap Growth** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FAD)** <br>| **First Trust Mid** <br> **Cap Value** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FNK)** <br>| **First Trust Mid** <br> **Cap Growth** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FNY)** <br>|
| $1099492718 | &nbsp;&nbsp; $1225080737 | &nbsp;&nbsp; $119890675 | &nbsp;&nbsp; $309139177 | &nbsp;&nbsp; $191787807 | &nbsp;&nbsp; $408654830 |
| 3947498 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 934726 | &nbsp;&nbsp; 327204 | &nbsp;&nbsp; 78144 | &nbsp;&nbsp; 54344 | &nbsp;&nbsp; 81357 | &nbsp;&nbsp; 32935 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 471 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 559 | &nbsp;&nbsp; 7947 | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 5738 |
| 6420 | &nbsp;&nbsp; 6406 | &nbsp;&nbsp; 4832 | &nbsp;&nbsp; 4898 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 1104381362 | &nbsp;&nbsp; 1225414347 | &nbsp;&nbsp; 119974681 | &nbsp;&nbsp; 309206366 | &nbsp;&nbsp; 191869269 | &nbsp;&nbsp; 408693503 |
| 3950706 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 480135 | &nbsp;&nbsp; 512512 | &nbsp;&nbsp; 51606 | &nbsp;&nbsp; 125345 | &nbsp;&nbsp; 122986 | &nbsp;&nbsp; 233629 |
| 36343 | &nbsp;&nbsp; 36895 | &nbsp;&nbsp; 3839 | &nbsp;&nbsp; 8826 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 24990 | &nbsp;&nbsp; 24963 | &nbsp;&nbsp; 25348 | &nbsp;&nbsp; 25187 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 28151 | &nbsp;&nbsp; 20009 | &nbsp;&nbsp; 5971 | &nbsp;&nbsp; 9263 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 3121 | &nbsp;&nbsp; 3110 | &nbsp;&nbsp; 2956 | &nbsp;&nbsp; 2969 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 1406230 | &nbsp;&nbsp; — | &nbsp;&nbsp; 523894 | &nbsp;&nbsp; 8411825 | &nbsp;&nbsp; 1489 | &nbsp;&nbsp; 8173506 |
| 153397 | &nbsp;&nbsp; 154283 | &nbsp;&nbsp; 25396 | &nbsp;&nbsp; 44969 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 6083073 | &nbsp;&nbsp; 751772 | &nbsp;&nbsp; 639010 | &nbsp;&nbsp; 8628384 | &nbsp;&nbsp; 124475 | &nbsp;&nbsp; 8407135 |
| $1098298289 | &nbsp;&nbsp; $1224662575 | &nbsp;&nbsp; $119335671 | &nbsp;&nbsp; $300577982 | &nbsp;&nbsp; $191744794 | &nbsp;&nbsp; $400286368 |
| $1378032600 | &nbsp;&nbsp; $1278769291 | &nbsp;&nbsp; $160757588 | &nbsp;&nbsp; $322938068 | &nbsp;&nbsp; $252607144 | &nbsp;&nbsp; $508793685 |
| 139000 | &nbsp;&nbsp; 78500 | &nbsp;&nbsp; 14500 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 36500 | &nbsp;&nbsp; 47500 |
| (279873311)<br>| &nbsp;&nbsp; (54185216)<br>| &nbsp;&nbsp; (41436417)<br>| &nbsp;&nbsp; (22380086)<br>| &nbsp;&nbsp; (60898850)<br>| &nbsp;&nbsp; (108554817)<br>|
| $1098298289 | &nbsp;&nbsp; $1224662575 | &nbsp;&nbsp; $119335671 | &nbsp;&nbsp; $300577982 | &nbsp;&nbsp; $191744794 | &nbsp;&nbsp; $400286368 |
| $79.01 | &nbsp;&nbsp; $156.01 | &nbsp;&nbsp; $82.30 | &nbsp;&nbsp; $150.29 | &nbsp;&nbsp; $52.53 | &nbsp;&nbsp; $84.27 |
| 13900002 | &nbsp;&nbsp; 7850002 | &nbsp;&nbsp; 1450002 | &nbsp;&nbsp; 2000002 | &nbsp;&nbsp; 3650002 | &nbsp;&nbsp; 4750002 |
| $1056838599 | &nbsp;&nbsp; $951502508 | &nbsp;&nbsp; $117512693 | &nbsp;&nbsp; $247297043 | &nbsp;&nbsp; $183345844 | &nbsp;&nbsp; $335887264 |
| $1352315 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $489827 | &nbsp;&nbsp; $8235378 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7824146 |

---

See Notes to Financial Statements

------

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

**Style Funds**

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

**July 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **First Trust** <br> **Small Cap** <br> **Value** <br> **AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FYT)** <br>| **First Trust** <br> **Small Cap** <br> **Growth** <br> **AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FYC)** <br>|
| **ASSETS:** |  |  |
| Investments, at value | $128936818 | &nbsp;&nbsp; $494364785 |
| Receivables: |  |  |
| Investment securities sold |  | &nbsp;&nbsp; — |
| Dividends | 70559 | &nbsp;&nbsp; 58061 |
| Capital shares sold |  | &nbsp;&nbsp; 3993519 |
| Reclaims |  | &nbsp;&nbsp; — |
| Securities lending income | 2439 | &nbsp;&nbsp; 45258 |
| Prepaid expenses |  | &nbsp;&nbsp; — |
| Total Assets | 129009816 | &nbsp;&nbsp; 498461623 |
| **LIABILITIES:** |  |  |
| Payables: |  |  |
| Capital shares redeemed |  | &nbsp;&nbsp; — |
| Investment advisory fees | 76865 | &nbsp;&nbsp; 276437 |
| Licensing fees |  | &nbsp;&nbsp; — |
| Audit and tax fees |  | &nbsp;&nbsp; — |
| Shareholder reporting fees |  | &nbsp;&nbsp; — |
| Trustees' fees |  | &nbsp;&nbsp; — |
| Investment securities purchased |  | &nbsp;&nbsp; 3990297 |
| Collateral for securities on loan | 2819319 | &nbsp;&nbsp; 34941722 |
| Other liabilities |  | &nbsp;&nbsp; — |
| Total Liabilities | 2896184 | &nbsp;&nbsp; 39208456 |
| **NET ASSETS** | $126113632 | &nbsp;&nbsp; $459253167 |
| **NET ASSETS consist of:** |  |  |
| Paid-in capital | $201581316 | &nbsp;&nbsp; $605000666 |
| Par value | 24500 | &nbsp;&nbsp; 57500 |
| Accumulated distributable earnings (loss) | (75492184)<br>| &nbsp;&nbsp; (145804999)<br>|
| **NET ASSETS** | $126113632 | &nbsp;&nbsp; $459253167 |
| **NET ASSET VALUE,** per share | $51.47 | &nbsp;&nbsp; $79.87 |
| Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per <br> share)<br>| 2450002 | &nbsp;&nbsp; 5750002 |
| Investments, at cost | $133663731 | &nbsp;&nbsp; $417962854 |
| Securities on loan, at value | $2634125 | &nbsp;&nbsp; $35191006 |

---

See Notes to Financial Statements

------

This page intentionally left blank.

------

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

**Style Funds**

**Statements of Operations**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **First Trust** <br> **Large Cap Core** <br> **AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FEX)** <br>| **First Trust Mid** <br> **Cap Core** <br> **AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FNX)** <br>| **First Trust** <br> **Small Cap Core** <br> **AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FYX)** <br>|
| **INVESTMENT INCOME:** |  |  |  |
| Dividends | $23234342 | &nbsp;&nbsp; $19388250 | &nbsp;&nbsp; $13986459 |
| Other income |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Securities lending income (net of fees) | 996 | &nbsp;&nbsp; 73691 | &nbsp;&nbsp; 239750 |
| Foreign withholding tax | (4413)<br>| &nbsp;&nbsp; (8762)<br>| &nbsp;&nbsp; (13692)<br>|
| Total investment income | 23230925 | &nbsp;&nbsp; 19453179 | &nbsp;&nbsp; 14212517 |
| **EXPENSES:** |  |  |  |
| Investment advisory fees | 6403294<br>| &nbsp;&nbsp; 5958217<br>| &nbsp;&nbsp; 4437456<br>|
| Accounting and administration fees | 562086 | &nbsp;&nbsp; 529882 | &nbsp;&nbsp; 408956 |
| Licensing fees | 135828 | &nbsp;&nbsp; 127189 | &nbsp;&nbsp; 96431 |
| Shareholder reporting fees | 63190 | &nbsp;&nbsp; 83243 | &nbsp;&nbsp; 77413 |
| Transfer agent fees | 57016 | &nbsp;&nbsp; 54783 | &nbsp;&nbsp; 44340 |
| Custodian fees | 43218 | &nbsp;&nbsp; 41482 | &nbsp;&nbsp; 34635 |
| Audit and tax fees | 29343 | &nbsp;&nbsp; 29394 | &nbsp;&nbsp; 29379 |
| Legal fees | 28507 | &nbsp;&nbsp; 26853 | &nbsp;&nbsp; 19585 |
| Trustees' fees and expenses | 10051 | &nbsp;&nbsp; 9993 | &nbsp;&nbsp; 9769 |
| Listing fees | 8599 | &nbsp;&nbsp; 8599 | &nbsp;&nbsp; 7599 |
| Other expenses | 16618 | &nbsp;&nbsp; 15943 | &nbsp;&nbsp; 11854 |
| Total expenses | 7357750 | &nbsp;&nbsp; 6885578 | &nbsp;&nbsp; 5177417 |
| **NET INVESTMENT INCOME (LOSS)** | 15873175 | &nbsp;&nbsp; 12567601 | &nbsp;&nbsp; 9035100 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| Investments | (79856588)<br>| &nbsp;&nbsp; (76527433)<br>| &nbsp;&nbsp; (65563244)<br>|
| In-kind redemptions | 232380798 | &nbsp;&nbsp; 166742222 | &nbsp;&nbsp; 137516105 |
| Net realized gain (loss) | 152524210 | &nbsp;&nbsp; 90214789 | &nbsp;&nbsp; 71952861 |
| Net change in unrealized appreciation (depreciation) on investments | (14091202)<br>| &nbsp;&nbsp; (83845314)<br>| &nbsp;&nbsp; (96451555)<br>|
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 138433008 | &nbsp;&nbsp; 6369475 | &nbsp;&nbsp; (24498694)<br>|
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $154306183 | &nbsp;&nbsp; $18937076 | &nbsp;&nbsp; $(15463594)<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Fund
 is subject to a unitary fee (see Note 3 in the Notes to Financial Statements).

