0001383496 ftetaf:SAndPMidCap400GrowthIndexMember 2023-07-31
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
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:
Date of reporting period:
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Shareolders.
(a) Following is a copy of the annual reports transmitted to shareholders pursuant to Rule 30e-1 under the Act.
First Trust Consumer Discretionary
AlphaDEX® Fund
FXD | NYSE ARCA, INC.
ANNUAL SHAREHOLDER REPORT | July 31, 2024
This annual shareholder report contains important information about the First Trust Consumer Discretionary AlphaDEX® Fund (the “Fund”) for the year of August 1, 2023 to July 31, 2024 (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.
This report describes changes to the Fund that occurred during the Period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| First Trust Consumer Discretionary AlphaDEX® Fund | $63 | 0.61% |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 6.47% during the 12 months ended July 31, 2024. The Fund underperformed its benchmark, the S&P 500® Consumer Discretionary Index, which returned 12.21% for the same Period.
The greatest industry allocation in the Fund during the Period was to Hotels, Restaurants & Leisure, which received an allocation of 19.4%. Specialty Retail followed closely with an allocation of 16.8%. Investments within the Hotels, Restaurants & Leisure industry accounted for 1.1% of the Fund’s return. A greater contribution came from investments in Household Durables. This industry’s average weight was 8.7% during the Period and contributed 3.2% to the Fund’s overall return. The most significant drag on the Fund came from the allocation to Ground Transportation, particularly Avis Budget Group, Inc. and Hertz Global Holdings, Inc. The investment in Avis caused a -0.5% drag, while Hertz accounted for a
-1.8% drag on Fund performance. The Ground Transportation industry as a whole received an allocation of 4.4%, which caused a cumulative drag of
-1.6% on Fund performance.
FUND PERFORMANCE (July 31, 2014 to July 31, 2024)
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
| Average Annual Total Returns (as of July 31, 2024) | 1 Year | 5 Year | 10 Year |
| First Trust Consumer Discretionary AlphaDEX® Fund | 6.47% | 7.83% | 7.46% |
| StrataQuant® Consumer Discretionary Index | 7.13% | 8.48% | 8.13% |
| Russell 1000® Index | 21.50% | 14.59% | 12.86% |
| S&P 500® Consumer Discretionary Index | 12.21% | 10.69% | 12.58% |
| Russell 1000® Consumer Discretionary Index | 14.19% | 11.38% | 12.55% |
| Russell 3000® Index | 21.07% | 14.23% | 12.58% |
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, 2024)
| Fund net assets | $1,481,355,260% |
| Total number of portfolio holdings | $122% |
| Total advisory fee paid | $7,143,614% |
| Portfolio turnover rate | $84% |
WHAT DID THE FUND INVEST IN? (As of July 31, 2024)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
| D.R. Horton, Inc. | 1.7% |
| Toll Brothers, Inc. | 1.7% |
| PulteGroup, Inc. | 1.6% |
| Lennar Corp., Class A | 1.6% |
| Harley-Davidson, Inc. | 1.5% |
| Fox Corp., Class A | 1.5% |
| Spotify Technology S.A. | 1.5% |
| Lithia Motors, Inc. | 1.5% |
| Burlington Stores, Inc. | 1.5% |
| Carvana Co. | 1.4% |
HOW HAS THE FUND MATERIALLY CHANGED?
This is a summary of certain changes to the Fund since August 1, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at www.ftportfolios.com/fund-documents/etf/FXD or upon request at 1-800-621-1675 or info@ftportfolios.com.
The Fund’s investments will change as its tracking index changes and, as a result, the Fund may have significant investments in various jurisdictions or investment sectors from time to time, making the Fund subject to the risks of such jurisdictions or investment sectors.
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®” 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®, Russell 1000® and Russell 3000® are all registered trademarks of Frank Russell Company. Russell 1000® and Russell 3000® are being utilized in the indices under license. These trademarks have been licensed along with the StrataQuant® Consumer Discretionary Index (“Index”) for use by First Trust Portfolios L.P. (“FTP”) in connection with the First Trust Consumer Discretionary AlphaDEX® 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 Staples
AlphaDEX® Fund
FXG | NYSE ARCA, INC.
ANNUAL SHAREHOLDER REPORT | July 31, 2024
This annual shareholder report contains important information about the First Trust Consumer Staples AlphaDEX® Fund (the “Fund”) for the year of August 1, 2023 to July 31, 2024 (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.
This report describes changes to the Fund that occurred during the Period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| First Trust Consumer Staples AlphaDEX® Fund | $63 | 0.62% |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 4.69% during the 12 months ended July 31, 2024. The Fund underperformed its benchmark, the S&P 500® Consumer Staples Index, which returned 7.93% for the same Period.
The Food Products industry received a 51.4% allocation in the Fund during the Period. This allocation was the highest of any industry in the Fund but contributed only 0.2% to the Fund’s overall return. The greatest contribution to the Fund’s return came from the 15.8% allocation to Consumer Staples Distribution & Retail, with investments contributing 3.1% to the Fund’s return. Notably, the Health Care Providers & Services industry had a 1.9% contribution. This was driven primarily by a 4.0% allocation to McKesson Corp., which accounted for 1.7% of Fund performance for the Period. The most significant drag on Fund performance came from the Beverages industry, with investments in this industry carrying an average weight of 11.5% and causing -0.7% return.
FUND PERFORMANCE (July 31, 2014 to July 31, 2024)
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
| Average Annual Total Returns (as of July 31, 2024) | 1 Year | 5 Year | 10 Year |
| First Trust Consumer Staples AlphaDEX® Fund | 4.69% | 9.43% | 7.53% |
| StrataQuant® Consumer Staples Index | 5.37% | 10.08% | 8.19% |
| Russell 1000® Index | 21.50% | 14.59% | 12.86% |
| S&P 500® Consumer Staples Index | 7.93% | 9.33% | 9.49% |
| Russell 1000® Consumer Staples Index | 2.97% | 8.20% | 8.18% |
| Russell 3000® Index | 21.07% | 14.23% | 12.58% |
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, 2024)
| Fund net assets | $414,947,657% |
| Total number of portfolio holdings | $41% |
| Total advisory fee paid | $2,425,698% |
| Portfolio turnover rate | $67% |
WHAT DID THE FUND INVEST IN? (As of July 31, 2024)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
| Darling Ingredients, Inc. | 4.4% |
| Pilgrim’s Pride Corp. | 4.3% |
| McKesson Corp. | 4.3% |
| Molson Coors Beverage Co., Class B | 4.2% |
| Seaboard Corp. | 4.2% |
| Casey’s General Stores, Inc. | 4.1% |
| Bunge Global S.A. | 4.0% |
| Freshpet, Inc. | 3.8% |
| Kraft Heinz (The) Co. | 3.5% |
| Ingredion, Inc. | 3.5% |
HOW HAS THE FUND MATERIALLY CHANGED?
This is a summary of certain changes to the Fund since August 1, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at www.ftportfolios.com/fund-documents/etf/FXG or upon request at 1-800-621-1675 or info@ftportfolios.com.
The Fund’s investments will change as its tracking index changes and, as a result, the Fund may have significant investments in various jurisdictions or investment sectors from time to time, making the Fund subject to the risks of such jurisdictions or investment sectors.
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®” 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®, Russell 1000® and Russell 3000® are all registered trademarks of Frank Russell Company. Russell 1000® and Russell 3000® are being utilized in the indices under license. These trademarks have been licensed along with the StrataQuant® Consumer Staples Index (“Index”) for use by First Trust Portfolios L.P. (“FTP”) in connection with the First Trust Consumer Staples AlphaDEX® 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 Energy AlphaDEX® Fund
FXN | NYSE ARCA, INC.
ANNUAL SHAREHOLDER REPORT | July 31, 2024
This annual shareholder report contains important information about the First Trust Energy AlphaDEX® Fund (the “Fund”) for the year of August 1, 2023 to July 31, 2024 (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.
This report describes changes to the Fund that occurred during the Period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| First Trust Energy AlphaDEX® Fund | $63 | 0.61% |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 8.08% during the 12 months ended July 31, 2024. The Fund underperformed its benchmark, the S&P 500® Energy Index, which returned 10.15% for the same Period.
The Fund allocated 96.6% to the Energy sector, with 87.1% of that allocation going to the Oil, Gas & Consumable Fuels industry. This allocation generated a 10.7% return for the Fund. The greatest source of drag for the Fund came from its small allocation to the Industrials sector. The Fund allocated only 1.2% to this sector, investing in just two companies: ChargePoint Holdings, Inc. and Plug Power, Inc. Both companies performed poorly during the Period, contributing -2.1%.
FUND PERFORMANCE (July 31, 2014 to July 31, 2024)
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
| Average Annual Total Returns (as of July 31, 2024) | 1 Year | 5 Year | 10 Year |
| First Trust Energy AlphaDEX® Fund | 8.08% | 14.40% | -2.08% |
| StrataQuant® Energy Index | 8.74% | 15.16% | -1.52% |
| Russell 1000® Index | 21.50% | 14.59% | 12.86% |
| S&P 500® Energy Index | 10.15% | 13.84% | 3.86% |
| Russell 1000® Energy Index | 9.61% | 13.49% | 3.10% |
| Russell 3000® Index | 21.07% | 14.23% | 12.58% |
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, 2024)
| Fund net assets | $548,789,602% |
| Total number of portfolio holdings | $43% |
| Total advisory fee paid | $3,020,337% |
| Portfolio turnover rate | $60% |
WHAT DID THE FUND INVEST IN? (As of July 31, 2024)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
| NOV, Inc. | 4.5% |
| Valero Energy Corp. | 4.2% |
| Matador Resources Co. | 4.2% |
| Chord Energy Corp. | 4.2% |
| Civitas Resources, Inc. | 4.1% |
| Ovintiv, Inc. | 4.0% |
| HF Sinclair Corp. | 3.9% |
| Chesapeake Energy Corp. | 3.8% |
| APA Corp. | 3.5% |
| Chevron Corp. | 3.4% |
HOW HAS THE FUND MATERIALLY CHANGED?
This is a summary of certain changes to the Fund since August 1, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at www.ftportfolios.com/fund-documents/etf/FXN or upon request at 1-800-621-1675 or info@ftportfolios.com.
The Fund’s investments will change as its tracking index changes and, as a result, the Fund may have significant investments in various jurisdictions or investment sectors from time to time, making the Fund subject to the risks of such jurisdictions or investment sectors.
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®” 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®, Russell 1000® and Russell 3000® are all registered trademarks of Frank Russell Company. Russell 1000® and Russell 3000® are being utilized in the indices under license. These trademarks have been licensed along with the StrataQuant® Energy Index (“Index”) for use by First Trust Portfolios L.P. (“FTP”) in connection with the First Trust Energy AlphaDEX® 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 Financials AlphaDEX® Fund
FXO | NYSE ARCA, INC.
ANNUAL SHAREHOLDER REPORT | July 31, 2024
This annual shareholder report contains important information about the First Trust Financials AlphaDEX® Fund (the “Fund”) for the year of August 1, 2023 to July 31, 2024 (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.
This report describes changes to the Fund that occurred during the Period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| First Trust Financials AlphaDEX® Fund | $69 | 0.61% |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 25.17% during the 12 months ended July 31, 2024. The Fund underperformed its benchmark, the S&P 500® Financials Index, which returned 26.11% for the same Period.
The Banks industry carried an average weight of 35.2% in the Fund, which was the greatest allocation of any industry during the Period. The allocation to the Banks industry accounted for a 7.9% contribution to the Fund’s overall return, the highest of any industry during the Period. Two other industries that also had significant contributions to the Fund’s return were the Insurance industry, which had an allocation of 27.3% and contributed 6.7% to the Fund’s return, and the Capital Markets industry, which had an allocation of 23.3% and accounted for 6.2% of the Fund’s return. No industry allocation had a negative contribution to the Fund return during the Period.
FUND PERFORMANCE (July 31, 2014 to July 31, 2024)
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
| Average Annual Total Returns (as of July 31, 2024) | 1 Year | 5 Year | 10 Year |
| First Trust Financials AlphaDEX® Fund | 25.17% | 12.30% | 11.25% |
| StrataQuant® Financials Index | 26.05% | 13.05% | 12.00% |
| Russell 1000® Index | 21.50% | 14.59% | 12.86% |
| S&P 500® Financials Index | 26.11% | 11.44% | 11.44% |
| Russell 1000® Financials Index | 30.01% | 14.01% | 13.27% |
| Russell 3000® Index | 21.07% | 14.23% | 12.58% |
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, 2024)
| Fund net assets | $904,182,299% |
| Total number of portfolio holdings | $104% |
| Total advisory fee paid | $4,080,340% |
| Portfolio turnover rate | $75% |
WHAT DID THE FUND INVEST IN? (As of July 31, 2024)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
| Affiliated Managers Group, Inc. | 1.8% |
| Jefferies Financial Group, Inc. | 1.8% |
| KKR & Co., Inc. | 1.8% |
| MGIC Investment Corp. | 1.8% |
| Ally Financial, Inc. | 1.7% |
| Goldman Sachs Group (The), Inc. | 1.7% |
| Cincinnati Financial Corp. | 1.7% |
| Janus Henderson Group PLC | 1.7% |
| Berkshire Hathaway, Inc., Class B | 1.6% |
| Assured Guaranty Ltd. | 1.6% |
HOW HAS THE FUND MATERIALLY CHANGED?
This is a summary of certain changes to the Fund since August 1, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at www.ftportfolios.com/fund-documents/etf/FXO or upon request at 1-800-621-1675 or info@ftportfolios.com.
The Fund’s investments will change as its tracking index changes and, as a result, the Fund may have significant investments in various jurisdictions or investment sectors from time to time, making the Fund subject to the risks of such jurisdictions or investment sectors.
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®” 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®, Russell 1000® and Russell 3000® are all registered trademarks of Frank Russell Company. Russell 1000® and Russell 3000® are being utilized in the indices under license. These trademarks have been licensed along with the StrataQuant® Financials Index (“Index”) for use by First Trust Portfolios L.P. (“FTP”) in connection with the First Trust Financials AlphaDEX® 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 Health Care AlphaDEX® Fund
FXH | NYSE ARCA, INC.
ANNUAL SHAREHOLDER REPORT | July 31, 2024
This annual shareholder report contains important information about the First Trust Health Care AlphaDEX® Fund (the “Fund”) for the year of August 1, 2023 to July 31, 2024 (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.
This report describes changes to the Fund that occurred during the Period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| First Trust Health Care AlphaDEX® Fund | $61 | 0.60% |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 2.95% during the 12 months ended July 31, 2024. The Fund underperformed its benchmark, the S&P 500® Health Care Index, which returned 13.48% for the same Period.
The Health Care Providers & Services industry and Biotechnology industry had the two largest weights of any industry during the Period, at 28.8% and 21.2%, respectively. The Health Care Providers & Services industry also had the largest positive contribution to the Fund’s return of any industry, contributing 4.7%. The largest drag on Fund performance came from the Health Care Equipment & Supplies industry, which contributed ‑5.5% during the Period.
FUND PERFORMANCE (July 31, 2014 to July 31, 2024)
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
| Average Annual Total Returns (as of July 31, 2024) | 1 Year | 5 Year | 10 Year |
| First Trust Health Care AlphaDEX® Fund | 2.95% | 7.20% | 7.54% |
| StrataQuant® Health Care Index | 3.58% | 7.89% | 8.24% |
| Russell 1000® Index | 21.50% | 14.59% | 12.86% |
| S&P 500® Health Care Index | 13.48% | 12.48% | 11.35% |
| Russell 1000® Health Care Index | 13.05% | 12.02% | 11.33% |
| Russell 3000® Index | 21.07% | 14.23% | 12.58% |
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, 2024)
| Fund net assets | $1,266,312,573% |
| Total number of portfolio holdings | $79% |
| Total advisory fee paid | $6,420,544% |
| Portfolio turnover rate | $98% |
WHAT DID THE FUND INVEST IN? (As of July 31, 2024)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
| Centene Corp. | 2.5% |
| Universal Health Services, Inc., Class B | 2.5% |
| Viatris, Inc. | 2.4% |
| Tenet Healthcare Corp. | 2.4% |
| Premier, Inc., Class A | 2.4% |
| Jazz Pharmaceuticals PLC | 2.2% |
| Roivant Sciences Ltd. | 2.2% |
| DaVita, Inc. | 2.1% |
| United Therapeutics Corp. | 2.1% |
| Elevance Health, Inc. | 2.1% |
Any amount shown as 0.0% represents less than 0.1%.
HOW HAS THE FUND MATERIALLY CHANGED?
This is a summary of certain changes to the Fund since August 1, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at www.ftportfolios.com/fund-documents/etf/FXH or upon request at 1-800-621-1675 or info@ftportfolios.com.
The Fund’s investments will change as its tracking index changes and, as a result, the Fund may have significant investments in various jurisdictions or investment sectors from time to time, making the Fund subject to the risks of such jurisdictions or investment sectors.
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®” 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®, Russell 1000® and Russell 3000® are all registered trademarks of Frank Russell Company. Russell 1000® and Russell 3000® are being utilized in the indices under license. These trademarks have been licensed along with the StrataQuant® Health Care Index (“Index”) for use by First Trust Portfolios L.P. (“FTP”) in connection with the First Trust Health Care AlphaDEX® 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 Industrials/Producer Durables
AlphaDEX® Fund
FXR | NYSE ARCA, INC.
ANNUAL SHAREHOLDER REPORT | July 31, 2024
This annual shareholder report contains important information about the First Trust Industrials/Producer Durables AlphaDEX® Fund (the “Fund”) for the year of August 1, 2023 to July 31, 2024 (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.
This report describes changes to the Fund that occurred during the Period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| First Trust Industrials/Producer Durables AlphaDEX® Fund | $66 | 0.60% |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 19.26% during the 12 months ended July 31, 2024. The Fund outperformed its benchmark, the S&P 500® Industrials Index, which returned 17.77% for the same Period.
The Machinery industry had the greatest allocation in the Fund with an average weight of 16.7% and contributed 3.0% to the Fund’s overall return. The largest positive contribution to the Fund’s return came from the Building Products industry, which contributed 3.5%. Several industries negatively impacted the Fund’s return slightly by -0.2%, including the Paper & Forest Products industry, Air Freight & Logistics industry, and the Banks industry. These are the largest negative return contributions to the Fund.
FUND PERFORMANCE (July 31, 2014 to July 31, 2024)
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
| Average Annual Total Returns (as of July 31, 2024) | 1 Year | 5 Year | 10 Year |
| First Trust Industrials/Producer Durables AlphaDEX® Fund | 19.26% | 12.57% | 10.52% |
| StrataQuant® Industrials Index | 20.06% | 13.34% | 11.26% |
| Russell 1000® Index | 21.50% | 14.59% | 12.86% |
| S&P 500® Industrials Index | 17.77% | 12.44% | 11.38% |
| Russell 1000® Industrials Index | 18.15% | 10.03% | 10.55% |
| Russell 3000® Index | 21.07% | 14.23% | 12.58% |
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, 2024)
| Fund net assets | $1,945,864,599% |
| Total number of portfolio holdings | $139% |
| Total advisory fee paid | $8,842,921% |
| Portfolio turnover rate | $78% |
WHAT DID THE FUND INVEST IN? (As of July 31, 2024)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
| Howmet Aerospace, Inc. | 1.4% |
| Builders FirstSource, Inc. | 1.4% |
| Gates Industrial Corp. PLC | 1.3% |
| Allison Transmission Holdings, Inc. | 1.3% |
| Graphic Packaging Holding Co. | 1.3% |
| Brunswick Corp. | 1.3% |
| Schneider National, Inc., Class B | 1.3% |
| Snap-on, Inc. | 1.3% |
| Comfort Systems USA, Inc. | 1.3% |
| American Express Co. | 1.3% |
Any amount shown as 0.0% represents less than 0.1%.
HOW HAS THE FUND MATERIALLY CHANGED?
This is a summary of certain changes to the Fund since August 1, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at www.ftportfolios.com/fund-documents/etf/FXR or upon request at 1-800-621-1675 or info@ftportfolios.com.
The Fund’s investments will change as its tracking index changes and, as a result, the Fund may have significant investments in various jurisdictions or investment sectors from time to time, making the Fund subject to the risks of such jurisdictions or investment sectors.
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®” 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®, Russell 1000® and Russell 3000® are all registered trademarks of Frank Russell Company. Russell 1000® and Russell 3000® are being utilized in the indices under license. These trademarks have been licensed along with the StrataQuant® Industrials Index (“Index”) for use by First Trust Portfolios L.P. (“FTP”) in connection with the First Trust Industrials/Producer Durables AlphaDEX® 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 Materials AlphaDEX® Fund
FXZ | NYSE ARCA, INC.
ANNUAL SHAREHOLDER REPORT | July 31, 2024
This annual shareholder report contains important information about the First Trust Materials AlphaDEX® Fund (the “Fund”) for the year of August 1, 2023 to July 31, 2024 (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.
This report describes changes to the Fund that occurred during the Period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| First Trust Materials AlphaDEX® Fund | $61 | 0.61% |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 0.21% during the 12 months ended July 31, 2024. The Fund underperformed its benchmark, the S&P 500® Materials Index, which returned 9.71% for the same Period.
The industry with the greatest allocation in the Fund was the Chemicals industry, which carried an average weight of 53.6%. The Chemicals industry also contributed most negatively to the Fund’s overall return, at -3.4%. The largest positive contribution to the Fund’s return from a single industry was from the Metals & Mining industry, at 1.4%.
FUND PERFORMANCE (July 31, 2014 to July 31, 2024)
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
| Average Annual Total Returns (as of July 31, 2024) | 1 Year | 5 Year | 10 Year |
| First Trust Materials AlphaDEX® Fund | 0.21% | 13.78% | 9.16% |
| StrataQuant® Materials Index | 0.85% | 14.54% | 9.90% |
| Russell 1000® Index | 21.50% | 14.59% | 12.86% |
| S&P 500® Materials Index | 9.71% | 11.94% | 8.81% |
| Russell 1000® Basic Materials Index | 7.37% | 11.61% | 9.06% |
| Russell 3000® Index | 21.07% | 14.23% | 12.58% |
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, 2024)
| Fund net assets | $379,863,650% |
| Total number of portfolio holdings | $39% |
| Total advisory fee paid | $2,245,029% |
| Portfolio turnover rate | $53% |
WHAT DID THE FUND INVEST IN? (As of July 31, 2024)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
| United States Steel Corp. | 5.0% |
| Reliance, Inc. | 4.9% |
| Celanese Corp. | 4.8% |
| Nucor Corp. | 4.7% |
| Mosaic (The) Co. | 4.7% |
| Steel Dynamics, Inc. | 4.7% |
| FMC Corp. | 4.6% |
| NewMarket Corp. | 4.0% |
| Timken (The) Co. | 4.0% |
| Eastman Chemical Co. | 3.9% |
Any amount shown as 0.0% represents less than 0.1%.
HOW HAS THE FUND MATERIALLY CHANGED?
This is a summary of certain changes to the Fund since August 1, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at www.ftportfolios.com/fund-documents/etf/FXZ or upon request at 1-800-621-1675 or info@ftportfolios.com.
The Fund’s investments will change as its tracking index changes and, as a result, the Fund may have significant investments in various jurisdictions or investment sectors from time to time, making the Fund subject to the risks of such jurisdictions or investment sectors.
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®” 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®, Russell 1000® and Russell 3000® are all registered trademarks of Frank Russell Company. Russell 1000® and Russell 3000® are being utilized in the indices under license. These trademarks have been licensed along with the StrataQuant® Materials Index (“Index”) for use by First Trust Portfolios L.P. (“FTP”) in connection with the First Trust Materials AlphaDEX® 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 Technology AlphaDEX® Fund
FXL | NYSE ARCA, INC.
ANNUAL SHAREHOLDER REPORT | July 31, 2024
This annual shareholder report contains important information about the First Trust Technology AlphaDEX® Fund (the “Fund”) for the year of August 1, 2023 to July 31, 2024 (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.
This report describes changes to the Fund that occurred during the Period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| First Trust Technology AlphaDEX® Fund | $64 | 0.60% |
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, 2024. The Fund underperformed its benchmark, the S&P 500® Information Technology Index, which returned 35.20% for the same Period.
The Software industry received the greatest allocation at 38.4%, contributing 2.6% to the Fund’s return. The Semiconductors and Semiconductor Equipment industry was weighted at 19.1% and had the greatest contribution to the Fund’s return during the Period, contributing 3.8%. The largest drag on the Fund’s return came from the Financial Services industry. Although weighted at 1.0%, it contributed -0.2% to the Fund’s return during the Period.
FUND PERFORMANCE (July 31, 2014 to July 31, 2024)
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
| Average Annual Total Returns (as of July 31, 2024) | 1 Year | 5 Year | 10 Year |
| First Trust Technology AlphaDEX® Fund | 12.93% | 14.53% | 16.05% |
| StrataQuant Technology® Index | 13.24% | 15.20% | 16.69% |
| Russell 1000® Index | 21.50% | 14.59% | 12.86% |
| S&P 500® Information Technology Index | 35.20% | 25.81% | 22.34% |
| Russell 1000® Technology Index | 34.40% | 25.45% | 21.60% |
| Russell 3000® Index | 21.07% | 14.23% | 12.58% |
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, 2024)
| Fund net assets | $1,338,636,716% |
| Total number of portfolio holdings | $103% |
| Total advisory fee paid | $6,422,504% |
| Portfolio turnover rate | $119% |
WHAT DID THE FUND INVEST IN? (As of July 31, 2024)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
| ON Semiconductor Corp. | 1.9% |
| Concentrix Corp. | 1.9% |
| Cognizant Technology Solutions Corp., Class A | 1.9% |
| Palantir Technologies, Inc., Class A | 1.8% |
| Avnet, Inc. | 1.8% |
| GoDaddy, Inc., Class A | 1.7% |
| Arrow Electronics, Inc. | 1.7% |
| Toast, Inc., Class A | 1.7% |
| HashiCorp, Inc., Class A | 1.7% |
| Broadcom, Inc. | 1.7% |
HOW HAS THE FUND MATERIALLY CHANGED?
This is a summary of certain changes to the Fund since August 1, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at www.ftportfolios.com/fund-documents/etf/FXL or upon request at 1-800-621-1675 or info@ftportfolios.com.
The Fund’s investments will change as its tracking index changes and, as a result, the Fund may have significant investments in various jurisdictions or investment sectors from time to time, making the Fund subject to the risks of such jurisdictions or investment sectors.
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®” 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®, Russell 1000® and Russell 3000® are all registered trademarks of Frank Russell Company. Russell 1000® and Russell 3000® are being utilized in the indices under license. These trademarks have been licensed along with the StrataQuant® Technology Index (“Index”) for use by First Trust Portfolios L.P. (“FTP”) in connection with the First Trust Technology AlphaDEX® 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 Utilities AlphaDEX® Fund
FXU | NYSE ARCA, INC.
ANNUAL SHAREHOLDER REPORT | July 31, 2024
This annual shareholder report contains important information about the First Trust Utilities AlphaDEX® Fund (the “Fund”) for the year of August 1, 2023 to July 31, 2024 (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.
This report describes changes to the Fund that occurred during the Period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| First Trust Utilities AlphaDEX® Fund | $66 | 0.63% |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 10.15% during the 12 months ended July 31, 2024. The Fund underperformed its benchmark, the S&P 500® Utilities Index, which returned 12.36% for the same Period.
The greatest industry allocation in the Fund was 49.5% to the Electric Utilities industry. However, with just an 11.5% weight in the Fund, the Independent Power and Renewable Electricity Producers industry had the greatest contribution to the Fund’s overall return, with 5.4%. No industry in the Fund had a negative contribution to the Fund’s return.
FUND PERFORMANCE (July 31, 2014 to July 31, 2024)
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
| Average Annual Total Returns (as of July 31, 2024) | 1 Year | 5 Year | 10 Year |
| First Trust Utilities AlphaDEX® Fund | 10.15% | 6.72% | 7.47% |
| StrataQuant® Utilities Index | 10.90% | 7.42% | 8.18% |
| Russell 1000® Index | 21.50% | 14.59% | 12.86% |
| S&P 500® Utilities Index | 12.36% | 7.57% | 9.51% |
| Russell 1000® Utilities Index | 14.93% | 8.21% | 8.47% |
| Russell 3000® Index | 21.07% | 14.23% | 12.58% |
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, 2024)
| Fund net assets | $252,591,261% |
| Total number of portfolio holdings | $42% |
| Total advisory fee paid | $1,188,606% |
| Portfolio turnover rate | $53% |
WHAT DID THE FUND INVEST IN? (As of July 31, 2024)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
| Evergy, Inc. | 4.3% |
| Entergy Corp. | 4.3% |
| National Fuel Gas Co. | 4.3% |
| Exelon Corp. | 4.2% |
| Avangrid, Inc. | 3.9% |
| Brookfield Renewable Corp., Class A | 3.9% |
| NRG Energy, Inc. | 3.8% |
| Vistra Corp. | 3.6% |
| Pinnacle West Capital Corp. | 3.5% |
| Ameren Corp. | 3.5% |
Any amount shown as 0.0% represents less than 0.1%.
HOW HAS THE FUND MATERIALLY CHANGED?
This is a summary of certain changes to the Fund since August 1, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at www.ftportfolios.com/fund-documents/etf/FXU or upon request at 1-800-621-1675 or info@ftportfolios.com.
The Fund’s investments will change as its tracking index changes and, as a result, the Fund may have significant investments in various jurisdictions or investment sectors from time to time, making the Fund subject to the risks of such jurisdictions or investment sectors.
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®” 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®, Russell 1000® and Russell 3000® are all registered trademarks of Frank Russell Company. Russell 1000® and Russell 3000® are being utilized in the indices under license. These trademarks have been licensed along with the StrataQuant® Utilities Index (“Index”) for use by First Trust Portfolios L.P. (“FTP”) in connection with the First Trust Utilities AlphaDEX® 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 Large Cap Core AlphaDEX® Fund
FEX | NASDAQ, INC.
ANNUAL SHAREHOLDER REPORT | July 31, 2024
This annual shareholder report contains important information about the First Trust Large Cap Core AlphaDEX® Fund (the “Fund”) for the year of August 1, 2023 to July 31, 2024 (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.
This report describes changes to the Fund that occurred during the Period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| First Trust Large Cap Core AlphaDEX® Fund | $63 | 0.58% |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 15.89% for the 12 months ended July 31, 2024. The Fund underperformed its benchmark, the S&P 500® Index, which returned 22.15% for the same Period.
During the Period, the Fund allocated 17.0% to the Industrials sector, the largest allocation in the Period. The 16.7% allocation to the Financials sector contributed 4.4% to the Fund’s return, which was the greatest contribution of any sector. No sector allocation contributed significantly negatively to the Fund’s return during the Period.
FUND PERFORMANCE (July 31, 2014 to July 31, 2024)
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
| Average Annual Total Returns (as of July 31, 2024) | 1 Year | 5 Year | 10 Year |
| First Trust Large Cap Core AlphaDEX® Fund | 15.89% | 11.52% | 10.20% |
| Nasdaq AlphaDEX® Large Cap CoreTM Index(1) | 16.61% | 12.21% | N/A |
| Nasdaq US 500 Large CapTM Index(1) | 22.34% | 14.90% | N/A |
| S&P 500® Index | 22.15% | 15.00% | 13.15% |
| (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, 2024)
| Fund net assets | $1,242,041,572% |
| Total number of portfolio holdings | $377% |
| Total advisory fee paid | $5,707,633% |
| Portfolio turnover rate | $88% |
WHAT DID THE FUND INVEST IN? (As of July 31, 2024)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
| D.R. Horton, Inc. | 0.5% |
| First Citizens BancShares, Inc., Class A | 0.5% |
| Howmet Aerospace, Inc. | 0.5% |
| Lennar Corp., Class A | 0.5% |
| KKR & Co., Inc. | 0.5% |
| Iron Mountain, Inc. | 0.5% |
| Cognizant Technology Solutions Corp., Class A | 0.5% |
| Fox Corp., Class A | 0.5% |
| Cincinnati Financial Corp. | 0.5% |
| Snap-on, Inc. | 0.5% |
HOW HAS THE FUND MATERIALLY CHANGED?
This is a summary of certain changes to the Fund since August 1, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at www.ftportfolios.com/fund-documents/etf/FEX or upon request at 1-800-621-1675 or info@ftportfolios.com.
The Fund’s investments will change as its tracking index changes and, as a result, the Fund may have significant investments in various jurisdictions or investment sectors from time to time, making the Fund subject to the risks of such jurisdictions or investment sectors.
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® and Nasdaq AlphaDEX® Large Cap CoreTM Index (the “Index”) are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Advisors L.P. (“First Trust”). AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the 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® Fund
FNX | NASDAQ, INC.
ANNUAL SHAREHOLDER REPORT | July 31, 2024
This annual shareholder report contains important information about the First Trust Mid Cap Core AlphaDEX® Fund (the “Fund”) for the year of August 1, 2023 to July 31, 2024 (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.
This report describes changes to the Fund that occurred during the Period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| First Trust Mid Cap Core AlphaDEX® Fund | $63 | 0.58% |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 16.28% during the 12 months ended July 31, 2024. The Fund outperformed its benchmark, the S&P MidCap 400® Index, which returned 15.41% for the same Period.
During the Period, the Industrials sector received the largest allocation within the Fund, at 20.5%. This sector also generated the second largest contribution to the Fund’s return at 4.3%. The sector with the largest contribution to the Fund’s total return was the Financials sector, with a contribution of 4.4%. The least contributing sector to the Fund’s return for the Period was the Communication Services sector, which generated a ‑0.1% contribution to the Fund’s return.