See Notes to Financial Statements

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **First Trust Large** <br> **Cap Value** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FTA)** <br>| **First Trust Large** <br> **Cap Growth** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FTC)** <br>| **First Trust Multi** <br> **Cap Value** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FAB)** <br>| **First Trust Multi** <br> **Cap Growth** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FAD)** <br>| **First Trust Mid** <br> **Cap Value** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FNK)** <br>| **First Trust Mid** <br> **Cap Growth** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FNY)** <br>|
| $30162421 | &nbsp;&nbsp; $10756977 | &nbsp;&nbsp; $3143506 | &nbsp;&nbsp; $2109323 | &nbsp;&nbsp; $4966752 | &nbsp;&nbsp; $2932333 |
| 33599 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 724 | &nbsp;&nbsp; 3853 | &nbsp;&nbsp; 8300 | &nbsp;&nbsp; 40198 | &nbsp;&nbsp; 11848 | &nbsp;&nbsp; 55262 |
| (3122)<br>| &nbsp;&nbsp; (3224)<br>| &nbsp;&nbsp; (1455)<br>| &nbsp;&nbsp; (702)<br>| &nbsp;&nbsp; (1923)<br>| &nbsp;&nbsp; — |
| 30193622 | &nbsp;&nbsp; 10757606 | &nbsp;&nbsp; 3150351 | &nbsp;&nbsp; 2148819 | &nbsp;&nbsp; 4976677 | &nbsp;&nbsp; 2987595 |
| 5825128<br>| &nbsp;&nbsp; 5575337<br>| &nbsp;&nbsp; 646063<br>| &nbsp;&nbsp; 1176511<br>| &nbsp;&nbsp; 1,484,777<br> (a)<br>| &nbsp;&nbsp; 2,614,936<br> (a)<br>|
| 518143 | &nbsp;&nbsp; 499317 | &nbsp;&nbsp; 66435 | &nbsp;&nbsp; 114161 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 124243 | &nbsp;&nbsp; 119244 | &nbsp;&nbsp; 20444 | &nbsp;&nbsp; 31067 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 88477 | &nbsp;&nbsp; 61477 | &nbsp;&nbsp; 28718 | &nbsp;&nbsp; 40107 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 54124 | &nbsp;&nbsp; 52837 | &nbsp;&nbsp; 6461 | &nbsp;&nbsp; 11765 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 30824 | &nbsp;&nbsp; 25459 | &nbsp;&nbsp; 21694 | &nbsp;&nbsp; 26942 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 29248 | &nbsp;&nbsp; 29255 | &nbsp;&nbsp; 29541 | &nbsp;&nbsp; 29573 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 25912 | &nbsp;&nbsp; 24570 | &nbsp;&nbsp; 1988 | &nbsp;&nbsp; 4769 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 9967 | &nbsp;&nbsp; 9906 | &nbsp;&nbsp; 9190 | &nbsp;&nbsp; 9266 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 8599 | &nbsp;&nbsp; 8599 | &nbsp;&nbsp; 10599 | &nbsp;&nbsp; 10599 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 16515 | &nbsp;&nbsp; 15088 | &nbsp;&nbsp; 2090 | &nbsp;&nbsp; 2849 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 6731180 | &nbsp;&nbsp; 6421089 | &nbsp;&nbsp; 843223 | &nbsp;&nbsp; 1457609 | &nbsp;&nbsp; 1484777 | &nbsp;&nbsp; 2614936 |
| 23462442 | &nbsp;&nbsp; 4336517 | &nbsp;&nbsp; 2307128 | &nbsp;&nbsp; 691210 | &nbsp;&nbsp; 3491900 | &nbsp;&nbsp; 372659 |
| (64196607)<br>| &nbsp;&nbsp; (89037637)<br>| &nbsp;&nbsp; 4632012 | &nbsp;&nbsp; (12286837)<br>| &nbsp;&nbsp; (8204533)<br>| &nbsp;&nbsp; (22257594)<br>|
| 164457186 | &nbsp;&nbsp; 292703178 | &nbsp;&nbsp; 3405125 | &nbsp;&nbsp; 40616514 | &nbsp;&nbsp; 13727089 | &nbsp;&nbsp; 42425380 |
| 100260579 | &nbsp;&nbsp; 203665541 | &nbsp;&nbsp; 8037137 | &nbsp;&nbsp; 28329677 | &nbsp;&nbsp; 5522556 | &nbsp;&nbsp; 20167786 |
| (85457707)<br>| &nbsp;&nbsp; 55833620 | &nbsp;&nbsp; (12963422)<br>| &nbsp;&nbsp; 17296739 | &nbsp;&nbsp; (19047560)<br>| &nbsp;&nbsp; 10196680 |
| 14802872 | &nbsp;&nbsp; 259499161 | &nbsp;&nbsp; (4926285)<br>| &nbsp;&nbsp; 45626416 | &nbsp;&nbsp; (13525004)<br>| &nbsp;&nbsp; 30364466 |
| $38265314 | &nbsp;&nbsp; $263835678 | &nbsp;&nbsp; $(2619157)<br>| &nbsp;&nbsp; $46317626 | &nbsp;&nbsp; $(10033104)<br>| &nbsp;&nbsp; $30737125 |

---

See Notes to Financial Statements

------

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

**Style Funds**

**Statements of Operations (Continued)**

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

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

---

| | | |
|:---|:---|:---|
|  | **First Trust** <br> **Small Cap** <br> **Value** <br> **AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FYT)** <br>| **First Trust** <br> **Small Cap** <br> **Growth** <br> **AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FYC)** <br>|
| **INVESTMENT INCOME:** |  |  |
| Dividends | $3300248 | &nbsp;&nbsp; $3760893 |
| Other income |  | &nbsp;&nbsp; — |
| Securities lending income (net of fees) | 41933 | &nbsp;&nbsp; 223510 |
| Foreign withholding tax | (2689)<br>| &nbsp;&nbsp; (3964)<br>|
| Total investment income | 3339492 | &nbsp;&nbsp; 3980439 |
| **EXPENSES:** |  |  |
| Investment advisory fees | 1,068,935<br> (a)<br>| &nbsp;&nbsp; 2,878,022<br> (a)<br>|
| Accounting and administration fees |  | &nbsp;&nbsp; — |
| Licensing fees |  | &nbsp;&nbsp; — |
| Shareholder reporting fees |  | &nbsp;&nbsp; — |
| Transfer agent fees |  | &nbsp;&nbsp; — |
| Custodian fees |  | &nbsp;&nbsp; — |
| Audit and tax fees |  | &nbsp;&nbsp; — |
| Legal fees |  | &nbsp;&nbsp; — |
| Trustees' fees and expenses |  | &nbsp;&nbsp; — |
| Listing fees |  | &nbsp;&nbsp; — |
| Other expenses |  | &nbsp;&nbsp; — |
| Total expenses | 1068935 | &nbsp;&nbsp; 2878022 |
| **NET INVESTMENT INCOME (LOSS)** | 2270557 | &nbsp;&nbsp; 1102417 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |
| Net realized gain (loss) on: |  |  |
| Investments | (3391123)<br>| &nbsp;&nbsp; (40193851)<br>|
| In-kind redemptions | 2930435 | &nbsp;&nbsp; 55946462 |
| Net realized gain (loss) | (460688)<br>| &nbsp;&nbsp; 15752611 |
| Net change in unrealized appreciation (depreciation) on investments | (24519148)<br>| &nbsp;&nbsp; 19591242 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (24979836)<br>| &nbsp;&nbsp; 35343853 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(22709279)<br>| &nbsp;&nbsp; $36446270 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Fund
 is subject to a unitary fee (see Note 3 in the Notes to Financial Statements).

See Notes to Financial Statements

------

This page intentionally left blank.

------

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

**Style Funds**

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First Trust Large Cap Core** <br> **AlphaDEX**<sup>®</sup> **Fund (FEX)** | **First Trust Large Cap Core** <br> **AlphaDEX**<sup>®</sup> **Fund (FEX)** | **First Trust Mid Cap Core** <br> **AlphaDEX**<sup>®</sup> **Fund (FNX)** | **First Trust Mid Cap Core** <br> **AlphaDEX**<sup>®</sup> **Fund (FNX)** |
|  | **Year** <br>**Ended** <br>**7/31/2025** <br>| **Year** <br>**Ended** <br>**7/31/2024** <br>| **Year** <br>**Ended** <br>**7/31/2025** <br>| **Year** <br>**Ended** <br>**7/31/2024** <br>|
| **OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $15873175 | &nbsp;&nbsp; $14857158 | &nbsp;&nbsp; $12567601 | &nbsp;&nbsp; $12129538 |
| Net realized gain (loss) | 152524210 | &nbsp;&nbsp; 115191746 | &nbsp;&nbsp; 90214789 | &nbsp;&nbsp; 97859673 |
| Net change in unrealized appreciation (depreciation) | (14091202)<br>| &nbsp;&nbsp; 36125493 | &nbsp;&nbsp; (83845314)<br>| &nbsp;&nbsp; 59492947 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 154306183 | &nbsp;&nbsp; 166174397 | &nbsp;&nbsp; 18937076 | &nbsp;&nbsp; 169482158 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |
| Investment operations | (16301838)<br>| &nbsp;&nbsp; (14726322)<br>| &nbsp;&nbsp; (15346668)<br>| &nbsp;&nbsp; (12749047)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares sold | 767749899<br>| &nbsp;&nbsp; 320853899<br>| &nbsp;&nbsp; 530379727<br>| &nbsp;&nbsp; 397843357<br>|
| Cost of shares redeemed | (827740268) <br>| &nbsp;&nbsp; (412203567) <br>| &nbsp;&nbsp; (628108171) <br>| &nbsp;&nbsp; (410293586) <br>|
| Net increase (decrease) in net assets resulting from <br> shareholder transactions<br>| (59990369)<br>| &nbsp;&nbsp; (91349668)<br>| &nbsp;&nbsp; (97728444)<br>| &nbsp;&nbsp; (12450229)<br>|
| Total increase (decrease) in net assets | 78013976 | &nbsp;&nbsp; 60098407 | &nbsp;&nbsp; (94138036)<br>| &nbsp;&nbsp; 144282882 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of period | 1242041572 | &nbsp;&nbsp; 1181943165 | &nbsp;&nbsp; 1225116797 | &nbsp;&nbsp; 1080833915 |
| End of period | $1320055548 | &nbsp;&nbsp; $1242041572 | &nbsp;&nbsp; $1130978761 | &nbsp;&nbsp; $1225116797 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |  |  |
| Shares outstanding, beginning of period | 12400002 | &nbsp;&nbsp; 13500002 | &nbsp;&nbsp; 10550002 | &nbsp;&nbsp; 10700002 |
| Shares sold | 7200000 | &nbsp;&nbsp; 3400000 | &nbsp;&nbsp; 4550000 | &nbsp;&nbsp; 3650000 |
| Shares redeemed | (7800000)<br>| &nbsp;&nbsp; (4500000)<br>| &nbsp;&nbsp; (5450000)<br>| &nbsp;&nbsp; (3800000)<br>|
| Shares outstanding, end of period | 11800002 | &nbsp;&nbsp; 12400002 | &nbsp;&nbsp; 9650002 | &nbsp;&nbsp; 10550002 |

---

See Notes to Financial Statements

------

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **First Trust Small Cap Core** <br> **AlphaDEX**<sup>®</sup> **Fund (FYX)** | **First Trust Small Cap Core** <br> **AlphaDEX**<sup>®</sup> **Fund (FYX)** | **First Trust Large Cap Value** <br> **AlphaDEX**<sup>®</sup> **Fund (FTA)** | **First Trust Large Cap Value** <br> **AlphaDEX**<sup>®</sup> **Fund (FTA)** | **First Trust Large Cap** <br> **Growth AlphaDEX**<sup>®</sup> **Fund** <br> **(FTC)** | **First Trust Large Cap** <br> **Growth AlphaDEX**<sup>®</sup> **Fund** <br> **(FTC)** | **First Trust Multi Cap Value** <br> **AlphaDEX**<sup>®</sup> **Fund (FAB)** | **First Trust Multi Cap Value** <br> **AlphaDEX**<sup>®</sup> **Fund (FAB)** |
| **Year** <br>**Ended** <br>**7/31/2025** <br>| **Year** <br>**Ended** <br>**7/31/2024** <br>| **Year** <br>**Ended** <br>**7/31/2025** <br>| **Year** <br>**Ended** <br>**7/31/2024** <br>| **Year** <br>**Ended** <br>**7/31/2025** <br>| **Year** <br>**Ended** <br>**7/31/2024** <br>| **Year** <br>**Ended** <br>**7/31/2025** <br>| **Year** <br>**Ended** <br>**7/31/2024** <br>|
| $9035100 | $10672170 | $23462442 | $25528876 | $4336517 | $3513602 | $2307128 | $3146026 |
| 71952861 | 41318622 | 100260579 | 75520869 | 203665541 | 139603609 | 8037137 | 7640788 |
| (96451555)<br>| 62729229 | (85457707)<br>| 34033827 | 55833620 | 39721054 | (12963422)<br>| 9779497 |
| (15463594)<br>| 114720021 | 38265314 | 135083572 | 263835678 | 182838265 | (2619157)<br>| 20566311 |
| (11286807)<br>| (10612872)<br>| (24265323)<br>| (25622313)<br>| (4306746)<br>| (3780021)<br>| (2422588)<br>| (3164113)<br>|
| 381714019<br>| 40336990<br>| 598640975<br>| 280706895<br>| 915278184<br>| 394066059<br>| —<br>| 3655311<br>|
| (468797883) <br>| (85669872) <br>| (737407830) <br>| (419500650) <br>| (1054168670) <br>| (505228793) <br>| (24613912) <br>| (46150618) <br>|
| (87083864)<br>| (45332882)<br>| (138766855)<br>| (138793755)<br>| (138890486)<br>| (111162734)<br>| (24613912)<br>| (42495307)<br>|
| (113834265)<br>| 58774267 | (124766864)<br>| (29332496)<br>| 120638446 | 67895510 | (29655657)<br>| (25093109)<br>|
| 931477185 | 872702918 | 1223065153 | 1252397649 | 1104024129 | 1036128619 | 148991328 | 174084437 |
| $817642920 | $931477185 | $1098298289 | $1223065153 | $1224662575 | $1104024129 | $119335671 | $148991328 |
| 9300002 | 9850002 | 15750002 | 17800002 | 8950002 | 9950002 | 1750002 | 2300002 |
| 3850000 | 450000 | 7600000 | 3750000 | 6550000 | 3450000 |  | 50000 |
| (4850000)<br>| (1000000)<br>| (9450000)<br>| (5800000)<br>| (7650000)<br>| (4450000)<br>| (300000)<br>| (600000)<br>|
| 8300002 | 9300002 | 13900002 | 15750002 | 7850002 | 8950002 | 1450002 | 1750002 |

---

See Notes to Financial Statements

------

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

**Style Funds**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First Trust Multi Cap Growth** <br> **AlphaDEX**<sup>®</sup> **Fund (FAD)** | **First Trust Multi Cap Growth** <br> **AlphaDEX**<sup>®</sup> **Fund (FAD)** | **First Trust Mid Cap Value** <br> **AlphaDEX**<sup>®</sup> **Fund (FNK)** | **First Trust Mid Cap Value** <br> **AlphaDEX**<sup>®</sup> **Fund (FNK)** |
|  | **Year** <br>**Ended** <br>**7/31/2025** <br>| **Year** <br>**Ended** <br>**7/31/2024** <br>| **Year** <br>**Ended** <br>**7/31/2025** <br>| **Year** <br>**Ended** <br>**7/31/2024** <br>|
| **OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $691210 | &nbsp;&nbsp; $496943 | &nbsp;&nbsp; $3491900 | &nbsp;&nbsp; $3968231 |
| Net realized gain (loss) | 28329677 | &nbsp;&nbsp; 16180356 | &nbsp;&nbsp; 5522556 | &nbsp;&nbsp; 9268627 |
| Net change in unrealized appreciation (depreciation) | 17296739 | &nbsp;&nbsp; 11293336 | &nbsp;&nbsp; (19047560)<br>| &nbsp;&nbsp; 17753521 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 46317626 | &nbsp;&nbsp; 27970635 | &nbsp;&nbsp; (10033104)<br>| &nbsp;&nbsp; 30990379 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |
| Investment operations | (1232356)<br>| &nbsp;&nbsp; (496106)<br>| &nbsp;&nbsp; (3666512)<br>| &nbsp;&nbsp; (4050401)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares sold | 185144667<br>| &nbsp;&nbsp; 60498448<br>| &nbsp;&nbsp; 47759607<br>| &nbsp;&nbsp; 85081208<br>|
| Cost of shares redeemed | (139096852) <br>| &nbsp;&nbsp; (58873657) <br>| &nbsp;&nbsp; (70604962) <br>| &nbsp;&nbsp; (121379555) <br>|
| Net increase (decrease) in net assets resulting from <br> shareholder transactions<br>| 46047815 | &nbsp;&nbsp; 1624791 | &nbsp;&nbsp; (22845355)<br>| &nbsp;&nbsp; (36298347)<br>|
| Total increase (decrease) in net assets | 91133085 | &nbsp;&nbsp; 29099320 | &nbsp;&nbsp; (36544971)<br>| &nbsp;&nbsp; (9358369)<br>|
| **NET ASSETS:** |  |  |  |  |
| Beginning of period | 209444897 | &nbsp;&nbsp; 180345577 | &nbsp;&nbsp; 228289765 | &nbsp;&nbsp; 237648134 |
| End of period | $300577982 | &nbsp;&nbsp; $209444897 | &nbsp;&nbsp; $191744794 | &nbsp;&nbsp; $228289765 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |  |  |
| Shares outstanding, beginning of period | 1650002 | &nbsp;&nbsp; 1650002 | &nbsp;&nbsp; 4100002 | &nbsp;&nbsp; 4850002 |
| Shares sold | 1350000 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 1650000 |
| Shares redeemed | (1000000)<br>| &nbsp;&nbsp; (500000)<br>| &nbsp;&nbsp; (1350000)<br>| &nbsp;&nbsp; (2400000)<br>|
| Shares outstanding, end of period | 2000002 | &nbsp;&nbsp; 1650002 | &nbsp;&nbsp; 3650002 | &nbsp;&nbsp; 4100002 |

---

See Notes to Financial Statements

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **First Trust Mid Cap Growth** <br> **AlphaDEX**<sup>®</sup> **Fund (FNY)** | **First Trust Mid Cap Growth** <br> **AlphaDEX**<sup>®</sup> **Fund (FNY)** | **First Trust Small Cap Value** <br> **AlphaDEX**<sup>®</sup> **Fund (FYT)** | **First Trust Small Cap Value** <br> **AlphaDEX**<sup>®</sup> **Fund (FYT)** | **First Trust Small Cap Growth** <br> **AlphaDEX**<sup>®</sup> **Fund (FYC)** | **First Trust Small Cap Growth** <br> **AlphaDEX**<sup>®</sup> **Fund (FYC)** |
| **Year** <br>**Ended** <br>**7/31/2025** <br>| **Year** <br>**Ended** <br>**7/31/2024** <br>| **Year** <br>**Ended** <br>**7/31/2025** <br>| **Year** <br>**Ended** <br>**7/31/2024** <br>| **Year** <br>**Ended** <br>**7/31/2025** <br>| **Year** <br>**Ended** <br>**7/31/2024** <br>|
| $372659 | &nbsp;&nbsp; $216695 | &nbsp;&nbsp; $2270557 | &nbsp;&nbsp; $3017617 | &nbsp;&nbsp; $1102417 | &nbsp;&nbsp; $930375 |
| 20167786 | &nbsp;&nbsp; 25291975 | &nbsp;&nbsp; (460688)<br>| &nbsp;&nbsp; 12177471 | &nbsp;&nbsp; 15752611 | &nbsp;&nbsp; 7123744 |
| 10196680 | &nbsp;&nbsp; 19556723 | &nbsp;&nbsp; (24519148)<br>| &nbsp;&nbsp; 13883777 | &nbsp;&nbsp; 19591242 | &nbsp;&nbsp; 21639544 |
| 30737125 | &nbsp;&nbsp; 45065393 | &nbsp;&nbsp; (22709279)<br>| &nbsp;&nbsp; 29078865 | &nbsp;&nbsp; 36446270 | &nbsp;&nbsp; 29693663 |
| (2174241)<br>| &nbsp;&nbsp; (275455)<br>| &nbsp;&nbsp; (2338836)<br>| &nbsp;&nbsp; (2728477)<br>| &nbsp;&nbsp; (2409706)<br>| &nbsp;&nbsp; (1221196)<br>|
| 194501268<br>| &nbsp;&nbsp; 167323398<br>| &nbsp;&nbsp; 13825966<br>| &nbsp;&nbsp; 28889674<br>| &nbsp;&nbsp; 334864071<br>| &nbsp;&nbsp; 96927881<br>|
| (171405594) <br>| &nbsp;&nbsp; (140201890) <br>| &nbsp;&nbsp; (49830565) <br>| &nbsp;&nbsp; (42210131) <br>| &nbsp;&nbsp; (205093475) <br>| &nbsp;&nbsp; (60073009) <br>|
| 23095674 | &nbsp;&nbsp; 27121508 | &nbsp;&nbsp; (36004599)<br>| &nbsp;&nbsp; (13320457)<br>| &nbsp;&nbsp; 129770596 | &nbsp;&nbsp; 36854872 |
| 51658558 | &nbsp;&nbsp; 71911446 | &nbsp;&nbsp; (61052714)<br>| &nbsp;&nbsp; 13029931 | &nbsp;&nbsp; 163807160 | &nbsp;&nbsp; 65327339 |
| 348627810 | &nbsp;&nbsp; 276716364 | &nbsp;&nbsp; 187166346 | &nbsp;&nbsp; 174136415 | &nbsp;&nbsp; 295446007 | &nbsp;&nbsp; 230118668 |
| $400286368 | &nbsp;&nbsp; $348627810 | &nbsp;&nbsp; $126113632 | &nbsp;&nbsp; $187166346 | &nbsp;&nbsp; $459253167 | &nbsp;&nbsp; $295446007 |
| 4550002 | &nbsp;&nbsp; 4150002 | &nbsp;&nbsp; 3200002 | &nbsp;&nbsp; 3450002 | &nbsp;&nbsp; 4150002 | &nbsp;&nbsp; 3600002 |
| 2400000 | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 4400000 | &nbsp;&nbsp; 1600000 |
| (2200000)<br>| &nbsp;&nbsp; (2000000)<br>| &nbsp;&nbsp; (1000000)<br>| &nbsp;&nbsp; (800000)<br>| &nbsp;&nbsp; (2800000)<br>| &nbsp;&nbsp; (1050000)<br>|
| 4750002 | &nbsp;&nbsp; 4550002 | &nbsp;&nbsp; 2450002 | &nbsp;&nbsp; 3200002 | &nbsp;&nbsp; 5750002 | &nbsp;&nbsp; 4150002 |

---

See Notes to Financial Statements

------

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

**Style Funds**

**Financial Highlights**

**For a share outstanding throughout each period**

**First Trust Large Cap Core AlphaDEX**<sup>®</sup> **Fund (FEX)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  |
|  | **2025** | **2024** | **2023** | **2022**  | **2021**  |
| Net asset value, beginning of period | $100.16 | &nbsp;&nbsp;&nbsp;&nbsp; $87.55 | &nbsp;&nbsp;&nbsp;&nbsp; $81.83 | &nbsp;&nbsp;&nbsp;&nbsp; $86.85 | &nbsp;&nbsp;&nbsp;&nbsp; $62.29 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 1.30<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br>|
| Net realized and unrealized gain (loss) | 11.75<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.60<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.74<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.08) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.55<br>|
| Total from investment operations | 13.05<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.78<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.09<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.07) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.26<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (1.34) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.17) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.37) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.95) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.70) <br>|
| Net asset value, end of period | $111.87<br>| &nbsp;&nbsp;&nbsp;&nbsp; $100.16<br>| &nbsp;&nbsp;&nbsp;&nbsp; $87.55<br>| &nbsp;&nbsp;&nbsp;&nbsp; $81.83<br>| &nbsp;&nbsp;&nbsp;&nbsp; $86.85<br>|
| **Total return** (b) | 13.12<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.89<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.86<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.73)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 40.77<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $1320056<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1242042<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1181943<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1104730<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1189909<br>|
| Ratio of total expenses to average net assets | 0.57<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> % <br>|
| Ratio of net investment income (loss) to average net <br> assets<br>| 1.24<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.67<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> % <br>|
| Portfolio turnover rate (c) | 83<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 88<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 87<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 87<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) 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**

**Style Funds**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Mid Cap Core AlphaDEX**<sup>®</sup> **Fund (FNX)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  |
|  | **2025** | **2024** | **2023** | **2022**  | **2021**  |
| Net asset value, beginning of period | $116.12 | &nbsp;&nbsp;&nbsp;&nbsp; $101.01 | &nbsp;&nbsp;&nbsp;&nbsp; $92.46 | &nbsp;&nbsp;&nbsp;&nbsp; $99.26 | &nbsp;&nbsp;&nbsp;&nbsp; $64.83 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 1.21<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br>|
| Net realized and unrealized gain (loss) | 1.34<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.17<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.60<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.74) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.51<br>|
| Total from investment operations | 2.55<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.30<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.71<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.66) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.21<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (1.47) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.19) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.16) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.14) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.78) <br>|
| Net asset value, end of period | $117.20<br>| &nbsp;&nbsp;&nbsp;&nbsp; $116.12<br>| &nbsp;&nbsp;&nbsp;&nbsp; $101.01<br>| &nbsp;&nbsp;&nbsp;&nbsp; $92.46<br>| &nbsp;&nbsp;&nbsp;&nbsp; $99.26<br>|
| **Total return** (b) | 2.23<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.28<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.70<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.74)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 54.62<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $1130979<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1225117<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1080834<br>| &nbsp;&nbsp;&nbsp;&nbsp; $975495<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1027303<br>|
| Ratio of total expenses to average net assets | 0.58<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> % <br>|
| Ratio of net investment income (loss) to average net <br> assets<br>| 1.05<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> % <br>|
| Portfolio turnover rate (c) | 96<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 103<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 106<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 95<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 114<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) 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**

**Style Funds**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Small Cap Core AlphaDEX**<sup>®</sup> **Fund (FYX)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  |
|  | **2025** | **2024** | **2023** | **2022**  | **2021**  |
| Net asset value, beginning of period | $100.16 | &nbsp;&nbsp;&nbsp;&nbsp; $88.60 | &nbsp;&nbsp;&nbsp;&nbsp; $84.49 | &nbsp;&nbsp;&nbsp;&nbsp; $91.31 | &nbsp;&nbsp;&nbsp;&nbsp; $55.98 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 0.99<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br>|
| Net realized and unrealized gain (loss) | (1.42) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.57<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.13<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.92) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.35<br>|
| Total from investment operations | (0.43) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.68<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.08<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.87) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.96<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (1.22) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.12) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.97) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.95) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.63) <br>|
| Net asset value, end of period | $98.51<br>| &nbsp;&nbsp;&nbsp;&nbsp; $100.16<br>| &nbsp;&nbsp;&nbsp;&nbsp; $88.60<br>| &nbsp;&nbsp;&nbsp;&nbsp; $84.49<br>| &nbsp;&nbsp;&nbsp;&nbsp; $91.31<br>|
| **Total return** (b) | (0.44)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.47<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.16<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.50)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 64.45<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $817643<br>| &nbsp;&nbsp;&nbsp;&nbsp; $931477<br>| &nbsp;&nbsp;&nbsp;&nbsp; $872703<br>| &nbsp;&nbsp;&nbsp;&nbsp; $827993<br>| &nbsp;&nbsp;&nbsp;&nbsp; $917700<br>|
| Ratio of total expenses to average net assets | 0.58<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>|
| Ratio of net investment income (loss) to average net assets | 1.02<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.27<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> % <br>|
| Portfolio turnover rate (d) | 102<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 112<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 109<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 94<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) Ratio
 of total expenses to average net assets and ratio of net investment income (loss) to average net assets do not reflect the Fund's proportionate
 share of expenses and income of underlying investment companies in which the Fund invests.