FUND PERFORMANCE (July 31, 2014 to July 31, 2024)
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
| Average Annual Total Returns (as of July 31, 2024) | 1 Year | 5 Year | 10 Year |
| First Trust Mid Cap Core AlphaDEX® Fund | 16.28% | 12.05% | 9.84% |
| Nasdaq AlphaDEX® Mid Cap CoreTM Index(1) | 17.03% | 12.77% | N/A |
| Nasdaq US 600 Mid CapTM Index(1) | 13.28% | 9.51% | N/A |
| S&P MidCap 400® Index | 15.41% | 11.26% | 10.24% |
| Russell 3000® Index | 21.07% | 14.23% | 12.58% |
| (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, 2024)
| Fund net assets | $1,225,116,797% |
| Total number of portfolio holdings | $452% |
| Total advisory fee paid | $5,485,317% |
| Portfolio turnover rate | $103% |
WHAT DID THE FUND INVEST IN? (As of July 31, 2024)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
| M/I Homes, Inc. | 0.5% |
| Meritage Homes Corp. | 0.4% |
| Group 1 Automotive, Inc. | 0.4% |
| Liberty Broadband Corp., Class C | 0.4% |
| KB Home | 0.4% |
| Rush Enterprises, Inc., Class A | 0.4% |
| Tri Pointe Homes, Inc. | 0.4% |
| Taylor Morrison Home Corp. | 0.4% |
| Sprouts Farmers Market, Inc. | 0.4% |
| Radian Group, Inc. | 0.4% |
HOW HAS THE FUND MATERIALLY CHANGED?
This is a summary of certain changes to the Fund since August 1, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at www.ftportfolios.com/fund-documents/etf/FNX or upon request at 1-800-621-1675 or info@ftportfolios.com.
The Fund’s investments will change as its tracking index changes and, as a result, the Fund may have significant investments in various jurisdictions or investment sectors from time to time, making the Fund subject to the risks of such jurisdictions or investment sectors.
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® and Nasdaq AlphaDEX® Mid Cap CoreTM Index (the “Index”) are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Advisors L.P. (“First Trust”). AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the 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® Fund
FYX | NASDAQ, INC.
ANNUAL SHAREHOLDER REPORT | July 31, 2024
This annual shareholder report contains important information about the First Trust Small Cap Core AlphaDEX® Fund (the “Fund”) for the year of August 1, 2023 to July 31, 2024 (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.
This report describes changes to the Fund that occurred during the Period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| First Trust Small Cap Core AlphaDEX® Fund | $63 | 0.59% |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 14.47% for the 12 months ended July 31, 2024. The Fund outperformed its benchmark, the S&P SmallCap 600® Index, which returned 14.10% for the same Period.
The Fund allocated the greatest weight to the Financials sector during the Period, with an allocation of 22.7%. This sector contributed 6.2% to the Fund’s return, the greatest of any sector. The Consumer Staples sector generated a -0.4% contribution to the Fund’s return, which was the greatest drag of any sector.
FUND PERFORMANCE (July 31, 2014 to July 31, 2024)
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
| Average Annual Total Returns (as of July 31, 2024) | 1 Year | 5 Year | 10 Year |
| First Trust Small Cap Core AlphaDEX® Fund | 14.47% | 11.31% | 9.11% |
| Nasdaq AlphaDEX® Small Cap CoreTM Index(1) | 15.27% | 12.08% | N/A |
| Nasdaq US 700 Small CapTM Index(1) | 11.97% | 9.70% | N/A |
| S&P SmallCap 600® Index | 14.10% | 10.05% | 9.97% |
| Russell 3000® Index | 21.07% | 14.23% | 12.58% |
| (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, 2024)
| Fund net assets | $931,477,185% |
| Total number of portfolio holdings | $528% |
| Total advisory fee paid | $4,187,212% |
| Portfolio turnover rate | $112% |
WHAT DID THE FUND INVEST IN? (As of July 31, 2024)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
| Bank of America Corp. | 0.6% |
| Mizuho Financial Group, Inc. | 0.6% |
| Hawaiian Electric Industries, Inc. | 0.5% |
| Customers Bancorp, Inc. | 0.4% |
| Carpenter Technology Corp. | 0.4% |
| PROG Holdings, Inc. | 0.4% |
| Century Communities, Inc. | 0.4% |
| Powell Industries, Inc. | 0.4% |
| Hudson Pacific Properties, Inc. | 0.4% |
| Baldwin Insurance Group (The), Inc. | 0.3% |
HOW HAS THE FUND MATERIALLY CHANGED?
This is a summary of certain changes to the Fund since August 1, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at www.ftportfolios.com/fund-documents/etf/FYX or upon request at 1-800-621-1675 or info@ftportfolios.com.
The Fund’s investments will change as its tracking index changes and, as a result, the Fund may have significant investments in various jurisdictions or investment sectors from time to time, making the Fund subject to the risks of such jurisdictions or investment sectors.
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® and Nasdaq AlphaDEX® Small Cap CoreTM Index (the “Index”) are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Advisors L.P. (“First Trust”). AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the 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® Fund
FTA | NASDAQ, INC.
ANNUAL SHAREHOLDER REPORT | July 31, 2024
This annual shareholder report contains important information about the First Trust Large Cap Value AlphaDEX® Fund (the “Fund”) for the year of August 1, 2023 to July 31, 2024 (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.
This report describes changes to the Fund that occurred during the Period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| First Trust Large Cap Value AlphaDEX® Fund | $62 | 0.58% |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 12.79% for the 12 months ended July 31, 2024. The Fund underperformed its benchmark, the S&P 500® Value Index, which returned 16.78% for the same Period.
During the Period, the Fund’s largest allocation was to the Financials sector with a 23.0% weight. This sector also had the largest contribution to the Fund’s return, adding 6.0% to the Fund’s return over the Period. The only negatively contributing sector to the Fund’s return for the Period was the Health Care sector, which contributed -0.1%.
FUND PERFORMANCE (July 31, 2014 to July 31, 2024)
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
| Average Annual Total Returns (as of July 31, 2024) | 1 Year | 5 Year | 10 Year |
| First Trust Large Cap Value AlphaDEX® Fund | 12.79% | 10.34% | 8.32% |
| Nasdaq AlphaDEX® Large Cap ValueTM Index(1) | 13.52% | 11.04% | N/A |
| Nasdaq US 500 Large Cap ValueTM Index(1) | 17.27% | 12.68% | N/A |
| S&P 500® Index | 22.15% | 15.00% | 13.15% |
| S&P 500® Value Index | 16.78% | 12.54% | 10.57% |
| (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, 2024)
| Fund net assets | $1,223,065,153% |
| Total number of portfolio holdings | $188% |
| Total advisory fee paid | $5,824,352% |
| Portfolio turnover rate | $81% |
WHAT DID THE FUND INVEST IN? (As of July 31, 2024)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
| D.R. Horton, Inc. | 1.1% |
| Lennar Corp., Class A | 1.0% |
| Fox Corp., Class A | 0.9% |
| Cincinnati Financial Corp. | 0.9% |
| Entergy Corp. | 0.9% |
| Berkshire Hathaway, Inc., Class B | 0.9% |
| Synchrony Financial | 0.9% |
| Exelon Corp. | 0.9% |
| Comcast Corp., Class A | 0.9% |
| Global Payments, Inc. | 0.9% |
HOW HAS THE FUND MATERIALLY CHANGED?
This is a summary of certain changes to the Fund since August 1, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at www.ftportfolios.com/fund-documents/etf/FTA or upon request at 1-800-621-1675 or info@ftportfolios.com.
The Fund’s investments will change as its tracking index changes and, as a result, the Fund may have significant investments in various jurisdictions or investment sectors from time to time, making the Fund subject to the risks of such jurisdictions or investment sectors.
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® and Nasdaq AlphaDEX® Large Cap ValueTM Index (the “Index”) are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Advisors L.P. (“First Trust”). AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the 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® Fund
FTC | NASDAQ, INC.
ANNUAL SHAREHOLDER REPORT | July 31, 2024
This annual shareholder report contains important information about the First Trust Large Cap Growth AlphaDEX® Fund (the “Fund”) for the year of August 1, 2023 to July 31, 2024 (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.
This report describes changes to the Fund that occurred during the Period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| First Trust Large Cap Growth AlphaDEX® Fund | $63 | 0.58% |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 18.89% for the 12 months ended July 31, 2024. The Fund underperformed its benchmark, the S&P 500® Growth Index, which returned 26.92% for the same Period.
During the Period, the Fund allocated 26.3% to the Information Technology sector and 24.3% to the Industrials sector, which were the largest sector weights for the Fund. These contributed the most to the Fund’s return, with 6.5% and 6.1%, respectively. The only notable negative contribution to the Fund’s return was from the Energy sector, which contributed only -0.1%.
FUND PERFORMANCE (July 31, 2014 to July 31, 2024)
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
| Average Annual Total Returns (as of July 31, 2024) | 1 Year | 5 Year | 10 Year |
| First Trust Large Cap Growth AlphaDEX® Fund | 18.89% | 12.16% | 11.77% |
| Nasdaq AlphaDEX® Large Cap GrowthTM Index(1) | 19.64% | 12.85% | N/A |
| Nasdaq US 500 Large Cap GrowthTM Index(1) | 25.18% | 16.49% | N/A |
| S&P 500® Index | 22.15% | 15.00% | 13.15% |
| S&P 500® Growth Index | 26.92% | 16.30% | 14.96% |
| (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, 2024)
| Fund net assets | $1,104,024,129% |
| Total number of portfolio holdings | $189% |
| Total advisory fee paid | $5,255,828% |
| Portfolio turnover rate | $116% |
WHAT DID THE FUND INVEST IN? (As of July 31, 2024)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
| First Citizens BancShares, Inc., Class A | 1.1% |
| Howmet Aerospace, Inc. | 1.1% |
| KKR & Co., Inc. | 1.0% |
| Iron Mountain, Inc. | 1.0% |
| Lennox International, Inc. | 1.0% |
| Bank of New York Mellon (The) Corp. | 1.0% |
| HEICO Corp. | 1.0% |
| General Electric Co. | 1.0% |
| Apollo Global Management, Inc. | 0.9% |
| JPMorgan Chase & Co. | 0.9% |
HOW HAS THE FUND MATERIALLY CHANGED?
This is a summary of certain changes to the Fund since August 1, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at www.ftportfolios.com/fund-documents/etf/FTC or upon request at 1-800-621-1675 or info@ftportfolios.com.
The Fund’s investments will change as its tracking index changes and, as a result, the Fund may have significant investments in various jurisdictions or investment sectors from time to time, making the Fund subject to the risks of such jurisdictions or investment sectors.
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® and Nasdaq AlphaDEX® Large Cap GrowthTM Index (the “Index”) are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Advisors L.P. (“First Trust”). AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the 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® Fund
FAB | NASDAQ, INC.
ANNUAL SHAREHOLDER REPORT | July 31, 2024
This annual shareholder report contains important information about the First Trust Multi Cap Value AlphaDEX® Fund (the “Fund”) for the year of August 1, 2023 to July 31, 2024 (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.
This report describes changes to the Fund that occurred during the Period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| First Trust Multi Cap Value AlphaDEX® Fund | $69 | 0.64% |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 14.76% for the 12 months ended July 31, 2024. The Fund underperformed its benchmark, the S&P Composite 1500® Value Index, which returned 16.29% for the same Period.
During the Period, the Fund’s greatest sector allocation went to investments in the Financials sector. These investments received an allocation of 25.3%. This sector contributed 6.6% to the Fund’s return, which was the greatest of any sector. No sector contributed negatively to the Fund’s return during the Period.
FUND PERFORMANCE (July 31, 2014 to July 31, 2024)
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
| Average Annual Total Returns (as of July 31, 2024) | 1 Year | 5 Year | 10 Year |
| First Trust Multi Cap Value AlphaDEX® Fund | 14.76% | 11.43% | 8.24% |
| Nasdaq AlphaDEX® Multi Cap ValueTM Index(1) | 15.59% | 12.22% | N/A |
| Nasdaq US Multi Cap ValueTM Index(1) | 16.88% | 12.50% | N/A |
| S&P Composite 1500® Index | 21.57% | 14.65% | 12.89% |
| S&P Composite 1500® Value Index | 16.29% | 12.39% | 10.47% |
| Russell 3000® Index | 21.07% | 14.23% | 12.58% |
| (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, 2024)
| Fund net assets | $148,991,328% |
| Total number of portfolio holdings | $676% |
| Total advisory fee paid | $784,357% |
| Portfolio turnover rate | $87% |
WHAT DID THE FUND INVEST IN? (As of July 31, 2024)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
| D.R. Horton, Inc. | 0.5% |
| Lennar Corp., Class A | 0.5% |
| Fox Corp., Class A | 0.5% |
| Cincinnati Financial Corp. | 0.5% |
| Entergy Corp. | 0.5% |
| Berkshire Hathaway, Inc., Class B | 0.4% |
| Synchrony Financial | 0.4% |
| Exelon Corp. | 0.4% |
| Comcast Corp., Class A | 0.4% |
| Global Payments, Inc. | 0.4% |
HOW HAS THE FUND MATERIALLY CHANGED?
This is a summary of certain changes to the Fund since August 1, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at www.ftportfolios.com/fund-documents/etf/FAB or upon request at 1-800-621-1675 or info@ftportfolios.com.
The Fund’s investments will change as its tracking index changes and, as a result, the Fund may have significant investments in various jurisdictions or investment sectors from time to time, making the Fund subject to the risks of such jurisdictions or investment sectors.
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® and Nasdaq AlphaDEX® Multi Cap ValueTM Index (the “Index”) are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Advisors L.P. (“First Trust”). AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the 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® Fund
FAD | NASDAQ, Inc.
ANNUAL SHAREHOLDER REPORT | July 31, 2024
This annual shareholder report contains important information about the First Trust Multi Cap Growth AlphaDEX® Fund (the “Fund”) for the year of August 1, 2023 to July 31, 2024 (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.
This report describes changes to the Fund that occurred during the Period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| First Trust Multi Cap Growth AlphaDEX® Fund | $67 | 0.62% |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 16.47% for the 12 months ended July 31, 2024. The Fund underperformed its benchmark, the S&P Composite 1500® Growth Index, which returned 26.23% for the same Period.
The Industrials sector received the greatest allocation during the Period, with an average weight of 24.6% and a contribution to the Fund’s return of 5.9%, which was the greatest contribution to return of any sector. Though nearly negligible, the Communication Services sector was the greatest driver of negative Fund return, with a contribution between 0% and -0.1%
FUND PERFORMANCE (July 31, 2014 to July 31, 2024)
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
| Average Annual Total Returns (as of July 31, 2024) | 1 Year | 5 Year | 10 Year |
| First Trust Multi Cap Growth AlphaDEX® Fund | 16.47% | 11.30% | 11.32% |
| Nasdaq AlphaDEX® Multi Cap GrowthTM Index(1) | 17.24% | 12.04% | N/A |
| Nasdaq US Multi Cap GrowthTM Index(1) | 24.05% | 15.61% | N/A |
| S&P Composite 1500® Index | 21.57% | 14.65% | 12.89% |
| S&P Composite 1500® Growth Index | 26.23% | 15.86% | 14.60% |
| Russell 3000® Index | 21.07% | 14.23% | 12.58% |
| (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, 2024)
| Fund net assets | $209,444,897% |
| Total number of portfolio holdings | $679% |
| Total advisory fee paid | $899,049% |
| Portfolio turnover rate | $115% |
WHAT DID THE FUND INVEST IN? (As of July 31, 2024)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
| First Citizens BancShares, Inc., Class A | 0.5% |
| Howmet Aerospace, Inc. | 0.5% |
| KKR & Co., Inc. | 0.5% |
| Iron Mountain, Inc. | 0.5% |
| Bank of America Corp. | 0.5% |
| Lennox International, Inc. | 0.5% |
| Bank of New York Mellon (The) Corp. | 0.5% |
| HEICO Corp. | 0.5% |
| General Electric Co. | 0.5% |
| Apollo Global Management, Inc. | 0.5% |
HOW HAS THE FUND MATERIALLY CHANGED?
This is a summary of certain changes to the Fund since August 1, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at www.ftportfolios.com/fund-documents/etf/FAD or upon request at 1-800-621-1675 or info@ftportfolios.com.
The Fund’s investments will change as its tracking index changes and, as a result, the Fund may have significant investments in various jurisdictions or investment sectors from time to time, making the Fund subject to the risks of such jurisdictions or investment sectors.
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® and Nasdaq AlphaDEX® Multi Cap GrowthTM Index (the “Index”) are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Advisors L.P. (“First Trust”). AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the 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® Fund
FNK | NASDAQ, INC.
ANNUAL SHAREHOLDER REPORT | July 31, 2024
This annual shareholder report contains important information about the First Trust Mid Cap Value AlphaDEX® Fund (the “Fund”) for the year of August 1, 2023 to July 31, 2024 (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.
This report describes changes to the Fund that occurred during the Period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| First Trust Mid Cap Value AlphaDEX® Fund | $75 | 0.70% |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 15.68% for the 12 months ended July 31, 2024. The Fund outperformed its benchmark, the S&P MidCap 400® Value Index, which returned 11.37% for the same Period.
The Fund allocated 25.1% to the Financials sector during the Period, which was more weight than any other sector. Investments in this sector accounted for a 6.3% contribution to the Fund’s return, which was the most of any sector. No sector contributed negatively to the Fund’s return during the Period.
FUND PERFORMANCE (July 31, 2014 to July 31, 2024)
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
| Average Annual Total Returns (as of July 31, 2024) | 1 Year | 5 Year | 10 Year |
| First Trust Mid Cap Value AlphaDEX® Fund | 15.68% | 11.94% | 8.03% |
| Nasdaq AlphaDEX® Mid Cap ValueTM Index(1) | 16.61% | 12.80% | N/A |
| Nasdaq US 600 Mid Cap ValueTM Index(1) | 14.37% | 10.14% | N/A |
| S&P MidCap 400® Value Index | 11.37% | 10.90% | 9.46% |
| Russell 3000® Index | 21.07% | 14.23% | 12.58% |
| (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, 2024)
| Fund net assets | $228,289,765% |
| Total number of portfolio holdings | $227% |
| Total advisory fee paid | $1,554,255% |
| Portfolio turnover rate | $98% |
WHAT DID THE FUND INVEST IN? (As of July 31, 2024)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
| M/I Homes, Inc. | 0.9% |
| Meritage Homes Corp. | 0.9% |
| Group 1 Automotive, Inc. | 0.8% |
| Liberty Broadband Corp., Class C | 0.8% |
| KB Home | 0.8% |
| Rush Enterprises, Inc., Class A | 0.8% |
| Taylor Morrison Home Corp. | 0.8% |
| Radian Group, Inc. | 0.8% |
| Affiliated Managers Group, Inc. | 0.8% |
| Jackson Financial, Inc., Class A | 0.8% |
HOW HAS THE FUND MATERIALLY CHANGED?
This is a summary of certain changes to the Fund since August 1, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at www.ftportfolios.com/fund-documents/etf/FNK or upon request at 1-800-621-1675 or info@ftportfolios.com.
The Fund’s investments will change as its tracking index changes and, as a result, the Fund may have significant investments in various jurisdictions or investment sectors from time to time, making the Fund subject to the risks of such jurisdictions or investment sectors.
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® and Nasdaq AlphaDEX® Mid Cap ValueTM Index (the “Index”) are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Advisors L.P. (“First Trust”). AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the 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® Fund
FNY | NASDAQ, INC.
ANNUAL SHAREHOLDER REPORT | July 31, 2024
This annual shareholder report contains important information about the First Trust Mid Cap Growth AlphaDEX® Fund (the “Fund”) for the year of August 1, 2023 to July 31, 2024 (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.
This report describes changes to the Fund that occurred during the Period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| First Trust Mid Cap Growth AlphaDEX® Fund | $75 | 0.70% |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 15.01% during the 12 months ended July 31, 2024. The Fund underperformed its benchmark, the S&P MidCap 400® Growth Index, which returned 19.31% for the same Period.
During the Period, the Fund’s greatest allocation was to the Industrials sector, with an average weight of 27.3%. This sector also had the greatest contribution to the Fund, with a 6.4% contribution to the Fund’s return. The Communication Services sector contributed -0.1% to the Fund’s return, the greatest drag of any sector in the Fund.
FUND PERFORMANCE (July 31, 2014 to July 31, 2024)
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
| Average Annual Total Returns (as of July 31, 2024) | 1 Year | 5 Year | 10 Year |
| First Trust Mid Cap Growth AlphaDEX® Fund | 15.01% | 10.70% | 11.03% |
| Nasdaq AlphaDEX® Mid Cap GrowthTM Index(1) | 15.88% | 11.52% | N/A |
| Nasdaq US 600 Mid Cap GrowthTM Index(1) | 12.26% | 7.87% | N/A |
| S&P MidCap 400® Growth Index | 19.31% | 11.13% | 10.64% |
| Russell 3000® Index | 21.07% | 14.23% | 12.58% |
| (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, 2024)
| Fund net assets | $348,627,810% |
| Total number of portfolio holdings | $228% |
| Total advisory fee paid | $2,107,552% |
| Portfolio turnover rate | $134% |
WHAT DID THE FUND INVEST IN? (As of July 31, 2024)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
| ATI, Inc. | 0.9% |
| Sprouts Farmers Market, Inc. | 0.8% |
| Modine Manufacturing Co. | 0.8% |
| Moog, Inc., Class A | 0.8% |
| Allison Transmission Holdings, Inc. | 0.8% |
| Ensign Group (The), Inc. | 0.8% |
| Parsons Corp. | 0.8% |
| Comfort Systems USA, Inc. | 0.8% |
| Curtiss-Wright Corp. | 0.8% |
| Insmed, Inc. | 0.8% |
HOW HAS THE FUND MATERIALLY CHANGED?
This is a summary of certain changes to the Fund since August 1, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at www.ftportfolios.com/fund-documents/etf/FNY or upon request at 1-800-621-1675 or info@ftportfolios.com.
The Fund’s investments will change as its tracking index changes and, as a result, the Fund may have significant investments in various jurisdictions or investment sectors from time to time, making the Fund subject to the risks of such jurisdictions or investment sectors.
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® and Nasdaq AlphaDEX® Mid Cap GrowthTM Index (the “Index”) are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Advisors L.P. (“First Trust”). AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the 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® Fund
FYT | NASDAQ, INC.
ANNUAL SHAREHOLDER REPORT | July 31, 2024
This annual shareholder report contains important information about the First Trust Small Cap Value AlphaDEX® Fund (the “Fund”) for the year of August 1, 2023 to July 31, 2024 (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.
This report describes changes to the Fund that occurred during the Period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| First Trust Small Cap Value AlphaDEX® Fund | $76 | 0.70% |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 17.68% for the 12 months ended July 31, 2024. The Fund outperformed its benchmark, the S&P SmallCap 600® Value Index, which returned 9.79% for the same Period.
The Fund allocated the greatest weight to the Financials sector, which received an allocation of 31.4%. This sector generated the largest contribution to the Fund’s return, at 8.7%. The least contributing sector to the Fund’s return for the Period was the Consumer Staples sector, which generated a ‑0.6% contribution to the Fund’s return.
FUND PERFORMANCE (July 31, 2014 to July 31, 2024)
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
| Average Annual Total Returns (as of July 31, 2024) | 1 Year | 5 Year | 10 Year |
| First Trust Small Cap Value AlphaDEX® Fund | 17.68% | 12.64% | 7.94% |
| Nasdaq AlphaDEX® Small Cap ValueTM Index(1) | 18.74% | 13.55% | N/A |
| Nasdaq US 700 Small Cap ValueTM Index(1) | 11.87% | 10.91% | N/A |
| S&P SmallCap 600® Value Index | 9.79% | 9.57% | 8.94% |
| Russell 3000® Index | 21.07% | 14.23% | 12.58% |
| (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, 2024)
| Fund net assets | $187,166,346% |
| Total number of portfolio holdings | $265% |
| Total advisory fee paid | $1,234,173% |
| Portfolio turnover rate | $114% |
WHAT DID THE FUND INVEST IN? (As of July 31, 2024)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
| Hawaiian Electric Industries, Inc. | 1.0% |
| Customers Bancorp, Inc. | 0.8% |
| PROG Holdings, Inc. | 0.7% |
| Century Communities, Inc. | 0.7% |
| Hudson Pacific Properties, Inc. | 0.7% |
| Masterbrand, Inc. | 0.7% |
| Beazer Homes USA, Inc. | 0.7% |
| Bread Financial Holdings, Inc. | 0.7% |
| Ryerson Holding Corp. | 0.7% |
| Quanex Building Products Corp. | 0.7% |
HOW HAS THE FUND MATERIALLY CHANGED?
This is a summary of certain changes to the Fund since August 1, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at www.ftportfolios.com/fund-documents/etf/FYT or upon request at 1-800-621-1675 or info@ftportfolios.com.
The Fund’s investments will change as its tracking index changes and, as a result, the Fund may have significant investments in various jurisdictions or investment sectors from time to time, making the Fund subject to the risks of such jurisdictions or investment sectors.
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® and Nasdaq AlphaDEX® Small Cap ValueTM Index (the “Index”) are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Advisors L.P. (“First Trust”). AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the 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® Fund
FYC | NASDAQ, INC.
ANNUAL SHAREHOLDER REPORT | July 31, 2024
This annual shareholder report contains important information about the First Trust Small Cap Growth AlphaDEX® Fund (the “Fund”) for the year of August 1, 2023 to July 31, 2024 (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.
This report describes changes to the Fund that occurred during the Period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| First Trust Small Cap Growth AlphaDEX® Fund | $74 | 0.70% |
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund returned 11.92% for the 12 months ended July 31, 2024. The Fund underperformed its benchmark, the S&P SmallCap 600® Growth Index, which returned 18.30% for the same Period.
The Industrials sector received the greatest allocation in the Fund, with an average weight of 21.5%. This sector generated the largest contribution to the Fund’s return, at 4.5%. The least contributing sector to the Fund’s return for the Period was the Utilities sector, which generated a -0.5% contribution to the Fund’s return.
FUND PERFORMANCE (July 31, 2014 to July 31, 2024)
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
| Average Annual Total Returns (as of July 31, 2024) | 1 Year | 5 Year | 10 Year |
| First Trust Small Cap Growth AlphaDEX® Fund | 11.92% | 9.13% | 10.08% |
| Nasdaq AlphaDEX® Small Cap GrowthTM Index(1) | 12.73% | 9.97% | N/A |
| Nasdaq US 700 Small Cap GrowthTM Index(1) | 12.04% | 8.17% | N/A |
| S&P SmallCap 600® Growth Index | 18.30% | 10.16% | 10.82% |
| Russell 3000® Index | 21.07% | 14.23% | 12.58% |
| (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, 2024)
| Fund net assets | $295,446,007% |
| Total number of portfolio holdings | $267% |
| Total advisory fee paid | $1,745,212% |
| Portfolio turnover rate | $141% |
WHAT DID THE FUND INVEST IN? (As of July 31, 2024)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
| Bank of America Corp. | 1.0% |
| Mizuho Financial Group, Inc. | 1.0% |
| Carpenter Technology Corp. | 0.8% |
| Powell Industries, Inc. | 0.7% |
| Baldwin Insurance Group (The), Inc. | 0.7% |
| PJT Partners, Inc., Class A | 0.7% |
| Zeta Global Holdings Corp., Class A | 0.7% |
| WisdomTree, Inc. | 0.7% |
| Cactus, Inc., Class A | 0.7% |
| Mirum Pharmaceuticals, Inc. | 0.7% |
HOW HAS THE FUND MATERIALLY CHANGED?
This is a summary of certain changes to the Fund since August 1, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at www.ftportfolios.com/fund-documents/etf/FYC or upon request at 1-800-621-1675 or info@ftportfolios.com.
The Fund’s investments will change as its tracking index changes and, as a result, the Fund may have significant investments in various jurisdictions or investment sectors from time to time, making the Fund subject to the risks of such jurisdictions or investment sectors.
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® and Nasdaq AlphaDEX® Small Cap GrowthTM Index (the “Index”) are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust Advisors L.P. (“First Trust”). AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the 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.
| (b) | Not applicable to the Registrant. |
Item 2. Code of Ethics.
| (a) | The First Trust Exchange-Traded AlphaDEX® 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. |
| (c) | There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party, and that relates to any element of the code of ethics description. |
| (d) | The Registrant, during the period covered by this report, has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions. |
| (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.
As of the end of the period covered by the report, the Registrant’s Board of Trustees has determined that Thomas R. Kadlec and Robert F. Keith are qualified to serve as audit committee financial experts serving on its audit committee and that each of them is “independent,” as defined by Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
| (a) | Audit Fees (Registrant) -- The aggregate fees billed for professional services rendered by the principal accountant for the audit of the Registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $400,000 for the fiscal year ended 2023 and $400,000 for the fiscal year ended 2024. |
| (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 2023 and $0 for the fiscal year ended 2024. |
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 2023 and $0 for the fiscal year ended 2024.
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 2023 and $0 for the fiscal year ended 2024.
| (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 $175,323 for the fiscal year ended 2023 and $261,619 for the fiscal year ended 2024. These fees were for tax consultation and/or tax return preparation and professional services rendered for PFIC (Passive Foreign Investment Company) Identification Services. |
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 and distributor $0 for the fiscal year ended 2023 and $0 for the fiscal year ended 2024.
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 2023 and $0 for the fiscal year ended 2024.
| (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 $0 for the fiscal year ended 2023 and $0 for the fiscal year ended 2024. |
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 2023 and $0 for the fiscal year ended 2024.
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 2023 and $0 for the fiscal year ended 2024.
(e)(1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.
Pursuant to its charter and its Audit and Non-Audit Services Pre-Approval Policy, the Audit Committee (the “Committee”) is responsible for the pre-approval of all audit services and permitted non-audit services (including the fees and terms thereof) to be performed for the Registrant by its independent auditors. The Chairman of the Committee is authorized to give such pre-approvals on behalf of the Committee up to $25,000 and report any such pre-approval to the full Committee.
The Committee is also responsible for the pre-approval of the independent auditor’s engagements for non-audit services with the Registrant’s advisor (not including a sub-advisor whose role is primarily portfolio management and is sub-contracted or overseen by another investment advisor) and any entity controlling, controlled by or under common control with the investment advisor that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant, subject to the de minimis exceptions for non-audit services described in Rule 2-01 of Regulation S-X. If the independent auditor has provided non-audit services to the Registrant’s advisor (other than any sub-advisor whose role is primarily portfolio management and is sub-contracted with or overseen by another investment advisor) and any entity controlling, controlled by or under common control with the investment advisor that provides ongoing services to the Registrant that were not pre-approved pursuant to its policies, the Committee will consider whether the provision of such non-audit services is compatible with the auditor’s independence.
(e)(2) The percentage of services described in each of paragraphs (b) through (d) for the Registrant and the Registrant’s investment advisor and distributor of this Item that were approved by the audit committee pursuant to the pre-approval exceptions included in paragraph (c)(7)(i)(C) or paragraph(C)(7)(ii) of Rule 2-01 of Regulation S-X are as follows:
| Registrant: | | Advisor and Distributor: |
| (b) 0% | | (b) 0% |
| (c) 0% | | (c) 0% |
| (d) 0% | | (d) 0% |
| (f) | The percentage of hours expended on the principal accountant’s engagement to audit the Registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was less than fifty percent. |
| (g) | The aggregate non-audit fees billed by the Registrant’s accountant for services rendered to the Registrant, and rendered to the Registrant’s investment advisor (not including any sub-advisor whose role is primarily portfolio management and is subcontracted with or overseen by another investment advisor), and any entity controlling, controlled by, or under common control with the advisor that provides ongoing services to the Registrant for the fiscal year ended 2023 were $175,323 for the Registrant, $31,000 for the Registrant’s investment advisor and $45,500 for the Registrant’s distributor; and 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. |
| (h) | The Registrant’s audit committee of its Board of Trustees has determined that the provision of non-audit services that were rendered to the Registrant’s investment advisor (not including any sub-advisor whose role is primarily portfolio management and is subcontracted with or overseen by another investment advisor), and any entity controlling, controlled by, or under common control with the investment advisor that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. |
(i) Not applicable to the Registrant.
(j) Not applicable to the Registrant.
Item 5. Audit Committee of Listed Registrants.
| (a) | The Registrant has a separately designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 consisting of all the independent directors of the Registrant. The audit committee of the Registrant is comprised of: Richard E. Erickson, Thomas R. Kadlec, Denise M. Keefe, Robert F. Keith, Niel B. Nielson and Bronwyn Wright. |
| (b) | Not applicable to the Registrant. |
Item 6. Investments.
| (a) | The Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included in the Financial Statements and Other Information filed under Item 7(a) of this Form N-CSR. |
| (b) | Not applicable to the Registrant. |
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) Following is a copy of the annual financial statements required, and for the periods specified, by Regulation S-X.
First Trust Exchange-Traded AlphaDEX® Fund
Annual Financial Statements and Other Information
For the Year Ended July 31, 2024
AlphaDEX® Sector Funds
First Trust Consumer Discretionary AlphaDEX® Fund (FXD) |
First Trust Consumer Staples AlphaDEX® Fund (FXG) |
First Trust Energy AlphaDEX® Fund (FXN) |
First Trust Financials AlphaDEX® Fund (FXO) |
First Trust Health Care AlphaDEX® Fund (FXH) |
First Trust Industrials/Producer Durables AlphaDEX® Fund (FXR) |
First Trust Materials AlphaDEX® Fund (FXZ) |
First Trust Technology AlphaDEX® Fund (FXL) |
First Trust Utilities AlphaDEX® Fund (FXU) |
AlphaDEX® is a registered trademark of First Trust Portfolios L.P.
First Trust Exchange-Traded AlphaDEX® Fund
Sector Funds
Annual Financial Statements and Other Information
July 31, 2024
Performance and Risk Disclosure
There is no assurance that any series of First Trust Exchange-Traded AlphaDEX® 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.