&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**

**Style Funds**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Large Cap Value AlphaDEX**<sup>®</sup> **Fund (FTA)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  |
|  | **2025** | **2024** | **2023** | **2022**  | **2021**  |
| Net asset value, beginning of period | $77.65 | &nbsp;&nbsp;&nbsp;&nbsp; $70.36 | &nbsp;&nbsp;&nbsp;&nbsp; $66.10 | &nbsp;&nbsp;&nbsp;&nbsp; $65.80 | &nbsp;&nbsp;&nbsp;&nbsp; $46.39 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 1.56<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br>|
| Net realized and unrealized gain (loss) | 1.41<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.29<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.22<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.27<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.41<br>|
| Total from investment operations | 2.97<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.83<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.72<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.42<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (1.61) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.54) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.46) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.18) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.01) <br>|
| Net asset value, end of period | $79.01<br>| &nbsp;&nbsp;&nbsp;&nbsp; $77.65<br>| &nbsp;&nbsp;&nbsp;&nbsp; $70.36<br>| &nbsp;&nbsp;&nbsp;&nbsp; $66.10<br>| &nbsp;&nbsp;&nbsp;&nbsp; $65.80<br>|
| **Total return** (c) | 3.88<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.79<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.90<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.24<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 44.43<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $1098298<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1223065<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1252398<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1160039<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1065981<br>|
| Ratio of total expenses to average net assets | 0.58<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> % <br>|
| Ratio of net investment income (loss) to average net <br> assets<br>| 2.01<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.19<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.27<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.76<br> % <br>|
| Portfolio turnover rate (d) | 75<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 81<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 75<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) 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**

**Style Funds**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Large Cap Growth AlphaDEX**<sup>®</sup> **Fund (FTC)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  |
|  | **2025** | **2024** | **2023** | **2022**  | **2021**  |
| Net asset value, beginning of period | $123.35 | &nbsp;&nbsp;&nbsp;&nbsp; $104.13 | &nbsp;&nbsp;&nbsp;&nbsp; $96.84 | &nbsp;&nbsp;&nbsp;&nbsp; $112.65 | &nbsp;&nbsp;&nbsp;&nbsp; $82.09 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 0.53<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.07) <br>|
| Net realized and unrealized gain (loss) | 32.66<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.25<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.36<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15.96) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.67<br>|
| Total from investment operations | 33.19<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.62<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.29<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15.59) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.60<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (0.53) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.40) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.22) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.04) <br>|
| Net asset value, end of period | $156.01<br>| &nbsp;&nbsp;&nbsp;&nbsp; $123.35<br>| &nbsp;&nbsp;&nbsp;&nbsp; $104.13<br>| &nbsp;&nbsp;&nbsp;&nbsp; $96.84<br>| &nbsp;&nbsp;&nbsp;&nbsp; $112.65<br>|
| **Total return** (b) | 26.96<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.89<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.71<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (13.84)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 37.30<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $1224663<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1104024<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1036129<br>| &nbsp;&nbsp;&nbsp;&nbsp; $929704<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1194111<br>|
| Ratio of total expenses to average net assets | 0.58<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> % <br>|
| Ratio of net investment income (loss) to average net <br> assets<br>| 0.39<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.07)% <br>|
| Portfolio turnover rate (c) | 114<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 116<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 127<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 121<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) 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**

**Style Funds**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Multi Cap Value AlphaDEX**<sup>®</sup> **Fund (FAB)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  |
|  | **2025** | **2024** | **2023** | **2022**  | **2021**  |
| Net asset value, beginning of period | $85.14 | &nbsp;&nbsp;&nbsp;&nbsp; $75.69 | &nbsp;&nbsp;&nbsp;&nbsp; $70.76 | &nbsp;&nbsp;&nbsp;&nbsp; $71.04 | &nbsp;&nbsp;&nbsp;&nbsp; $46.72 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 1.47<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.52<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.38<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br>|
| Net realized and unrealized gain (loss) | (2.78) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.47<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.94<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.35) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.34<br>|
| Total from investment operations | (1.31) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.99<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.32<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.18<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (1.53) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.54) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.39) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.13) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.86) <br>|
| Net asset value, end of period | $82.30<br>| &nbsp;&nbsp;&nbsp;&nbsp; $85.14<br>| &nbsp;&nbsp;&nbsp;&nbsp; $75.69<br>| &nbsp;&nbsp;&nbsp;&nbsp; $70.76<br>| &nbsp;&nbsp;&nbsp;&nbsp; $71.04<br>|
| **Total return** (b) | (1.53)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.76<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.19<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 54.35<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $119336<br>| &nbsp;&nbsp;&nbsp;&nbsp; $148991<br>| &nbsp;&nbsp;&nbsp;&nbsp; $174084<br>| &nbsp;&nbsp;&nbsp;&nbsp; $176894<br>| &nbsp;&nbsp;&nbsp;&nbsp; $166942<br>|
| Ratio of total expenses to average net assets | 0.65<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> % <br>|
| Ratio of net investment income (loss) to average net assets | 1.79<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.01<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.96<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.64<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.43<br> % <br>|
| Portfolio turnover rate (c) | 86<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 87<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 85<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 76<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 92<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) 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**

**Style Funds**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Multi Cap Growth AlphaDEX**<sup>®</sup> **Fund (FAD)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  |
|  | **2025** | **2024** | **2023** | **2022**  | **2021**  |
| Net asset value, beginning of period | $126.94 | &nbsp;&nbsp;&nbsp;&nbsp; $109.30 | &nbsp;&nbsp;&nbsp;&nbsp; $101.49 | &nbsp;&nbsp;&nbsp;&nbsp; $119.58 | &nbsp;&nbsp;&nbsp;&nbsp; $83.11 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 0.40<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.11) <br>|
| Net realized and unrealized gain (loss) | 23.71<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.64<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.81<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18.27) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 36.71<br>|
| Total from investment operations | 24.11<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.95<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.53<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17.81) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 36.60<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (0.76) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.31) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.72) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.28) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.13) <br>|
| Net asset value, end of period | $150.29<br>| &nbsp;&nbsp;&nbsp;&nbsp; $126.94<br>| &nbsp;&nbsp;&nbsp;&nbsp; $109.30<br>| &nbsp;&nbsp;&nbsp;&nbsp; $101.49<br>| &nbsp;&nbsp;&nbsp;&nbsp; $119.58<br>|
| **Total return** (b) | 19.06<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.47<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.50<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (14.91)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 44.10<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $300578<br>| &nbsp;&nbsp;&nbsp;&nbsp; $209445<br>| &nbsp;&nbsp;&nbsp;&nbsp; $180346<br>| &nbsp;&nbsp;&nbsp;&nbsp; $182686<br>| &nbsp;&nbsp;&nbsp;&nbsp; $221229<br>|
| Ratio of total expenses to average net assets | 0.62<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> % <br>|
| Ratio of net investment income (loss) to average net assets | 0.29<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.09)% <br>|
| Portfolio turnover rate (c) | 110<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 115<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 125<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 115<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 104<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) 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**

**Style Funds**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Mid Cap Value AlphaDEX**<sup>®</sup> **Fund (FNK)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  |
|  | **2025** | **2024** | **2023** | **2022**  | **2021**  |
| Net asset value, beginning of period | $55.68 | &nbsp;&nbsp;&nbsp;&nbsp; $49.00 | &nbsp;&nbsp;&nbsp;&nbsp; $44.58 | &nbsp;&nbsp;&nbsp;&nbsp; $44.69 | &nbsp;&nbsp;&nbsp;&nbsp; $27.71 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 0.87<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br>|
| Net realized and unrealized gain (loss) | (3.11) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.69<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.42<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.16) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.98<br>|
| Total from investment operations | (2.24) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.57<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.20<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.52<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (0.91) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.89) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.78) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.69) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.54) <br>|
| Net asset value, end of period | $52.53<br>| &nbsp;&nbsp;&nbsp;&nbsp; $55.68<br>| &nbsp;&nbsp;&nbsp;&nbsp; $49.00<br>| &nbsp;&nbsp;&nbsp;&nbsp; $44.58<br>| &nbsp;&nbsp;&nbsp;&nbsp; $44.69<br>|
| **Total return** (b) | (4.02)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.68<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.95<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 63.76<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $191745<br>| &nbsp;&nbsp;&nbsp;&nbsp; $228290<br>| &nbsp;&nbsp;&nbsp;&nbsp; $237648<br>| &nbsp;&nbsp;&nbsp;&nbsp; $222894<br>| &nbsp;&nbsp;&nbsp;&nbsp; $140774<br>|
| Ratio of total expenses to average net assets | 0.70<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>|
| Ratio of net investment income (loss) to average net assets | 1.65<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.77<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.63<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.33<br> % <br>|
| Portfolio turnover rate (c) | 87<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 98<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 102<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 84<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) 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**

**Style Funds**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Mid Cap Growth AlphaDEX**<sup>®</sup> **Fund (FNY)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  |
|  | **2025** | **2024** | **2023** | **2022**  | **2021**  |
| Net asset value, beginning of period | $76.62 | &nbsp;&nbsp;&nbsp;&nbsp; $66.68 | &nbsp;&nbsp;&nbsp;&nbsp; $61.22 | &nbsp;&nbsp;&nbsp;&nbsp; $73.58 | &nbsp;&nbsp;&nbsp;&nbsp; $51.23 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 0.08<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.18) <br>|
| Net realized and unrealized gain (loss) | 8.05<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.95<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.49<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12.37) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.69<br>|
| Total from investment operations | 8.13<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.00<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.70<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12.36) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.51<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (0.48) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.06) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.24) <br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.16) <br>|
| Net asset value, end of period | $84.27<br>| &nbsp;&nbsp;&nbsp;&nbsp; $76.62<br>| &nbsp;&nbsp;&nbsp;&nbsp; $66.68<br>| &nbsp;&nbsp;&nbsp;&nbsp; $61.22<br>| &nbsp;&nbsp;&nbsp;&nbsp; $73.58<br>|
| **Total return** (b) | 10.64<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.01<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.37<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (16.80)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 44.02<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $400286<br>| &nbsp;&nbsp;&nbsp;&nbsp; $348628<br>| &nbsp;&nbsp;&nbsp;&nbsp; $276716<br>| &nbsp;&nbsp;&nbsp;&nbsp; $281629<br>| &nbsp;&nbsp;&nbsp;&nbsp; $463572<br>|
| Ratio of total expenses to average net assets | 0.70<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>|
| Ratio of net investment income (loss) to average net assets | 0.10<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.24)% <br>|
| Portfolio turnover rate (c) | 130<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 134<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 142<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 136<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 138<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) 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**

**Style Funds**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Small Cap Value AlphaDEX**<sup>®</sup> **Fund (FYT)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  |
|  | **2025** | **2024** | **2023** | **2022**  | **2021**  |
| Net asset value, beginning of period | $58.49 | &nbsp;&nbsp;&nbsp;&nbsp; $50.47 | &nbsp;&nbsp;&nbsp;&nbsp; $48.64 | &nbsp;&nbsp;&nbsp;&nbsp; $50.28 | &nbsp;&nbsp;&nbsp;&nbsp; $30.78 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 0.79<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br>|
| Net realized and unrealized gain (loss) | (7.03) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.95<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.96<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.69) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.52<br>|
| Total from investment operations | (6.24) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.82<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.62<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.02) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.97<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (0.78) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.80) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.79) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.62) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.47) <br>|
| Net asset value, end of period | $51.47<br>| &nbsp;&nbsp;&nbsp;&nbsp; $58.49<br>| &nbsp;&nbsp;&nbsp;&nbsp; $50.47<br>| &nbsp;&nbsp;&nbsp;&nbsp; $48.64<br>| &nbsp;&nbsp;&nbsp;&nbsp; $50.28<br>|
| **Total return** (c) | (10.75)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.68<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.61<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.06)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 65.22<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $126114<br>| &nbsp;&nbsp;&nbsp;&nbsp; $187166<br>| &nbsp;&nbsp;&nbsp;&nbsp; $174136<br>| &nbsp;&nbsp;&nbsp;&nbsp; $223722<br>| &nbsp;&nbsp;&nbsp;&nbsp; $268991<br>|
| Ratio of total expenses to average net assets | 0.70<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>|
| Ratio of net investment income (loss) to average net assets | 1.49<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> % <br>|
| Portfolio turnover rate (e) | 113<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 114<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 110<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 90<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 109<br> % <br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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) Ratio
 of total expenses to average net assets and ratio of net investment income (loss) to average net assets do not reflect the Fund's proportionate
 share of expenses and income of underlying investment companies in which the Fund invests.

&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**

**Style Funds**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Small Cap Growth AlphaDEX**<sup>®</sup> **Fund (FYC)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  |
|  | **2025** | **2024** | **2023** | **2022**  | **2021**  |
| Net asset value, beginning of period | $71.19 | &nbsp;&nbsp;&nbsp;&nbsp; $63.92 | &nbsp;&nbsp;&nbsp;&nbsp; $60.22 | &nbsp;&nbsp;&nbsp;&nbsp; $71.14 | &nbsp;&nbsp;&nbsp;&nbsp; $44.46 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)  | 0.20<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.23<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br>|
| Net realized and unrealized gain (loss) | 8.97<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.34<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.47<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10.99) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.72<br>|
| Total from investment operations | 9.17<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.57<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.83<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10.45) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.75<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (0.49) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.30) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.13) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.47) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.07) <br>|
| Net asset value, end of period | $79.87<br>| &nbsp;&nbsp;&nbsp;&nbsp; $71.19<br>| &nbsp;&nbsp;&nbsp;&nbsp; $63.92<br>| &nbsp;&nbsp;&nbsp;&nbsp; $60.22<br>| &nbsp;&nbsp;&nbsp;&nbsp; $71.14<br>|
| **Total return** (b) | 12.93<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.92<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.38<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (14.81)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 60.24<br> % <br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $459253<br>| &nbsp;&nbsp;&nbsp;&nbsp; $295446<br>| &nbsp;&nbsp;&nbsp;&nbsp; $230119<br>| &nbsp;&nbsp;&nbsp;&nbsp; $201727<br>| &nbsp;&nbsp;&nbsp;&nbsp; $394827<br>|
| Ratio of total expenses to average net assets | 0.70<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>|
| Ratio of net investment income (loss) to average net assets | 0.27<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02<br> % <br>|
| Portfolio turnover rate (d) | 137<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 141<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 140<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 132<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 151<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) Ratio
 of total expenses to average net assets and ratio of net investment income (loss) to average net assets do not reflect the Fund's proportionate
 share of expenses and income of underlying investment companies in which the Fund invests.

&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

------

**Notes to Financial Statements**

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

**Style Funds**

**July 31, 2025**

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

**1. Organization**

First Trust Exchange-Traded AlphaDEX<sup>®</sup> Fund (the "Trust") is an open-end management investment company organized as a Massachusetts business trust on December 6, 2006, 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 eleven Style Funds (each a "Fund" and collectively, the "Funds") listed below, each a diversified series of the Trust. The shares of each Style Fund are listed and traded on Nasdaq, Inc. ("Nasdaq").

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

---

| |
|:---|
| First Trust Large Cap Core AlphaDEX<sup>®</sup> Fund – (ticker "FEX") |
| First Trust Mid Cap Core AlphaDEX<sup>®</sup> Fund – (ticker "FNX") |
| First Trust Small Cap Core AlphaDEX<sup>®</sup> Fund – (ticker "FYX") |
| First Trust Large Cap Value AlphaDEX<sup>®</sup> Fund – (ticker "FTA") |
| First Trust Large Cap Growth AlphaDEX<sup>®</sup> Fund – (ticker "FTC") |
| First Trust Multi Cap Value AlphaDEX<sup>®</sup> Fund – (ticker "FAB") |
| First Trust Multi Cap Growth AlphaDEX<sup>®</sup> Fund – (ticker "FAD") |
| First Trust Mid Cap Value AlphaDEX<sup>®</sup> Fund – (ticker "FNK") |
| First Trust Mid Cap Growth AlphaDEX<sup>®</sup> Fund – (ticker "FNY") |
| First Trust Small Cap Value AlphaDEX<sup>®</sup> Fund – (ticker "FYT") |
| First Trust Small Cap Growth AlphaDEX<sup>®</sup> Fund – (ticker "FYC") |

---

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 Large Cap Core AlphaDEX<sup>®</sup> Fund | Nasdaq AlphaDEX Large Cap Core<sup>TM</sup> Index |
| First Trust Mid Cap Core AlphaDEX<sup>®</sup> Fund | Nasdaq AlphaDEX Mid Cap Core<sup>TM</sup> Index |
| First Trust Small Cap Core AlphaDEX<sup>®</sup> Fund | Nasdaq AlphaDEX Small Cap Core<sup>TM</sup> Index |
| First Trust Large Cap Value AlphaDEX<sup>®</sup> Fund | Nasdaq AlphaDEX Large Cap Value<sup>TM</sup> Index |
| First Trust Large Cap Growth AlphaDEX<sup>®</sup> Fund | Nasdaq AlphaDEX Large Cap Growth<sup>TM</sup> Index |
| First Trust Multi Cap Value AlphaDEX<sup>®</sup> Fund | Nasdaq AlphaDEX Multi Cap Value<sup>TM</sup> Index |
| First Trust Multi Cap Growth AlphaDEX<sup>®</sup> Fund | Nasdaq AlphaDEX Multi Cap Growth<sup>TM</sup> Index |
| First Trust Mid Cap Value AlphaDEX<sup>®</sup> Fund | Nasdaq AlphaDEX Mid Cap Value<sup>TM</sup> Index |
| First Trust Mid Cap Growth AlphaDEX<sup>®</sup> Fund | Nasdaq AlphaDEX Mid Cap Growth<sup>TM</sup> Index |
| First Trust Small Cap Value AlphaDEX<sup>®</sup> Fund | Nasdaq AlphaDEX Small Cap Value<sup>TM</sup> Index |
| First Trust Small Cap Growth AlphaDEX<sup>®</sup> Fund | Nasdaq AlphaDEX Small Cap Growth<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.

**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.

------

**Notes to Financial Statements (Continued)**

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

**Style Funds**

**July 31, 2025**

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.

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

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

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;

10)

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

11)

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.

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:

------

**Notes to Financial Statements (Continued)**

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

**Style Funds**

**July 31, 2025**

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

&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 July 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. 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.

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. 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

------

**Notes to Financial Statements (Continued)**

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

**Style Funds**

**July 31, 2025**

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. Brown Brothers Harriman & Co. was the securities lending agent for FNX prior to November 14, 2024. 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 loaned is accounted for in the same manner as other dividend and interest income. At July 31, 2025, all the Funds except FEX, FTC, and FNK had securities in the securities lending program. During the fiscal year ended July 31, 2025, all the Funds 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.

**E. 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 July 31, 2025, were received as collateral for lending securities.

**F. Restricted Securities**

As of July 31, 2025, FAD and FYC held restricted securities as shown in the following tables that the Advisor has deemed illiquid pursuant to procedures adopted by FAD and FYC's Board of Trustees.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Security | Acquisition <br>Date<br>| Shares | Current <br>Price<br>| Carrying <br>Cost<br>| Value | % of <br>Net Assets<br>|
| **FAD**  |  |  |  |  |  |  |
| OmniAb, Inc. - 12.5 Earnout Shares | 11/02/22 | &nbsp;&nbsp; 162 | &nbsp;&nbsp; $0.00 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | 0.00<br> %<br>|
| OmniAb, Inc. - 15 Earnout Shares | 11/02/22 | &nbsp;&nbsp; 162 | 0.00 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | 0.00 |
|  |  |  |  | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | 0.00<br> %<br>|

---

------

**Notes to Financial Statements (Continued)**

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

**Style Funds**

**July 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Security | Acquisition<br> Date<br>| Shares | Current<br> Price<br>| Carrying<br> Cost<br>| Value | % of<br> Net Assets<br>|
| **FYC**  |  |  |  |  |  |  |
| OmniAb, Inc. - 12.5 Earnout Shares | 11/02/22 | &nbsp;&nbsp; 1080 | &nbsp;&nbsp; $0.00 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | 0.00<br> %<br>|
| OmniAb, Inc. - 15 Earnout Shares | 11/02/22 | &nbsp;&nbsp; 1080 | 0.00 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | 0.00 |
|  |  |  |  | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | 0.00<br> %<br>|

---

**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 significantly modified 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 July 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 Large Cap Core AlphaDEX<sup>®</sup> Fund | $16301838 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| First Trust Mid Cap Core AlphaDEX<sup>®</sup> Fund | 15346668 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Small Cap Core AlphaDEX<sup>®</sup> Fund | 11286807 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Large Cap Value AlphaDEX<sup>®</sup> Fund | 24265323 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Large Cap Growth AlphaDEX<sup>®</sup> Fund | 4306746 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Multi Cap Value AlphaDEX<sup>®</sup> Fund | 2422588 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Multi Cap Growth AlphaDEX<sup>®</sup> Fund | 1232356 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Mid Cap Value AlphaDEX<sup>®</sup> Fund | 3666512 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Mid Cap Growth AlphaDEX<sup>®</sup> Fund | 2174241 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Small Cap Value AlphaDEX<sup>®</sup> Fund | 2338836 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Small Cap Growth AlphaDEX<sup>®</sup> Fund | 2409706 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

The tax character of distributions paid by each Fund during the fiscal year ended July 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 Large Cap Core AlphaDEX<sup>®</sup> Fund | $14726322 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| First Trust Mid Cap Core AlphaDEX<sup>®</sup> Fund | 12749047 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Small Cap Core AlphaDEX<sup>®</sup> Fund | 10612872 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Large Cap Value AlphaDEX<sup>®</sup> Fund | 25622313 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Large Cap Growth AlphaDEX<sup>®</sup> Fund | 3780021 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Multi Cap Value AlphaDEX<sup>®</sup> Fund | 3164113 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Multi Cap Growth AlphaDEX<sup>®</sup> Fund | 496106 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Mid Cap Value AlphaDEX<sup>®</sup> Fund | 4050401 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Mid Cap Growth AlphaDEX<sup>®</sup> Fund | 275455 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Small Cap Value AlphaDEX<sup>®</sup> Fund | 2728477 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Small Cap Growth AlphaDEX<sup>®</sup> Fund | 1221196 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

------

**Notes to Financial Statements (Continued)**

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

**Style Funds**

**July 31, 2025**

As of July 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 Large Cap Core AlphaDEX<sup>®</sup> Fund | $1246888 | &nbsp;&nbsp; $(348556557)<br>| &nbsp;&nbsp; $175770129 |
| First Trust Mid Cap Core AlphaDEX<sup>®</sup> Fund | 36161 | &nbsp;&nbsp; (375211742)<br>| &nbsp;&nbsp; 125166566 |
| First Trust Small Cap Core AlphaDEX<sup>®</sup> Fund | 892838 | &nbsp;&nbsp; (420786538)<br>| &nbsp;&nbsp; 62525794 |
| First Trust Large Cap Value AlphaDEX<sup>®</sup> Fund | 2065286 | &nbsp;&nbsp; (311543246)<br>| &nbsp;&nbsp; 29604649 |
| First Trust Large Cap Growth AlphaDEX<sup>®</sup> Fund | 208488 | &nbsp;&nbsp; (326270071)<br>| &nbsp;&nbsp; 271876367 |
| First Trust Multi Cap Value AlphaDEX<sup>®</sup> Fund | 201330 | &nbsp;&nbsp; (43595336)<br>| &nbsp;&nbsp; 1957589 |
| First Trust Multi Cap Growth AlphaDEX<sup>®</sup> Fund | (31592)<br>| &nbsp;&nbsp; (82026664)<br>| &nbsp;&nbsp; 59678170 |
| First Trust Mid Cap Value AlphaDEX<sup>®</sup> Fund | 214175 | &nbsp;&nbsp; (67968864)<br>| &nbsp;&nbsp; 6855839 |
| First Trust Mid Cap Growth AlphaDEX<sup>®</sup> Fund | (448278)<br>| &nbsp;&nbsp; (179935271)<br>| &nbsp;&nbsp; 71828732 |
| First Trust Small Cap Value AlphaDEX<sup>®</sup> Fund | 216695 | &nbsp;&nbsp; (70518944)<br>| &nbsp;&nbsp; (5189935)<br>|
| First Trust Small Cap Growth AlphaDEX<sup>®</sup> Fund | 81132 | &nbsp;&nbsp; (221017065)<br>| &nbsp;&nbsp; 75130934 |