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® Fund (FXD)Portfolio of InvestmentsJuly 31, 2024
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| Ollie’s Bargain Outlet Holdings, Inc. (a) | |
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| Consumer Staples Distribution | |
| BJ’s Wholesale Club Holdings, Inc. (a) | |
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| Diversified Consumer Services | |
| Bright Horizons Family Solutions, Inc. (a) | |
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| Grand Canyon Education, Inc. (a) | |
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| Live Nation Entertainment, Inc. (a) | |
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| Spotify Technology S.A. (a) | |
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| Warner Bros Discovery, Inc. (a) | |
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| Uber Technologies, Inc. (a) | |
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| Hotels, Restaurants & Leisure | |
| Airbnb, Inc., Class A (a) | |
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| Caesars Entertainment, Inc. (a) | |
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| Chipotle Mexican Grill, Inc. (a) | |
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| DraftKings, Inc., Class A (a) | |
| Dutch Bros, Inc., Class A (a) | |
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| Hilton Worldwide Holdings, Inc. | |
| Hyatt Hotels Corp., Class A | |
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| Marriott Vacations Worldwide Corp. | |
| MGM Resorts International (a) | |
| Norwegian Cruise Line Holdings Ltd. (a) | |
| Planet Fitness, Inc., Class A (a) | |
| Royal Caribbean Cruises Ltd. (a) | |
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| Household Durables — 8.7% | |
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See Notes to Financial Statements
First Trust Consumer Discretionary AlphaDEX® Fund (FXD)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| Household Durables (Continued) | |
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| Interpublic Group of (The) Cos., Inc. | |
| Liberty Media Corp.-Liberty SiriusXM (a) | |
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| Nexstar Media Group, Inc. | |
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| Sirius XM Holdings, Inc. (b) | |
| Trade Desk (The), Inc., Class A (a) | |
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| Passenger Airlines — 3.3% | |
| Alaska Air Group, Inc. (a) | |
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| United Airlines Holdings, Inc. (a) | |
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| Burlington Stores, Inc. (a) | |
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| Dick’s Sporting Goods, Inc. | |
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| Specialty Retail (Continued) | |
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| O’Reilly Automotive, Inc. (a) | |
| Penske Automotive Group, Inc. | |
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| Textiles, Apparel & Luxury | |
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| Deckers Outdoor Corp. (a) | |
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| Skechers U.S.A., Inc., Class A (a) | |
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| Under Armour, Inc., Class A (a) | |
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| SiteOne Landscape Supply, Inc. (a) | |
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MONEY MARKET FUNDS — 0.7% |
| Goldman Sachs Financial Square Treasury Obligations Fund - Institutional Class - 5.11% (c) (d) | |
| Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 5.14% (c) | |
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| Total Investments — 100.7% | |
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| Net Other Assets and Liabilities — (0.7)% | |
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See Notes to Financial Statements
First Trust Consumer Discretionary AlphaDEX® Fund (FXD)Portfolio of Investments (Continued)July 31, 2024 | Non-income producing security. |
| 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, including those sold and pending settlement, is $9,372,118 and the total value of the collateral held by the Fund is $10,019,632. |
| Rate shown reflects yield as of July 31, 2024. |
| This security serves as collateral for securities on loan. |
Valuation InputsA summary of the inputs used to value the Fund’s investments as of July 31, 2024 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
| | | Level 2
Significant
Observable
Inputs | Level 3
Significant
Unobservable
Inputs |
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| See Portfolio of Investments for industry breakout. |
Offsetting Assets and Liabilities
Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
Securities Lending Agency Agreement |
Total gross amount presented on the Statements of Assets and Liabilities(1) | |
| |
| |
| 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. |
| At July 31, 2024, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments. |
See Notes to Financial Statements
First Trust Consumer Staples AlphaDEX® Fund (FXG)Portfolio of InvestmentsJuly 31, 2024
| | |
|
| | |
| Boston Beer (The) Co., Inc., Class A (a) | |
| Brown-Forman Corp., Class B | |
| | |
| Coca-Cola Consolidated, Inc. | |
| | |
| Molson Coors Beverage Co., Class B | |
| Monster Beverage Corp. (a) | |
| | |
| | |
| | |
| Consumer Staples Distribution | |
| Casey’s General Stores, Inc. | |
| Grocery Outlet Holding Corp. (a) | |
| | |
| Performance Food Group Co. (a) | |
| | |
| US Foods Holding Corp. (a) | |
| | |
| | |
| Archer-Daniels-Midland Co. | |
| | |
| | |
| | |
| Darling Ingredients, Inc. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Lamb Weston Holdings, Inc. | |
| Mondelez International, Inc., Class A | |
| Pilgrim’s Pride Corp. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| Household Products — 7.3% | |
| | |
| | |
| Procter & Gamble (The) Co. | |
| Reynolds Consumer Products, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
MONEY MARKET FUNDS — 0.2% |
| Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 5.14% (b) | |
| | |
|
|
| Total Investments — 100.0% | |
| | |
| Net Other Assets and Liabilities — 0.0% | |
| | |
| Non-income producing security. |
| Rate shown reflects yield as of July 31, 2024. |
Valuation InputsA summary of the inputs used to value the Fund’s investments as of July 31, 2024 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
| | | Level 2
Significant
Observable
Inputs | Level 3
Significant
Unobservable
Inputs |
| | | | |
| | | | |
| | | | |
| See Portfolio of Investments for industry breakout. |
See Notes to Financial Statements
First Trust Energy AlphaDEX® Fund (FXN)Portfolio of InvestmentsJuly 31, 2024
| | |
|
| Energy Equipment & Services | |
| | |
| | |
| | |
| | |
| | |
| Weatherford International PLC (a) | |
| | |
| Oil, Gas & Consumable Fuels | |
| | |
| Antero Resources Corp. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| New Fortress Energy, Inc. (b) | |
| Occidental Petroleum Corp. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Williams (The) Cos., Inc. | |
| | |
| | |
|
| Semiconductors & Semiconductor Equipment | |
| | |
| | |
| | |
MONEY MARKET FUNDS — 0.1% |
| Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 5.14% (c) | |
| | |
| | |
REPURCHASE AGREEMENTS — 1.2% |
| Bank of America Corp., 5.34% (c), dated 07/31/24, due 08/01/24, with a maturity value of $3,333,255. Collateralized by U.S. Treasury Securities, interest rates of 0.00% to 4.38%, due 07/31/26 to 02/15/38. The value of the collateral including accrued interest is $3,399,417. (d) | |
| Mizuho Financial Group, Inc., 5.33% (c), dated 07/31/24, due 08/01/24, with a maturity value of $3,202,540. Collateralized by U.S. Treasury Securities, interest rates of 0.38% to 4.38%, due 09/15/24 to 08/15/30. The value of the collateral including accrued interest is $3,266,108. (d) | |
| Total Repurchase Agreements | |
| | |
|
|
| Total Investments — 101.2% | |
| | |
| Net Other Assets and Liabilities — (1.2)% | |
| | |
See Notes to Financial Statements
First Trust Energy AlphaDEX® Fund (FXN)Portfolio of Investments (Continued)July 31, 2024 | Non-income producing security. |
| 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, including those sold and pending settlement, is $6,470,101 and the total value of the collateral held by the Fund is $6,534,827. |
| Rate shown reflects yield as of July 31, 2024. |
| This security serves as collateral for securities on loan. |
Valuation InputsA summary of the inputs used to value the Fund’s investments as of July 31, 2024 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
| | | Level 2
Significant
Observable
Inputs | Level 3
Significant
Unobservable
Inputs |
| | | | |
| | | | |
| | | | |
| | | | |
| See Portfolio of Investments for industry breakout. |
Offsetting Assets and Liabilities
Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
Securities Lending Agency Agreement |
Total gross amount presented on the Statements of Assets and Liabilities(1) | |
| |
| |
| 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. |
| At July 31, 2024, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments. |
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
|
Total gross amount presented on the Statements of Assets and Liabilities(3) | |
| |
| |
| The amount is included in “Investments, at value” on the Statements of Assets and Liabilities. |
| At July 31, 2024, 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® Fund (FXO)Portfolio of InvestmentsJuly 31, 2024
| | |
|
| | |
| | |
| | |
| | |
| | |
| Citizens Financial Group, Inc. | |
| Columbia Banking System, Inc. | |
| | |
| Cullen/Frost Bankers, Inc. | |
| | |
| | |
| | |
| First Citizens BancShares, Inc., Class A | |
| | |
| | |
| Huntington Bancshares, Inc. | |
| | |
| | |
| | |
| NU Holdings Ltd., Class A (a) | |
| Pinnacle Financial Partners, Inc. | |
| PNC Financial Services Group (The), Inc. | |
| | |
| Prosperity Bancshares, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Affiliated Managers Group, Inc. | |
| Ameriprise Financial, Inc. | |
| Ares Management Corp., Class A | |
| Bank of New York Mellon (The) Corp. | |
| | |
| | |
| Cboe Global Markets, Inc. | |
| Charles Schwab (The) Corp. | |
| Coinbase Global, Inc., Class A (a) | |
| | |
| Goldman Sachs Group (The), Inc. | |
| | |
|
| Capital Markets (Continued) | |
| | |
| Janus Henderson Group PLC | |
| Jefferies Financial Group, Inc. | |
| | |
| | |
| LPL Financial Holdings, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| T. Rowe Price Group, Inc. | |
| | |
| Tradeweb Markets, Inc., Class A | |
| Virtu Financial, Inc., Class A | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Financial Services — 7.8% | |
| Apollo Global Management, Inc. | |
| Berkshire Hathaway, Inc., Class B (a) | |
| Corebridge Financial, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| American Financial Group, Inc. | |
| American International Group, Inc. | |
| Arch Capital Group Ltd. (a) | |
| Arthur J. Gallagher & Co. | |
| | |
| | |
| Axis Capital Holdings Ltd. | |
| | |
| | |
| Cincinnati Financial Corp. | |
| | |
| | |
| Fidelity National Financial, Inc. | |
| First American Financial Corp. | |
See Notes to Financial Statements
First Trust Financials AlphaDEX® Fund (FXO)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| | |
| | |
| Hartford Financial Services Group (The), Inc. | |
| | |
| | |
| | |
| Marsh & McLennan Cos., Inc. | |
| Old Republic International Corp. | |
| | |
| Reinsurance Group of America, Inc. | |
| RenaissanceRe Holdings Ltd. | |
| Ryan Specialty Holdings, Inc. | |
| Travelers (The) Cos., Inc. | |
| | |
| | |
| White Mountains Insurance Group Ltd. | |
| | |
| | |
| | |
| | |
| Starwood Property Trust, Inc. | |
| | |
| | |
| | |
MONEY MARKET FUNDS — 0.1% |
| Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 5.14% (b) | |
| | |
|
|
| Total Investments — 100.0% | |
| | |
| Net Other Assets and Liabilities — 0.0% | |
| | |
| Non-income producing security. |
| Rate shown reflects yield as of July 31, 2024. |
Abbreviations throughout the Portfolio of Investments: |
| – Real Estate Investment Trusts |
Valuation InputsA summary of the inputs used to value the Fund’s investments as of July 31, 2024 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
| | | Level 2
Significant
Observable
Inputs | Level 3
Significant
Unobservable
Inputs |
| | | | |
| | | | |
| | | | |
| See Portfolio of Investments for industry breakout. |
See Notes to Financial Statements
First Trust Health Care AlphaDEX® Fund (FXH)Portfolio of InvestmentsJuly 31, 2024
| | |
|
| | |
| | |
| Alnylam Pharmaceuticals, Inc. (a) | |
| | |
| | |
| | |
| | |
| Ionis Pharmaceuticals, Inc. (a) | |
| | |
| Neurocrine Biosciences, Inc. (a) | |
| Regeneron Pharmaceuticals, Inc. (a) | |
| Roivant Sciences Ltd. (a) | |
| Sarepta Therapeutics, Inc. (a) | |
| United Therapeutics Corp. (a) | |
| Vertex Pharmaceuticals, Inc. (a) | |
| | |
| | |
| | |
| | |
| | |
| Align Technology, Inc. (a) | |
| Baxter International, Inc. | |
| | |
| Cooper (The) Cos., Inc. (a) | |
| | |
| Edwards Lifesciences Corp. (a) | |
| | |
| Envista Holdings Corp. (a) | |
| GE HealthCare Technologies, Inc. | |
| Globus Medical, Inc., Class A (a) | |
| | |
| | |
| Intuitive Surgical, Inc. (a) | |
| | |
| | |
| | |
| | |
| | |
| Zimmer Biomet Holdings, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| Health Care Providers & Services (Continued) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Molina Healthcare, Inc. (a) | |
| | |
| | |
| | |
| Tenet Healthcare Corp. (a) | |
| | |
| Universal Health Services, Inc., Class B | |
| | |
| | |
| Doximity, Inc., Class A (a) | |
| Life Sciences Tools & Services | |
| Agilent Technologies, Inc. | |
| | |
| Bio-Rad Laboratories, Inc., Class A (a) | |
| | |
| | |
| Charles River Laboratories International, Inc. (a) | |
| | |
| | |
| Medpace Holdings, Inc. (a) | |
| | |
| | |
| Thermo Fisher Scientific, Inc. | |
| West Pharmaceutical Services, Inc. | |
| | |
| | |
| | |
| Intra-Cellular Therapies, Inc. (a) | |
| Jazz Pharmaceuticals PLC (a) | |
| | |
| | |
| | |
| | |
| | |
| Royalty Pharma PLC, Class A | |
See Notes to Financial Statements
First Trust Health Care AlphaDEX® Fund (FXH)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| Pharmaceuticals (Continued) | |
| | |
| | |
| | |
| | |
| | |
MONEY MARKET FUNDS — 0.1% |
| Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 5.14% (b) | |
| | |
|
|
| Total Investments — 100.1% | |
| | |
| Net Other Assets and Liabilities — (0.1)% | |
| | |
| Non-income producing security. |
| Rate shown reflects yield as of July 31, 2024. |
Valuation InputsA summary of the inputs used to value the Fund’s investments as of July 31, 2024 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
| | | Level 2
Significant
Observable
Inputs | Level 3
Significant
Unobservable
Inputs |
| | | | |
| | | | |
| | | | |
| See Portfolio of Investments for industry breakout. |
See Notes to Financial Statements
First Trust Industrials/Producer Durables AlphaDEX® Fund (FXR)Portfolio of InvestmentsJuly 31, 2024
| | |
|
| Aerospace & Defense — 10.7% | |
| Axon Enterprise, Inc. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| Huntington Ingalls Industries, Inc. | |
| L3Harris Technologies, Inc. | |
| | |
| | |
| Spirit AeroSystems Holdings, Inc., Class A (a) | |
| | |
| | |
| | |
| | |
| Air Freight & Logistics — | |
| Expeditors International of Washington, Inc. | |
| | |
| | |
| United Parcel Service, Inc., Class B | |
| | |
| Building Products — 12.3% | |
| | |
| | |
| Advanced Drainage Systems, Inc. | |
| | |
| Armstrong World Industries, Inc. | |
| | |
| Builders FirstSource, Inc. (a) | |
| | |
| Fortune Brands Innovations, Inc. | |
| Hayward Holdings, Inc. (a) | |
| Johnson Controls International PLC | |
| Lennox International, Inc. | |
| | |
| | |
| Simpson Manufacturing Co., Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Construction & Engineering | |
| Comfort Systems USA, Inc. | |
| | |
| MDU Resources Group, Inc. | |
| | |
| WillScot Holdings Corp. (a) | |
| | |
| | |
| | |
| Martin Marietta Materials, Inc. | |
| | |
| | |
| | |
| Capital One Financial Corp. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Graphic Packaging Holding Co. | |
| Packaging Corp. of America | |
| | |
| | |
| | |
| | |
| Diversified Consumer Services | |
| | |
| Electrical Equipment — 2.5% | |
| | |
| | |
| | |
| | |
See Notes to Financial Statements
First Trust Industrials/Producer Durables AlphaDEX® Fund (FXR)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| Electrical Equipment (Continued) | |
| | |
| | |
| | |
| Electronic Equipment, Instruments & Components | |
| | |
| Keysight Technologies, Inc. (a) | |
| | |
| Teledyne Technologies, Inc. (a) | |
| | |
| | |
| Financial Services — 4.9% | |
| Euronet Worldwide, Inc. (a) | |
| | |
| | |
| Jack Henry & Associates, Inc. | |
| PayPal Holdings, Inc. (a) | |
| Shift4 Payments, Inc., Class A (a) | |
| | |
| | |
| | |
| | |
| J.B. Hunt Transport Services, Inc. | |
| Knight-Swift Transportation Holdings, Inc. | |
| | |
| | |
| | |
| Schneider National, Inc., Class B | |
| | |
| | |
| | |
| Household Durables — 0.8% | |
| | |
| Industrial Conglomerates — | |
| Honeywell International, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| Allison Transmission Holdings, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Gates Industrial Corp. PLC (a) | |
| | |
| | |
| Illinois Tool Works, Inc. | |
| | |
| Lincoln Electric Holdings, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Westinghouse Air Brake Technologies Corp. | |
| | |
| | |
| | |
| | |
| | |
| Paper & Forest Products — | |
| | |
| Professional Services — 4.3% | |
| Booz Allen Hamilton Holding Corp. | |
| | |
| | |
| | |
| | |
| | |
| | |
| Semiconductors & Semiconductor Equipment | |
| | |
| | |
| | |
See Notes to Financial Statements
First Trust Industrials/Producer Durables AlphaDEX® Fund (FXR)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| | |
| | |
| Core & Main, Inc., Class A (a) | |
| | |
| MSC Industrial Direct Co., Inc., Class A | |
| | |
| | |
| WESCO International, Inc. | |
| | |
| | |
| | |
MONEY MARKET FUNDS — 0.0% |
| Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 5.14% (b) | |
| | |
| | |
REPURCHASE AGREEMENTS — 0.0% |
| Bank of America Corp., 5.34% (b), dated 07/31/24, due 08/01/24, with a maturity value of $4,858. Collateralized by U.S. Treasury Securities, interest rates of 0.00% to 4.38%, due 07/31/26 to 02/15/38. The value of the collateral including accrued interest is $4,954. (c) | |
| | |
|
|
| Total Investments — 100.0% | |
| | |
| Net Other Assets and Liabilities — (0.0)% | |
| | |
| Non-income producing security. |
| Rate shown reflects yield as of July 31, 2024. |
| This security serves as collateral for securities on loan. |
Valuation InputsA summary of the inputs used to value the Fund’s investments as of July 31, 2024 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
| | | Level 2
Significant
Observable
Inputs | Level 3
Significant
Unobservable
Inputs |
| | | | |
| | | | |
| | | | |
| | | | |
| 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:
|
Total gross amount presented on the Statements
of Assets and Liabilities(1) | |
| |
| |
| The amount is included in “Investments, at value” on the Statements of Assets and Liabilities. |
| At July 31, 2024, 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® Fund (FXZ)Portfolio of InvestmentsJuly 31, 2024
| | |
|
| Aerospace & Defense — 0.8% | |
| | |
| | |
| Air Products and Chemicals, Inc. | |
| | |
| | |
| | |
| CF Industries Holdings, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| International Flavors & Fragrances, Inc. | |
| | |
| LyondellBasell Industries N.V., Class A | |
| | |
| | |
| | |
| Scotts Miracle-Gro (The) Co. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Cleveland-Cliffs, Inc. (b) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| United States Steel Corp. | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
MONEY MARKET FUNDS — 0.1% |
| Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 5.14% (c) | |
| | |
| | |
REPURCHASE AGREEMENTS — 0.0% |
| Bank of America Corp., 5.34% (c), dated 07/31/24, due 08/01/24, with a maturity value of $160,196. Collateralized by U.S. Treasury Securities, interest rates of 0.00% to 4.38%, due 07/31/26 to 02/15/38. The value of the collateral including accrued interest is $163,375. (d) | |
| | |
|
|
| Total Investments — 100.0% | |
| | |
| Net Other Assets and Liabilities — (0.0)% | |
| | |
| 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, including those sold and pending settlement, is $134,416 and the total value of the collateral held by the Fund is $160,172. |
| Non-income producing security. |
| Rate shown reflects yield as of July 31, 2024. |
| This security serves as collateral for securities on loan. |
See Notes to Financial Statements
First Trust Materials AlphaDEX® Fund (FXZ)Portfolio of Investments (Continued)July 31, 2024
Valuation InputsA summary of the inputs used to value the Fund’s investments as of July 31, 2024 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
| | | Level 2
Significant
Observable
Inputs | Level 3
Significant
Unobservable
Inputs |
| | | | |
| | | | |
| | | | |
| | | | |
| See Portfolio of Investments for industry breakout. |
Offsetting Assets and Liabilities
Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
Securities Lending Agency Agreement |
Total gross amount presented on the Statements of Assets and Liabilities(1) | |
| |
| |
| 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. |
| At July 31, 2024, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments. |
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
|
Total gross amount presented on the Statements of Assets and Liabilities(3) | |
| |
| |
| The amount is included in “Investments, at value” on the Statements of Assets and Liabilities. |
| At July 31, 2024, 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® Fund (FXL)Portfolio of InvestmentsJuly 31, 2024
| | |
|
| | |
| | |
| Electrical Equipment — 1.5% | |
| Vertiv Holdings Co., Class A | |
| Electronic Equipment, Instruments & Components | |
| | |
| Arrow Electronics, Inc. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Financial Services — 1.7% | |
| | |
| Hotels, Restaurants & Leisure | |
| DoorDash, Inc., Class A (a) | |
| Interactive Media & Services | |
| | |
| | |
| | |
| Meta Platforms, Inc., Class A | |
| Pinterest, Inc., Class A (a) | |
| | |
| | |
| Akamai Technologies, Inc. (a) | |
| | |
| Cloudflare, Inc., Class A (a) | |
| Cognizant Technology Solutions Corp., Class A | |
| | |
| | |
| | |
| | |
| GoDaddy, Inc., Class A (a) | |
| International Business Machines Corp. | |
| | |
| | |
| | |
| Professional Services — 8.4% | |
| CACI International, Inc., Class A (a) | |
| | |
| | |
|
| Professional Services (Continued) | |
| Dun & Bradstreet Holdings, Inc. | |
| | |
| | |
| Science Applications International Corp. | |
| SS&C Technologies Holdings, Inc. | |
| | |
| Semiconductors & Semiconductor Equipment | |
| Advanced Micro Devices, Inc. (a) | |
| Allegro MicroSystems, Inc. (a) | |
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| GLOBALFOUNDRIES, Inc. (a) | |
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| | |
| Lattice Semiconductor Corp. (a) | |
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| Microchip Technology, Inc. | |
| Monolithic Power Systems, Inc. | |
| | |
| ON Semiconductor Corp. (a) | |
| Onto Innovation, Inc. (a) | |
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| Appfolio, Inc., Class A (a) | |
| AppLovin Corp., Class A (a) | |
| Aspen Technology, Inc. (a) | |
| | |
| Cadence Design Systems, Inc. (a) | |
| Confluent, Inc., Class A (a) | |
| Crowdstrike Holdings, Inc., Class A (a) | |
| Datadog, Inc., Class A (a) | |
See Notes to Financial Statements
First Trust Technology AlphaDEX® Fund (FXL)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| | |
| Dolby Laboratories, Inc., Class A | |
| DoubleVerify Holdings, Inc. (a) | |
| Dropbox, Inc., Class A (a) | |
| | |
| Guidewire Software, Inc. (a) | |
| HashiCorp, Inc., Class A (a) | |
| | |
| | |
| Manhattan Associates, Inc. (a) | |
| | |
| MicroStrategy, Inc., Class A (a) | |
| Nutanix, Inc., Class A (a) | |
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| Palantir Technologies, Inc., Class A (a) | |
| Palo Alto Networks, Inc. (a) | |
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| | |
| SentinelOne, Inc., Class A (a) | |
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| Smartsheet, Inc., Class A (a) | |
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| Tyler Technologies, Inc. (a) | |
| Zoom Video Communications, Inc., Class A (a) | |
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| Technology Hardware, Storage | |
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| Dell Technologies, Inc., Class C | |
| Hewlett Packard Enterprise Co. | |
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| Pure Storage, Inc., Class A (a) | |
| Super Micro Computer, Inc. (a) | |
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MONEY MARKET FUNDS — 0.1% |
| Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 5.14% (b) | |
| | |
|
|
| Total Investments — 100.1% | |
| | |
| Net Other Assets and Liabilities — (0.1)% | |
| | |
| Non-income producing security. |
| Rate shown reflects yield as of July 31, 2024. |
Valuation InputsA summary of the inputs used to value the Fund’s investments as of July 31, 2024 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
| | | Level 2
Significant
Observable
Inputs | Level 3
Significant
Unobservable
Inputs |
| | | | |
| | | | |
| | | | |
| See Portfolio of Investments for industry breakout. |
See Notes to Financial Statements
First Trust Utilities AlphaDEX® Fund (FXU)Portfolio of InvestmentsJuly 31, 2024
| | |
|
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| | |
| | |
| | |
| Electric Utilities — 53.5% | |
| | |
| American Electric Power Co., Inc. | |
| | |
| Constellation Energy Corp. | |
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| Pinnacle West Capital Corp. | |
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| Independent Power and Renewable Electricity | |
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| Brookfield Renewable Corp., Class A | |
| Clearway Energy, Inc., Class C | |
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| Consolidated Edison, Inc. | |
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|
| Multi-Utilities (Continued) | |
| Public Service Enterprise Group, Inc. | |
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| American Water Works Co., Inc. | |
| Essential Utilities, Inc. | |
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MONEY MARKET FUNDS — 0.2% |
| Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 5.14% (b) | |
| | |
| | |
REPURCHASE AGREEMENTS — 0.0% |
| Bank of America Corp., 5.34% (b), dated 07/31/24, due 08/01/24, with a maturity value of $118. Collateralized by U.S. Treasury Securities, interest rates of 0.00% to 4.38%, due 07/31/26 to 02/15/38. The value of the collateral including accrued interest is $120. (c) | |
| | |
|
|
| Total Investments — 100.0% | |
| | |
| Net Other Assets and Liabilities — (0.0)% | |
| | |
| Non-income producing security. |
| Rate shown reflects yield as of July 31, 2024. |
| This security serves as collateral for securities on loan. |
See Notes to Financial Statements
First Trust Utilities AlphaDEX® Fund (FXU)Portfolio of Investments (Continued)July 31, 2024
Valuation InputsA summary of the inputs used to value the Fund’s investments as of July 31, 2024 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
| | | Level 2
Significant
Observable
Inputs | Level 3
Significant
Unobservable
Inputs |
| | | | |
| | | | |
| | | | |
| | | | |
| 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:
|
Total gross amount presented on the
Statements of Assets and Liabilities(1) | |
| |
| |
| The amount is included in “Investments, at value” on the Statements of Assets and Liabilities. |
| At July 31, 2024, 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® FundSector FundsStatements of Assets and Liabilities
July 31, 2024
| First Trust Consumer Discretionary AlphaDEX® Fund
(FXD) | First Trust Consumer Staples AlphaDEX® Fund
(FXG) | First Trust Energy AlphaDEX® Fund
(FXN) |
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Securities lending income | | | |
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Collateral for securities on loan | | | |
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Shareholder reporting fees | | | |
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Investment securities purchased | | | |
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|
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Accumulated distributable earnings (loss) | | | |
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NET ASSET VALUE, per share | | | |
Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share) | | | |
| | | |
Securities on loan, at value | | | |
See Notes to Financial Statements
First Trust Financials AlphaDEX® Fund
(FXO) | First Trust Health Care AlphaDEX® Fund
(FXH) | First Trust Industrials/Producer Durables AlphaDEX® Fund
(FXR) | First Trust Materials AlphaDEX® Fund
(FXZ) | First Trust Technology AlphaDEX® Fund
(FXL) | First Trust Utilities AlphaDEX® Fund
(FXU) |
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See Notes to Financial Statements
First Trust Exchange-Traded AlphaDEX® FundSector FundsStatements of Operations
For the Year Ended July 31, 2024
| First Trust Consumer Discretionary AlphaDEX® Fund
(FXD) | First Trust Consumer Staples AlphaDEX® Fund
(FXG) | First Trust Energy AlphaDEX® Fund
(FXN) |
| | | |
| | | |
Securities lending income (net of fees) | | | |
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|
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Accounting and administration fees | | | |
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Shareholder reporting fees | | | |
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Trustees’ fees and expenses | | | |
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NET INVESTMENT INCOME (LOSS) | | | |
|
NET REALIZED AND UNREALIZED GAIN (LOSS): | | | |
Net realized gain (loss) on: | | | |
| | | |
| | | |
| | | |
Net change in unrealized appreciation (depreciation) on investments | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | | |
See Notes to Financial Statements
First Trust Financials AlphaDEX® Fund
(FXO) | First Trust Health Care AlphaDEX® Fund
(FXH) | First Trust Industrials/Producer Durables AlphaDEX® Fund
(FXR) | First Trust Materials AlphaDEX® Fund
(FXZ) | First Trust Technology AlphaDEX® Fund
(FXL) | First Trust Utilities AlphaDEX® Fund
(FXU) |
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See Notes to Financial Statements
First Trust Exchange-Traded AlphaDEX® FundSector FundsStatements of Changes in Net Assets
| First Trust Consumer Discretionary AlphaDEX® Fund (FXD) | First Trust Consumer Staples AlphaDEX® Fund (FXG) |
| | | | |
| | | | |
Net investment income (loss) | | | | |
| | | | |
Net change in unrealized appreciation (depreciation) | | | | |
Net increase (decrease) in net assets resulting from operations | | | | |
|
DISTRIBUTIONS TO SHAREHOLDERS FROM: | | | | |
| | | | |
|
SHAREHOLDER TRANSACTIONS: | | | | |
Proceeds from shares sold | | | | |
| | | | |
Net increase (decrease) in net assets resulting from shareholder transactions | | | | |
Total increase (decrease) in net assets | | | | |
|
| | | | |
| | | | |
| | | | |
|
CHANGES IN SHARES OUTSTANDING: | | | | |
Shares outstanding, beginning of period | | | | |
| | | | |
| | | | |
Shares outstanding, end of period | | | | |
See Notes to Financial Statements
First Trust Energy AlphaDEX® Fund (FXN) | First Trust Financials AlphaDEX® Fund (FXO) | First Trust Health Care AlphaDEX® Fund (FXH) |
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See Notes to Financial Statements
First Trust Exchange-Traded AlphaDEX® FundSector FundsStatements of Changes in Net Assets (Continued)
| First Trust Industrials/Producer Durables AlphaDEX® Fund (FXR) | First Trust Materials AlphaDEX® Fund (FXZ) |
| | | | |
| | | | |
Net investment income (loss) | | | | |
| | | | |
Net change in unrealized appreciation (depreciation) | | | | |
Net increase (decrease) in net assets resulting from operations | | | | |
|
DISTRIBUTIONS TO SHAREHOLDERS FROM: | | | | |
| | | | |
|
SHAREHOLDER TRANSACTIONS: | | | | |
Proceeds from shares sold | | | | |
| | | | |
Net increase (decrease) in net assets resulting from shareholder transactions | | | | |
Total increase (decrease) in net assets | | | | |
|
| | | | |
| | | | |
| | | | |
|
CHANGES IN SHARES OUTSTANDING: | | | | |
Shares outstanding, beginning of period | | | | |
| | | | |
| | | | |
Shares outstanding, end of period | | | | |
See Notes to Financial Statements
First Trust Technology AlphaDEX® Fund (FXL) | First Trust Utilities AlphaDEX® Fund (FXU) |
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See Notes to Financial Statements
First Trust Exchange-Traded AlphaDEX® FundSector FundsFinancial Highlights
For a share outstanding throughout each period
First Trust Consumer Discretionary AlphaDEX® Fund (FXD)
| |
| | | | | |
Net asset value, beginning of period | | | | | |
Income from investment operations: | | | | | |
Net investment income (loss) | | | | | |
Net realized and unrealized gain (loss) | | | | | |
Total from investment operations | | | | | |
Distributions paid to shareholders from: | | | | | |
| | | | | |
Net asset value, end of period | | | | | |
| | | | | |
|
Ratios to average net assets/supplemental data: | | | | | |
Net assets, end of period (in 000’s) | | | | | |
Ratio of total expenses to average net assets | | | | | |
Ratio of net investment income (loss) to average net assets | | | | | |
Portfolio turnover rate (c) | | | | | |
| Based on average shares outstanding. |
| 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. |
| 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® FundSector FundsFinancial Highlights (Continued)
For a share outstanding throughout each period
First Trust Consumer Staples AlphaDEX® Fund (FXG)
| |
| | | | | |
Net asset value, beginning of period | | | | | |
Income from investment operations: | | | | | |
Net investment income (loss) | | | | | |
Net realized and unrealized gain (loss) | | | | | |
Total from investment operations | | | | | |
Distributions paid to shareholders from: | | | | | |
| | | | | |
Net asset value, end of period | | | | | |
| | | | | |
|
Ratios to average net assets/supplemental data: | | | | | |
Net assets, end of period (in 000’s) | | | | | |
Ratio of total expenses to average net assets | | | | | |
Ratio of net investment income (loss) to average net assets | | | | | |
Portfolio turnover rate (d) | | | | | |
| Based on average shares outstanding. |
| 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. |
| 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. |
| 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® FundSector FundsFinancial Highlights (Continued)
For a share outstanding throughout each period
First Trust Energy AlphaDEX® Fund (FXN)
| |
| | | | | |
Net asset value, beginning of period | | | | | |
Income from investment operations: | | | | | |
Net investment income (loss) | | | | | |
Net realized and unrealized gain (loss) | | | | | |
Total from investment operations | | | | | |
Distributions paid to shareholders from: | | | | | |
| | | | | |
Net asset value, end of period | | | | | |
| | | | | |
|
Ratios to average net assets/supplemental data: | | | | | |
Net assets, end of period (in 000’s) | | | | | |
Ratio of total expenses to average net assets | | | | | |
Ratio of net investment income (loss) to average net assets | | | | | |
Portfolio turnover rate (d) | | | | | |
| Based on average shares outstanding. |
| 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. |
| 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. |
| 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® FundSector FundsFinancial Highlights (Continued)
For a share outstanding throughout each period
First Trust Financials AlphaDEX® Fund (FXO)
| |
| | | | | |
Net asset value, beginning of period | | | | | |
Income from investment operations: | | | | | |
Net investment income (loss) | | | | | |
Net realized and unrealized gain (loss) | | | | | |
Total from investment operations | | | | | |
Distributions paid to shareholders from: | | | | | |
| | | | | |
Net asset value, end of period | | | | | |
| | | | | |
|
Ratios to average net assets/supplemental data: | | | | | |
Net assets, end of period (in 000’s) | | | | | |
Ratio of total expenses to average net assets | | | | | |
Ratio of net investment income (loss) to average net assets | | | | | |
Portfolio turnover rate (c) | | | | | |
| Based on average shares outstanding. |
| 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. |
| 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® FundSector FundsFinancial Highlights (Continued)
For a share outstanding throughout each period
First Trust Health Care AlphaDEX® Fund (FXH)
| |
| | | | | |
Net asset value, beginning of period | | | | | |
Income from investment operations: | | | | | |
Net investment income (loss) | | | | | |
Net realized and unrealized gain (loss) | | | | | |
Total from investment operations | | | | | |
Distributions paid to shareholders from: | | | | | |
| | | | | |
Net asset value, end of period | | | | | |
| | | | | |
|
Ratios to average net assets/supplemental data: | | | | | |
Net assets, end of period (in 000’s) | | | | | |
Ratio of total expenses to average net assets | | | | | |
Ratio of net investment income (loss) to average net assets | | | | | |
Portfolio turnover rate (c) | | | | | |
| Based on average shares outstanding. |
| 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. |
| 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® FundSector FundsFinancial Highlights (Continued)
For a share outstanding throughout each period
First Trust Industrials/Producer Durables AlphaDEX® Fund (FXR)
| |
| | | | | |
Net asset value, beginning of period | | | | | |
Income from investment operations: | | | | | |
Net investment income (loss) | | | | | |
Net realized and unrealized gain (loss) | | | | | |
Total from investment operations | | | | | |
Distributions paid to shareholders from: | | | | | |
| | | | | |
Net asset value, end of period | | | | | |
| | | | | |
|
Ratios to average net assets/supplemental data: | | | | | |
Net assets, end of period (in 000’s) | | | | | |
Ratio of total expenses to average net assets | | | | | |
Ratio of net investment income (loss) to average net assets | | | | | |
Portfolio turnover rate (c) | | | | | |
| Based on average shares outstanding. |
| 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. |
| 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® FundSector FundsFinancial Highlights (Continued)
For a share outstanding throughout each period
First Trust Materials AlphaDEX® Fund (FXZ)
| |
| | | | | |
Net asset value, beginning of period | | | | | |
Income from investment operations: | | | | | |
Net investment income (loss) | | | | | |
Net realized and unrealized gain (loss) | | | | | |
Total from investment operations | | | | | |
Distributions paid to shareholders from: | | | | | |
| | | | | |
Net asset value, end of period | | | | | |
| | | | | |
|
Ratios to average net assets/supplemental data: | | | | | |
Net assets, end of period (in 000’s) | | | | | |
Ratio of total expenses to average net assets | | | | | |
Ratio of net investment income (loss) to average net assets | | | | | |
Portfolio turnover rate (d) | | | | | |
| Based on average shares outstanding. |
| 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. |
| 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. |
| 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® FundSector FundsFinancial Highlights (Continued)
For a share outstanding throughout each period
First Trust Technology AlphaDEX® Fund (FXL)
| |
| | | | | |
Net asset value, beginning of period | | | | | |
Income from investment operations: | | | | | |
Net investment income (loss) | | | | | |
Net realized and unrealized gain (loss) | | | | | |
Total from investment operations | | | | | |
Distributions paid to shareholders from: | | | | | |
| | | | | |
Net asset value, end of period | | | | | |
| | | | | |
|
Ratios to average net assets/supplemental data: | | | | | |
Net assets, end of period (in 000’s) | | | | | |
Ratio of total expenses to average net assets | | | | | |
Ratio of net investment income (loss) to average net assets | | | | | |
Portfolio turnover rate (c) | | | | | |
| Based on average shares outstanding. |
| 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. |
| 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® FundSector FundsFinancial Highlights (Continued)
For a share outstanding throughout each period
First Trust Utilities AlphaDEX® Fund (FXU)
| |
| | | | | |
Net asset value, beginning of period | | | | | |
Income from investment operations: | | | | | |
Net investment income (loss) | | | | | |
Net realized and unrealized gain (loss) | | | | | |
Total from investment operations | | | | | |
Distributions paid to shareholders from: | | | | | |
| | | | | |
Net asset value, end of period | | | | | |
| | | | | |
|
Ratios to average net assets/supplemental data: | | | | | |
Net assets, end of period (in 000’s) | | | | | |
Ratio of total expenses to average net assets | | | | | |
Ratio of net investment income (loss) to average net assets | | | | | |
Portfolio turnover rate (c) | | | | | |
| Based on average shares outstanding. |
| 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. |
| 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® FundSector FundsJuly 31, 2024 1. Organization
First Trust Exchange-Traded AlphaDEX® 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.
First Trust Consumer Discretionary AlphaDEX® Fund – (ticker “FXD”) |
First Trust Consumer Staples AlphaDEX® Fund – (ticker “FXG”) |
First Trust Energy AlphaDEX® Fund – (ticker “FXN”) |
First Trust Financials AlphaDEX® Fund – (ticker “FXO”) |
First Trust Health Care AlphaDEX® Fund – (ticker “FXH”) |
First Trust Industrials/Producer Durables AlphaDEX® Fund – (ticker “FXR”) |
First Trust Materials AlphaDEX® Fund – (ticker “FXZ”) |
First Trust Technology AlphaDEX® Fund – (ticker “FXL”) |
First Trust Utilities AlphaDEX® 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:
| |
First Trust Consumer Discretionary AlphaDEX® Fund | StrataQuant® Consumer Discretionary Index(1) |
First Trust Consumer Staples AlphaDEX® Fund | StrataQuant® Consumer Staples Index(1) |
First Trust Energy AlphaDEX® Fund | StrataQuant® Energy Index(1) |
First Trust Financials AlphaDEX® Fund | StrataQuant® Financials Index(1) |
First Trust Health Care AlphaDEX® Fund | StrataQuant® Health Care Index(1) |
First Trust Industrials/Producer Durables AlphaDEX® Fund | StrataQuant® Industrials Index(1) |
First Trust Materials AlphaDEX® Fund | StrataQuant® Materials Index(1) |
First Trust Technology AlphaDEX® Fund | StrataQuant® Technology Index(1) |
First Trust Utilities AlphaDEX® Fund | StrataQuant® Utilities Index(1) |
| 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 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.
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® FundSector FundsJuly 31, 2024 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;
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® FundSector FundsJuly 31, 2024 • Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. An active market is a market in which transactions for the investment occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
• Level 2 – Level 2 inputs are observable inputs, either directly or indirectly, and include the following:
o Quoted prices for similar investments in active markets.
o Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.
o Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).
o Inputs that are derived principally from or corroborated by observable market data by correlation or other means.
• Level 3 – Level 3 inputs are unobservable inputs. Unobservable inputs may reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the investment.
The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used to value each Fund’s investments as of July 31, 2024, is included with each Fund’s Portfolio of Investments.
B. Securities Transactions and Investment Income
Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date. 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 is 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.
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® FundSector FundsJuly 31, 2024 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. (“BBH”) acts as the securities lending agent for FXD, FXO and FXL and is responsible for executing the lending of the portfolio securities to creditworthy borrowers. Prior to June 10, 2024, FXG, FXN, FXH, FXR, FXZ, and FXU’s securities lending agent was BBH. Effective June 10, 2024, The Bank of New York Mellon (“BNY”) acts as FXG, FXN, FXH, FXR, FXZ, and FXU’s 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, 2024, only FXD, FXN, and FXZ had securities in the securities lending program. During the fiscal year ended July 31, 2024, all the Funds, except FXG, participated in the securities lending program.
In the event of a default by a borrower with respect to any loan, BBH or 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 BBH or BNY to exercise these remedies, a Fund sustains losses as a result of a borrower’s default, BBH or 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 BBH or BNY.
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, 2024, 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® FundSector FundsJuly 31, 2024 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, 2024 was as follows:
| Distributions
paid from
Ordinary
Income | Distributions
paid from
Capital
Gains | Distributions
paid from
Return of
Capital |
First Trust Consumer Discretionary AlphaDEX® Fund | | | |
First Trust Consumer Staples AlphaDEX® Fund | | | |
First Trust Energy AlphaDEX® Fund | | | |
First Trust Financials AlphaDEX® Fund | | | |
First Trust Health Care AlphaDEX® Fund | | | |
First Trust Industrials/Producer Durables AlphaDEX® Fund | | | |
First Trust Materials AlphaDEX® Fund | | | |
First Trust Technology AlphaDEX® Fund | | | |
First Trust Utilities AlphaDEX® Fund | | | |
The tax character of distributions paid by each Fund during the fiscal year ended July 31, 2023 was as follows:
| Distributions
paid from
Ordinary
Income | Distributions
paid from
Capital
Gains | Distributions
paid from
Return of
Capital |
First Trust Consumer Discretionary AlphaDEX® Fund | | | |
First Trust Consumer Staples AlphaDEX® Fund | | | |
First Trust Energy AlphaDEX® Fund | | | |
First Trust Financials AlphaDEX® Fund | | | |
First Trust Health Care AlphaDEX® Fund | | | |
First Trust Industrials/Producer Durables AlphaDEX® Fund | | | |
First Trust Materials AlphaDEX® Fund | | | |
First Trust Technology AlphaDEX® Fund | | | |
First Trust Utilities AlphaDEX® Fund | | | |
As of July 31, 2024, the components of distributable earnings on a tax basis for each Fund were as follows:
| Undistributed
Ordinary
Income | Accumulated
Capital and
Other
Gain (Loss) | Net
Unrealized
Appreciation
(Depreciation) |
First Trust Consumer Discretionary AlphaDEX® Fund | | | |
First Trust Consumer Staples AlphaDEX® Fund | | | |
First Trust Energy AlphaDEX® Fund | | | |
First Trust Financials AlphaDEX® Fund | | | |
First Trust Health Care AlphaDEX® Fund | | | |
First Trust Industrials/Producer Durables AlphaDEX® Fund | | | |
First Trust Materials AlphaDEX® Fund | | | |
First Trust Technology AlphaDEX® Fund | | | |
First Trust Utilities AlphaDEX® Fund | | | |
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® FundSector FundsJuly 31, 2024 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 2021, 2022, 2023, and 2024 remain open to federal and state audit. As of July 31, 2024, management has evaluated the application of these standards to the Funds and has determined that no provision for income tax is required in the Funds’ financial statements for uncertain tax positions.
Each Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. Each Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At July 31, 2024, for federal income tax purposes, each applicable Fund had a capital loss carryforward available that is shown in the following table, to the extent provided by regulations, to offset future capital gains. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to each applicable Fund’s shareholders.
| Non-Expiring
Capital Loss
Carryforwards |
First Trust Consumer Discretionary AlphaDEX® Fund | |
First Trust Consumer Staples AlphaDEX® Fund | |
First Trust Energy AlphaDEX® Fund | |
First Trust Financials AlphaDEX® Fund | |
First Trust Health Care AlphaDEX® Fund | |
First Trust Industrials/Producer Durables AlphaDEX® Fund | |
First Trust Materials AlphaDEX® Fund | |
First Trust Technology AlphaDEX® Fund | |
First Trust Utilities AlphaDEX® Fund | |
During the taxable year ended July 31, 2024, the following Funds utilized capital loss carryforwards in the following amounts:
| |
First Trust Consumer Discretionary AlphaDEX® Fund | |
First Trust Industrials/Producer Durables AlphaDEX® Fund | |
First Trust Technology AlphaDEX® Fund | |
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, 2024, 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, 2024, the adjustments for each Fund were as follows:
| Accumulated
Net Investment
Income (Loss) | Accumulated
Net Realized
Gain (Loss)
on Investments | |
First Trust Consumer Discretionary AlphaDEX® Fund | | | |
First Trust Consumer Staples AlphaDEX® Fund | | | |
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® FundSector FundsJuly 31, 2024 | Accumulated Net Investment Income (Loss) | Accumulated Net Realized Gain (Loss) on Investments | |
First Trust Energy AlphaDEX® Fund | | | |
First Trust Financials AlphaDEX® Fund | | | |
First Trust Health Care AlphaDEX® Fund | | | |
First Trust Industrials/Producer Durables AlphaDEX® Fund | | | |
First Trust Materials AlphaDEX® Fund | | | |
First Trust Technology AlphaDEX® Fund | | | |
First Trust Utilities AlphaDEX® Fund | | | |
As of July 31, 2024, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows:
| | Gross Unrealized
Appreciation | Gross Unrealized
(Depreciation) | Net Unrealized
Appreciation
(Depreciation) |
First Trust Consumer Discretionary AlphaDEX® Fund | | | | |
First Trust Consumer Staples AlphaDEX® Fund | | | | |
First Trust Energy AlphaDEX® Fund | | | | |
First Trust Financials AlphaDEX® Fund | | | | |
First Trust Health Care AlphaDEX® Fund | | | | |
First Trust Industrials/Producer Durables AlphaDEX® Fund | | | | |
First Trust Materials AlphaDEX® Fund | | | | |
First Trust Technology AlphaDEX® Fund | | | | |
First Trust Utilities AlphaDEX® Fund | | | | |
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.
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.
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:
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® FundSector FundsJuly 31, 2024 | |
Fund net assets up to and including $2.5 billion | |
Fund net assets greater than $2.5 billion up to and including $5 billion | |
Fund net assets greater than $5 billion up to and including $7.5 billion | |
Fund net assets greater than $7.5 billion up to and including $10 billion | |
Fund net assets greater than $10 billion up to and including $15 billion | |
Fund net assets greater than $15 billion | |
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, 2025. For the fiscal year ended July 31, 2024, 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, 2024, the cost of purchases and proceeds from sales of investments for each Fund, excluding short-term investments and in-kind transactions, were as follows:
| | |
First Trust Consumer Discretionary AlphaDEX® Fund | | |
First Trust Consumer Staples AlphaDEX® Fund | | |
First Trust Energy AlphaDEX® Fund | | |
First Trust Financials AlphaDEX® Fund | | |
First Trust Health Care AlphaDEX® Fund | | |
First Trust Industrials/Producer Durables AlphaDEX® Fund | | |
First Trust Materials AlphaDEX® Fund | | |
First Trust Technology AlphaDEX® Fund | | |
First Trust Utilities AlphaDEX® Fund | | |
For the fiscal year ended July 31, 2024, the cost of in-kind purchases and proceeds from in-kind sales for each Fund were as follows:
| | |
First Trust Consumer Discretionary AlphaDEX® Fund | | |
First Trust Consumer Staples AlphaDEX® Fund | | |
First Trust Energy AlphaDEX® Fund | | |
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® FundSector FundsJuly 31, 2024 | | |
First Trust Financials AlphaDEX® Fund | | |
First Trust Health Care AlphaDEX® Fund | | |
First Trust Industrials/Producer Durables AlphaDEX® Fund | | |
First Trust Materials AlphaDEX® Fund | | |
First Trust Technology AlphaDEX® Fund | | |
First Trust Utilities AlphaDEX® Fund | | |
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.
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, 2025.
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® FundSector FundsJuly 31, 2024 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.
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® 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® Fund, First Trust Consumer Staples AlphaDEX® Fund, First Trust Energy AlphaDEX® Fund, First Trust Financials AlphaDEX® Fund, First Trust Health Care AlphaDEX® Fund, First Trust Industrials/Producer Durables AlphaDEX® Fund, First Trust Materials AlphaDEX® Fund, First Trust Technology AlphaDEX® Fund, and First Trust Utilities AlphaDEX® Fund (the “Funds”), each a series of the First Trust Exchange-Traded AlphaDEX® Fund, including the portfolios of investments, as of July 31, 2024, the related statements of operations for the year then ended, the statements of changes in 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, and the related notes. 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, 2024, 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.
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, 2024, 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 20, 2024
We have served as the auditor of one or more First Trust investment companies since 2001.
First Trust Exchange-Traded AlphaDEX® FundSector FundsJuly 31, 2024 (Unaudited) Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)
There were no changes in or disagreements with the Funds’ accountants during the fiscal year ended July 31, 2024.
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, 2024.
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® 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® Fund (FXD)
First Trust Consumer Staples AlphaDEX® Fund (FXG)
First Trust Energy AlphaDEX® Fund (FXN)
First Trust Financials AlphaDEX® Fund (FXO)
First Trust Health Care AlphaDEX® Fund (FXH)
First Trust Industrials/Producer Durables AlphaDEX® Fund (FXR)
First Trust Materials AlphaDEX® Fund (FXZ)
First Trust Technology AlphaDEX® Fund (FXL)
First Trust Utilities AlphaDEX® Fund (FXU)
The Board approved the continuation of the Agreement for each Fund for a one-year period ending June 30, 2025 at a meeting held on June 2–3, 2024. The Board determined for each Fund that the continuation of the Agreement is in the best interests of the Fund in light of the nature, extent and quality of the services provided and such other matters as the Board considered to be relevant in the exercise of its business judgment.
To reach this determination for each Fund, the Board considered its duties under the Investment Company Act of 1940, as amended (the “1940 Act”), as well as under the general principles of state law, in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisors with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. At meetings held on April 16, 2024, April 25, 2024 and June 2–3, 2024, the Board, including the Independent Trustees, reviewed materials provided by the Advisor responding to requests for information from counsel to the Independent Trustees, submitted on behalf of the Independent Trustees, that, among other things, outlined: the services provided by the Advisor to each Fund (including the relevant personnel responsible for these services and their experience); the 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 25, 2024, prior to which the Independent Trustees and their counsel met separately to discuss the information provided by the Advisor. Following the April 25, 2024 meeting, counsel to the Independent Trustees, on behalf of the Independent Trustees, requested certain clarifications and supplements to the materials provided, and the information provided in response to those requests was considered at an executive session of the Independent Trustees and their counsel held prior to the June 2–3, 2024 meeting, as well as at the June meeting. The Board applied its business judgment to determine
Other Information (Continued)
First Trust Exchange-Traded AlphaDEX® FundSector FundsJuly 31, 2024 (Unaudited) 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 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 25, 2024 meeting, described to the Board the scope of its ongoing investment in additional personnel and infrastructure to maintain and improve the quality of services provided to the Funds and the other funds in the First Trust Fund Complex. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services provided to the Trust and each Fund by the Advisor under the 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, 2025. 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 Broadridge its methodology for assembling peer groups and discussed with the Advisor limitations in creating peer groups for index ETFs, including differences in underlying indexes and index-tracking methodologies that can result in greater management complexities across seemingly comparable ETFs, and different business models that may affect the pricing of services among ETF sponsors. The Board took these limitations and differences into account in considering the peer data. With respect to fees charged to other non-ETF clients, the Board considered differences between the Funds and other non-ETF clients that limited their comparability. In considering the 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, 2023 regarding the performance of each Fund’s underlying index, the correlation between each Fund’s performance and that of its underlying index, each Fund’s tracking difference and each Fund’s excess return as compared to its benchmark index. The Board considered the Advisor’s explanations of how the AlphaDEX® stock selection methodology impacts Fund performance in various market environments, and the Advisor’s statement that AlphaDEX® is designed to provide long-term outperformance. Based on the information provided and its ongoing review of performance, the Board concluded that each Fund was correlated to its underlying index and that the tracking difference for each Fund was within a reasonable range. In addition, the Board reviewed data prepared by Broadridge comparing each Fund’s performance to that of its respective Performance Universe and to that of a broad-based benchmark index and noted the Advisor’s discussion of FXD’s and FXL’s performance at the April 25, 2024 meeting. However, given each Fund’s objective of seeking investment results that correspond generally to the performance of its underlying index, the Board placed more emphasis on its review of correlation and tracking difference.
On the basis of all the information provided on the 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.
Other Information (Continued)
First Trust Exchange-Traded AlphaDEX® FundSector FundsJuly 31, 2024 (Unaudited) 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 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, 2023 and the estimated profitability level for each Fund calculated by the Advisor based on such data, as well as complex-wide and product-line profitability data, for the same period. The Board noted the inherent limitations in the profitability analysis and concluded that, based on the information provided, the Advisor’s profitability level for each Fund was not unreasonable. In addition, the Board considered indirect benefits described by the Advisor that may be realized from its relationship with the Funds. The Board considered that the Advisor had identified as an indirect benefit to the Advisor and FTP their exposure to investors and brokers who, absent their exposure to the Funds, may have had no dealings with the Advisor or FTP, and noted that the Advisor does not utilize soft dollars in connection with the Funds. The Board concluded that the character and amount of potential indirect benefits to the Advisor were not unreasonable.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, unanimously determined that the terms of the 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® 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, 2023, the amount of remuneration paid (or to be paid) by First Trust Advisors L.P. in respect of the Funds is $4,314,657. This figure is comprised of $189,807 paid (or to be paid) in fixed compensation and $4,124,850 paid (or to be paid) in variable compensation. There were a total of 26 beneficiaries of the remuneration described above. Those amounts include $2,155,373 paid (or to be paid) to senior management of First Trust Advisors L.P. and $2,159,284 paid (or to be paid) to other employees whose professional activities have a material impact on the risk profiles of First Trust Advisors L.P. or the Funds (collectively, “Code Staff”).
Code Staff included in the aggregated figures disclosed above are rewarded in line with First Trust’s remuneration policy (the “Remuneration Policy”) which is determined and implemented by First Trust’s senior management. The Remuneration Policy reflects First Trust’s ethos of good governance and encapsulates the following principal objectives:
i.
to provide a clear link between remuneration and performance of First Trust and to avoid rewarding for failure;
ii.
to promote sound and effective risk management consistent with the risk profiles of the funds managed by First Trust; and
iii.
to remunerate staff in line with the business strategy, objectives, values and interests of First Trust and the funds managed by First Trust in a manner that avoids conflicts of interest.
First Trust assesses various risk factors which it is exposed to when considering and implementing remuneration for Code Staff and considers whether any potential award to such person(s) would give rise to a conflict of interest. First Trust does not reward failure, or consider the taking of risk or failure to take risk in its remuneration of Code Staff.
First Trust assesses performance for the purposes of determining payments in respect of performance-related remuneration of Code Staff by reference to a broad range of measures including (i) individual performance (using financial and non-financial criteria), and (ii) the overall performance of First Trust. Remuneration is not based upon the performance of the Funds.
Other Information (Continued)
First Trust Exchange-Traded AlphaDEX® FundSector FundsJuly 31, 2024 (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.
For the taxable year ended July 31, 2024, the following percentages of income dividends paid by the Funds qualify for the dividends received deduction available to corporations:
| Dividends Received
Deduction |
First Trust Consumer Discretionary AlphaDEX® Fund | |
First Trust Consumer Staples AlphaDEX® Fund | |
First Trust Energy AlphaDEX® Fund | |
First Trust Financials AlphaDEX® Fund | |
First Trust Health Care AlphaDEX® Fund | |
First Trust Industrials/Producer Durables AlphaDEX® Fund | |
First Trust Materials AlphaDEX® Fund | |
First Trust Technology AlphaDEX® Fund | |
First Trust Utilities AlphaDEX® Fund | |
For the taxable year ended July 31, 2024, the following percentages of income dividends paid by the Funds are hereby designated as qualified dividend income:
| |
First Trust Consumer Discretionary AlphaDEX® Fund | |
First Trust Consumer Staples AlphaDEX® Fund | |
First Trust Energy AlphaDEX® Fund | |
First Trust Financials AlphaDEX® Fund | |
First Trust Health Care AlphaDEX® Fund | |
First Trust Industrials/Producer Durables AlphaDEX® Fund | |
First Trust Materials AlphaDEX® Fund | |
First Trust Technology AlphaDEX® Fund | |
First Trust Utilities AlphaDEX® Fund | |
A portion of each of the Funds’ 2024 ordinary dividends (including short-term capital gains) paid to its shareholders during the fiscal year ended July 31, 2024, may be eligible for the Qualified Business Income Deduction (QBI) 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.
Source ICE Data Indices, LLC (“ICE Data”), is used with permission. “StrataQuant®” 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®, Russell 1000®, and Russell 3000® are all registered trademarks of Frank Russell Company. Russell 1000® and Russell 3000® are being utilized in the indices under license. These trademarks have been licensed, along with the StrataQuant® Consumer Discretionary Index, StrataQuant® Consumer Staples Index, StrataQuant® Energy Index, StrataQuant® Financials Index, StrataQuant® Health Care Index, StrataQuant® Industrials Index, StrataQuant® Materials Index, StrataQuant® Technology Index and the StrataQuant® Utilities Index (each, an “Index”) for use by First Trust Portfolios L.P. (“FTP”) in connection with the First Trust Consumer Discretionary AlphaDEX® Fund (FXD), First Trust Consumer Staples AlphaDEX® Fund (FXG), First Trust Energy AlphaDEX® Fund (FXN), First Trust Financials AlphaDEX® Fund (FXO), First Trust Health Care AlphaDEX® Fund (FXH), First Trust Industrials/Producer Durables AlphaDEX® Fund (FXR), First Trust Materials AlphaDEX® Fund (FXZ), First Trust Technology
Other Information (Continued)
First Trust Exchange-Traded AlphaDEX® FundSector FundsJuly 31, 2024 (Unaudited) AlphaDEX® Fund (FXL) and the First Trust Utilities AlphaDEX® Fund (FXU), respectively (each, the “Product”). Neither FTP, First Trust Exchange-Traded AlphaDEX® 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.
First Trust Exchange-Traded AlphaDEX® Fund
Annual Financial Statements and Other Information
For the Year Ended July 31, 2024
AlphaDEX® Style Funds
First Trust Large Cap Core AlphaDEX® Fund (FEX) |
First Trust Mid Cap Core AlphaDEX® Fund (FNX) |
First Trust Small Cap Core AlphaDEX® Fund (FYX) |
First Trust Large Cap Value AlphaDEX® Fund (FTA) |
First Trust Large Cap Growth AlphaDEX® Fund (FTC) |
First Trust Multi Cap Value AlphaDEX® Fund (FAB) |
First Trust Multi Cap Growth AlphaDEX® Fund (FAD) |
First Trust Mid Cap Value AlphaDEX® Fund (FNK) |
First Trust Mid Cap Growth AlphaDEX® Fund (FNY) |
First Trust Small Cap Value AlphaDEX® Fund (FYT) |
First Trust Small Cap Growth AlphaDEX® Fund (FYC) |
AlphaDEX® is a registered trademark of First Trust Portfolios L.P.
First Trust Exchange-Traded AlphaDEX® Fund
Style Funds
Annual Financial Statements and Other Information
July 31, 2024
Performance and Risk Disclosure
There is no assurance that any series of First Trust Exchange-Traded AlphaDEX® 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.