---

**H. Income 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.

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 July 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 July 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 Large Cap Core AlphaDEX<sup>®</sup> Fund | $348556557 |
| First Trust Mid Cap Core AlphaDEX<sup>®</sup> Fund | 375211742 |
| First Trust Small Cap Core AlphaDEX<sup>®</sup> Fund | 420786538 |
| First Trust Large Cap Value AlphaDEX<sup>®</sup> Fund | 311543246 |
| First Trust Large Cap Growth AlphaDEX<sup>®</sup> Fund | 326270071 |
| First Trust Multi Cap Value AlphaDEX<sup>®</sup> Fund | 43595336 |
| First Trust Multi Cap Growth AlphaDEX<sup>®</sup> Fund | 82026664 |
| First Trust Mid Cap Value AlphaDEX<sup>®</sup> Fund | 67968864 |
| First Trust Mid Cap Growth AlphaDEX<sup>®</sup> Fund | 179935271 |
| First Trust Small Cap Value AlphaDEX<sup>®</sup> Fund | 70518944 |
| First Trust Small Cap Growth AlphaDEX<sup>®</sup> Fund | 221017065 |

---

------

**Notes to Financial Statements (Continued)**

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

**Style Funds**

**July 31, 2025**

During the taxable year ended July 31, 2025, the following Fund utilized capital loss carryforwards in the following amount:

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

---

| | |
|:---|:---|
|  | Capital <br>Loss <br>Utilized<br>|
| First Trust Multi Cap Value AlphaDEX<sup>®</sup> Fund | $4466521 |

---

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 July 31, 2025, the following Funds incurred and elected to defer net late year ordinary or capital losses as follows:

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

---

| | | |
|:---|:---|:---|
|  | Qualified Late Year Losses | Qualified Late Year Losses |
|  | Ordinary Losses | Capital Losses |
| First Trust Multi Cap Growth AlphaDEX<sup>®</sup> Fund | $31592 | &nbsp;&nbsp; $— |
| First Trust Mid Cap Growth AlphaDEX<sup>®</sup> Fund | 448278 | &nbsp;&nbsp; — |

---

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 July 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 Large Cap Core AlphaDEX<sup>®</sup> Fund | $— | &nbsp;&nbsp; $(227201787)<br>| &nbsp;&nbsp; $227201787 |
| First Trust Mid Cap Core AlphaDEX<sup>®</sup> Fund | 1295237 | &nbsp;&nbsp; (163530128)<br>| &nbsp;&nbsp; 162234891 |
| First Trust Small Cap Core AlphaDEX<sup>®</sup> Fund |  | &nbsp;&nbsp; (135629981)<br>| &nbsp;&nbsp; 135629981 |
| First Trust Large Cap Value AlphaDEX<sup>®</sup> Fund | (33599)<br>| &nbsp;&nbsp; (156965589)<br>| &nbsp;&nbsp; 156999188 |
| First Trust Large Cap Growth AlphaDEX<sup>®</sup> Fund |  | &nbsp;&nbsp; (288587419)<br>| &nbsp;&nbsp; 288587419 |
| First Trust Multi Cap Value AlphaDEX<sup>®</sup> Fund |  | &nbsp;&nbsp; (3251370)<br>| &nbsp;&nbsp; 3251370 |
| First Trust Multi Cap Growth AlphaDEX<sup>®</sup> Fund | 229502 | &nbsp;&nbsp; (40034068)<br>| &nbsp;&nbsp; 39804566 |
| First Trust Mid Cap Value AlphaDEX<sup>®</sup> Fund |  | &nbsp;&nbsp; (12993726)<br>| &nbsp;&nbsp; 12993726 |
| First Trust Mid Cap Growth AlphaDEX<sup>®</sup> Fund | 583706 | &nbsp;&nbsp; (42076555)<br>| &nbsp;&nbsp; 41492849 |
| First Trust Small Cap Value AlphaDEX<sup>®</sup> Fund |  | &nbsp;&nbsp; (2591958)<br>| &nbsp;&nbsp; 2591958 |
| First Trust Small Cap Growth AlphaDEX<sup>®</sup> Fund |  | &nbsp;&nbsp; (54306512)<br>| &nbsp;&nbsp; 54306512 |

---

As of July 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 Large Cap Core AlphaDEX<sup>®</sup> Fund | $1144386572 | &nbsp;&nbsp; $237440549 | &nbsp;&nbsp; $(61670420)<br>| &nbsp;&nbsp; $175770129 |
| First Trust Mid Cap Core AlphaDEX<sup>®</sup> Fund | 1018282316 | &nbsp;&nbsp; 180241894 | &nbsp;&nbsp; (55075328)<br>| &nbsp;&nbsp; 125166566 |
| First Trust Small Cap Core AlphaDEX<sup>®</sup> Fund | 787764196 | &nbsp;&nbsp; 124092796 | &nbsp;&nbsp; (61567002)<br>| &nbsp;&nbsp; 62525794 |
| First Trust Large Cap Value AlphaDEX<sup>®</sup> Fund | 1069888069 | &nbsp;&nbsp; 122134653 | &nbsp;&nbsp; (92530004)<br>| &nbsp;&nbsp; 29604649 |
| First Trust Large Cap Growth AlphaDEX<sup>®</sup> Fund | 953204370 | &nbsp;&nbsp; 280370933 | &nbsp;&nbsp; (8494566)<br>| &nbsp;&nbsp; 271876367 |
| First Trust Multi Cap Value AlphaDEX<sup>®</sup> Fund | 117933086 | &nbsp;&nbsp; 13832247 | &nbsp;&nbsp; (11874658)<br>| &nbsp;&nbsp; 1957589 |
| First Trust Multi Cap Growth AlphaDEX<sup>®</sup> Fund | 249461007 | &nbsp;&nbsp; 64400136 | &nbsp;&nbsp; (4721966)<br>| &nbsp;&nbsp; 59678170 |

---

------

**Notes to Financial Statements (Continued)**

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

**Style Funds**

**July 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 Mid Cap Value AlphaDEX<sup>®</sup> Fund | $184931968 | &nbsp;&nbsp; $22453289 | &nbsp;&nbsp; $(15597450)<br>| &nbsp;&nbsp; $6855839 |
| First Trust Mid Cap Growth AlphaDEX<sup>®</sup> Fund | 336826098 | &nbsp;&nbsp; 78949499 | &nbsp;&nbsp; (7120767)<br>| &nbsp;&nbsp; 71828732 |
| First Trust Small Cap Value AlphaDEX<sup>®</sup> Fund | 134126753 | &nbsp;&nbsp; 11174952 | &nbsp;&nbsp; (16364887)<br>| &nbsp;&nbsp; (5189935)<br>|
| First Trust Small Cap Growth AlphaDEX<sup>®</sup> Fund | 419233851 | &nbsp;&nbsp; 86512936 | &nbsp;&nbsp; (11382002)<br>| &nbsp;&nbsp; 75130934 |

---

**I. Expenses**

Expenses that are directly related to one of the Funds are charged directly to the respective Fund, except for First Trust Mid Cap Value AlphaDEX<sup>®</sup> Fund, First Trust Mid Cap Growth AlphaDEX<sup>®</sup> Fund, First Trust Small Cap Value AlphaDEX<sup>®</sup> Fund and First Trust Small Cap Growth AlphaDEX<sup>®</sup> Fund (the "Unitary Fee Funds"), for which expenses other than excluded expenses (discussed in Note 3) are paid by the Advisor. General expenses of the Trust are allocated to all the Funds based upon the net assets of each Fund.

First Trust Portfolios L.P. ("FTP") has entered into licensing agreements with Nasdaq for each of the Style Funds. The license agreements allow for the use by FTP of certain trademarks and trade names. The Funds and First Trust are sub-licensees to the applicable license agreement. The Funds, except for the Unitary Fee Funds, are required to pay licensing fees, which are shown on the Statements of Operations. The licensing fees for the Unitary Fee Funds are paid by First Trust from the unitary investment advisory fees it receives from each of these Funds.

**J. Segment Reporting**

Each Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of each Fund. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

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

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

For the Unitary Fee Funds, First Trust is paid an annual unitary management fee based on a percentage of each Fund's average daily net assets and is responsible for the expenses of such Fund including the cost of transfer agency, custody, fund administration, legal, audit, license and other services, and excluding fee payments under the Investment Management Agreement, distribution and service fees pursuant to a Rule 12b-1 plan, if any, brokerage expenses, acquired fund fees and expenses, taxes, interest, and extraordinary expenses. The annual unitary management fee payable by each Fund to First Trust for these services will be reduced at certain levels of each Fund's net assets ("breakpoints") and calculated pursuant to the following schedule:

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

---

| | |
|:---|:---|
| Breakpoints |  |
| Fund net assets up to and including $2.5 billion | 0.7000<br> %<br>|
| Fund net assets greater than $2.5 billion up to and including $5 billion | 0.6825<br> %<br>|
| Fund net assets greater than $5 billion up to and including $7.5 billion | 0.6650<br> %<br>|
| Fund net assets greater than $7.5 billion up to and including $10 billion | 0.6475<br> %<br>|
| Fund net assets greater than $10 billion up to and including $15 billion | 0.6300<br> %<br>|
| Fund net assets greater than $15 billion | 0.5950<br> %<br>|

---

------

**Notes to Financial Statements (Continued)**

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

**Style Funds**

**July 31, 2025**

For the First Trust Large Cap Core AlphaDEX<sup>®</sup> Fund, First Trust Mid Cap Core AlphaDEX<sup>®</sup> Fund, First Trust Small Cap Core AlphaDEX<sup>®</sup> Fund, First Trust Large Cap Value AlphaDEX<sup>®</sup> Fund, First Trust Large Cap Growth AlphaDEX<sup>®</sup> Fund, First Trust Multi Cap Value AlphaDEX<sup>®</sup> Fund and First Trust Multi Cap Growth AlphaDEX<sup>®</sup> Fund (the "Non-Unitary Fee Funds"), First Trust is paid an annual management fee based on a percentage of each Fund's average daily net assets and calculated pursuant to the following schedule:

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

---

| | |
|:---|:---|
| Breakpoints |  |
| Fund net assets up to and including $2.5 billion | 0.5000<br> %<br>|
| Fund net assets greater than $2.5 billion up to and including $5 billion | 0.4875<br> %<br>|
| Fund net assets greater than $5 billion up to and including $7.5 billion | 0.4750<br> %<br>|
| Fund net assets greater than $7.5 billion up to and including $10 billion | 0.4625<br> %<br>|
| Fund net assets greater than $10 billion up to and including $15 billion | 0.4500<br> %<br>|
| Fund net assets greater than $15 billion | 0.4250<br> %<br>|

---

For the Non-Unitary Fee Funds, the Trust and First Trust have entered into an Expense Reimbursement and Fee Waiver Agreement ("Agreement") in which First Trust has agreed to waive fees and/or reimburse Fund expenses to the extent that the operating expenses of each such Fund (excluding interest expense, brokerage commissions and other trading expenses, acquired fund fees and expenses, taxes and extraordinary expenses) exceed 0.70% of average daily net assets per year (the "Expense Cap"). These Funds will have the Expense Cap in effect until at least November 30, 2026. For the fiscal year ended July 31, 2025, there were no fees waived or expenses reimbursed by First Trust for these Funds.