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® Fund (FEX)Portfolio of InvestmentsJuly 31, 2024
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| Aerospace & Defense — 3.1% | |
| Axon Enterprise, Inc. (a) | |
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| L3Harris Technologies, Inc. | |
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| Air Freight & Logistics — | |
| Expeditors International of Washington, Inc. | |
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| United Parcel Service, Inc., Class B | |
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| Rivian Automotive, Inc., Class A (a) | |
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| Citizens Financial Group, Inc. | |
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| First Citizens BancShares, Inc., Class A | |
| Huntington Bancshares, Inc. | |
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| PNC Financial Services Group (The), Inc. | |
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| Constellation Brands, Inc., Class A | |
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| Alnylam Pharmaceuticals, Inc. (a) | |
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| Neurocrine Biosciences, Inc. (a) | |
| Regeneron Pharmaceuticals, Inc. (a) | |
| Vertex Pharmaceuticals, Inc. (a) | |
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| Johnson Controls International PLC | |
| Lennox International, Inc. | |
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| Ares Management Corp., Class A | |
| Bank of New York Mellon (The) Corp. | |
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| Goldman Sachs Group (The), Inc. | |
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| LPL Financial Holdings, Inc. | |
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| Raymond James Financial, Inc. | |
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| T. Rowe Price Group, Inc. | |
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| Air Products and Chemicals, Inc. | |
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See Notes to Financial Statements
First Trust Large Cap Core AlphaDEX® Fund (FEX)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
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| CF Industries Holdings, Inc. | |
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| LyondellBasell Industries N.V., Class A | |
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| Arista Networks, Inc. (a) | |
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| Construction & Engineering | |
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| Martin Marietta Materials, Inc. | |
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| Capital One Financial Corp. | |
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| Consumer Staples Distribution | |
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| Packaging Corp. of America | |
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| Diversified Telecommunication | |
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| Verizon Communications, Inc. | |
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| Electric Utilities — 3.6% | |
| American Electric Power Co., Inc. | |
| Constellation Energy Corp. | |
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| Electrical Equipment — 0.8% | |
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| Vertiv Holdings Co., Class A | |
| | |
| Electronic Equipment, Instruments & Components | |
| | |
| | |
| | |
| | |
| Teledyne Technologies, Inc. (a) | |
| | |
| Energy Equipment & Services | |
| | |
| | |
| | |
| | |
| | |
See Notes to Financial Statements
First Trust Large Cap Core AlphaDEX® Fund (FEX)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| Entertainment (Continued) | |
| Liberty Media Corp.-Liberty Formula One, Class C (a) | |
| Live Nation Entertainment, Inc. (a) | |
| | |
| Take-Two Interactive Software, Inc. (a) | |
| Warner Bros Discovery, Inc. (a) | |
| | |
| Financial Services — 2.2% | |
| Apollo Global Management, Inc. | |
| Berkshire Hathaway, Inc., Class B (a) | |
| Corebridge Financial, Inc. | |
| | |
| | |
| Mastercard, Inc., Class A | |
| PayPal Holdings, Inc. (a) | |
| | |
| | |
| Archer-Daniels-Midland Co. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Mondelez International, Inc., Class A | |
| Tyson Foods, Inc., Class A | |
| | |
| | |
| | |
| | |
| J.B. Hunt Transport Services, Inc. | |
| | |
| Uber Technologies, Inc. (a) | |
| | |
| | |
| | |
| | |
| Baxter International, Inc. | |
| | |
|
| Health Care Equipment & Supplies (Continued) | |
| | |
| Boston Scientific Corp. (a) | |
| Cooper (The) Cos., Inc. (a) | |
| Edwards Lifesciences Corp. (a) | |
| GE HealthCare Technologies, Inc. | |
| | |
| | |
| Intuitive Surgical, Inc. (a) | |
| | |
| | |
| | |
| | |
| Zimmer Biomet Holdings, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Molina Healthcare, Inc. (a) | |
| | |
| | |
| | |
| Alexandria Real Estate Equities, Inc. | |
| | |
| | |
| | |
| Hotels, Restaurants & Leisure | |
| | |
| | |
| Chipotle Mexican Grill, Inc. (a) | |
| | |
| | |
| DraftKings, Inc., Class A (a) | |
| | |
| Hilton Worldwide Holdings, Inc. | |
| Marriott International, Inc., Class A | |
| MGM Resorts International (a) | |
| Royal Caribbean Cruises Ltd. (a) | |
| | |
| Household Durables — 1.9% | |
| | |
| | |
See Notes to Financial Statements
First Trust Large Cap Core AlphaDEX® Fund (FEX)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| Household Durables (Continued) | |
| | |
| | |
| | |
| | |
| Household Products — 0.7% | |
| Church & Dwight Co., Inc. | |
| | |
| | |
| Procter & Gamble (The) Co. | |
| | |
| Independent Power and Renewable Electricity | |
| | |
| Industrial Conglomerates — | |
| | |
| Honeywell International, Inc. | |
| | |
| | |
| | |
| American International Group, Inc. | |
| Arch Capital Group Ltd. (a) | |
| Arthur J. Gallagher & Co. | |
| | |
| | |
| Cincinnati Financial Corp. | |
| Erie Indemnity Co., Class A | |
| | |
| Fidelity National Financial, Inc. | |
| Hartford Financial Services Group (The), Inc. | |
| | |
| | |
| Marsh & McLennan Cos., Inc. | |
| Principal Financial Group, Inc. | |
| | |
| Prudential Financial, Inc. | |
| Travelers (The) Cos., Inc. | |
| | |
| | |
| Interactive Media & Services | |
| | |
| Meta Platforms, Inc., Class A | |
| | |
|
| Interactive Media & Services (Continued) | |
| Pinterest, Inc., Class A (a) | |
| | |
| | |
| | |
| Cloudflare, Inc., Class A (a) | |
| Cognizant Technology Solutions Corp., Class A | |
| | |
| | |
| GoDaddy, Inc., Class A (a) | |
| International Business Machines Corp. | |
| | |
| | |
| Life Sciences Tools & Services | |
| Mettler-Toledo International, Inc. (a) | |
| | |
| Thermo Fisher Scientific, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Westinghouse Air Brake Technologies Corp. | |
| | |
| | |
| | |
| Charter Communications, Inc., Class A (a) | |
| | |
| | |
| Interpublic Group of (The) Cos., Inc. | |
| | |
| | |
| Trade Desk (The), Inc., Class A (a) | |
| | |
| | |
| | |
| | |
See Notes to Financial Statements
First Trust Large Cap Core AlphaDEX® Fund (FEX)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| Metals & Mining (Continued) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Consolidated Edison, Inc. | |
| | |
| | |
| Public Service Enterprise Group, Inc. | |
| | |
| | |
| | |
| Oil, Gas & Consumable Fuels | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Occidental Petroleum Corp. | |
| | |
| | |
| | |
| | |
| Williams (The) Cos., Inc. | |
| | |
| Passenger Airlines — 1.0% | |
| | |
| | |
| United Airlines Holdings, Inc. (a) | |
| | |
| | |
| Estee Lauder (The) Cos., Inc., Class A | |
| | |
| | |
| | |
| | |
| | |
|
| Pharmaceuticals (Continued) | |
| | |
| | |
| | |
| Professional Services — 1.4% | |
| Automatic Data Processing, Inc. | |
| Booz Allen Hamilton Holding Corp. | |
| Broadridge Financial Solutions, Inc. | |
| | |
| SS&C Technologies Holdings, Inc. | |
| | |
| | |
| | |
| | |
| CBRE Group, Inc., Class A (a) | |
| | |
| American Homes 4 Rent, Class A | |
| AvalonBay Communities, Inc. | |
| | |
| Essex Property Trust, Inc. | |
| | |
| Mid-America Apartment Communities, Inc. | |
| | |
| | |
| | |
| Simon Property Group, Inc. | |
| | |
| Semiconductors & Semiconductor Equipment | |
| Advanced Micro Devices, Inc. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Monolithic Power Systems, Inc. | |
| | |
| | |
| | |
See Notes to Financial Statements
First Trust Large Cap Core AlphaDEX® Fund (FEX)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| Semiconductors & Semiconductor Equipment (Continued) | |
| | |
| | |
| | |
| | |
| | |
| | |
| Cadence Design Systems, Inc. (a) | |
| Crowdstrike Holdings, Inc., Class A (a) | |
| Datadog, Inc., Class A (a) | |
| | |
| | |
| | |
| | |
| Manhattan Associates, Inc. (a) | |
| | |
| Nutanix, Inc., Class A (a) | |
| | |
| Palantir Technologies, Inc., Class A (a) | |
| Palo Alto Networks, Inc. (a) | |
| | |
| | |
| | |
| | |
| | |
| Tyler Technologies, Inc. (a) | |
| Zoom Video Communications, Inc., Class A (a) | |
| | |
| | |
| | |
| Digital Realty Trust, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| O’Reilly Automotive, Inc. (a) | |
| | |
| | |
| | |
| | |
| | |
|
| Technology Hardware, Storage | |
| | |
| Hewlett Packard Enterprise Co. | |
| | |
| | |
| Pure Storage, Inc., Class A (a) | |
| Seagate Technology Holdings PLC | |
| Super Micro Computer, Inc. (a) | |
| | |
| Textiles, Apparel & Luxury | |
| Deckers Outdoor Corp. (a) | |
| | |
| | |
| | |
| | |
| Philip Morris International, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| American Water Works Co., Inc. | |
| Wireless Telecommunication | |
| | |
| | |
| | |
MONEY MARKET FUNDS — 0.1% |
| Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 5.14% (b) | |
| | |
See Notes to Financial Statements
First Trust Large Cap Core AlphaDEX® Fund (FEX)Portfolio of Investments (Continued)July 31, 2024 | | |
REPURCHASE AGREEMENTS — 0.0% |
| Bank of America Corp., 5.34% (b), dated 07/31/24, due 08/01/24, with a maturity value of $2,912. Collateralized by U.S. Treasury Securities, interest rates of 0.00% to 4.38%, due 07/31/26 to 02/15/38. The value of the collateral including accrued interest is $2,970. (c) | |
| | |
|
|
| Total Investments — 100.0% | |
| | |
| Net Other Assets and Liabilities — 0.0% | |
| | |
| Non-income producing security. |
| Rate shown reflects yield as of July 31, 2024. |
| This security serves as collateral for securities on loan. |
Abbreviations throughout the Portfolio of Investments: |
| – Real Estate Investment Trusts |
Valuation InputsA summary of the inputs used to value the Fund’s investments as of July 31, 2024 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
| | | Level 2
Significant
Observable
Inputs | Level 3
Significant
Unobservable
Inputs |
| | | | |
| | | | |
| | | | |
| | | | |
| 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:
|
Total gross amount presented on the Statements
of Assets and Liabilities(1) | |
| |
| |
| The amount is included in “Investments, at value” on the Statements of Assets and Liabilities. |
| At July 31, 2024, 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 Core AlphaDEX® Fund (FNX)Portfolio of InvestmentsJuly 31, 2024
| | |
|
| Aerospace & Defense — 2.0% | |
| | |
| | |
| | |
| Huntington Ingalls Industries, Inc. | |
| | |
| | |
| | |
| | |
| Air Freight & Logistics — | |
| | |
| | |
| | |
| | |
| Goodyear Tire & Rubber (The) Co. (a) | |
| | |
| Modine Manufacturing Co. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Columbia Banking System, Inc. | |
| | |
| Commerce Bancshares, Inc. | |
| Cullen/Frost Bankers, Inc. | |
| | |
| | |
| First Financial Bankshares, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Pinnacle Financial Partners, Inc. | |
| | |
| Prosperity Bancshares, Inc. | |
| ServisFirst Bancshares, Inc. | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Boston Beer (The) Co., Inc., Class A (a) | |
| Celsius Holdings, Inc. (a) | |
| Coca-Cola Consolidated, Inc. (b) | |
| Molson Coors Beverage Co., Class B | |
| | |
| | |
| | |
| | |
| Blueprint Medicines Corp. (a) | |
| | |
| Halozyme Therapeutics, Inc. (a) | |
| | |
| Ionis Pharmaceuticals, Inc. (a) | |
| | |
| REVOLUTION Medicines, Inc. (a) | |
| Roivant Sciences Ltd. (a) | |
| Sarepta Therapeutics, Inc. (a) | |
| United Therapeutics Corp. (a) | |
| | |
| | |
| | |
| | |
| Ollie’s Bargain Outlet Holdings, Inc. (a) | |
| | |
| | |
| | |
| | |
| Advanced Drainage Systems, Inc. | |
| Armstrong World Industries, Inc. | |
| | |
| Fortune Brands Innovations, Inc. | |
| | |
| Zurn Elkay Water Solutions Corp. | |
| | |
| | |
| Affiliated Managers Group, Inc. | |
See Notes to Financial Statements
First Trust Mid Cap Core AlphaDEX® Fund (FNX)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| Capital Markets (Continued) | |
| | |
| | |
| Hamilton Lane, Inc., Class A | |
| | |
| Interactive Brokers Group, Inc., Class A | |
| | |
| Jefferies Financial Group, Inc. | |
| | |
| Robinhood Markets, Inc., Class A (a) | |
| | |
| | |
| Tradeweb Markets, Inc., Class A | |
| | |
| | |
| | |
| | |
| Axalta Coating Systems Ltd. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Casella Waste Systems, Inc., Class A (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Construction & Engineering | |
| | |
| | |
| | |
|
| Construction & Engineering (Continued) | |
| Comfort Systems USA, Inc. | |
| | |
| | |
| MDU Resources Group, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Summit Materials, Inc., Class A (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| SoFi Technologies, Inc. (a) | |
| | |
| Consumer Staples Distribution | |
| BJ’s Wholesale Club Holdings, Inc. (a) | |
| Casey’s General Stores, Inc. | |
| Performance Food Group Co. (a) | |
| Sprouts Farmers Market, Inc. (a) | |
| US Foods Holding Corp. (a) | |
| | |
| | |
| | |
| | |
| | |
| Graphic Packaging Holding Co. | |
| | |
| | |
| | |
| | |
| | |
| Diversified Consumer Services | |
| | |
| Bright Horizons Family Solutions, Inc. (a) | |
| | |
| Grand Canyon Education, Inc. (a) | |
| | |
| | |
See Notes to Financial Statements
First Trust Mid Cap Core AlphaDEX® Fund (FNX)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| | |
| Essential Properties Realty Trust, Inc. | |
| Diversified Telecommunication | |
| Frontier Communications Parent, Inc. (a) | |
| Electric Utilities — 2.0% | |
| | |
| | |
| | |
| | |
| | |
| | |
| Pinnacle West Capital Corp. | |
| Portland General Electric Co. | |
| | |
| Electrical Equipment — 0.9% | |
| | |
| | |
| | |
| Generac Holdings, Inc. (a) | |
| | |
| | |
| Electronic Equipment, Instruments & Components | |
| Advanced Energy Industries, Inc. | |
| Arrow Electronics, Inc. (a) | |
| | |
| | |
| | |
| Insight Enterprises, Inc. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| Energy Equipment & Services | |
| | |
| | |
| | |
| Patterson-UTI Energy, Inc. | |
| | |
| | |
| | |
|
| Energy Equipment & Services (Continued) | |
| | |
| Weatherford International PLC (a) | |
| | |
| | |
| Madison Square Garden Sports Corp. (a) | |
| | |
| Warner Music Group Corp., Class A | |
| | |
| Financial Services — 2.9% | |
| Affirm Holdings, Inc. (a) | |
| | |
| Euronet Worldwide, Inc. (a) | |
| Jackson Financial, Inc., Class A | |
| | |
| Mr. Cooper Group, Inc. (a) | |
| PennyMac Financial Services, Inc. | |
| | |
| Shift4 Payments, Inc., Class A (a) | |
| | |
| | |
| | |
| | |
| | |
| Darling Ingredients, Inc. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| Simply Good Foods (The) Co. (a) | |
| | |
| | |
| | |
| New Jersey Resources Corp. | |
| | |
| Southwest Gas Holdings, Inc. | |
| | |
| | |
| | |
| | |
| Knight-Swift Transportation Holdings, Inc. | |
See Notes to Financial Statements
First Trust Mid Cap Core AlphaDEX® Fund (FNX)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| Ground Transportation (Continued) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Envista Holdings Corp. (a) | |
| | |
| | |
| Integer Holdings Corp. (a) | |
| iRhythm Technologies, Inc. (a) | |
| Lantheus Holdings, Inc. (a) | |
| Merit Medical Systems, Inc. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Select Medical Holdings Corp. | |
| Tenet Healthcare Corp. (a) | |
| Universal Health Services, Inc., Class B | |
| | |
| | |
| Healthcare Realty Trust, Inc. | |
| Omega Healthcare Investors, Inc. | |
| | |
| Hotels, Restaurants & Leisure | |
| | |
| | |
| Caesars Entertainment, Inc. (a) | |
| | |
| Choice Hotels International, Inc. (b) | |
| | |
| Hilton Grand Vacations, Inc. (a) | |
| Hyatt Hotels Corp., Class A | |
| | |
| | |
|
| Hotels, Restaurants & Leisure (Continued) | |
| Norwegian Cruise Line Holdings Ltd. (a) | |
| Planet Fitness, Inc., Class A (a) | |
| | |
| | |
| | |
| | |
| Household Durables — 3.4% | |
| Installed Building Products, Inc. | |
| | |
| | |
| | |
| Mohawk Industries, Inc. (a) | |
| Skyline Champion Corp. (a) | |
| Taylor Morrison Home Corp. (a) | |
| Tempur Sealy International, Inc. | |
| | |
| | |
| Tri Pointe Homes, Inc. (a) | |
| | |
| | |
| Household Products — 0.2% | |
| Reynolds Consumer Products, Inc. | |
| | |
| | |
| Independent Power and Renewable Electricity | |
| | |
| | |
| | |
| | |
| EastGroup Properties, Inc. | |
| | |
| American Financial Group, Inc. | |
| | |
| | |
| Axis Capital Holdings Ltd. | |
| | |
| First American Financial Corp. | |
| | |
| Hanover Insurance Group (The), Inc. | |
| Kinsale Capital Group, Inc. | |
| | |
| Old Republic International Corp. | |
| | |
| Reinsurance Group of America, Inc. | |
See Notes to Financial Statements
First Trust Mid Cap Core AlphaDEX® Fund (FNX)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| | |
| RenaissanceRe Holdings Ltd. | |
| | |
| Ryan Specialty Holdings, Inc. | |
| Selective Insurance Group, Inc. | |
| | |
| White Mountains Insurance Group Ltd. | |
| | |
| Interactive Media & Services | |
| | |
| | |
| | |
| | |
| Kyndryl Holdings, Inc. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Life Sciences Tools & Services | |
| | |
| Medpace Holdings, Inc. (a) | |
| | |
| | |
| | |
| Allison Transmission Holdings, Inc. | |
| Chart Industries, Inc. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| SPX Technologies, Inc. (a) | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| Liberty Broadband Corp., Class C (a) | |
| New York Times (The) Co., Class A | |
| Nexstar Media Group, Inc. | |
| | |
| | |
| Alpha Metallurgical Resources, Inc. | |
| | |
| Cleveland-Cliffs, Inc. (a) | |
| | |
| | |
| | |
| | |
| | |
| AGNC Investment Corp. (b) | |
| Annaly Capital Management, Inc. | |
| Blackstone Mortgage Trust, Inc., Class A (b) | |
| | |
| Starwood Property Trust, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Oil, Gas & Consumable Fuels | |
| | |
| Antero Resources Corp. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
See Notes to Financial Statements
First Trust Mid Cap Core AlphaDEX® Fund (FNX)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| Oil, Gas & Consumable Fuels (Continued) | |
| Magnolia Oil & Gas Corp., Class A | |
| | |
| | |
| | |
| | |
| PBF Energy, Inc., Class A | |
| | |
| | |
| | |
| | |
| | |
| | |
| Paper & Forest Products — | |
| | |
| Passenger Airlines — 0.3% | |
| Alaska Air Group, Inc. (a) | |
| | |
| BellRing Brands, Inc. (a) | |
| | |
| | |
| | |
| Axsome Therapeutics, Inc. (a) | |
| Intra-Cellular Therapies, Inc. (a) | |
| Jazz Pharmaceuticals PLC (a) | |
| | |
| | |
| | |
| Professional Services — 2.9% | |
| Alight, Inc., Class A (a) | |
| CACI International, Inc., Class A (a) | |
| | |
| Dun & Bradstreet Holdings, Inc. | |
| ExlService Holdings, Inc. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Science Applications International Corp. | |
| | |
|
| Professional Services (Continued) | |
| | |
| | |
| | |
| | |
| Jones Lang LaSalle, Inc. (a) | |
| | |
| | |
| Independence Realty Trust, Inc. | |
| | |
| | |
| | |
| | |
| Brixmor Property Group, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Semiconductors & Semiconductor Equipment | |
| Allegro MicroSystems, Inc. (a) | |
| | |
| Axcelis Technologies, Inc. (a) | |
| | |
| MACOM Technology Solutions Holdings, Inc. (a) | |
| | |
| Onto Innovation, Inc. (a) | |
| | |
| | |
| | |
| Altair Engineering, Inc., Class A (a) | |
| Appfolio, Inc., Class A (a) | |
| AppLovin Corp., Class A (a) | |
| | |
| | |
| CCC Intelligent Solutions Holdings, Inc. (a) | |
| CommVault Systems, Inc. (a) | |
| Confluent, Inc., Class A (a) | |
| | |
| Guidewire Software, Inc. (a) | |
| Informatica, Inc., Class A (a) | |
| Marathon Digital Holdings, Inc. (a) | |
| MicroStrategy, Inc., Class A (a) | |
| | |
See Notes to Financial Statements
First Trust Mid Cap Core AlphaDEX® Fund (FNX)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| | |
| Samsara, Inc., Class A (a) | |
| SentinelOne, Inc., Class A (a) | |
| Smartsheet, Inc., Class A (a) | |
| Varonis Systems, Inc. (a) | |
| | |
| | |
| | |
| Lamar Advertising Co., Class A | |
| | |
| | |
| | |
| | |
| Abercrombie & Fitch Co., Class A (a) | |
| Academy Sports & Outdoors, Inc. | |
| | |
| American Eagle Outfitters, Inc. | |
| Asbury Automotive Group, Inc. (a) | |
| | |
| | |
| | |
| | |
| Dick’s Sporting Goods, Inc. | |
| | |
| | |
| | |
| | |
| Penske Automotive Group, Inc. | |
| | |
| Urban Outfitters, Inc. (a) | |
| | |
| | |
| Textiles, Apparel & Luxury | |
| | |
| | |
| | |
| | |
| | |
| Skechers U.S.A., Inc., Class A (a) | |
| | |
| | |
| | |
| | |
| Applied Industrial Technologies, Inc. | |
| | |
|
| Trading Companies & Distributors (Continued) | |
| Beacon Roofing Supply, Inc. (a) | |
| | |
| Core & Main, Inc., Class A (a) | |
| | |
| | |
| | |
| | |
| Rush Enterprises, Inc., Class A | |
| SiteOne Landscape Supply, Inc. (a) | |
| WESCO International, Inc. | |
| | |
| | |
| Essential Utilities, Inc. | |
| | |
| | |
MONEY MARKET FUNDS — 0.3% |
| Goldman Sachs Financial Square Treasury Obligations Fund - Institutional Class - 5.11% (c) (d) | |
| Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 5.14% (c) | |
| | |
| | |
|
|
| Total Investments — 100.2% | |
| | |
| Net Other Assets and Liabilities — (0.2)% | |
| | |
| Non-income producing security. |
| 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, including those sold and pending settlement, is $2,477,019 and the total value of the collateral held by the Fund is $2,574,311. |
| Rate shown reflects yield as of July 31, 2024. |
| This security serves as collateral for securities on loan. |
Abbreviations throughout the Portfolio of Investments: |
| – Real Estate Investment Trusts |
See Notes to Financial Statements
First Trust Mid Cap Core AlphaDEX® Fund (FNX)Portfolio of Investments (Continued)July 31, 2024
Valuation InputsA summary of the inputs used to value the Fund’s investments as of July 31, 2024 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
| | | Level 2
Significant
Observable
Inputs | Level 3
Significant
Unobservable
Inputs |
| | | | |
| | | | |
| | | | |
| See Portfolio of Investments for industry breakout. |
Offsetting Assets and Liabilities
Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
Securities Lending Agency Agreement |
Total gross amount presented on the Statements of Assets and Liabilities(1) | |
| |
| |
| 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. |
| At July 31, 2024, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments. |
See Notes to Financial Statements
First Trust Small Cap Core AlphaDEX® Fund (FYX)Portfolio of InvestmentsJuly 31, 2024
| | |
|
| Aerospace & Defense — 0.9% | |
| | |
| | |
| Kratos Defense & Security Solutions, Inc. (a) | |
| | |
| Spirit AeroSystems Holdings, Inc., Class A (a) | |
| | |
| | |
| | |
| Air Freight & Logistics — | |
| Air Transport Services Group, Inc. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| Dorman Products, Inc. (a) | |
| Fox Factory Holding Corp. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Winnebago Industries, Inc. | |
| | |
| | |
| | |
| Atlantic Union Bankshares Corp. | |
| | |
| | |
| | |
| | |
| | |
| | |
| Berkshire Hills Bancorp, Inc. | |
| | |
| | |
| Columbia Financial, Inc. (a) | |
| Community Financial System, Inc. | |
| Customers Bancorp, Inc. (a) | |
| | |
| | |
| | |
|
| | |
| Enterprise Financial Services Corp. | |
| | |
| | |
| | |
| | |
| First Commonwealth Financial Corp. | |
| | |
| | |
| First Interstate BancSystem, Inc., Class A | |
| | |
| | |
| | |
| | |
| | |
| International Bancshares Corp. | |
| | |
| Live Oak Bancshares, Inc. | |
| National Bank Holdings Corp., Class A | |
| | |
| | |
| Northwest Bancshares, Inc. | |
| OceanFirst Financial Corp. | |
| | |
| Pacific Premier Bancorp, Inc. | |
| | |
| | |
| | |
| | |
| Provident Financial Services, Inc. | |
| | |
| | |
| Sandy Spring Bancorp, Inc. | |
| Seacoast Banking Corp. of Florida | |
| Simmons First National Corp., Class A | |
| | |
| Stock Yards Bancorp, Inc. | |
| Texas Capital Bancshares, Inc. (a) | |
| | |
| | |
| | |
| United Community Banks, Inc. | |
| | |
| | |
| | |
See Notes to Financial Statements
First Trust Small Cap Core AlphaDEX® Fund (FYX)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| | |
| | |
| | |
| | |
| | |
| Vita Coco (The) Co., Inc. (a) | |
| | |
| | |
| Agios Pharmaceuticals, Inc. (a) | |
| | |
| BioCryst Pharmaceuticals, Inc. (a) | |
| Catalyst Pharmaceuticals, Inc. (a) | |
| Celldex Therapeutics, Inc. (a) | |
| Crinetics Pharmaceuticals, Inc. (a) | |
| | |
| ImmunityBio, Inc. (a) (b) | |
| Krystal Biotech, Inc. (a) | |
| Kymera Therapeutics, Inc. (a) | |
| | |
| Mirum Pharmaceuticals, Inc. (a) | |
| Myriad Genetics, Inc. (a) | |
| Protagonist Therapeutics, Inc. (a) | |
| PTC Therapeutics, Inc. (a) | |
| Rhythm Pharmaceuticals, Inc. (a) | |
| Summit Therapeutics, Inc. (a) (b) | |
| Tango Therapeutics, Inc. (a) | |
| Twist Bioscience Corp. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Gibraltar Industries, Inc. (a) | |
| | |
| Hayward Holdings, Inc. (a) | |
| Janus International Group, Inc. (a) | |
| JELD-WEN Holding, Inc. (a) | |
| | |
| Quanex Building Products Corp. | |
| | |
|
| Building Products (Continued) | |
| Resideo Technologies, Inc. (a) | |
| | |
| | |
| | |
| Artisan Partners Asset Management, Inc., Class A | |
| Donnelley Financial Solutions, Inc. (a) | |
| | |
| | |
| | |
| PJT Partners, Inc., Class A | |
| | |
| | |
| Victory Capital Holdings, Inc., Class A | |
| Virtu Financial, Inc., Class A | |
| Virtus Investment Partners, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Minerals Technologies, Inc. | |
| | |
| Scotts Miracle-Gro (The) Co. | |
| Sensient Technologies Corp. | |
| | |
| | |
| | |
| | |
| ACV Auctions, Inc., Class A (a) | |
| | |
| | |
| | |
| Driven Brands Holdings, Inc. (a) | |
| GEO Group (The), Inc. (a) | |
| | |
| Matthews International Corp., Class A | |
| | |
| | |
| | |
| | |
| | |
| Extreme Networks, Inc. (a) | |
See Notes to Financial Statements
First Trust Small Cap Core AlphaDEX® Fund (FYX)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| Communications Equipment (Continued) | |
| NetScout Systems, Inc. (a) | |
| | |
| | |
| Construction & Engineering | |
| Construction Partners, Inc., Class A (a) | |
| Dycom Industries, Inc. (a) | |
| Granite Construction, Inc. | |
| | |
| | |
| | |
| Sterling Infrastructure, Inc. (a) | |
| | |
| | |
| United States Lime & Minerals, Inc. | |
| | |
| Bread Financial Holdings, Inc. | |
| Enova International, Inc. (a) | |
| | |
| | |
| | |
| | |
| Consumer Staples Distribution | |
| | |
| Chefs’ Warehouse (The), Inc. (a) | |
| Grocery Outlet Holding Corp. (a) | |
| Ingles Markets, Inc., Class A | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Diversified Consumer Services | |
| Adtalem Global Education, Inc. (a) | |
| | |
| | |
| | |
|
| Diversified Consumer Services (Continued) | |
| Graham Holdings Co., Class B | |
| | |
| OneSpaWorld Holdings Ltd. (a) | |
| | |
| Strategic Education, Inc. | |
| | |
| | |
| | |
| Alexander & Baldwin, Inc. | |
| American Assets Trust, Inc. | |
| Broadstone Net Lease, Inc. | |
| Empire State Realty Trust, Inc., Class A | |
| | |
| Diversified Telecommunication | |
| Liberty Latin America Ltd., Class C (a) | |
| Shenandoah Telecommunications Co. | |
| | |
| Electric Utilities — 0.7% | |
| Hawaiian Electric Industries, Inc. | |
| | |
| | |
| Electrical Equipment — 0.9% | |
| Bloom Energy Corp., Class A (a) (b) | |
| | |
| | |
| | |
| Thermon Group Holdings, Inc. (a) | |
| | |
| | |
| Electronic Equipment, Instruments & Components | |
| | |
| | |
| | |
| | |
| | |
| Mirion Technologies, Inc. (a) | |
| Napco Security Technologies, Inc. | |
| | |
| | |
| | |
| | |
See Notes to Financial Statements
First Trust Small Cap Core AlphaDEX® Fund (FYX)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| Electronic Equipment, Instruments & Components (Continued) | |
| | |
| TTM Technologies, Inc. (a) | |
| Vishay Intertechnology, Inc. | |
| | |
| Energy Equipment & Services | |
| | |
| Atlas Energy Solutions, Inc. | |
| | |
| Expro Group Holdings N.V. (a) | |
| Helix Energy Solutions Group, Inc. (a) | |
| Kodiak Gas Services, Inc. | |
| Oceaneering International, Inc. (a) | |
| | |
| | |
| AMC Entertainment Holdings, Inc., Class A (a) (b) | |
| Cinemark Holdings, Inc. (a) | |
| Madison Square Garden Entertainment Corp. (a) | |
| Sphere Entertainment Co. (a) | |
| | |
| Financial Services — 1.5% | |
| AvidXchange Holdings, Inc. (a) | |
| Federal Agricultural Mortgage Corp., Class C | |
| HA Sustainable Infrastructure Capital, Inc. | |
| | |
| | |
| Payoneer Global, Inc. (a) | |
| Rocket Cos., Inc., Class A (a) | |
| | |
| | |
| | |
| | |
| Fresh Del Monte Produce, Inc. | |
| | |
| Tootsie Roll Industries, Inc. | |
| TreeHouse Foods, Inc. (a) | |
| | |
| | |
| | |
| Chesapeake Utilities Corp. | |
| | |
|
| Gas Utilities (Continued) | |
| Northwest Natural Holding Co. | |
| | |
| | |
| | |
| | |
| | |
| Hertz Global Holdings, Inc. (a) | |
| | |
| Schneider National, Inc., Class B | |
| | |
| | |
| | |
| | |
| | |
| | |
| Integra LifeSciences Holdings Corp. (a) | |
| | |
| | |
| PROCEPT BioRobotics Corp. (a) | |
| | |
| Tandem Diabetes Care, Inc. (a) | |
| TransMedics Group, Inc. (a) | |
| UFP Technologies, Inc. (a) | |
| | |
| | |
| | |
| | |
| Alignment Healthcare, Inc. (a) | |
| AMN Healthcare Services, Inc. (a) | |
| | |
| Brookdale Senior Living, Inc. (a) | |
| Guardant Health, Inc. (a) | |
| Hims & Hers Health, Inc. (a) | |
| National HealthCare Corp. | |
| | |
| | |
| | |
| Privia Health Group, Inc. (a) | |
| | |
| | |
| | |
| | |
| | |
See Notes to Financial Statements
First Trust Small Cap Core AlphaDEX® Fund (FYX)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| Health Care REITs (Continued) | |
| National Health Investors, Inc. | |
| Sabra Health Care REIT, Inc. | |
| | |
| | |
| Doximity, Inc., Class A (a) | |
| | |
| | |
| Hotel & Resort REITs — 0.7% | |
| DiamondRock Hospitality Co. | |
| Park Hotels & Resorts, Inc. | |
| | |
| | |
| Sunstone Hotel Investors, Inc. | |
| Xenia Hotels & Resorts, Inc. | |
| | |
| Hotels, Restaurants & Leisure | |
| | |
| Bowlero Corp., Class A (b) | |
| Brinker International, Inc. (a) | |
| Cheesecake Factory (The), Inc. | |
| Cracker Barrel Old Country Store, Inc. (b) | |
| Dave & Buster’s Entertainment, Inc. (a) | |
| Dutch Bros, Inc., Class A (a) | |
| First Watch Restaurant Group, Inc. (a) | |
| Golden Entertainment, Inc. | |
| | |
| Life Time Group Holdings, Inc. (a) | |
| Marriott Vacations Worldwide Corp. | |
| Monarch Casino & Resort, Inc. | |
| Red Rock Resorts, Inc., Class A | |
| | |
| Shake Shack, Inc., Class A (a) | |
| Sweetgreen, Inc., Class A (a) | |
| | |
| United Parks & Resorts, Inc. (a) | |
| | |
| Household Durables — 2.0% | |
| Beazer Homes USA, Inc. (a) | |
| Cavco Industries, Inc. (a) | |
| Century Communities, Inc. | |
| Dream Finders Homes, Inc., Class A (a) | |
| | |
|
| Household Durables (Continued) | |
| Green Brick Partners, Inc. (a) | |
| | |
| | |
| | |
| | |
| Worthington Enterprises, Inc. | |
| | |
| Household Products — 0.6% | |
| Central Garden & Pet Co., Class A (c) | |
| | |
| Spectrum Brands Holdings, Inc. | |
| | |
| Independent Power and Renewable Electricity | |
| Clearway Energy, Inc., Class C | |
| | |
| Innovative Industrial Properties, Inc. | |
| | |
| | |
| | |
| Baldwin Insurance Group (The), Inc. (a) | |
| CNO Financial Group, Inc. | |
| | |
| Genworth Financial, Inc. (a) | |
| Horace Mann Educators Corp. | |
| | |
| | |
| Oscar Health, Inc., Class A (a) | |
| Palomar Holdings, Inc. (a) | |
| Safety Insurance Group, Inc. | |
| | |
| Skyward Specialty Insurance Group, Inc. (a) | |
| Stewart Information Services Corp. | |
| | |
| Interactive Media & Services | |
| Bumble, Inc., Class A (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
See Notes to Financial Statements
First Trust Small Cap Core AlphaDEX® Fund (FYX)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| | |
| DigitalOcean Holdings, Inc. (a) | |
| | |
| Topgolf Callaway Brands Corp. (a) | |
| | |
| | |
| Life Sciences Tools & Services | |
| Fortrea Holdings, Inc. (a) | |
| | |
| | |
| Albany International Corp., Class A | |
| Atmus Filtration Technologies, Inc. (a) | |
| | |
| | |
| | |
| | |
| Greenbrier (The) Cos., Inc. | |
| Helios Technologies, Inc. | |
| | |
| Hillman Solutions Corp. (a) | |
| John Bean Technologies Corp. | |
| | |
| | |
| Mueller Water Products, Inc., Class A | |
| | |
| Standex International Corp. | |
| | |
| | |
| | |
| | |
| Advantage Solutions, Inc. (a) | |
| Altice USA, Inc., Class A (a) | |
| | |
| EchoStar Corp., Class A (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| Carpenter Technology Corp. | |
| | |
| | |
| | |
|
| Metals & Mining (Continued) | |
| | |
| | |
| | |
| | |
| Apollo Commercial Real Estate Finance, Inc. | |
| Arbor Realty Trust, Inc. (b) | |
| | |
| Claros Mortgage Trust, Inc. | |
| Franklin BSP Realty Trust, Inc. | |
| | |
| | |
| PennyMac Mortgage Investment Trust | |
| | |
| Two Harbors Investment Corp. | |
| | |
| | |
| | |
| Northwestern Energy Group, Inc. | |
| | |
| | |
| | |
| | |
| Easterly Government Properties, Inc. | |
| | |
| Highwoods Properties, Inc. | |
| Hudson Pacific Properties, Inc. | |
| | |
| | |
| | |
| | |
| Oil, Gas & Consumable Fuels | |
| California Resources Corp. | |
| | |
| | |
| | |
| | |
| | |
| | |
| Gulfport Energy Corp. (a) | |
| International Seaways, Inc. | |
| | |
| | |
| Par Pacific Holdings, Inc. (a) | |
| Sitio Royalties Corp., Class A | |
| | |
| | |
See Notes to Financial Statements
First Trust Small Cap Core AlphaDEX® Fund (FYX)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| Oil, Gas & Consumable Fuels (Continued) | |
| | |
| | |
| | |
| Paper & Forest Products — | |
| | |
| Passenger Airlines — 0.6% | |
| | |
| | |
| | |
| | |
| Edgewell Personal Care Co. | |
| | |
| Olaplex Holdings, Inc. (a) | |
| | |
| | |
| Amneal Pharmaceuticals, Inc. (a) | |
| ANI Pharmaceuticals, Inc. (a) | |
| Collegium Pharmaceutical, Inc. (a) | |
| Corcept Therapeutics, Inc. (a) | |
| Harmony Biosciences Holdings, Inc. (a) | |
| | |
| Ligand Pharmaceuticals, Inc. (a) | |
| Pacira BioSciences, Inc. (a) | |
| Prestige Consumer Healthcare, Inc. (a) | |
| Supernus Pharmaceuticals, Inc. (a) | |
| | |
| Professional Services — 1.1% | |
| | |
| CSG Systems International, Inc. | |
| | |
| Huron Consulting Group, Inc. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Kennedy-Wilson Holdings, Inc. | |
| | |
|
| Real Estate Management & Development (Continued) | |
| Newmark Group, Inc., Class A | |
| | |
| | |
| | |
| Apartment Investment and Management Co., Class A (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| InvenTrust Properties Corp. | |
| Retail Opportunity Investments Corp. | |
| | |
| | |
| | |
| | |
| Semiconductors & Semiconductor Equipment | |
| | |
| Credo Technology Group Holding Ltd. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| Veeco Instruments, Inc. (a) | |
| | |
| | |
| | |
| | |
| | |
| Alarm.com Holdings, Inc. (a) | |
| Alkami Technology, Inc. (a) | |
| | |
| C3.ai, Inc., Class A (a) (b) | |
| | |
| Clear Secure, Inc., Class A | |
| Clearwater Analytics Holdings, Inc., Class A (a) | |
| E2open Parent Holdings, Inc. (a) | |
| | |
| | |
| | |
See Notes to Financial Statements
First Trust Small Cap Core AlphaDEX® Fund (FYX)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| | |
| LiveRamp Holdings, Inc. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Vertex, Inc., Class A (a) | |
| Zeta Global Holdings Corp., Class A (a) | |
| | |
| | |
| | |
| Four Corners Property Trust, Inc. | |
| National Storage Affiliates Trust | |
| | |
| | |
| | |
| | |
| Boot Barn Holdings, Inc. (a) | |
| | |
| | |
| | |
| National Vision Holdings, Inc. (a) | |
| | |
| Sally Beauty Holdings, Inc. (a) | |
| Sonic Automotive, Inc., Class A | |
| Victoria’s Secret & Co. (a) | |
| Warby Parker, Inc., Class A (a) | |
| | |
| Technology Hardware, Storage | |
| | |
| Diebold Nixdorf, Inc. (a) | |
| | |
| | |
| Textiles, Apparel & Luxury | |
| | |
| G-III Apparel Group Ltd. (a) | |
| Levi Strauss & Co., Class A | |
| | |
| | |
| Under Armour, Inc., Class A (a) | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| BlueLinx Holdings, Inc. (a) | |
| Custom Truck One Source, Inc. (a) | |
| Distribution Solutions Group, Inc. (a) | |
| | |
| | |
| H&E Equipment Services, Inc. | |
| | |
| | |
| California Water Service Group | |
| | |
| | |
| Wireless Telecommunication | |
| | |
| Telephone and Data Systems, Inc. | |
| United States Cellular Corp. (a) | |
| | |
| | |
| | |
MONEY MARKET FUNDS — 0.1% |
| Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 5.14% (d) | |
| | |
See Notes to Financial Statements
First Trust Small Cap Core AlphaDEX® Fund (FYX)Portfolio of Investments (Continued)July 31, 2024 | | |
REPURCHASE AGREEMENTS — 1.2% |
| Bank of America Corp., 5.34% (d), dated 07/31/24, due 08/01/24, with a maturity value of $5,689,591. Collateralized by U.S. Treasury Securities, interest rates of 0.00% to 4.38%, due 07/31/26 to 02/15/38. The value of the collateral including accrued interest is $5,802,522. (e) | |
| Mizuho Financial Group, Inc., 5.33% (d), dated 07/31/24, due 08/01/24, with a maturity value of $5,466,468. Collateralized by U.S. Treasury Securities, interest rates of 0.38% to 4.38%, due 09/15/24 to 08/15/30. The value of the collateral including accrued interest is $5,574,973. (e) | |
| Total Repurchase Agreements | |
| | |
|
|
| Total Investments — 101.2% | |
| | |
| Net Other Assets and Liabilities — (1.2)% | |
| | |
| Non-income producing security. |
| 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, including those sold and pending settlement, is $10,697,509 and the total value of the collateral held by the Fund is $11,154,406. |
| Non-income producing security which makes payment-in- kind distributions. |
| Rate shown reflects yield as of July 31, 2024. |
| This security serves as collateral for securities on loan. |
Abbreviations throughout the Portfolio of Investments: |
| – Real Estate Investment Trusts |
Valuation InputsA summary of the inputs used to value the Fund’s investments as of July 31, 2024 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
| | | Level 2
Significant
Observable
Inputs | Level 3
Significant
Unobservable
Inputs |
| | | | |
| | | | |
| | | | |
| | | | |
| See Portfolio of Investments for industry breakout. |
Offsetting Assets and Liabilities
Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
Securities Lending Agency Agreement |
Total gross amount presented on the Statements of Assets and Liabilities(1) | |
| |
| |
| 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. |
| At July 31, 2024, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments. |
See Notes to Financial Statements
First Trust Small Cap Core AlphaDEX® Fund (FYX)Portfolio of Investments (Continued)July 31, 2024 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:
|
Total gross amount presented on the Statements of Assets and Liabilities(3) | |
| |
| |
| The amount is included in “Investments, at value” on the Statements of Assets and Liabilities. |
| At July 31, 2024, 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® Fund (FTA)Portfolio of InvestmentsJuly 31, 2024
| | |
|
| Aerospace & Defense — 1.3% | |
| | |
| L3Harris Technologies, Inc. | |
| | |
| | |
| | |
| Air Freight & Logistics — | |
| Expeditors International of Washington, Inc. | |
| | |
| United Parcel Service, Inc., Class B | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Citizens Financial Group, Inc. | |
| | |
| Huntington Bancshares, Inc. | |
| | |
| | |
| PNC Financial Services Group (The), Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Regeneron Pharmaceuticals, Inc. (a) | |
| | |
| | |
| | |
| | |
| Johnson Controls International PLC | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| Goldman Sachs Group (The), Inc. | |
| | |
| Raymond James Financial, Inc. | |
| | |
| T. Rowe Price Group, Inc. | |
| | |
| | |
| Air Products and Chemicals, Inc. | |
| | |
| CF Industries Holdings, Inc. | |
| | |
| | |
| | |
| LyondellBasell Industries N.V., Class A | |
| | |
| | |
| | |
| | |
| | |
| | |
| Capital One Financial Corp. | |
| | |
| | |
| Consumer Staples Distribution | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Packaging Corp. of America | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
See Notes to Financial Statements
First Trust Large Cap Value AlphaDEX® Fund (FTA)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| Diversified Telecommunication | |
| | |
| Verizon Communications, Inc. | |
| | |
| Electric Utilities — 6.1% | |
| American Electric Power Co., Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Electronic Equipment, Instruments & Components | |
| | |
| | |
| Teledyne Technologies, Inc. (a) | |
| | |
| Energy Equipment & Services | |
| | |
| | |
| | |
| | |
| Warner Bros Discovery, Inc. (a) | |
| Financial Services — 2.7% | |
| Berkshire Hathaway, Inc., Class B (a) | |
| Corebridge Financial, Inc. | |
| | |
| PayPal Holdings, Inc. (a) | |
| | |
| | |
| Archer-Daniels-Midland Co. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| Food Products (Continued) | |
| Mondelez International, Inc., Class A | |
| Tyson Foods, Inc., Class A | |
| | |
| | |
| | |
| | |
| J.B. Hunt Transport Services, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Zimmer Biomet Holdings, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Molina Healthcare, Inc. (a) | |
| | |
| | |
| | |
| Alexandria Real Estate Equities, Inc. | |
| | |
| | |
| Household Durables — 2.1% | |
| | |
| | |
| | |
| Household Products — 0.2% | |
| | |
| | |
| | |
| American International Group, Inc. | |
| Arch Capital Group Ltd. (a) | |
| | |
| Cincinnati Financial Corp. | |
| | |
| Fidelity National Financial, Inc. | |
See Notes to Financial Statements
First Trust Large Cap Value AlphaDEX® Fund (FTA)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| | |
| Hartford Financial Services Group (The), Inc. | |
| | |
| | |
| Principal Financial Group, Inc. | |
| Prudential Financial, Inc. | |
| Travelers (The) Cos., Inc. | |
| | |
| | |
| | |
| Cognizant Technology Solutions Corp., Class A | |
| | |
| | |
| Life Sciences Tools & Services | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Charter Communications, Inc., Class A (a) | |
| | |
| | |
| Interpublic Group of (The) Cos., Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Consolidated Edison, Inc. | |
| | |
| | |
| Public Service Enterprise Group, Inc. | |
| | |
| | |
| | |
| | |
|
| Oil, Gas & Consumable Fuels | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Occidental Petroleum Corp. | |
| | |
| | |
| | |
| | |
| | |
| Passenger Airlines — 1.3% | |
| | |
| United Airlines Holdings, Inc. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Professional Services — 0.6% | |
| | |
| SS&C Technologies Holdings, Inc. | |
| | |
| | |
| CBRE Group, Inc., Class A (a) | |
| | |
| | |
| Mid-America Apartment Communities, Inc. | |
| | |
| | |
| | |
| Semiconductors & Semiconductor Equipment | |
| | |
See Notes to Financial Statements
First Trust Large Cap Value AlphaDEX® Fund (FTA)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| Semiconductors & Semiconductor Equipment (Continued) | |
| | |
| | |
| | |
| | |
| Zoom Video Communications, Inc., Class A (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Technology Hardware, Storage | |
| Hewlett Packard Enterprise Co. | |
| | |
| | |
| Textiles, Apparel & Luxury | |
| | |
| | |
| American Water Works Co., Inc. | |
| | |
| | |
MONEY MARKET FUNDS — 0.2% |
| Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 5.14% (b) | |
| | |
|
|
| Total Investments — 100.0% | |
| | |
| Net Other Assets and Liabilities — 0.0% | |
| | |
| Non-income producing security. |
| Rate shown reflects yield as of July 31, 2024. |
Abbreviations throughout the Portfolio of Investments: |
| – Real Estate Investment Trusts |
Valuation InputsA summary of the inputs used to value the Fund’s investments as of July 31, 2024 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
| | | Level 2
Significant
Observable
Inputs | Level 3
Significant
Unobservable
Inputs |
| | | | |
| | | | |
| | | | |
| See Portfolio of Investments for industry breakout. |
See Notes to Financial Statements
First Trust Large Cap Growth AlphaDEX® Fund (FTC)Portfolio of InvestmentsJuly 31, 2024
| | |
|
| Aerospace & Defense — 4.3% | |
| Axon Enterprise, Inc. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Rivian Automotive, Inc., Class A (a) | |
| | |
| First Citizens BancShares, Inc., Class A | |
| | |
| | |
| | |
| | |
| Constellation Brands, Inc., Class A | |
| | |
| | |
| | |
| Alnylam Pharmaceuticals, Inc. (a) | |
| | |
| Neurocrine Biosciences, Inc. (a) | |
| Vertex Pharmaceuticals, Inc. (a) | |
| | |
| | |
| | |
| | |
| | |
| Lennox International, Inc. | |
| | |
| | |
| | |
| | |
| Ares Management Corp., Class A | |
| Bank of New York Mellon (The) Corp. | |
| | |
| LPL Financial Holdings, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| Sherwin-Williams (The) Co. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Arista Networks, Inc. (a) | |
| | |
| | |
| Construction & Engineering | |
| | |
| | |
| Martin Marietta Materials, Inc. | |
| | |
| | |
| Consumer Staples Distribution | |
| | |
| Electric Utilities — 1.6% | |
| Constellation Energy Corp. | |
| | |
| | |
| | |
| Electrical Equipment — 2.3% | |
| | |
| | |
| | |
| Rockwell Automation, Inc. | |
| Vertiv Holdings Co., Class A | |
| | |
| Electronic Equipment, Instruments & Components | |
| | |
| Energy Equipment & Services | |
| | |
| | |
| | |
See Notes to Financial Statements
First Trust Large Cap Growth AlphaDEX® Fund (FTC)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| Entertainment (Continued) | |
| Liberty Media Corp.-Liberty Formula One, Class C (a) | |
| Live Nation Entertainment, Inc. (a) | |
| | |
| Take-Two Interactive Software, Inc. (a) | |
| | |
| Financial Services — 1.9% | |
| Apollo Global Management, Inc. | |
| | |
| | |
| Mastercard, Inc., Class A | |
| | |
| | |
| | |
| Lamb Weston Holdings, Inc. | |
| | |
| Uber Technologies, Inc. (a) | |
| | |
| Boston Scientific Corp. (a) | |
| Edwards Lifesciences Corp. (a) | |
| | |
| Intuitive Surgical, Inc. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| Hotel & Resort REITs — 0.2% | |
| Host Hotels & Resorts, Inc. | |
| Hotels, Restaurants & Leisure | |
| | |
| | |
| Chipotle Mexican Grill, Inc. (a) | |
| | |
| | |
| DoorDash, Inc., Class A (a) | |
| DraftKings, Inc., Class A (a) | |
| | |
| Hilton Worldwide Holdings, Inc. | |
| | |
| Marriott International, Inc., Class A | |
| | |
|
| Hotels, Restaurants & Leisure (Continued) | |
| MGM Resorts International (a) | |
| Royal Caribbean Cruises Ltd. (a) | |
| | |
| Household Durables — 2.0% | |
| | |
| | |
| | |
| | |
| Household Products — 1.4% | |
| Church & Dwight Co., Inc. | |
| | |
| Procter & Gamble (The) Co. | |
| | |
| Independent Power and Renewable Electricity | |
| | |
| Industrial Conglomerates — | |
| | |
| Honeywell International, Inc. | |
| | |
| | |
| | |
| Arthur J. Gallagher & Co. | |
| | |
| Erie Indemnity Co., Class A | |
| Marsh & McLennan Cos., Inc. | |
| | |
| Interactive Media & Services | |
| | |
| Meta Platforms, Inc., Class A | |
| Pinterest, Inc., Class A (a) | |
| | |
| | |
| | |
| Cloudflare, Inc., Class A (a) | |
| | |
| GoDaddy, Inc., Class A (a) | |
| International Business Machines Corp. | |
| | |
| | |
| Life Sciences Tools & Services | |
| Mettler-Toledo International, Inc. (a) | |
See Notes to Financial Statements
First Trust Large Cap Growth AlphaDEX® Fund (FTC)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| | |
| | |
| | |
| | |
| | |
| | |
| Westinghouse Air Brake Technologies Corp. | |
| | |
| | |
| | |
| Trade Desk (The), Inc., Class A (a) | |
| Oil, Gas & Consumable Fuels | |
| Williams (The) Cos., Inc. | |
| Passenger Airlines — 0.7% | |
| | |
| | |
| | |
| Professional Services — 2.5% | |
| Automatic Data Processing, Inc. | |
| Booz Allen Hamilton Holding Corp. | |
| Broadridge Financial Solutions, Inc. | |
| | |
| | |
| | |
| | |
| | |
| American Homes 4 Rent, Class A | |
| AvalonBay Communities, Inc. | |
| Essex Property Trust, Inc. | |
| | |
| | |
| | |
| Simon Property Group, Inc. | |
| Semiconductors & Semiconductor Equipment | |
| Advanced Micro Devices, Inc. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| Semiconductors & Semiconductor Equipment (Continued) | |
| | |
| | |
| Monolithic Power Systems, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Cadence Design Systems, Inc. (a) | |
| Crowdstrike Holdings, Inc., Class A (a) | |
| Datadog, Inc., Class A (a) | |
| | |
| | |
| | |
| | |
| Manhattan Associates, Inc. (a) | |
| | |
| Nutanix, Inc., Class A (a) | |
| | |
| Palantir Technologies, Inc., Class A (a) | |
| Palo Alto Networks, Inc. (a) | |
| | |
| | |
| | |
| | |
| | |
| Tyler Technologies, Inc. (a) | |
| | |
| | |
| | |
| Digital Realty Trust, Inc. | |
| | |
| | |
| | |
| | |
| | |
| O’Reilly Automotive, Inc. (a) | |
| | |
| | |
| | |
| Technology Hardware, Storage | |
| | |
| | |
See Notes to Financial Statements
First Trust Large Cap Growth AlphaDEX® Fund (FTC)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| Technology Hardware, Storage & Peripherals (Continued) | |
| Pure Storage, Inc., Class A (a) | |
| Seagate Technology Holdings PLC | |
| Super Micro Computer, Inc. (a) | |
| | |
| Textiles, Apparel & Luxury | |
| Deckers Outdoor Corp. (a) | |
| | |
| | |
| Philip Morris International, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| Wireless Telecommunication | |
| | |
| | |
| | |
MONEY MARKET FUNDS — 0.1% |
| Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 5.14% (b) | |
| | |
| | |
REPURCHASE AGREEMENTS — 0.0% |
| Bank of America Corp., 5.34% (b), dated 07/31/24, due 08/01/24, with a maturity value of $6,579. Collateralized by U.S. Treasury Securities, interest rates of 0.00% to 4.38%, due 07/31/26 to 02/15/38. The value of the collateral including accrued interest is $6,710. (c) | |
| | |
|
|
| Total Investments — 100.0% | |
| | |
| Net Other Assets and Liabilities — (0.0)% | |
| | |
| Non-income producing security. |
| Rate shown reflects yield as of July 31, 2024. |
| This security serves as collateral for securities on loan. |
Abbreviations throughout the Portfolio of Investments: |
| – Real Estate Investment Trusts |
Valuation InputsA summary of the inputs used to value the Fund’s investments as of July 31, 2024 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
| | | Level 2
Significant
Observable
Inputs | Level 3
Significant
Unobservable
Inputs |
| | | | |
| | | | |
| | | | |
| | | | |
| See Portfolio of Investments for industry breakout. |
See Notes to Financial Statements
First Trust Large Cap Growth AlphaDEX® Fund (FTC)Portfolio of Investments (Continued)July 31, 2024 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:
|
Total gross amount presented on the Statements
of Assets and Liabilities(1) | |
| |
| |
| The amount is included in “Investments, at value” on the Statements of Assets and Liabilities. |
| At July 31, 2024, 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 Value AlphaDEX® Fund (FAB)Portfolio of InvestmentsJuly 31, 2024
| | |
|
| Aerospace & Defense — 0.8% | |
| | |
| Huntington Ingalls Industries, Inc. | |
| L3Harris Technologies, Inc. | |
| | |
| | |
| | |
| Air Freight & Logistics — | |
| Air Transport Services Group, Inc. (a) | |
| Expeditors International of Washington, Inc. | |
| | |
| | |
| | |
| United Parcel Service, Inc., Class B | |
| | |
| | |
| | |
| | |
| | |
| | |
| Dorman Products, Inc. (a) | |
| Fox Factory Holding Corp. (a) | |
| | |
| Goodyear Tire & Rubber (The) Co. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Winnebago Industries, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Atlantic Union Bankshares Corp. | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| Berkshire Hills Bancorp, Inc. | |
| | |
| | |
| | |
| | |
| Citizens Financial Group, Inc. | |
| Columbia Banking System, Inc. | |
| | |
| Community Financial System, Inc. | |
| Customers Bancorp, Inc. (a) | |
| | |
| | |
| | |
| Enterprise Financial Services Corp. | |
| | |
| | |
| | |
| | |
| | |
| | |
| First Commonwealth Financial Corp. | |
| | |
| | |
| | |
| First Interstate BancSystem, Inc., Class A | |
| | |
| | |
| | |
| | |
| | |
| | |
| Huntington Bancshares, Inc. | |
| | |
| International Bancshares Corp. | |
| | |
| | |
| National Bank Holdings Corp., Class A | |
| | |
| | |
| Northwest Bancshares, Inc. | |
| OceanFirst Financial Corp. | |
| | |
| | |
| Pacific Premier Bancorp, Inc. | |
| | |
See Notes to Financial Statements
First Trust Multi Cap Value AlphaDEX® Fund (FAB)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| | |
| | |
| Pinnacle Financial Partners, Inc. | |
| PNC Financial Services Group (The), Inc. | |
| | |
| | |
| Prosperity Bancshares, Inc. | |
| Provident Financial Services, Inc. | |
| | |
| | |
| | |
| Sandy Spring Bancorp, Inc. | |
| Seacoast Banking Corp. of Florida | |
| Simmons First National Corp., Class A | |
| | |
| | |
| Texas Capital Bancshares, Inc. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| United Community Banks, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Molson Coors Beverage Co., Class B | |
| | |
| | |
| | |
| | |
| | |
|
| Biotechnology (Continued) | |
| Regeneron Pharmaceuticals, Inc. (a) | |
| United Therapeutics Corp. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Fortune Brands Innovations, Inc. | |
| JELD-WEN Holding, Inc. (a) | |
| Johnson Controls International PLC | |
| | |
| | |
| Quanex Building Products Corp. | |
| Resideo Technologies, Inc. (a) | |
| | |
| | |
| | |
| Affiliated Managers Group, Inc. | |
| Artisan Partners Asset Management, Inc., Class A | |
| | |
| Donnelley Financial Solutions, Inc. (a) | |
| | |
| | |
| Goldman Sachs Group (The), Inc. | |
| | |
| | |
| Jefferies Financial Group, Inc. | |
| | |
| Raymond James Financial, Inc. | |
| | |
| | |
| | |
| T. Rowe Price Group, Inc. | |
| Victory Capital Holdings, Inc., Class A | |
| Virtus Investment Partners, Inc. | |
| | |
| | |
| Air Products and Chemicals, Inc. | |
| | |
| | |
| | |
See Notes to Financial Statements
First Trust Multi Cap Value AlphaDEX® Fund (FAB)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| | |
| CF Industries Holdings, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| LyondellBasell Industries N.V., Class A | |
| Minerals Technologies, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| GEO Group (The), Inc. (a) | |
| | |
| Matthews International Corp., Class A | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Construction & Engineering | |
| MDU Resources Group, Inc. | |
| | |
| | |
| | |
| Summit Materials, Inc., Class A (a) | |
| | |
| | |
| Bread Financial Holdings, Inc. | |
| Capital One Financial Corp. | |
| | |
|
| Consumer Finance (Continued) | |
| Enova International, Inc. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Consumer Staples Distribution | |
| | |
| BJ’s Wholesale Club Holdings, Inc. (a) | |
| | |
| Grocery Outlet Holding Corp. (a) | |
| Ingles Markets, Inc., Class A | |
| | |
| | |
| | |
| | |
| US Foods Holding Corp. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Packaging Corp. of America | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Diversified Consumer Services | |
| | |
| | |
| Graham Holdings Co., Class B | |
See Notes to Financial Statements
First Trust Multi Cap Value AlphaDEX® Fund (FAB)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| Diversified Consumer Services (Continued) | |
| | |
| Strategic Education, Inc. | |
| | |
| | |
| Alexander & Baldwin, Inc. | |
| American Assets Trust, Inc. | |
| Broadstone Net Lease, Inc. | |
| | |
| | |
| Diversified Telecommunication | |
| | |
| Frontier Communications Parent, Inc. (a) | |
| Liberty Latin America Ltd., Class C (a) | |
| Shenandoah Telecommunications Co. | |
| Verizon Communications, Inc. | |
| | |
| Electric Utilities — 4.2% | |
| | |
| American Electric Power Co., Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| Hawaiian Electric Industries, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Pinnacle West Capital Corp. | |
| | |
| Portland General Electric Co. | |
| | |
| | |
| Electrical Equipment — 0.3% | |
| | |
| | |
| | |
| | |
| | |
|
| Electronic Equipment, Instruments & Components | |
| Arrow Electronics, Inc. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Teledyne Technologies, Inc. (a) | |
| Vishay Intertechnology, Inc. | |
| | |
| Energy Equipment & Services | |
| | |
| | |
| | |
| Kodiak Gas Services, Inc. | |
| | |
| | |
| Oceaneering International, Inc. (a) | |
| Patterson-UTI Energy, Inc. | |
| | |
| | |
| | |
| | |
| Sphere Entertainment Co. (a) | |
| Warner Bros Discovery, Inc. (a) | |
| | |
| Financial Services — 2.8% | |
| Berkshire Hathaway, Inc., Class B (a) | |
| Corebridge Financial, Inc. | |
| | |
| | |
| Jackson Financial, Inc., Class A | |
| | |
| Mr. Cooper Group, Inc. (a) | |
| | |
| PayPal Holdings, Inc. (a) | |
| | |
See Notes to Financial Statements
First Trust Multi Cap Value AlphaDEX® Fund (FAB)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| Financial Services (Continued) | |
| | |
| | |
| | |
| | |
| | |
| Archer-Daniels-Midland Co. | |
| | |
| | |
| | |
| | |
| Darling Ingredients, Inc. (a) | |
| Fresh Del Monte Produce, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Mondelez International, Inc., Class A | |
| | |
| TreeHouse Foods, Inc. (a) | |
| Tyson Foods, Inc., Class A | |
| | |
| | |
| | |
| | |
| Chesapeake Utilities Corp. | |
| | |
| New Jersey Resources Corp. | |
| Northwest Natural Holding Co. | |
| | |
| Southwest Gas Holdings, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Hertz Global Holdings, Inc. (a) (b) | |
| J.B. Hunt Transport Services, Inc. | |
| Knight-Swift Transportation Holdings, Inc. | |
| | |
| | |
|
| Ground Transportation (Continued) | |
| | |
| | |
| Schneider National, Inc., Class B | |
| | |
| | |
| | |
| | |
| | |
| | |
| Envista Holdings Corp. (a) | |
| | |
| Integra LifeSciences Holdings Corp. (a) | |
| | |
| | |
| | |
| | |
| Zimmer Biomet Holdings, Inc. | |
| | |
| | |
| | |
| AMN Healthcare Services, Inc. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Molina Healthcare, Inc. (a) | |
| National HealthCare Corp. | |
| | |
| | |
| | |
| Select Medical Holdings Corp. | |
| Tenet Healthcare Corp. (a) | |
| Universal Health Services, Inc., Class B | |
| | |
| | |
| Alexandria Real Estate Equities, Inc. | |
| | |
| | |
See Notes to Financial Statements
First Trust Multi Cap Value AlphaDEX® Fund (FAB)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| Hotel & Resort REITs — 0.2% | |
| | |
| Xenia Hotels & Resorts, Inc. | |
| | |
| Hotels, Restaurants & Leisure | |
| | |
| | |
| Brinker International, Inc. (a) | |
| Caesars Entertainment, Inc. (a) | |
| Cheesecake Factory (The), Inc. | |
| Cracker Barrel Old Country Store, Inc. | |
| Golden Entertainment, Inc. | |
| Hilton Grand Vacations, Inc. (a) | |
| Life Time Group Holdings, Inc. (a) | |
| Marriott Vacations Worldwide Corp. | |
| Monarch Casino & Resort, Inc. | |
| | |
| Household Durables — 3.1% | |
| Beazer Homes USA, Inc. (a) | |
| Cavco Industries, Inc. (a) | |
| Century Communities, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Skyline Champion Corp. (a) | |
| Taylor Morrison Home Corp. (a) | |
| Tri Pointe Homes, Inc. (a) | |
| | |
| Worthington Enterprises, Inc. | |
| | |
| Household Products — 0.4% | |
| Central Garden & Pet Co., Class A (c) | |
| | |
| Reynolds Consumer Products, Inc. | |
| Spectrum Brands Holdings, Inc. | |
| | |
| Independent Power and Renewable Electricity | |
| Clearway Energy, Inc., Class C | |
| | |
|
| | |
| | |
| | |
| | |
| American Financial Group, Inc. | |
| American International Group, Inc. | |
| Arch Capital Group Ltd. (a) | |
| | |
| | |
| Axis Capital Holdings Ltd. | |
| Brighthouse Financial, Inc. (a) | |
| | |
| Cincinnati Financial Corp. | |
| CNO Financial Group, Inc. | |
| | |
| | |
| | |
| Fidelity National Financial, Inc. | |
| First American Financial Corp. | |
| Genworth Financial, Inc. (a) | |
| | |
| Hartford Financial Services Group (The), Inc. | |
| Horace Mann Educators Corp. | |
| | |
| | |
| | |
| | |
| Old Republic International Corp. | |
| Principal Financial Group, Inc. | |
| Prudential Financial, Inc. | |
| Reinsurance Group of America, Inc. | |
| RenaissanceRe Holdings Ltd. | |
| Safety Insurance Group, Inc. | |
| Selective Insurance Group, Inc. | |
| Stewart Information Services Corp. | |
| Travelers (The) Cos., Inc. | |
| | |
| | |
| White Mountains Insurance Group Ltd. | |
| | |
| Interactive Media & Services | |
| Bumble, Inc., Class A (a) | |
| | |
| | |
| | |
| | |
See Notes to Financial Statements
First Trust Multi Cap Value AlphaDEX® Fund (FAB)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| | |
| | |
| Cognizant Technology Solutions Corp., Class A | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Topgolf Callaway Brands Corp. (a) | |
| | |
| Life Sciences Tools & Services | |
| | |
| | |
| | |
| Albany International Corp., Class A | |
| Atmus Filtration Technologies, Inc. (a) | |
| | |
| | |
| | |
| | |
| | |
| John Bean Technologies Corp. | |
| | |
| | |
| | |
| | |
| Mueller Water Products, Inc., Class A | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Advantage Solutions, Inc. (a) | |
| Altice USA, Inc., Class A (a) | |
| | |
| | |
|
| | |
| Charter Communications, Inc., Class A (a) | |
| | |
| | |
| Interpublic Group of (The) Cos., Inc. | |
| Liberty Broadband Corp., Class C (a) | |
| Nexstar Media Group, Inc. | |
| | |
| Paramount Global, Class B | |
| | |
| | |
| | |
| | |
| | |
| | |
| Cleveland-Cliffs, Inc. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Arbor Realty Trust, Inc. (b) | |
| Blackstone Mortgage Trust, Inc., Class A (b) | |
| | |
| Claros Mortgage Trust, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Consolidated Edison, Inc. | |
| | |
| | |
| | |
| Northwestern Energy Group, Inc. | |
| Public Service Enterprise Group, Inc. | |
See Notes to Financial Statements
First Trust Multi Cap Value AlphaDEX® Fund (FAB)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| Multi-Utilities (Continued) | |
| | |
| | |
| | |
| | |
| | |
| | |
| Easterly Government Properties, Inc. | |
| | |
| Highwoods Properties, Inc. | |
| Hudson Pacific Properties, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Oil, Gas & Consumable Fuels | |
| Antero Resources Corp. (a) | |
| | |
| California Resources Corp. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Magnolia Oil & Gas Corp., Class A | |
| | |
| | |
| | |
| | |
| Occidental Petroleum Corp. | |
| | |
| | |
| Par Pacific Holdings, Inc. (a) | |
| | |
|
| Oil, Gas & Consumable Fuels (Continued) | |
| PBF Energy, Inc., Class A | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Paper & Forest Products — | |
| | |
| | |
| | |
| Passenger Airlines — 0.9% | |
| Alaska Air Group, Inc. (a) | |
| | |
| | |
| United Airlines Holdings, Inc. (a) | |
| | |
| | |
| Edgewell Personal Care Co. | |
| | |
| | |
| Olaplex Holdings, Inc. (a) | |
| | |
| | |
| | |
| Jazz Pharmaceuticals PLC (a) | |
| | |
| Ligand Pharmaceuticals, Inc. (a) | |
| | |
| Pacira BioSciences, Inc. (a) | |
| | |
| Prestige Consumer Healthcare, Inc. (a) | |
| | |
| | |
| Professional Services — 1.1% | |
| CACI International, Inc., Class A (a) | |
| | |
| CSG Systems International, Inc. | |
| Dun & Bradstreet Holdings, Inc. | |
| | |
See Notes to Financial Statements
First Trust Multi Cap Value AlphaDEX® Fund (FAB)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| Professional Services (Continued) | |
| | |
| | |
| | |
| | |
| | |
| | |
| Science Applications International Corp. | |
| SS&C Technologies Holdings, Inc. | |
| | |
| | |
| CBRE Group, Inc., Class A (a) | |
| Jones Lang LaSalle, Inc. (a) | |
| Newmark Group, Inc., Class A | |
| | |
| | |
| | |
| Mid-America Apartment Communities, Inc. | |
| | |
| | |
| | |
| | |
| Retail Opportunity Investments Corp. | |
| | |
| Semiconductors & Semiconductor Equipment | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Zoom Video Communications, Inc., Class A (a) | |
| | |
| | |
| | |
| | |
| | |