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

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

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

**4. Purchases and Sales of Securities** 

For the fiscal year ended July 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 Large Cap Core AlphaDEX<sup>®</sup> Fund | $1070881613 | &nbsp;&nbsp; $1071777833 |
| First Trust Mid Cap Core AlphaDEX<sup>®</sup> Fund | 1147898100 | &nbsp;&nbsp; 1149724606 |
| First Trust Small Cap Core AlphaDEX<sup>®</sup> Fund | 907554487 | &nbsp;&nbsp; 907036147 |
| First Trust Large Cap Value AlphaDEX<sup>®</sup> Fund | 869937505 | &nbsp;&nbsp; 869486509 |
| First Trust Large Cap Growth AlphaDEX<sup>®</sup> Fund | 1282800444 | &nbsp;&nbsp; 1282725528 |
| First Trust Multi Cap Value AlphaDEX<sup>®</sup> Fund | 112159145 | &nbsp;&nbsp; 112015667 |
| First Trust Multi Cap Growth AlphaDEX<sup>®</sup> Fund | 261812541 | &nbsp;&nbsp; 262165467 |
| First Trust Mid Cap Value AlphaDEX<sup>®</sup> Fund | 184048215 | &nbsp;&nbsp; 184265791 |
| First Trust Mid Cap Growth AlphaDEX<sup>®</sup> Fund | 489014002 | &nbsp;&nbsp; 489988417 |
| First Trust Small Cap Value AlphaDEX<sup>®</sup> Fund | 174892397 | &nbsp;&nbsp; 173870432 |

---

------

**Notes to Financial Statements (Continued)**

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

**Style Funds**

**July 31, 2025**

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| First Trust Small Cap Growth AlphaDEX<sup>®</sup> Fund | $556731047 | &nbsp;&nbsp; $556566060 |

---

For the fiscal year ended July 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 Large Cap Core AlphaDEX<sup>®</sup> Fund | $766449320 | &nbsp;&nbsp; $826443915 |
| First Trust Mid Cap Core AlphaDEX<sup>®</sup> Fund | 529692207 | &nbsp;&nbsp; 627006495 |
| First Trust Small Cap Core AlphaDEX<sup>®</sup> Fund | 380978549 | &nbsp;&nbsp; 467389603 |
| First Trust Large Cap Value AlphaDEX<sup>®</sup> Fund | 597484404 | &nbsp;&nbsp; 735434882 |
| First Trust Large Cap Growth AlphaDEX<sup>®</sup> Fund | 914499829 | &nbsp;&nbsp; 1053988369 |
| First Trust Multi Cap Value AlphaDEX<sup>®</sup> Fund |  | &nbsp;&nbsp; 24548701 |
| First Trust Multi Cap Growth AlphaDEX<sup>®</sup> Fund | 184917679 | &nbsp;&nbsp; 138859190 |
| First Trust Mid Cap Value AlphaDEX<sup>®</sup> Fund | 47596630 | &nbsp;&nbsp; 70299347 |
| First Trust Mid Cap Growth AlphaDEX<sup>®</sup> Fund | 194278390 | &nbsp;&nbsp; 171607406 |
| First Trust Small Cap Value AlphaDEX<sup>®</sup> Fund | 13796105 | &nbsp;&nbsp; 49725674 |
| First Trust Small Cap Growth AlphaDEX<sup>®</sup> Fund | 334049217 | &nbsp;&nbsp; 204973879 |

---

**5. Creations, Redemptions and Transaction Fees**

Each Fund generally issues and redeems its shares in primary market transactions through a creation and redemption mechanism and does not sell or redeem individual shares. Instead, financial entities known as "Authorized Participants" have contractual arrangements with a Fund or one of the Fund's service providers to purchase and redeem Fund shares directly with the Fund in Creation Units. Prior to the start of trading on every business day, a Fund publishes through the National Securities Clearing Corporation the "basket" of securities, cash or other assets that it will accept in exchange for a Creation Unit of the Fund's shares. An Authorized Participant that wishes to effectuate a creation of a Fund's shares deposits with the Fund the "basket" of securities, cash or other assets identified by the Fund that day, and then receives the Creation Unit of the Fund's shares in return for those assets. After purchasing a Creation Unit, the Authorized Participant may continue to hold the Fund's shares or sell them in the secondary market. The redemption process is the reverse of the purchase process: the Authorized Participant redeems a Creation Unit of a Fund's shares for a basket of securities, cash or other assets. The combination of the creation and redemption process with secondary market trading in a Fund's shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of a Fund's shares at or close to the NAV per share of the Fund.

Each Fund imposes fees in connection with the purchase of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price for each Creation Unit will equal the daily NAV per share of a Fund times the number of shares in a Creation Unit, plus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the creation basket.

Each Fund also imposes fees in connection with the redemption of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price received for each Creation Unit will equal the daily NAV per share of a Fund times the number of shares in a Creation Unit, minus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the redemption basket. Investors who use the services of a broker or other such intermediary in addition to an Authorized Participant to effect a redemption of a Creation Unit may also be assessed an amount to cover the cost of such services. The redemption fee charged by a Fund will comply with Rule 22c-2 of the 1940 Act which limits redemption fees to no more than 2% of the value of the shares redeemed.

**6. Distribution Plan** 

The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the Funds are authorized to pay an amount up to 0.25% of their average daily net assets each year to reimburse FTP, the distributor of the Funds, for amounts expended to finance activities primarily intended to result in the sale of Creation Units or the

------

**Notes to Financial Statements (Continued)**

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

**Style Funds**

**July 31, 2025**

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 November 30, 2026.

**7. Indemnification**

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

**8. Subsequent Events**

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there 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:**

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

We have audited the accompanying statements of assets and liabilities of First Trust Large Cap Core AlphaDEX<sup>®</sup> Fund, First Trust Mid Cap Core AlphaDEX<sup>®</sup> Fund, First Trust Small Cap Core AlphaDEX<sup>®</sup> Fund, First Trust Large Cap Value AlphaDEX<sup>®</sup> Fund, First Trust Large Cap Growth AlphaDEX<sup>®</sup> Fund, First Trust Multi Cap Value AlphaDEX<sup>®</sup> Fund, First Trust Multi Cap Growth AlphaDEX<sup>®</sup> Fund, First Trust Mid Cap Value AlphaDEX<sup>®</sup> Fund, First Trust Mid Cap Growth AlphaDEX<sup>®</sup> Fund, First Trust Small Cap Value AlphaDEX<sup>®</sup> Fund, and First Trust Small Cap Growth AlphaDEX<sup>®</sup> Fund (the "Funds"), each a series of the First Trust Exchange-Traded AlphaDEX<sup>®</sup> Fund, including the portfolios of investments, as of July 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 July 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 July 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

September 19, 2025

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**

**Style Funds**

**July 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 July 31, 2025.

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

There were no matters submitted for vote by shareholders of any Fund during the fiscal year ended July 31, 2025.

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

For the Non-Unitary Fee Funds (as defined in the Notes to Financial Statements), the applicable aggregate remuneration paid by each Fund during the period covered by the report is included in the Statements of Operations. For the Unitary Fee Funds (as defined in the Notes to Financial Statements), Independent Trustees and any member of any advisory board of each Fund are compensated through the unitary management fee paid by each Fund to the advisor and not directly by each Fund. The investment advisory fee paid is included in the Statements of Operations.

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

The Board of Trustees of First Trust Exchange-Traded AlphaDEX<sup>®</sup> Fund (the "Trust"), including the Independent Trustees, unanimously approved the continuation of the Investment Management Agreements (as applicable to a specific Fund, the "Agreement" and collectively, the "Agreements") with First Trust Advisors L.P. (the "Advisor") on behalf of the following series of the Trust (each a "Fund" and collectively, the "Funds"):

First Trust Large Cap Core AlphaDEX<sup>®</sup> Fund (FEX)

First Trust Large Cap Growth AlphaDEX<sup>®</sup> Fund (FTC)

First Trust Large Cap Value AlphaDEX<sup>®</sup> Fund (FTA)

First Trust Mid Cap Core AlphaDEX<sup>®</sup> Fund (FNX)

First Trust Mid Cap Growth AlphaDEX<sup>®</sup> Fund (FNY)

First Trust Mid Cap Value AlphaDEX<sup>®</sup> Fund (FNK)

First Trust Multi Cap Growth AlphaDEX<sup>®</sup> Fund (FAD)

First Trust Multi Cap Value AlphaDEX<sup>®</sup> Fund (FAB)

First Trust Small Cap Core AlphaDEX<sup>®</sup> Fund (FYX)

First Trust Small Cap Growth AlphaDEX<sup>®</sup> Fund (FYC)

First Trust Small Cap Value AlphaDEX<sup>®</sup> Fund (FYT)

The Board approved the continuation of the Agreement for each Fund for a one-year period ending June 30, 2026 at a meeting held on June 8–9, 2025. The Board determined for each Fund that the continuation of the Agreement is in the best interests of the Fund in light of the nature, extent and quality of the services provided and such other matters as the Board considered to be relevant in the exercise of its business judgment.

To reach this determination for each Fund, the Board considered its duties under the Investment Company Act of 1940, as amended (the "1940 Act"), as well as under the general principles of state law, in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisors with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. At meetings held on April 22, 2025 and June 8–9, 2025, the Board, including the Independent Trustees, reviewed materials provided by the Advisor responding to requests for information from counsel to the Independent Trustees, submitted on behalf of the Independent Trustees, that, among other things, outlined: the services provided by the Advisor to each Fund (including the relevant personnel responsible for these services and their experience); the advisory or unitary fee rate schedule payable by each Fund as compared to fees charged to a peer group of funds (the "Expense Group") and a broad peer universe of funds (the "Expense Universe"), each assembled by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent source, and as compared to fees charged to other clients of the Advisor, including other exchange-traded funds ("ETFs") managed by the Advisor; the expense ratio of each Fund as compared to expense ratios of the funds in the Fund's Expense Group and Expense Universe; performance information for each Fund, including comparisons of each Fund's performance to that of one or more relevant benchmark indexes and to that of a performance group of funds and a broad performance universe of funds (the "Performance Universe"), each assembled by Broadridge; the nature of expenses incurred in providing services to each Fund and the potential for the Advisor to realize economies of scale, if any; profitability and other financial data for the Advisor; any indirect benefits to the Advisor

------

**Other Information (Continued)**

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

**Style Funds**

**July 31, 2025 (Unaudited)**

and its affiliate, First Trust Portfolios L.P. ("FTP"); and information on the Advisor's compliance program. The Board reviewed initial materials with the Advisor at the meeting held on April 22, 2025, prior to which the Independent Trustees and their counsel met separately to discuss the information provided by the Advisor. Following the April meeting, counsel to the Independent Trustees, on behalf of the Independent Trustees, requested certain clarifications and supplements to the materials provided, and the information provided in response to those requests was considered at an executive session of the Independent Trustees and their counsel held prior to the June 8–9, 2025 meeting, as well as at the June meeting. The Board applied its business judgment to determine whether the arrangement between the Trust and the Advisor continues to be a reasonable business arrangement from each Fund's perspective. The Board determined that, given the totality of the information provided with respect to the Agreements, the Board had received sufficient information to renew the Agreements. The Board considered that shareholders chose to invest or remain invested in a Fund knowing that the Advisor manages the Fund and knowing the Fund's advisory or unitary fee.

In reviewing the Agreement for each Fund, the Board considered the nature, extent and quality of the services provided by the Advisor under the Agreement. The Board considered that the Advisor is responsible for the overall management and administration of the Trust and each Fund and reviewed all of the services provided by the Advisor to the Funds, as well as the background and experience of the persons responsible for such services. In reviewing the services provided, the Board noted the compliance program that had been developed by the Advisor and considered that it includes a robust program for monitoring the Advisor's and each Fund's compliance with the 1940 Act, as well as each Fund's compliance with its investment objective, policies and restrictions. The Board also considered a report from the Advisor with respect to its risk management functions related to the operation of the Funds. Finally, as part of the Board's consideration of the Advisor's services, the Advisor, in its written materials and at the April 22, 2025 meeting, described to the Board the scope of its ongoing investment in additional personnel and infrastructure to maintain and improve the quality of services provided to the Funds and the other funds in the First Trust Fund Complex. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services provided to the Trust and each Fund by the Advisor under the Agreements have been and are expected to remain satisfactory and that the Advisor has managed each Fund consistent with its investment objective, policies and restrictions.

For FEX, FTC, FTA, FNX, FAD, FAB and FYX (the "Non-Unitary Fee Funds"), the Board considered the advisory fee rate schedule payable by each Non-Unitary Fee Fund under the applicable Agreement for the services provided. The Board considered that the Advisor agreed to extend the current expense cap for each Non-Unitary Fee Fund through November 30, 2026.

For FNY, FNK, FYC and FYT (the "Unitary Fee Funds"), the Board considered the unitary fee rate schedule payable by each Unitary Fee Fund under the applicable Agreement for the services provided. The Board considered that as part of the unitary fee the Advisor is responsible for each Unitary Fee Fund's expenses, including the cost of transfer agency, custody, fund administration, legal, audit and other services and license fees, if any, but excluding the fee payment under the applicable Agreement and interest, taxes, acquired fund fees and expenses, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses, if any.