|
| Specialized REITs (Continued) | |
| | |
| | |
| | |
| | |
| Academy Sports & Outdoors, Inc. | |
| | |
| American Eagle Outfitters, Inc. | |
| Asbury Automotive Group, Inc. (a) | |
| | |
| | |
| | |
| Boot Barn Holdings, Inc. (a) | |
| | |
| Dick’s Sporting Goods, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| Penske Automotive Group, Inc. | |
| Sally Beauty Holdings, Inc. (a) | |
| | |
| Sonic Automotive, Inc., Class A | |
| | |
| Urban Outfitters, Inc. (a) | |
| Victoria’s Secret & Co. (a) | |
| | |
| Technology Hardware, Storage | |
| Diebold Nixdorf, Inc. (a) | |
| Hewlett Packard Enterprise Co. | |
| | |
| | |
| | |
| Textiles, Apparel & Luxury | |
| | |
| | |
| | |
| | |
| | |
| | |
| Skechers U.S.A., Inc., Class A (a) | |
| | |
| Under Armour, Inc., Class A (a) | |
| | |
See Notes to Financial Statements
First Trust Multi Cap Value AlphaDEX® Fund (FAB)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| | |
| | |
| | |
| | |
| Beacon Roofing Supply, Inc. (a) | |
| BlueLinx Holdings, Inc. (a) | |
| | |
| Custom Truck One Source, Inc. (a) | |
| | |
| | |
| Rush Enterprises, Inc., Class A | |
| WESCO International, Inc. | |
| | |
| | |
| American Water Works Co., Inc. | |
| California Water Service Group | |
| Essential Utilities, Inc. | |
| | |
| | |
| Wireless Telecommunication | |
| | |
| United States Cellular Corp. (a) | |
| | |
| | |
| | |
MONEY MARKET FUNDS — 0.2% |
| Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 5.14% (d) | |
| | |
| | |
REPURCHASE AGREEMENTS — 0.3% |
| Bank of America Corp., 5.34% (d), dated 07/31/24, due 08/01/24, with a maturity value of $459,174. Collateralized by U.S. Treasury Securities, interest rates of 0.00% to 4.38%, due 07/31/26 to 02/15/38. The value of the collateral including accrued interest is $468,288. (e) | |
| | |
|
|
| Total Investments — 100.3% | |
| | |
| Net Other Assets and Liabilities — (0.3)% | |
| | |
| Non-income producing security. |
| 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, including those sold and pending settlement, is $452,996 and the total value of the collateral held by the Fund is $459,106. |
| Non-income producing security which makes payment-in- kind distributions. |
| Rate shown reflects yield as of July 31, 2024. |
| This security serves as collateral for securities on loan. |
Abbreviations throughout the Portfolio of Investments: |
| – Real Estate Investment Trusts |
Valuation InputsA summary of the inputs used to value the Fund’s investments as of July 31, 2024 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
| | | Level 2
Significant
Observable
Inputs | Level 3
Significant
Unobservable
Inputs |
| | | | |
| | | | |
| | | | |
| | | | |
| See Portfolio of Investments for industry breakout. |
See Notes to Financial Statements
First Trust Multi Cap Value AlphaDEX® Fund (FAB)Portfolio of Investments (Continued)July 31, 2024
Offsetting Assets and Liabilities
Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
Securities Lending Agency Agreement |
Total gross amount presented on the Statements of Assets and Liabilities(1) | |
| |
| |
| 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. |
| At July 31, 2024, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments. |
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
|
Total gross amount presented on the Statements of Assets and Liabilities(3) | |
| |
| |
| The amount is included in “Investments, at value” on the Statements of Assets and Liabilities. |
| At July 31, 2024, 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® Fund (FAD)Portfolio of InvestmentsJuly 31, 2024
| | |
|
| Aerospace & Defense — 3.6% | |
| | |
| Axon Enterprise, Inc. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Kratos Defense & Security Solutions, Inc. (a) | |
| | |
| | |
| Spirit AeroSystems Holdings, Inc., Class A (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Modine Manufacturing Co. (a) | |
| | |
| | |
| | |
| Rivian Automotive, Inc., Class A (a) | |
| | |
| | |
| | |
| | |
| | |
| Cullen/Frost Bankers, Inc. | |
| First Citizens BancShares, Inc., Class A | |
| | |
| | |
| ServisFirst Bancshares, Inc. | |
| | |
| Stock Yards Bancorp, Inc. | |
| | |
| | |
| | |
| Boston Beer (The) Co., Inc., Class A (a) | |
| Celsius Holdings, Inc. (a) | |
| | |
| | |
|
| | |
| Coca-Cola Consolidated, Inc. | |
| Constellation Brands, Inc., Class A | |
| | |
| | |
| Vita Coco (The) Co., Inc. (a) | |
| | |
| | |
| | |
| Agios Pharmaceuticals, Inc. (a) | |
| | |
| Alnylam Pharmaceuticals, Inc. (a) | |
| | |
| | |
| Beam Therapeutics, Inc. (a) | |
| BioCryst Pharmaceuticals, Inc. (a) | |
| Blueprint Medicines Corp. (a) | |
| Catalyst Pharmaceuticals, Inc. (a) | |
| Celldex Therapeutics, Inc. (a) | |
| Crinetics Pharmaceuticals, Inc. (a) | |
| Denali Therapeutics, Inc. (a) | |
| | |
| | |
| Halozyme Therapeutics, Inc. (a) | |
| ImmunityBio, Inc. (a) (b) | |
| | |
| Ionis Pharmaceuticals, Inc. (a) | |
| Krystal Biotech, Inc. (a) | |
| Kymera Therapeutics, Inc. (a) | |
| | |
| Mirum Pharmaceuticals, Inc. (a) | |
| Myriad Genetics, Inc. (a) | |
| | |
| Neurocrine Biosciences, Inc. (a) | |
| Protagonist Therapeutics, Inc. (a) | |
| PTC Therapeutics, Inc. (a) | |
| REVOLUTION Medicines, Inc. (a) | |
| Rhythm Pharmaceuticals, Inc. (a) | |
| Roivant Sciences Ltd. (a) | |
| Sarepta Therapeutics, Inc. (a) | |
| Summit Therapeutics, Inc. (a) (b) | |
| Tango Therapeutics, Inc. (a) | |
| TG Therapeutics, Inc. (a) | |
| Twist Bioscience Corp. (a) | |
| | |
See Notes to Financial Statements
First Trust Multi Cap Growth AlphaDEX® Fund (FAD)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| Biotechnology (Continued) | |
| | |
| Vertex Pharmaceuticals, Inc. (a) | |
| | |
| | |
| | |
| | |
| Ollie’s Bargain Outlet Holdings, Inc. (a) | |
| | |
| | |
| | |
| | |
| Advanced Drainage Systems, Inc. | |
| | |
| American Woodmark Corp. (a) | |
| Armstrong World Industries, Inc. | |
| | |
| | |
| | |
| | |
| Gibraltar Industries, Inc. (a) | |
| | |
| Janus International Group, Inc. (a) | |
| Lennox International, Inc. | |
| | |
| Simpson Manufacturing Co., Inc. | |
| | |
| | |
| Zurn Elkay Water Solutions Corp. | |
| | |
| | |
| Ares Management Corp., Class A | |
| Bank of New York Mellon (The) Corp. | |
| | |
| | |
| | |
| Hamilton Lane, Inc., Class A | |
| Interactive Brokers Group, Inc., Class A | |
| | |
| LPL Financial Holdings, Inc. | |
| | |
| | |
| | |
| PJT Partners, Inc., Class A | |
| | |
|
| Capital Markets (Continued) | |
| Robinhood Markets, Inc., Class A (a) | |
| | |
| | |
| Tradeweb Markets, Inc., Class A | |
| | |
| | |
| | |
| Axalta Coating Systems Ltd. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Scotts Miracle-Gro (The) Co. | |
| Sherwin-Williams (The) Co. | |
| | |
| | |
| ACV Auctions, Inc., Class A (a) | |
| | |
| | |
| Casella Waste Systems, Inc., Class A (a) | |
| | |
| | |
| | |
| | |
| Driven Brands Holdings, Inc. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Arista Networks, Inc. (a) | |
| Extreme Networks, Inc. (a) | |
| | |
| | |
| | |
| Construction & Engineering | |
| | |
| | |
| Comfort Systems USA, Inc. | |
See Notes to Financial Statements
First Trust Multi Cap Growth AlphaDEX® Fund (FAD)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| Construction & Engineering (Continued) | |
| Construction Partners, Inc., Class A (a) | |
| Dycom Industries, Inc. (a) | |
| | |
| Granite Construction, Inc. | |
| | |
| | |
| | |
| Sterling Infrastructure, Inc. (a) | |
| WillScot Holdings Corp. (a) | |
| | |
| | |
| | |
| | |
| Martin Marietta Materials, Inc. | |
| United States Lime & Minerals, Inc. | |
| | |
| | |
| | |
| | |
| SoFi Technologies, Inc. (a) | |
| | |
| Consumer Staples Distribution | |
| Casey’s General Stores, Inc. | |
| | |
| Performance Food Group Co. (a) | |
| Sprouts Farmers Market, Inc. (a) | |
| | |
| | |
| | |
| Graphic Packaging Holding Co. | |
| | |
| Diversified Consumer Services | |
| Adtalem Global Education, Inc. (a) | |
| Bright Horizons Family Solutions, Inc. (a) | |
| | |
| | |
| Grand Canyon Education, Inc. (a) | |
| | |
| | |
| Mister Car Wash, Inc. (a) (b) | |
| | |
|
| Diversified Consumer Services (Continued) | |
| OneSpaWorld Holdings Ltd. (a) | |
| | |
| | |
| | |
| Empire State Realty Trust, Inc., Class A | |
| Essential Properties Realty Trust, Inc. | |
| | |
| Diversified Telecommunication | |
| Cogent Communications Holdings, Inc. | |
| Electric Utilities — 0.9% | |
| Constellation Energy Corp. | |
| | |
| | |
| | |
| | |
| | |
| Electrical Equipment — 1.6% | |
| | |
| Bloom Energy Corp., Class A (a) (b) | |
| | |
| | |
| | |
| | |
| NEXTracker, Inc., Class A (a) | |
| | |
| Rockwell Automation, Inc. | |
| | |
| Thermon Group Holdings, Inc. (a) | |
| Vertiv Holdings Co., Class A | |
| | |
| Electronic Equipment, Instruments & Components | |
| Advanced Energy Industries, Inc. | |
| | |
| | |
| | |
| Mirion Technologies, Inc. (a) | |
| Napco Security Technologies, Inc. | |
| | |
See Notes to Financial Statements
First Trust Multi Cap Growth AlphaDEX® Fund (FAD)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| Electronic Equipment, Instruments & Components (Continued) | |
| | |
| | |
| | |
| Energy Equipment & Services | |
| | |
| Atlas Energy Solutions, Inc. | |
| | |
| Helix Energy Solutions Group, Inc. (a) | |
| | |
| | |
| | |
| Weatherford International PLC (a) | |
| | |
| | |
| AMC Entertainment Holdings, Inc., Class A (a) (b) | |
| Cinemark Holdings, Inc. (a) | |
| | |
| Liberty Media Corp.-Liberty Formula One, Class C (a) | |
| Live Nation Entertainment, Inc. (a) | |
| Madison Square Garden Entertainment Corp. (a) | |
| Madison Square Garden Sports Corp. (a) | |
| | |
| Take-Two Interactive Software, Inc. (a) | |
| | |
| Warner Music Group Corp., Class A | |
| | |
| Financial Services — 2.1% | |
| Affirm Holdings, Inc. (a) | |
| Apollo Global Management, Inc. | |
| AvidXchange Holdings, Inc. (a) | |
| | |
| Euronet Worldwide, Inc. (a) | |
| | |
| Federal Agricultural Mortgage Corp., Class C | |
| | |
| HA Sustainable Infrastructure Capital, Inc. | |
| | |
|
| Financial Services (Continued) | |
| Jack Henry & Associates, Inc. | |
| Mastercard, Inc., Class A | |
| | |
| Payoneer Global, Inc. (a) | |
| | |
| Rocket Cos., Inc., Class A (a) | |
| Shift4 Payments, Inc., Class A (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Lamb Weston Holdings, Inc. | |
| | |
| Simply Good Foods (The) Co. (a) | |
| Tootsie Roll Industries, Inc. | |
| | |
| | |
| | |
| | |
| Uber Technologies, Inc. (a) | |
| | |
| | |
| | |
| Boston Scientific Corp. (a) | |
| | |
| Edwards Lifesciences Corp. (a) | |
| | |
| | |
| | |
| | |
| Integer Holdings Corp. (a) | |
| Intuitive Surgical, Inc. (a) | |
| iRhythm Technologies, Inc. (a) | |
| Lantheus Holdings, Inc. (a) | |
| | |
| Merit Medical Systems, Inc. (a) | |
| PROCEPT BioRobotics Corp. (a) | |
| | |
| | |
| | |
| | |
| Tandem Diabetes Care, Inc. (a) | |
See Notes to Financial Statements
First Trust Multi Cap Growth AlphaDEX® Fund (FAD)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| Health Care Equipment & Supplies (Continued) | |
| TransMedics Group, Inc. (a) | |
| UFP Technologies, Inc. (a) | |
| | |
| | |
| | |
| Alignment Healthcare, Inc. (a) | |
| Brookdale Senior Living, Inc. (a) | |
| | |
| | |
| | |
| | |
| Guardant Health, Inc. (a) | |
| | |
| Hims & Hers Health, Inc. (a) | |
| | |
| Option Care Health, Inc. (a) | |
| Privia Health Group, Inc. (a) | |
| | |
| | |
| | |
| | |
| | |
| Healthpeak Properties, Inc. | |
| | |
| National Health Investors, Inc. | |
| Omega Healthcare Investors, Inc. | |
| Sabra Health Care REIT, Inc. | |
| | |
| | |
| | |
| Doximity, Inc., Class A (a) | |
| Evolent Health, Inc., Class A (a) | |
| | |
| | |
| Hotel & Resort REITs — 0.4% | |
| DiamondRock Hospitality Co. | |
| Host Hotels & Resorts, Inc. | |
| Park Hotels & Resorts, Inc. | |
| | |
| Ryman Hospitality Properties, Inc. | |
| Sunstone Hotel Investors, Inc. | |
| | |
| Hotels, Restaurants & Leisure | |
| | |
| | |
|
| Hotels, Restaurants & Leisure (Continued) | |
| | |
| Bowlero Corp., Class A (b) | |
| | |
| | |
| Chipotle Mexican Grill, Inc. (a) | |
| Choice Hotels International, Inc. (b) | |
| | |
| | |
| Dave & Buster’s Entertainment, Inc. (a) | |
| | |
| DoorDash, Inc., Class A (a) | |
| DraftKings, Inc., Class A (a) | |
| Dutch Bros, Inc., Class A (a) | |
| | |
| First Watch Restaurant Group, Inc. (a) | |
| Hilton Worldwide Holdings, Inc. | |
| Hyatt Hotels Corp., Class A | |
| | |
| | |
| Marriott International, Inc., Class A | |
| MGM Resorts International (a) | |
| Norwegian Cruise Line Holdings Ltd. (a) | |
| Planet Fitness, Inc., Class A (a) | |
| Red Rock Resorts, Inc., Class A | |
| Royal Caribbean Cruises Ltd. (a) | |
| | |
| Shake Shack, Inc., Class A (a) | |
| Sweetgreen, Inc., Class A (a) | |
| | |
| | |
| United Parks & Resorts, Inc. (a) | |
| | |
| | |
| | |
| | |
| Household Durables — 1.7% | |
| Dream Finders Homes, Inc., Class A (a) | |
| | |
| Green Brick Partners, Inc. (a) | |
| Installed Building Products, Inc. | |
| | |
| | |
| Tempur Sealy International, Inc. | |
See Notes to Financial Statements
First Trust Multi Cap Growth AlphaDEX® Fund (FAD)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| Household Durables (Continued) | |
| | |
| | |
| | |
| Household Products — 0.7% | |
| Church & Dwight Co., Inc. | |
| | |
| Procter & Gamble (The) Co. | |
| | |
| | |
| Independent Power and Renewable Electricity | |
| | |
| | |
| Sunnova Energy International, Inc. (a) | |
| | |
| | |
| Industrial Conglomerates — | |
| | |
| Honeywell International, Inc. | |
| | |
| | |
| EastGroup Properties, Inc. | |
| Innovative Industrial Properties, Inc. | |
| Plymouth Industrial REIT, Inc. | |
| | |
| | |
| | |
| Arthur J. Gallagher & Co. | |
| Baldwin Insurance Group (The), Inc. (a) | |
| | |
| Erie Indemnity Co., Class A | |
| Kinsale Capital Group, Inc. | |
| | |
| Marsh & McLennan Cos., Inc. | |
| Oscar Health, Inc., Class A (a) | |
| Palomar Holdings, Inc. (a) | |
| | |
| | |
| Ryan Specialty Holdings, Inc. | |
| | |
| Skyward Specialty Insurance Group, Inc. (a) | |
| | |
| | |
|
| Interactive Media & Services | |
| | |
| | |
| | |
| Getty Images Holdings, Inc. (a) (b) | |
| Meta Platforms, Inc., Class A | |
| Pinterest, Inc., Class A (a) | |
| | |
| | |
| | |
| | |
| | |
| Cloudflare, Inc., Class A (a) | |
| | |
| DigitalOcean Holdings, Inc. (a) | |
| | |
| GoDaddy, Inc., Class A (a) | |
| International Business Machines Corp. | |
| Kyndryl Holdings, Inc. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Life Sciences Tools & Services | |
| | |
| Cytek Biosciences, Inc. (a) | |
| Medpace Holdings, Inc. (a) | |
| Mettler-Toledo International, Inc. (a) | |
| OmniAb, Inc. - 12.5 Earnout Shares (a) (c) (d) (e) (f) | |
| OmniAb, Inc. - 15 Earnout Shares (a) (c) (d) (e) (f) | |
| | |
| | |
| | |
| | |
| Allison Transmission Holdings, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
See Notes to Financial Statements
First Trust Multi Cap Growth AlphaDEX® Fund (FAD)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| | |
| Franklin Electric Co., Inc. | |
| Greenbrier (The) Cos., Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| SPX Technologies, Inc. (a) | |
| Standex International Corp. | |
| | |
| | |
| | |
| | |
| Watts Water Technologies, Inc., Class A | |
| Westinghouse Air Brake Technologies Corp. | |
| | |
| | |
| | |
| EchoStar Corp., Class A (a) | |
| Integral Ad Science Holding Corp. (a) | |
| | |
| New York Times (The) Co., Class A | |
| Trade Desk (The), Inc., Class A (a) | |
| | |
| | |
| Alpha Metallurgical Resources, Inc. | |
| | |
| Carpenter Technology Corp. | |
| | |
| | |
| | |
| | |
| | |
| Annaly Capital Management, Inc. | |
| Franklin BSP Realty Trust, Inc. | |
| | |
| PennyMac Mortgage Investment Trust | |
| Starwood Property Trust, Inc. | |
| Two Harbors Investment Corp. | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| Oil, Gas & Consumable Fuels | |
| | |
| | |
| | |
| | |
| Gulfport Energy Corp. (a) | |
| International Seaways, Inc. | |
| | |
| | |
| Sitio Royalties Corp., Class A | |
| | |
| | |
| | |
| Williams (The) Cos., Inc. | |
| | |
| Passenger Airlines — 0.4% | |
| | |
| | |
| | |
| | |
| BellRing Brands, Inc. (a) | |
| | |
| | |
| | |
| | |
| Amneal Pharmaceuticals, Inc. (a) | |
| Amylyx Pharmaceuticals, Inc. (a) | |
| ANI Pharmaceuticals, Inc. (a) | |
| Axsome Therapeutics, Inc. (a) | |
| Collegium Pharmaceutical, Inc. (a) | |
| Corcept Therapeutics, Inc. (a) | |
| | |
| Harmony Biosciences Holdings, Inc. (a) | |
| Intra-Cellular Therapies, Inc. (a) | |
| | |
| Professional Services — 2.5% | |
| Automatic Data Processing, Inc. | |
| Booz Allen Hamilton Holding Corp. | |
| Broadridge Financial Solutions, Inc. | |
| | |
See Notes to Financial Statements
First Trust Multi Cap Growth AlphaDEX® Fund (FAD)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| Professional Services (Continued) | |
| ExlService Holdings, Inc. (a) | |
| | |
| | |
| | |
| Huron Consulting Group, Inc. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| DigitalBridge Group, Inc. | |
| | |
| Kennedy-Wilson Holdings, Inc. | |
| | |
| | |
| | |
| American Homes 4 Rent, Class A | |
| Apartment Investment and Management Co., Class A (a) | |
| AvalonBay Communities, Inc. | |
| | |
| Essex Property Trust, Inc. | |
| Independence Realty Trust, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Brixmor Property Group, Inc. | |
| InvenTrust Properties Corp. | |
| | |
| | |
| | |
| | |
| | |
| Simon Property Group, Inc. | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| Semiconductors & Semiconductor Equipment | |
| Advanced Micro Devices, Inc. (a) | |
| Allegro MicroSystems, Inc. (a) | |
| | |
| | |
| Axcelis Technologies, Inc. (a) | |
| | |
| Credo Technology Group Holding Ltd. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| MACOM Technology Solutions Holdings, Inc. (a) | |
| | |
| | |
| Monolithic Power Systems, Inc. | |
| | |
| | |
| Onto Innovation, Inc. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| Veeco Instruments, Inc. (a) | |
| | |
| | |
| | |
| | |
| | |
| Alarm.com Holdings, Inc. (a) | |
| Alkami Technology, Inc. (a) | |
| Altair Engineering, Inc., Class A (a) | |
| Appfolio, Inc., Class A (a) | |
| AppLovin Corp., Class A (a) | |
| | |
| | |
| | |
| | |
See Notes to Financial Statements
First Trust Multi Cap Growth AlphaDEX® Fund (FAD)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| | |
| C3.ai, Inc., Class A (a) (b) | |
| Cadence Design Systems, Inc. (a) | |
| CCC Intelligent Solutions Holdings, Inc. (a) | |
| | |
| Clear Secure, Inc., Class A | |
| Clearwater Analytics Holdings, Inc., Class A (a) | |
| CommVault Systems, Inc. (a) | |
| Confluent, Inc., Class A (a) | |
| Crowdstrike Holdings, Inc., Class A (a) | |
| Datadog, Inc., Class A (a) | |
| | |
| E2open Parent Holdings, Inc. (a) | |
| | |
| | |
| | |
| | |
| Guidewire Software, Inc. (a) | |
| | |
| Informatica, Inc., Class A (a) | |
| | |
| | |
| | |
| | |
| LiveRamp Holdings, Inc. (a) | |
| Manhattan Associates, Inc. (a) | |
| Marathon Digital Holdings, Inc. (a) | |
| | |
| | |
| MicroStrategy, Inc., Class A (a) (b) | |
| | |
| | |
| Nutanix, Inc., Class A (a) | |
| | |
| | |
| Palantir Technologies, Inc., Class A (a) | |
| Palo Alto Networks, Inc. (a) | |
| | |
| Procore Technologies, Inc. (a) | |
| | |
| | |
| | |
| RingCentral, Inc., Class A (a) | |
| | |
| | |
| | |
|
| | |
| Samsara, Inc., Class A (a) | |
| SentinelOne, Inc., Class A (a) | |
| | |
| Smartsheet, Inc., Class A (a) | |
| | |
| Sprinklr, Inc., Class A (a) | |
| | |
| Tenable Holdings, Inc. (a) | |
| Tyler Technologies, Inc. (a) | |
| Varonis Systems, Inc. (a) | |
| Vertex, Inc., Class A (a) | |
| Zeta Global Holdings Corp., Class A (a) | |
| | |
| | |
| | |
| | |
| | |
| Digital Realty Trust, Inc. | |
| | |
| Four Corners Property Trust, Inc. | |
| | |
| Lamar Advertising Co., Class A | |
| National Storage Affiliates Trust | |
| | |
| | |
| | |
| Abercrombie & Fitch Co., Class A (a) | |
| | |
| | |
| | |
| | |
| | |
| O’Reilly Automotive, Inc. (a) | |
| | |
| | |
| Warby Parker, Inc., Class A (a) | |
| | |
| | |
| | |
| Technology Hardware, Storage | |
| | |
| | |
| Pure Storage, Inc., Class A (a) | |
| Seagate Technology Holdings PLC | |
| Super Micro Computer, Inc. (a) | |
| | |
See Notes to Financial Statements
First Trust Multi Cap Growth AlphaDEX® Fund (FAD)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| Textiles, Apparel & Luxury | |
| Deckers Outdoor Corp. (a) | |
| G-III Apparel Group Ltd. (a) | |
| | |
| | |
| | |
| | |
| | |
| Philip Morris International, Inc. | |
| | |
| | |
| | |
| Applied Industrial Technologies, Inc. | |
| Core & Main, Inc., Class A (a) | |
| Distribution Solutions Group, Inc. (a) | |
| | |
| | |
| | |
| H&E Equipment Services, Inc. | |
| | |
| | |
| | |
| | |
| Xometry, Inc., Class A (a) | |
| | |
| | |
| American States Water Co. | |
| Wireless Telecommunication | |
| Telephone and Data Systems, Inc. | |
| | |
| | |
| | |
| | |
MONEY MARKET FUNDS — 0.1% |
| Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 5.14% (g) | |
| | |
| | |
REPURCHASE AGREEMENTS — 0.8% |
| Bank of America Corp., 5.34% (g), dated 07/31/24, due 08/01/24, with a maturity value of $1,000,148. Collateralized by U.S. Treasury Securities, interest rates of 0.00% to 4.38%, due 07/31/26 to 02/15/38. The value of the collateral including accrued interest is $1,020,000. (h) | |
| Mizuho Financial Group, Inc., 5.33% (g), dated 07/31/24, due 08/01/24, with a maturity value of $703,780. Collateralized by U.S. Treasury Securities, interest rates of 0.38% to 4.38%, due 09/15/24 to 08/15/30. The value of the collateral including accrued interest is $717,750. (h) | |
| Total Repurchase Agreements | |
| | |
|
|
| Total Investments — 100.9% | |
| | |
| Net Other Assets and Liabilities — (0.9)% | |
| | |
| Non-income producing security. |
| 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, including those sold and pending settlement, is $1,642,323 and the total value of the collateral held by the Fund is $1,703,676. |
| 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. |
| Restricted security as to resale, excluding Rule 144A securities (see Note 2F - Restricted Securities in the Notes to Financial Statements). |
| 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, 2024, securities noted as such are valued at $0 or 0.0% of net assets. |
See Notes to Financial Statements
First Trust Multi Cap Growth AlphaDEX® Fund (FAD)Portfolio of Investments (Continued)July 31, 2024 | This security’s value was determined using significant unobservable inputs (see Note 2A - Portfolio Valuation in the Notes to Financial Statements). |
| Rate shown reflects yield as of July 31, 2024. |
| This security serves as collateral for securities on loan. |
Abbreviations throughout the Portfolio of Investments: |
| – Real Estate Investment Trusts |
Valuation InputsA summary of the inputs used to value the Fund’s investments as of July 31, 2024 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
| | | Level 2
Significant
Observable
Inputs | Level 3
Significant
Unobservable
Inputs |
| | | | |
Life Sciences Tools & Services | | | | |
Other Industry Categories* | | | | |
| | | | |
| | | | |
| | | | |
| 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.
Offsetting Assets and Liabilities
Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
Securities Lending Agency Agreement |
Total gross amount presented on the Statements of Assets and Liabilities(1) | |
| |
| |
| 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. |
| At July 31, 2024, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments. |
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
|
Total gross amount presented on the Statements of Assets and Liabilities(3) | |
| |
| |
| The amount is included in “Investments, at value” on the Statements of Assets and Liabilities. |
| At July 31, 2024, 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® Fund (FNK)Portfolio of InvestmentsJuly 31, 2024
| | |
|
| Aerospace & Defense — 0.5% | |
| Huntington Ingalls Industries, Inc. | |
| Air Freight & Logistics — | |
| | |
| | |
| | |
| Goodyear Tire & Rubber (The) Co. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Columbia Banking System, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Pinnacle Financial Partners, Inc. | |
| | |
| Prosperity Bancshares, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Molson Coors Beverage Co., Class B | |
| | |
| United Therapeutics Corp. (a) | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| Fortune Brands Innovations, Inc. | |
| | |
| | |
| | |
| Affiliated Managers Group, Inc. | |
| | |
| | |
| Jefferies Financial Group, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Construction & Engineering | |
| MDU Resources Group, Inc. | |
| | |
| Summit Materials, Inc., Class A (a) | |
| | |
| | |
| | |
| | |
| | |
| Consumer Staples Distribution | |
| BJ’s Wholesale Club Holdings, Inc. (a) | |
| US Foods Holding Corp. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
See Notes to Financial Statements
First Trust Mid Cap Value AlphaDEX® Fund (FNK)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| Containers & Packaging (Continued) | |
| | |
| | |
| | |
| Diversified Consumer Services | |
| | |
| Diversified Telecommunication | |
| Frontier Communications Parent, Inc. (a) | |
| Electric Utilities — 3.2% | |
| | |
| | |
| | |
| | |
| | |
| Pinnacle West Capital Corp. | |
| Portland General Electric Co. | |
| | |
| Electrical Equipment — 1.1% | |
| | |
| | |
| | |
| | |
| Electronic Equipment, Instruments & Components | |
| Arrow Electronics, Inc. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Energy Equipment & Services | |
| | |
| | |
| | |
| Patterson-UTI Energy, Inc. | |
| | |
| | |
| | |
| Financial Services — 4.3% | |
| | |
| Jackson Financial, Inc., Class A | |
| | |
| | |
|
| Financial Services (Continued) | |
| Mr. Cooper Group, Inc. (a) | |
| | |
| | |
| | |
| | |
| | |
| Darling Ingredients, Inc. (a) | |
| | |
| | |
| | |
| | |
| | |
| New Jersey Resources Corp. | |
| | |
| Southwest Gas Holdings, Inc. | |
| | |
| | |
| | |
| | |
| Knight-Swift Transportation Holdings, Inc. | |
| | |
| | |
| | |
| | |
| Envista Holdings Corp. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| Select Medical Holdings Corp. | |
| Tenet Healthcare Corp. (a) | |
| Universal Health Services, Inc., Class B | |
| | |
| Hotels, Restaurants & Leisure | |
| | |
| Caesars Entertainment, Inc. (a) | |
| Hilton Grand Vacations, Inc. (a) | |
| | |
| Household Durables — 4.5% | |
| | |
| | |
| | |
See Notes to Financial Statements
First Trust Mid Cap Value AlphaDEX® Fund (FNK)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| Household Durables (Continued) | |
| Skyline Champion Corp. (a) | |
| Taylor Morrison Home Corp. (a) | |
| Tri Pointe Homes, Inc. (a) | |
| | |
| | |
| Household Products — 0.3% | |
| Reynolds Consumer Products, Inc. | |
| | |
| American Financial Group, Inc. | |
| | |
| | |
| Axis Capital Holdings Ltd. | |
| Brighthouse Financial, Inc. (a) | |
| | |
| First American Financial Corp. | |
| | |
| | |
| Old Republic International Corp. | |
| Reinsurance Group of America, Inc. | |
| RenaissanceRe Holdings Ltd. | |
| Selective Insurance Group, Inc. | |
| | |
| White Mountains Insurance Group Ltd. | |
| | |
| Interactive Media & Services | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| Liberty Broadband Corp., Class C (a) | |
| Nexstar Media Group, Inc. | |
| Paramount Global, Class B | |
| | |
| | |
| Cleveland-Cliffs, Inc. (a) | |
| | |
| | |
| | |
| | |
| Blackstone Mortgage Trust, Inc., Class A (b) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Oil, Gas & Consumable Fuels | |
| Antero Resources Corp. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| Magnolia Oil & Gas Corp., Class A | |
| | |
| | |
| | |
| | |
| PBF Energy, Inc., Class A | |
| | |
| | |
| | |
| | |
See Notes to Financial Statements
First Trust Mid Cap Value AlphaDEX® Fund (FNK)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| Paper & Forest Products — | |
| | |
| Passenger Airlines — 0.4% | |
| Alaska Air Group, Inc. (a) | |
| | |
| Jazz Pharmaceuticals PLC (a) | |
| | |
| | |
| | |
| Professional Services — 2.4% | |
| CACI International, Inc., Class A (a) | |
| | |
| Dun & Bradstreet Holdings, Inc. | |
| | |
| | |
| | |
| Science Applications International Corp. | |
| | |
| | |
| Jones Lang LaSalle, Inc. (a) | |
| Semiconductors & Semiconductor Equipment | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Academy Sports & Outdoors, Inc. | |
| | |
| American Eagle Outfitters, Inc. | |
| Asbury Automotive Group, Inc. (a) | |
| | |
| | |
| Dick’s Sporting Goods, Inc. | |
| | |
| | |
| | |
| Penske Automotive Group, Inc. | |
| | |
|
| Specialty Retail (Continued) | |
| | |
| Urban Outfitters, Inc. (a) | |
| | |
| Textiles, Apparel & Luxury | |
| | |
| | |
| | |
| Skechers U.S.A., Inc., Class A (a) | |
| | |
| | |
| | |
| Beacon Roofing Supply, Inc. (a) | |
| | |
| | |
| Rush Enterprises, Inc., Class A | |
| WESCO International, Inc. | |
| | |
| | |
| Essential Utilities, Inc. | |
| | |
| | |
MONEY MARKET FUNDS — 0.1% |
| Dreyfus Government Cash Management Fund, Institutional Shares - 5.21% (c) | |
| | |
See Notes to Financial Statements
First Trust Mid Cap Value AlphaDEX® Fund (FNK)Portfolio of Investments (Continued)July 31, 2024 | | |
REPURCHASE AGREEMENTS — 0.1% |
| Bank of America Corp., 5.34% (c), dated 07/31/24, due 08/01/24, with a maturity value of $300,403. Collateralized by U.S. Treasury Securities, interest rates of 0.00% to 4.38%, due 07/31/26 to 02/15/38. The value of the collateral including accrued interest is $306,365. (d) | |
| | |
|
|
| Total Investments — 100.1% | |
| | |
| Net Other Assets and Liabilities — (0.1)% | |
| | |
| Non-income producing security. |
| 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, including those sold and pending settlement, is $286,046 and the total value of the collateral held by the Fund is $300,358. |
| Rate shown reflects yield as of July 31, 2024. |
| This security serves as collateral for securities on loan. |
Abbreviations throughout the Portfolio of Investments: |
| – Real Estate Investment Trusts |
Valuation InputsA summary of the inputs used to value the Fund’s investments as of July 31, 2024 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
| | | Level 2
Significant
Observable
Inputs | Level 3
Significant
Unobservable
Inputs |
| | | | |
| | | | |
| | | | |
| | | | |
| See Portfolio of Investments for industry breakout. |
Offsetting Assets and Liabilities
Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
Securities Lending Agency Agreement |
Total gross amount presented on the Statements of Assets and Liabilities(1) | |
| |
| |
| 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. |
| At July 31, 2024, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments. |
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
|
Total gross amount presented on the Statements of Assets and Liabilities(3) | |
| |
| |
| The amount is included in “Investments, at value” on the Statements of Assets and Liabilities. |
| At July 31, 2024, 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® Fund (FNY)Portfolio of InvestmentsJuly 31, 2024
| | |
|
| Aerospace & Defense — 3.7% | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Modine Manufacturing Co. (a) | |
| | |
| | |
| Cullen/Frost Bankers, Inc. | |
| ServisFirst Bancshares, Inc. | |
| | |
| | |
| Boston Beer (The) Co., Inc., Class A (a) | |
| Celsius Holdings, Inc. (a) | |
| Coca-Cola Consolidated, Inc. | |
| | |
| | |
| | |
| | |
| Blueprint Medicines Corp. (a) | |
| | |
| Halozyme Therapeutics, Inc. (a) | |
| | |
| Ionis Pharmaceuticals, Inc. (a) | |
| | |
| REVOLUTION Medicines, Inc. (a) | |
| Roivant Sciences Ltd. (a) | |
| Sarepta Therapeutics, Inc. (a) | |
| | |
| | |
| Ollie’s Bargain Outlet Holdings, Inc. (a) | |
| | |
| | |
| | |
| Advanced Drainage Systems, Inc. | |
| | |
| Armstrong World Industries, Inc. | |
| | |
| | |
|
| Building Products (Continued) | |
| Simpson Manufacturing Co., Inc. | |
| Zurn Elkay Water Solutions Corp. | |
| | |
| | |
| | |
| | |
| Hamilton Lane, Inc., Class A | |
| Interactive Brokers Group, Inc., Class A | |
| | |
| Robinhood Markets, Inc., Class A (a) | |
| Tradeweb Markets, Inc., Class A | |
| | |
| | |
| Axalta Coating Systems Ltd. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| Casella Waste Systems, Inc., Class A (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| Construction & Engineering | |
| | |
| | |
| Comfort Systems USA, Inc. | |