The Board received and reviewed information showing the fee rates and expense ratios of the peer funds in the Expense Groups, as well as advisory and unitary fee rates charged by the Advisor to other fund (including ETFs) and non-fund clients, as applicable. Because each Fund's Expense Group included peer funds that pay a unitary fee and because each Unitary Fee Fund pays a unitary fee, the Board determined that expense ratios were the most relevant comparative data point. Based on the information provided, the Board noted that the total (net) expense ratio for each Fund was above the median total (net) expense ratio of the peer funds in its respective Expense Group. With respect to the Expense Groups, the Board discussed with the Advisor limitations in creating peer groups for index ETFs, including differences in underlying indexes and index-tracking methodologies that can result in greater management complexities across seemingly comparable ETFs, and different business models that may affect the pricing of services among ETF sponsors. The Board took these limitations and differences into account in considering the peer data. With respect to fees charged to other non-ETF clients, the Board considered differences between the Funds and other non-ETF clients that limited their comparability. In considering the advisory and unitary fee rate schedules overall, the Board also considered the Advisor's statement that it seeks to meet investor needs through innovative and value-added investment solutions and the Advisor's demonstrated long-term commitment to each Fund and the other funds in the First Trust Fund Complex.

The Board considered performance information for each Fund. The Board noted the process it has established for monitoring each Fund's performance and portfolio risk on an ongoing basis, which includes quarterly performance reporting from the Advisor for the Funds. The Board determined that this process continues to be effective for reviewing each Fund's performance. The Board received and reviewed information for periods ended December 31, 2024 regarding the performance of each Fund's underlying index, the

------

**Other Information (Continued)**

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

**Style Funds**

**July 31, 2025 (Unaudited)**

correlation between each Fund's performance and that of its underlying index, each Fund's tracking difference and each Fund's excess return as compared to its benchmark index. The Board noted that, effective April 8, 2016, each Fund changed its underlying index to an index developed and maintained by Nasdaq, Inc. using the AlphaDEX<sup>®</sup> stock selection methodology, and that the performance information included a blend of the old and new indexes. The Board considered the Advisor's explanations of how the AlphaDEX<sup>®</sup> stock selection methodology impacts Fund performance in various market environments, and the Advisor's statement that AlphaDEX<sup>®</sup> is designed to provide long-term outperformance. Based on the information provided and its ongoing review of performance, the Board concluded that each Fund was correlated to its underlying index and that the tracking difference for each Fund was within a reasonable range. In addition, the Board reviewed data prepared by Broadridge comparing each Fund's performance to that of its respective Performance Universe and to that of a benchmark index. However, given each Fund's objective of seeking investment results that correspond generally to the performance of its underlying index, the Board placed more emphasis on its review of correlation and tracking difference.

On the basis of all the information provided on the fees, expenses and performance of each Fund and the ongoing oversight by the Board, the Board concluded that the advisory or unitary fee for each Fund continues to be reasonable and appropriate in light of the nature, extent and quality of the services provided by the Advisor to each Fund under the Agreements.

The Board considered information and discussed with the Advisor whether there were any economies of scale in connection with providing advisory services to the Funds at current asset levels and whether the Funds may benefit from any economies of scale. The Board noted that the advisory or unitary fee rate schedule for each Fund includes breakpoints pursuant to which the advisory or unitary fee rate will be reduced as assets of the Fund meet certain thresholds. The Board considered the Advisor's statement that it believes that its expenses relating to providing advisory services to the Funds will increase during the next twelve months as the Advisor continues to build infrastructure and add new staff. For the Non-Unitary Fee Funds, the Board concluded that the advisory fee rate schedule for each Fund reflects an appropriate level of sharing of any economies of scale that may be realized in the management of the Fund at current asset levels. For the Unitary Fee Funds, the Board also noted that under the unitary fee structure, any reduction in expenses associated with the management and operations of the Unitary Fee Funds would benefit the Advisor, but that the unitary fee structure provides a level of certainty in expenses for shareholders of the Unitary Fee Funds. The Board concluded that the unitary fee rate schedule for each Unitary Fee Fund reflects an appropriate level of sharing of any economies of scale that may be realized in the management of the Fund at current asset levels. The Board considered the revenues and allocated costs (including the allocation methodology) of the Advisor in serving as investment advisor to each Fund for the twelve months ended December 31, 2024 and the estimated profitability level for each Fund calculated by the Advisor based on such data, as well as complex-wide and product-line profitability data, for the same period. The Board noted the inherent limitations in the profitability analysis and concluded that, based on the information provided, the Advisor's profitability level for each Fund was not unreasonable. In addition, the Board considered indirect benefits described by the Advisor that may be realized from its relationship with the Funds. The Board considered that the Advisor had identified as an indirect benefit to the Advisor and FTP their exposure to investors and brokers who, absent their exposure to the Funds, may have had no dealings with the Advisor or FTP, and noted that the Advisor does not utilize soft dollars in connection with the Funds. The Board concluded that the character and amount of potential indirect benefits to the Advisor were not unreasonable.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, unanimously determined that the terms of the Agreements continue to be fair and reasonable and that the continuation of the Agreements is in the best interests of each Fund. No single factor was determinative in the Board's analysis.

**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 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 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, 2024, the amount of remuneration paid (or to be paid) by First Trust Advisors L.P. in respect of the Funds is $2,924,136. This figure is comprised of $117,864 paid (or to be paid) in fixed compensation and $2,806,272 paid (or to be paid) in variable compensation. There were a total of 24 beneficiaries of the remuneration described above. Those amounts include

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**Other Information (Continued)**

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

**Style Funds**

**July 31, 2025 (Unaudited)**

$1,532,849 paid (or to be paid) to senior management of First Trust Advisors L.P. and $1,391,287 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 July 31, 2025, the following percentages of income dividends paid by the Funds qualify for the dividends received deduction available to corporations:

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

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| | |
|:---|:---|
|  | Dividends Received <br>Deduction<br>|
| First Trust Large Cap Core AlphaDEX<sup>®</sup> Fund | 100.00<br> %<br>|
| First Trust Mid Cap Core AlphaDEX<sup>®</sup> Fund | 100.00<br> %<br>|
| First Trust Small Cap Core AlphaDEX<sup>®</sup> Fund | 94.29<br> %<br>|
| First Trust Large Cap Value AlphaDEX<sup>®</sup> Fund | 100.00<br> %<br>|
| First Trust Large Cap Growth AlphaDEX<sup>®</sup> Fund | 100.00<br> %<br>|
| First Trust Multi Cap Value AlphaDEX<sup>®</sup> Fund | 100.00<br> %<br>|
| First Trust Multi Cap Growth AlphaDEX<sup>®</sup> Fund | 100.00<br> %<br>|
| First Trust Mid Cap Value AlphaDEX<sup>®</sup> Fund | 100.00<br> %<br>|
| First Trust Mid Cap Growth AlphaDEX<sup>®</sup> Fund | 100.00<br> %<br>|
| First Trust Small Cap Value AlphaDEX<sup>®</sup> Fund | 95.98<br> %<br>|
| First Trust Small Cap Growth AlphaDEX<sup>®</sup> Fund | 71.57<br> %<br>|

---

For the taxable year ended July 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 Large Cap Core AlphaDEX<sup>®</sup> Fund | 100.00<br> %<br>|
| First Trust Mid Cap Core AlphaDEX<sup>®</sup> Fund | 100.00<br> %<br>|
| First Trust Small Cap Core AlphaDEX<sup>®</sup> Fund | 94.29<br> %<br>|

---

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**Other Information (Continued)**

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

**Style Funds**

**July 31, 2025 (Unaudited)**

---

| | |
|:---|:---|
|  | Qualified Dividend<br> Income<br>|
| First Trust Large Cap Value AlphaDEX<sup>®</sup> Fund | 100.00<br> %<br>|
| First Trust Large Cap Growth AlphaDEX<sup>®</sup> Fund | 100.00<br> %<br>|
| First Trust Multi Cap Value AlphaDEX<sup>®</sup> Fund | 100.00<br> %<br>|
| First Trust Multi Cap Growth AlphaDEX<sup>®</sup> Fund | 100.00<br> %<br>|
| First Trust Mid Cap Value AlphaDEX<sup>®</sup> Fund | 100.00<br> %<br>|
| First Trust Mid Cap Growth AlphaDEX<sup>®</sup> Fund | 100.00<br> %<br>|
| First Trust Small Cap Value AlphaDEX<sup>®</sup> Fund | 100.00<br> %<br>|
| First Trust Small Cap Growth AlphaDEX<sup>®</sup> Fund | 71.57<br> %<br>|

---

A portion of each of the Funds' 2025 ordinary dividends (including short-term capital gains) paid to its shareholders during the fiscal year ended July 31, 2025, may be eligible for the Qualified Business Income (QBI) Deduction under the Internal Revenue Code of 1986, as amended, Section 199A for the aggregate dividends each Fund received from the underlying Real Estate Investment Trusts (REITs) these Funds invest in.

**Disclaimer**

Nasdaq<sup>®</sup>, Nasdaq AlphaDEX Large Cap Core<sup>TM</sup> Index, Nasdaq AlphaDEX Mid Cap Core<sup>TM</sup> Index, Nasdaq AlphaDEX Small Cap Core<sup>TM</sup> Index, Nasdaq AlphaDEX Large Cap Value<sup>TM</sup> Index, Nasdaq AlphaDEX Large Cap Growth<sup>TM</sup> Index, Nasdaq AlphaDEX Multi Cap Value<sup>TM</sup> Index, Nasdaq AlphaDEX Multi Cap Growth<sup>TM</sup> Index, Nasdaq AlphaDEX Mid Cap Value<sup>TM</sup> Index, Nasdaq AlphaDEX Mid Cap Growth<sup>TM</sup> Index, Nasdaq AlphaDEX Small Cap Value<sup>TM</sup> Index and Nasdaq AlphaDEX Small Cap Growth<sup>TM</sup> Index ("the Nasdaq Indexes") are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the "Corporations") and are licensed for use by First Trust. AlphaDEX<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 Indexes. The Funds have not been passed on by the Corporations as to their legality or suitability. The Funds are not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUNDS.

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(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

---

| | |
|:---|:---|
| 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>October 7, 2025</u>

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

---

| | |
|:---|:---|
| By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;/s/ James M. Dykas |
|  | &nbsp;&nbsp;&nbsp;James M. Dykas, President and Chief Executive Officer<br> (principal executive officer) |

---

Date: <u>October 7, 2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;/s/ Derek D. Maltbie |
|  | &nbsp;&nbsp;&nbsp;Derek D. Maltbie, Treasurer, Chief Financial Officer <br> and Chief Accounting Officer<br> (principal financial officer) |

---

Date: <u>October 7, 2025</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:

1. I have reviewed this report on Form N-CSR of First Trust Exchange-Traded AlphaDEX<sup>®</sup> Fund;

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;

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;

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

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: | October 7, 2025 | &nbsp;&nbsp;&nbsp;/s/ James M. Dykas |
|  |  | &nbsp;&nbsp;&nbsp;James M. Dykas, President and Chief Executive Officer<br> (principal executive officer) |

---

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 <br> of the Sarbanes-Oxley Act**

I, Derek D. Maltbie, certify that:

1. I have reviewed this report on Form N-CSR of First Trust Exchange-Traded AlphaDEX® Fund;

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;

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;

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

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: | October 7, 2025 | &nbsp;&nbsp;&nbsp;/s/ Derek D. Maltbie |
|  |  | &nbsp;&nbsp;&nbsp;Derek D. Maltbie, Treasurer, Chief Financial Officer <br> and Chief Accounting Officer<br> (principal financial officer) |

---

## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 <br> of the Sarbanes-Oxley Act**

I, James M. Dykas, President and Chief Executive Officer of First Trust Exchange-Traded AlphaDEX<sup>®</sup> Fund (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: | October 7, 2025 | &nbsp;&nbsp;&nbsp;/s/ James M. Dykas |
|  |  | &nbsp;&nbsp;&nbsp;James M. Dykas, President and Chief Executive Officer<br> (principal executive officer) |

---

I, Derek D. Maltbie, Treasurer, Controller, Chief Financial Officer and Chief Accounting Officer of First Trust Exchange-Traded AlphaDEX<sup>®</sup> Fund (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: | October 7, 2025 | &nbsp;&nbsp;&nbsp;/s/ Derek D. Maltbie |
|  |  | &nbsp;&nbsp;&nbsp;Derek D. Maltbie, Treasurer, Chief Financial Officer <br> and Chief Accounting Officer<br> (principal financial officer) |

---