| | |
| WillScot Holdings Corp. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| SoFi Technologies, Inc. (a) | |
| | |
See Notes to Financial Statements
First Trust Mid Cap Growth AlphaDEX® Fund (FNY)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| Consumer Staples Distribution | |
| Casey’s General Stores, Inc. | |
| Performance Food Group Co. (a) | |
| Sprouts Farmers Market, Inc. (a) | |
| | |
| | |
| | |
| Graphic Packaging Holding Co. | |
| | |
| Diversified Consumer Services | |
| Bright Horizons Family Solutions, Inc. (a) | |
| | |
| Grand Canyon Education, Inc. (a) | |
| | |
| | |
| | |
| Essential Properties Realty Trust, Inc. | |
| Diversified Telecommunication | |
| Cogent Communications Holdings, Inc. | |
| Electric Utilities — 0.3% | |
| | |
| Electrical Equipment — 0.1% | |
| NEXTracker, Inc., Class A (a) | |
| Electronic Equipment, Instruments & Components | |
| Advanced Energy Industries, Inc. | |
| | |
| | |
| | |
| Energy Equipment & Services | |
| | |
| Weatherford International PLC (a) | |
| | |
| | |
| Madison Square Garden Sports Corp. (a) | |
| | |
|
| Entertainment (Continued) | |
| | |
| Warner Music Group Corp., Class A | |
| | |
| Financial Services — 2.1% | |
| Affirm Holdings, Inc. (a) | |
| Euronet Worldwide, Inc. (a) | |
| Jack Henry & Associates, Inc. | |
| Shift4 Payments, Inc., Class A (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Simply Good Foods (The) Co. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Integer Holdings Corp. (a) | |
| iRhythm Technologies, Inc. (a) | |
| Lantheus Holdings, Inc. (a) | |
| Merit Medical Systems, Inc. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Option Care Health, Inc. (a) | |
| | |
| | |
| | |
| Healthpeak Properties, Inc. | |
| Omega Healthcare Investors, Inc. | |
| | |
See Notes to Financial Statements
First Trust Mid Cap Growth AlphaDEX® Fund (FNY)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| | |
| Evolent Health, Inc., Class A (a) | |
| Hotel & Resort REITs — 0.1% | |
| Ryman Hospitality Properties, Inc. | |
| Hotels, Restaurants & Leisure | |
| | |
| | |
| Choice Hotels International, Inc. (b) | |
| | |
| Hyatt Hotels Corp., Class A | |
| | |
| Norwegian Cruise Line Holdings Ltd. (a) | |
| Planet Fitness, Inc., Class A (a) | |
| | |
| | |
| | |
| | |
| | |
| Household Durables — 1.8% | |
| Installed Building Products, Inc. | |
| Tempur Sealy International, Inc. | |
| | |
| | |
| | |
| Household Products — 0.2% | |
| | |
| Independent Power and Renewable Electricity | |
| | |
| | |
| | |
| | |
| EastGroup Properties, Inc. | |
| | |
| Kinsale Capital Group, Inc. | |
| | |
| | |
| Ryan Specialty Holdings, Inc. | |
| | |
| | |
| Kyndryl Holdings, Inc. (a) | |
| | |
| | |
| | |
|
| Leisure Products (Continued) | |
| | |
| | |
| | |
| Life Sciences Tools & Services | |
| | |
| Medpace Holdings, Inc. (a) | |
| | |
| | |
| | |
| Allison Transmission Holdings, Inc. | |
| | |
| | |
| | |
| Franklin Electric Co., Inc. | |
| | |
| | |
| | |
| SPX Technologies, Inc. (a) | |
| | |
| Watts Water Technologies, Inc., Class A | |
| | |
| | |
| New York Times (The) Co., Class A | |
| | |
| Alpha Metallurgical Resources, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Annaly Capital Management, Inc. | |
| Starwood Property Trust, Inc. | |
| | |
| Oil, Gas & Consumable Fuels | |
| | |
| | |
| | |
| | |
| | |
| | |
| BellRing Brands, Inc. (a) | |
See Notes to Financial Statements
First Trust Mid Cap Growth AlphaDEX® Fund (FNY)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| Personal Care Products (Continued) | |
| | |
| | |
| | |
| | |
| Axsome Therapeutics, Inc. (a) | |
| Intra-Cellular Therapies, Inc. (a) | |
| | |
| Professional Services — 2.9% | |
| ExlService Holdings, Inc. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Independence Realty Trust, Inc. | |
| | |
| | |
| | |
| | |
| Brixmor Property Group, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Semiconductors & Semiconductor Equipment | |
| Allegro MicroSystems, Inc. (a) | |
| Axcelis Technologies, Inc. (a) | |
| MACOM Technology Solutions Holdings, Inc. (a) | |
| | |
| Onto Innovation, Inc. (a) | |
| | |
| | |
| | |
| Altair Engineering, Inc., Class A (a) | |
| Appfolio, Inc., Class A (a) | |
| AppLovin Corp., Class A (a) | |
| | |
| | |
| CCC Intelligent Solutions Holdings, Inc. (a) | |
| | |
|
| | |
| CommVault Systems, Inc. (a) | |
| Confluent, Inc., Class A (a) | |
| | |
| | |
| Guidewire Software, Inc. (a) | |
| Informatica, Inc., Class A (a) | |
| Marathon Digital Holdings, Inc. (a) | |
| MicroStrategy, Inc., Class A (a) (b) | |
| | |
| | |
| Procore Technologies, Inc. (a) | |
| Samsara, Inc., Class A (a) | |
| SentinelOne, Inc., Class A (a) | |
| Smartsheet, Inc., Class A (a) | |
| Tenable Holdings, Inc. (a) | |
| Varonis Systems, Inc. (a) | |
| | |
| | |
| | |
| | |
| Lamar Advertising Co., Class A | |
| | |
| | |
| Abercrombie & Fitch Co., Class A (a) | |
| | |
| | |
| | |
| | |
| Textiles, Apparel & Luxury | |
| | |
| | |
| | |
| | |
| Applied Industrial Technologies, Inc. | |
| Core & Main, Inc., Class A (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
See Notes to Financial Statements
First Trust Mid Cap Growth AlphaDEX® Fund (FNY)Portfolio of Investments (Continued)July 31, 2024 | | |
MONEY MARKET FUNDS — 0.1% |
| Dreyfus Government Cash Management Fund, Institutional Shares - 5.21% (c) | |
| | |
| | |
REPURCHASE AGREEMENTS — 0.7% |
| Bank of America Corp., 5.34% (c), dated 07/31/24, due 08/01/24, with a maturity value of $1,223,328. Collateralized by U.S. Treasury Securities, interest rates of 0.00% to 4.38%, due 07/31/26 to 02/15/38. The value of the collateral including accrued interest is $1,247,610. (d) | |
| Mizuho Financial Group, Inc., 5.33% (c), dated 07/31/24, due 08/01/24, with a maturity value of $1,175,355. Collateralized by U.S. Treasury Securities, interest rates of 0.38% to 4.38%, due 09/15/24 to 08/15/30. The value of the collateral including accrued interest is $1,198,685. (d) | |
| Total Repurchase Agreements | |
| | |
|
|
| Total Investments — 100.7% | |
| | |
| Net Other Assets and Liabilities — (0.7)% | |
| | |
| Non-income producing security. |
| 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, including those sold and pending settlement, is $2,309,360 and the total value of the collateral held by the Fund is $2,398,328. |
| Rate shown reflects yield as of July 31, 2024. |
| This security serves as collateral for securities on loan. |
Abbreviations throughout the Portfolio of Investments: |
| – Real Estate Investment Trusts |
Valuation InputsA summary of the inputs used to value the Fund’s investments as of July 31, 2024 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
| | | Level 2
Significant
Observable
Inputs | Level 3
Significant
Unobservable
Inputs |
| | | | |
| | | | |
| | | | |
| | | | |
| See Portfolio of Investments for industry breakout. |
Offsetting Assets and Liabilities
Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
Securities Lending Agency Agreement |
Total gross amount presented on the Statements of Assets and Liabilities(1) | |
| |
| |
| 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. |
| At July 31, 2024, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments. |
See Notes to Financial Statements
First Trust Mid Cap Growth AlphaDEX® Fund (FNY)Portfolio of Investments (Continued)July 31, 2024 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:
|
Total gross amount presented on the Statements of Assets and Liabilities(3) | |
| |
| |
| The amount is included in “Investments, at value” on the Statements of Assets and Liabilities. |
| At July 31, 2024, 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® Fund (FYT)Portfolio of InvestmentsJuly 31, 2024
| | |
|
| Air Freight & Logistics — | |
| Air Transport Services Group, Inc. (a) | |
| | |
| | |
| | |
| | |
| | |
| Dorman Products, Inc. (a) | |
| Fox Factory Holding Corp. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| Winnebago Industries, Inc. | |
| | |
| | |
| | |
| Atlantic Union Bankshares Corp. | |
| | |
| | |
| | |
| Berkshire Hills Bancorp, Inc. | |
| | |
| Community Financial System, Inc. | |
| Customers Bancorp, Inc. (a) | |
| | |
| | |
| Enterprise Financial Services Corp. | |
| | |
| | |
| | |
| | |
| First Commonwealth Financial Corp. | |
| | |
| | |
| First Interstate BancSystem, Inc., Class A | |
| | |
| | |
| | |
| | |
| | |
| International Bancshares Corp. | |
| | |
|
| | |
| National Bank Holdings Corp., Class A | |
| | |
| | |
| Northwest Bancshares, Inc. | |
| OceanFirst Financial Corp. | |
| | |
| Pacific Premier Bancorp, Inc. | |
| | |
| | |
| | |
| Provident Financial Services, Inc. | |
| | |
| | |
| Sandy Spring Bancorp, Inc. | |
| Seacoast Banking Corp. of Florida | |
| Simmons First National Corp., Class A | |
| Texas Capital Bancshares, Inc. (a) | |
| | |
| | |
| | |
| United Community Banks, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| JELD-WEN Holding, Inc. (a) | |
| | |
| Quanex Building Products Corp. | |
| Resideo Technologies, Inc. (a) | |
| | |
| | |
| Artisan Partners Asset Management, Inc., Class A | |
| Donnelley Financial Solutions, Inc. (a) | |
| | |
| | |
| Victory Capital Holdings, Inc., Class A | |
| Virtus Investment Partners, Inc. | |
| | |
See Notes to Financial Statements
First Trust Small Cap Value AlphaDEX® Fund (FYT)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| | |
| | |
| | |
| Minerals Technologies, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| GEO Group (The), Inc. (a) | |
| | |
| Matthews International Corp., Class A | |
| | |
| | |
| | |
| | |
| | |
| Construction & Engineering | |
| | |
| | |
| Bread Financial Holdings, Inc. | |
| Enova International, Inc. (a) | |
| | |
| | |
| | |
| | |
| Consumer Staples Distribution | |
| | |
| Grocery Outlet Holding Corp. (a) | |
| Ingles Markets, Inc., Class A | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Diversified Consumer Services | |
| | |
| | |
|
| Diversified Consumer Services (Continued) | |
| Graham Holdings Co., Class B | |
| | |
| Strategic Education, Inc. | |
| | |
| | |
| Alexander & Baldwin, Inc. | |
| American Assets Trust, Inc. | |
| Broadstone Net Lease, Inc. | |
| | |
| Diversified Telecommunication | |
| Liberty Latin America Ltd., Class C (a) | |
| Shenandoah Telecommunications Co. | |
| | |
| Electric Utilities — 1.4% | |
| Hawaiian Electric Industries, Inc. | |
| | |
| | |
| Electronic Equipment, Instruments & Components | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Vishay Intertechnology, Inc. | |
| | |
| Energy Equipment & Services | |
| Kodiak Gas Services, Inc. | |
| Oceaneering International, Inc. (a) | |
| | |
| | |
| Sphere Entertainment Co. (a) | |
| Financial Services — 0.8% | |
| | |
| | |
| | |
| | |
| | |
| Fresh Del Monte Produce, Inc. | |
See Notes to Financial Statements
First Trust Small Cap Value AlphaDEX® Fund (FYT)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| Food Products (Continued) | |
| TreeHouse Foods, Inc. (a) | |
| | |
| | |
| | |
| Chesapeake Utilities Corp. | |
| Northwest Natural Holding Co. | |
| | |
| | |
| | |
| | |
| | |
| Hertz Global Holdings, Inc. (a) (b) | |
| | |
| Schneider National, Inc., Class B | |
| | |
| | |
| | |
| | |
| | |
| Integra LifeSciences Holdings Corp. (a) | |
| | |
| | |
| | |
| | |
| AMN Healthcare Services, Inc. (a) | |
| National HealthCare Corp. | |
| | |
| | |
| | |
| Hotel & Resort REITs — 0.8% | |
| | |
| Xenia Hotels & Resorts, Inc. | |
| | |
| Hotels, Restaurants & Leisure | |
| | |
| Brinker International, Inc. (a) | |
| Cheesecake Factory (The), Inc. | |
| Cracker Barrel Old Country Store, Inc. | |
| Golden Entertainment, Inc. | |
| Life Time Group Holdings, Inc. (a) | |
| | |
|
| Hotels, Restaurants & Leisure (Continued) | |
| Marriott Vacations Worldwide Corp. | |
| Monarch Casino & Resort, Inc. | |
| | |
| Household Durables — 3.2% | |
| Beazer Homes USA, Inc. (a) | |
| Cavco Industries, Inc. (a) | |
| Century Communities, Inc. | |
| | |
| | |
| | |
| Worthington Enterprises, Inc. | |
| | |
| Household Products — 1.0% | |
| Central Garden & Pet Co., Class A (c) | |
| Spectrum Brands Holdings, Inc. | |
| | |
| Independent Power and Renewable Electricity | |
| Clearway Energy, Inc., Class C | |
| | |
| | |
| | |
| CNO Financial Group, Inc. | |
| | |
| Genworth Financial, Inc. (a) | |
| Horace Mann Educators Corp. | |
| | |
| Safety Insurance Group, Inc. | |
| Stewart Information Services Corp. | |
| | |
| Interactive Media & Services | |
| Bumble, Inc., Class A (a) | |
| | |
| | |
| | |
| | |
| Topgolf Callaway Brands Corp. (a) | |
| | |
| Albany International Corp., Class A | |
| Atmus Filtration Technologies, Inc. (a) | |
| | |
See Notes to Financial Statements
First Trust Small Cap Value AlphaDEX® Fund (FYT)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| | |
| | |
| John Bean Technologies Corp. | |
| | |
| | |
| Mueller Water Products, Inc., Class A | |
| | |
| | |
| | |
| Advantage Solutions, Inc. (a) | |
| Altice USA, Inc., Class A (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Arbor Realty Trust, Inc. (b) | |
| | |
| Claros Mortgage Trust, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Northwestern Energy Group, Inc. | |
| | |
| | |
| | |
| Easterly Government Properties, Inc. | |
| | |
| Highwoods Properties, Inc. | |
| Hudson Pacific Properties, Inc. | |
| | |
| | |
| | |
| Oil, Gas & Consumable Fuels | |
| California Resources Corp. | |
| | |
| Comstock Resources, Inc. (b) | |
| | |
| | |
|
| Oil, Gas & Consumable Fuels (Continued) | |
| | |
| Par Pacific Holdings, Inc. (a) | |
| | |
| | |
| | |
| | |
| Paper & Forest Products — | |
| | |
| Passenger Airlines — 0.6% | |
| | |
| | |
| Edgewell Personal Care Co. | |
| | |
| Olaplex Holdings, Inc. (a) | |
| | |
| | |
| | |
| Ligand Pharmaceuticals, Inc. (a) | |
| Pacira BioSciences, Inc. (a) | |
| Prestige Consumer Healthcare, Inc. (a) | |
| | |
| Professional Services — 0.6% | |
| CSG Systems International, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Newmark Group, Inc., Class A | |
| | |
| | |
| Retail Opportunity Investments Corp. | |
| | |
| Semiconductors & Semiconductor Equipment | |
| | |
| | |
| | |
| | |
| | |
| | |
| Boot Barn Holdings, Inc. (a) | |
See Notes to Financial Statements
First Trust Small Cap Value AlphaDEX® Fund (FYT)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| Specialty Retail (Continued) | |
| | |
| | |
| | |
| Sally Beauty Holdings, Inc. (a) | |
| Sonic Automotive, Inc., Class A | |
| Victoria’s Secret & Co. (a) | |
| | |
| Technology Hardware, Storage | |
| Diebold Nixdorf, Inc. (a) | |
| | |
| | |
| Textiles, Apparel & Luxury | |
| | |
| | |
| | |
| Under Armour, Inc., Class A (a) | |
| | |
| | |
| | |
| | |
| BlueLinx Holdings, Inc. (a) | |
| Custom Truck One Source, Inc. (a) | |
| | |
| | |
| | |
| California Water Service Group | |
| | |
| | |
| Wireless Telecommunication | |
| | |
| United States Cellular Corp. (a) | |
| | |
| | |
| | |
MONEY MARKET FUNDS — 0.2% |
| Dreyfus Government Cash Management Fund, Institutional Shares - 5.21% (d) | |
| | |
| | |
REPURCHASE AGREEMENTS — 1.2% |
| Bank of America Corp., 5.34% (d), dated 07/31/24, due 08/01/24, with a maturity value of $1,170,127. Collateralized by U.S. Treasury Securities, interest rates of 0.00% to 4.38%, due 07/31/26 to 02/15/38. The value of the collateral including accrued interest is $1,193,352. (e) | |
| Mizuho Financial Group, Inc., 5.33% (d), dated 07/31/24, due 08/01/24, with a maturity value of $1,124,240. Collateralized by U.S. Treasury Securities, interest rates of 0.38% to 4.38%, due 09/15/24 to 08/15/30. The value of the collateral including accrued interest is $1,146,556. (e) | |
| Total Repurchase Agreements | |
| | |
|
|
| Total Investments — 101.2% | |
| | |
| Net Other Assets and Liabilities — (1.2)% | |
| | |
| Non-income producing security. |
| 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, including those sold and pending settlement, is $2,196,856 and the total value of the collateral held by the Fund is $2,294,027. |
| Non-income producing security which makes payment-in- kind distributions. |
| Rate shown reflects yield as of July 31, 2024. |
| This security serves as collateral for securities on loan. |
Abbreviations throughout the Portfolio of Investments: |
| – Real Estate Investment Trusts |
See Notes to Financial Statements
First Trust Small Cap Value AlphaDEX® Fund (FYT)Portfolio of Investments (Continued)July 31, 2024
Valuation InputsA summary of the inputs used to value the Fund’s investments as of July 31, 2024 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
| | | Level 2
Significant
Observable
Inputs | Level 3
Significant
Unobservable
Inputs |
| | | | |
| | | | |
| | | | |
| | | | |
| See Portfolio of Investments for industry breakout. |
Offsetting Assets and Liabilities
Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
Securities Lending Agency Agreement |
Total gross amount presented on the Statements of Assets and Liabilities(1) | |
| |
| |
| 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. |
| At July 31, 2024, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments. |
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
|
Total gross amount presented on the Statements of Assets and Liabilities(3) | |
| |
| |
| The amount is included in “Investments, at value” on the Statements of Assets and Liabilities. |
| At July 31, 2024, 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® Fund (FYC)Portfolio of InvestmentsJuly 31, 2024
| | |
|
| Aerospace & Defense — 2.1% | |
| | |
| Kratos Defense & Security Solutions, Inc. (a) | |
| | |
| Spirit AeroSystems Holdings, Inc., Class A (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Stock Yards Bancorp, Inc. | |
| | |
| | |
| | |
| Vita Coco (The) Co., Inc. (a) | |
| | |
| | |
| Agios Pharmaceuticals, Inc. (a) | |
| | |
| Beam Therapeutics, Inc. (a) | |
| BioCryst Pharmaceuticals, Inc. (a) | |
| Catalyst Pharmaceuticals, Inc. (a) | |
| Celldex Therapeutics, Inc. (a) | |
| Crinetics Pharmaceuticals, Inc. (a) | |
| Denali Therapeutics, Inc. (a) | |
| | |
| ImmunityBio, Inc. (a) (b) | |
| Krystal Biotech, Inc. (a) | |
| Kymera Therapeutics, Inc. (a) | |
| | |
| Mirum Pharmaceuticals, Inc. (a) | |
| Myriad Genetics, Inc. (a) | |
| Protagonist Therapeutics, Inc. (a) | |
| PTC Therapeutics, Inc. (a) | |
| Rhythm Pharmaceuticals, Inc. (a) | |
| Summit Therapeutics, Inc. (a) (b) | |
| Tango Therapeutics, Inc. (a) | |
| | |
|
| Biotechnology (Continued) | |
| TG Therapeutics, Inc. (a) | |
| Twist Bioscience Corp. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| American Woodmark Corp. (a) | |
| | |
| | |
| Gibraltar Industries, Inc. (a) | |
| | |
| Janus International Group, Inc. (a) | |
| | |
| | |
| | |
| | |
| PJT Partners, Inc., Class A | |
| | |
| | |
| | |
| | |
| | |
| | |
| Scotts Miracle-Gro (The) Co. | |
| | |
| | |
| ACV Auctions, Inc., Class A (a) | |
| | |
| | |
| Driven Brands Holdings, Inc. (a) | |
| | |
| | |
| | |
| Extreme Networks, Inc. (a) | |
| Construction & Engineering | |
| Construction Partners, Inc., Class A (a) | |
| Dycom Industries, Inc. (a) | |
| Granite Construction, Inc. | |
| | |
| | |
| Sterling Infrastructure, Inc. (a) | |
| | |
See Notes to Financial Statements
First Trust Small Cap Growth AlphaDEX® Fund (FYC)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| | |
| United States Lime & Minerals, Inc. | |
| Diversified Consumer Services | |
| Adtalem Global Education, Inc. (a) | |
| | |
| | |
| Mister Car Wash, Inc. (a) (b) | |
| OneSpaWorld Holdings Ltd. (a) | |
| | |
| | |
| | |
| Empire State Realty Trust, Inc., Class A | |
| Electric Utilities — 0.1% | |
| | |
| Electrical Equipment — 2.3% | |
| Bloom Energy Corp., Class A (a) (b) | |
| | |
| Fluence Energy, Inc. (a) (b) | |
| | |
| | |
| Thermon Group Holdings, Inc. (a) | |
| | |
| Electronic Equipment, Instruments & Components | |
| | |
| Mirion Technologies, Inc. (a) | |
| Napco Security Technologies, Inc. | |
| | |
| | |
| | |
| Energy Equipment & Services | |
| | |
| Atlas Energy Solutions, Inc. | |
| | |
| Helix Energy Solutions Group, Inc. (a) | |
| | |
| | |
| | |
|
| | |
| AMC Entertainment Holdings, Inc., Class A (a) (b) | |
| Cinemark Holdings, Inc. (a) | |
| Madison Square Garden Entertainment Corp. (a) | |
| | |
| Financial Services — 2.4% | |
| AvidXchange Holdings, Inc. (a) | |
| | |
| Federal Agricultural Mortgage Corp., Class C | |
| HA Sustainable Infrastructure Capital, Inc. | |
| | |
| Payoneer Global, Inc. (a) | |
| | |
| Rocket Cos., Inc., Class A (a) | |
| | |
| | |
| | |
| Tootsie Roll Industries, Inc. | |
| | |
| | |
| | |
| | |
| | |
| PROCEPT BioRobotics Corp. (a) | |
| | |
| Tandem Diabetes Care, Inc. (a) | |
| TransMedics Group, Inc. (a) | |
| UFP Technologies, Inc. (a) | |
| | |
| | |
| | |
| Alignment Healthcare, Inc. (a) | |
| Brookdale Senior Living, Inc. (a) | |
| Guardant Health, Inc. (a) | |
| Hims & Hers Health, Inc. (a) | |
| | |
| Privia Health Group, Inc. (a) | |
| | |
| | |
| | |
| | |
| | |
See Notes to Financial Statements
First Trust Small Cap Growth AlphaDEX® Fund (FYC)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| Health Care REITs (Continued) | |
| National Health Investors, Inc. | |
| Sabra Health Care REIT, Inc. | |
| | |
| | |
| Doximity, Inc., Class A (a) | |
| | |
| | |
| Hotel & Resort REITs — 1.1% | |
| DiamondRock Hospitality Co. | |
| Park Hotels & Resorts, Inc. | |
| | |
| Sunstone Hotel Investors, Inc. | |
| | |
| Hotels, Restaurants & Leisure | |
| Bowlero Corp., Class A (b) | |
| Dave & Buster’s Entertainment, Inc. (a) | |
| Dutch Bros, Inc., Class A (a) | |
| First Watch Restaurant Group, Inc. (a) | |
| Red Rock Resorts, Inc., Class A | |
| | |
| Shake Shack, Inc., Class A (a) | |
| Sweetgreen, Inc., Class A (a) | |
| | |
| United Parks & Resorts, Inc. (a) | |
| | |
| Household Durables — 0.7% | |
| Dream Finders Homes, Inc., Class A (a) | |
| Green Brick Partners, Inc. (a) | |
| | |
| Independent Power and Renewable Electricity | |
| Sunnova Energy International, Inc. (a) (b) | |
| | |
| Innovative Industrial Properties, Inc. | |
| Plymouth Industrial REIT, Inc. | |
| | |
| | |
| Baldwin Insurance Group (The), Inc. (a) | |
| | |
| | |
|
| | |
| Oscar Health, Inc., Class A (a) | |
| Palomar Holdings, Inc. (a) | |
| | |
| Skyward Specialty Insurance Group, Inc. (a) | |
| | |
| Interactive Media & Services | |
| | |
| | |
| Getty Images Holdings, Inc. (a) (b) | |
| | |
| | |
| | |
| | |
| | |
| DigitalOcean Holdings, Inc. (a) | |
| | |
| Life Sciences Tools & Services | |
| Cytek Biosciences, Inc. (a) | |
| OmniAb, Inc. - 12.5 Earnout Shares (a) (c) (d) (e) (f) | |
| OmniAb, Inc. - 15 Earnout Shares (a) (c) (d) (e) (f) | |
| | |
| | |
| | |
| | |
| | |
| Greenbrier (The) Cos., Inc. | |
| Standex International Corp. | |
| | |
| | |
| | |
| | |
| | |
| EchoStar Corp., Class A (a) | |
| Integral Ad Science Holding Corp. (a) | |
| | |
| | |
| | |
| Carpenter Technology Corp. | |
| | |
| | |
| | |
| Franklin BSP Realty Trust, Inc. | |
| | |
See Notes to Financial Statements
First Trust Small Cap Growth AlphaDEX® Fund (FYC)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| Mortgage REITs (Continued) | |
| PennyMac Mortgage Investment Trust | |
| Two Harbors Investment Corp. | |
| | |
| | |
| | |
| | |
| | |
| Oil, Gas & Consumable Fuels | |
| | |
| | |
| Gulfport Energy Corp. (a) | |
| International Seaways, Inc. | |
| | |
| Sitio Royalties Corp., Class A | |
| | |
| | |
| | |
| Passenger Airlines — 0.6% | |
| | |
| | |
| Amneal Pharmaceuticals, Inc. (a) | |
| Amylyx Pharmaceuticals, Inc. (a) | |
| ANI Pharmaceuticals, Inc. (a) | |
| Collegium Pharmaceutical, Inc. (a) | |
| Corcept Therapeutics, Inc. (a) | |
| Harmony Biosciences Holdings, Inc. (a) | |
| | |
| Professional Services — 1.8% | |
| | |
| | |
| Huron Consulting Group, Inc. (a) | |
| | |
| | |
| | |
| | |
| DigitalBridge Group, Inc. | |
| | |
| Kennedy-Wilson Holdings, Inc. | |
| | |
| | |
| | |
| Apartment Investment and Management Co., Class A (a) | |
| | |
|
| Residential REITs (Continued) | |
| | |
| | |
| | |
| | |
| | |
| | |
| InvenTrust Properties Corp. | |
| | |
| | |
| | |
| | |
| | |
| Semiconductors & Semiconductor Equipment | |
| Credo Technology Group Holding Ltd. (a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| Veeco Instruments, Inc. (a) | |
| | |
| | |
| | |
| | |
| Alarm.com Holdings, Inc. (a) | |
| Alkami Technology, Inc. (a) | |
| | |
| C3.ai, Inc., Class A (a) (b) | |
| | |
| Clear Secure, Inc., Class A | |
| Clearwater Analytics Holdings, Inc., Class A (a) | |
| E2open Parent Holdings, Inc. (a) | |
| | |
| | |
| | |
| | |
| LiveRamp Holdings, Inc. (a) | |
| | |
| | |
| | |
| | |
| | |
| RingCentral, Inc., Class A (a) | |
| | |
| Sprinklr, Inc., Class A (a) | |
| Vertex, Inc., Class A (a) | |
See Notes to Financial Statements
First Trust Small Cap Growth AlphaDEX® Fund (FYC)Portfolio of Investments (Continued)July 31, 2024 | | |
COMMON STOCKS (Continued) |
| | |
| Zeta Global Holdings Corp., Class A (a) | |
| | |
| | |
| | |
| Four Corners Property Trust, Inc. | |
| National Storage Affiliates Trust | |
| | |
| | |
| | |
| | |
| Warby Parker, Inc., Class A (a) | |
| | |
| | |
| Textiles, Apparel & Luxury | |
| G-III Apparel Group Ltd. (a) | |
| | |
| | |
| | |
| Distribution Solutions Group, Inc. (a) | |
| | |
| H&E Equipment Services, Inc. | |
| Xometry, Inc., Class A (a) | |
| | |
| | |
| American States Water Co. | |
| Wireless Telecommunication | |
| Telephone and Data Systems, Inc. | |
| | |
| | |
MONEY MARKET FUNDS — 0.1% |
| Dreyfus Government Cash Management Fund, Institutional Shares - 5.21% (g) | |
| | |
| | |
REPURCHASE AGREEMENTS — 2.1% |
| Bank of America Corp., 5.34% (g), dated 07/31/24, due 08/01/24, with a maturity value of $3,143,123. Collateralized by U.S. Treasury Securities, interest rates of 0.00% to 4.38%, due 07/31/26 to 02/15/38. The value of the collateral including accrued interest is $3,205,510. (h) | |
| Mizuho Financial Group, Inc., 5.33% (g), dated 07/31/24, due 08/01/24, with a maturity value of $3,019,863. Collateralized by U.S. Treasury Securities, interest rates of 0.38% to 4.38%, due 09/15/24 to 08/15/30. The value of the collateral including accrued interest is $3,079,805. (h) | |
| Total Repurchase Agreements | |
| | |
|
|
| Total Investments — 102.1% | |
| | |
| Net Other Assets and Liabilities — (2.1)% | |
| | |
| Non-income producing security. |
| 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, including those sold and pending settlement, is $5,950,959 and the total value of the collateral held by the Fund is $6,162,073. |
| 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. |
| Restricted security as to resale, excluding Rule 144A securities (see Note 2F - Restricted Securities in the Notes to Financial Statements). |
| 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, 2024, securities noted as such are valued at $0 or 0.0% of net assets. |
See Notes to Financial Statements
First Trust Small Cap Growth AlphaDEX® Fund (FYC)Portfolio of Investments (Continued)July 31, 2024 | This security’s value was determined using significant unobservable inputs (see Note 2A - Portfolio Valuation in the Notes to Financial Statements). |
| Rate shown reflects yield as of July 31, 2024. |
| This security serves as collateral for securities on loan. |
Abbreviations throughout the Portfolio of Investments: |
| – Real Estate Investment Trusts |
Valuation InputsA summary of the inputs used to value the Fund’s investments as of July 31, 2024 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
| | | Level 2
Significant
Observable
Inputs | Level 3
Significant
Unobservable
Inputs |
| | | | |
Life Sciences Tools & Services | | | | |
Other Industry Categories* | | | | |
| | | | |
| | | | |
| | | | |
| 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.
Offsetting Assets and Liabilities
Offsetting assets and liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset, and to disclose instruments and transactions subject to master netting or similar agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities in the Notes to Financial Statements).
The Fund’s loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
Securities Lending Agency Agreement |
Total gross amount presented on the Statements of Assets and Liabilities(1) | |
| |
| |
| 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. |
| At July 31, 2024, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments. |
The Fund’s investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
|
Total gross amount presented on the Statements of Assets and Liabilities(3) | |
| |
| |
| The amount is included in “Investments, at value” on the Statements of Assets and Liabilities. |
| At July 31, 2024, 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® FundStyle FundsStatements of Assets and Liabilities
July 31, 2024
| First Trust Large Cap Core AlphaDEX® Fund
(FEX) | First Trust Mid Cap Core AlphaDEX® Fund
(FNX) | First Trust Small Cap Core AlphaDEX® Fund
(FYX) |
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Shareholder reporting fees | | | |
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Collateral for securities on loan | | | |
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Accumulated distributable earnings (loss) | | | |
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NET ASSET VALUE, per share | | | |
Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share) | | | |
| | | |
Securities on loan, at value | | | |
See Notes to Financial Statements
First Trust Large Cap Value AlphaDEX® Fund
(FTA) | First Trust Large Cap Growth AlphaDEX® Fund
(FTC) | First Trust Multi Cap Value AlphaDEX® Fund
(FAB) | First Trust Multi Cap Growth AlphaDEX® Fund
(FAD) | First Trust Mid Cap Value AlphaDEX® Fund
(FNK) | First Trust Mid Cap Growth AlphaDEX® Fund
(FNY) |
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See Notes to Financial Statements
First Trust Exchange-Traded AlphaDEX® FundStyle FundsStatements of Assets and Liabilities (Continued)
July 31, 2024
| First Trust Small Cap Value AlphaDEX® Fund
(FYT) | First Trust Small Cap Growth AlphaDEX® Fund
(FYC) |
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Securities lending income | | |
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Shareholder reporting fees | | |
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Collateral for securities on loan | | |
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Accumulated distributable earnings (loss) | | |
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NET ASSET VALUE, per share | | |
Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share) | | |
| | |
Securities on loan, at value | | |
See Notes to Financial Statements
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First Trust Exchange-Traded AlphaDEX® FundStyle FundsStatements of Operations
For the Year Ended July 31, 2024
| First Trust Large Cap Core AlphaDEX® Fund
(FEX) | First Trust Mid Cap Core AlphaDEX® Fund
(FNX) | First Trust Small Cap Core AlphaDEX® Fund
(FYX) |
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Securities lending income (net of fees) | | | |
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Accounting and administration fees | | | |
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Shareholder reporting fees | | | |
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Trustees’ fees and expenses | | | |
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NET INVESTMENT INCOME (LOSS) | | | |
|
NET REALIZED AND UNREALIZED GAIN (LOSS): | | | |
Net realized gain (loss) on: | | | |
| | | |
| | | |
| | | |
Net change in unrealized appreciation (depreciation) on investments | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | | |
| Fund is subject to a unitary fee (see Note 3 in the Notes to Financial Statements). |
See Notes to Financial Statements
First Trust Large Cap Value AlphaDEX® Fund
(FTA) | First Trust Large Cap Growth AlphaDEX® Fund
(FTC) | First Trust Multi Cap Value AlphaDEX® Fund
(FAB) | First Trust Multi Cap Growth AlphaDEX® Fund
(FAD) | First Trust Mid Cap Value AlphaDEX® Fund
(FNK) | First Trust Mid Cap Growth AlphaDEX® Fund
(FNY) |
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See Notes to Financial Statements
First Trust Exchange-Traded AlphaDEX® FundStyle FundsStatements of Operations (Continued)
For the Year Ended July 31, 2024
| First Trust Small Cap Value AlphaDEX® Fund
(FYT) | First Trust Small Cap Growth AlphaDEX® Fund
(FYC) |
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Securities lending income (net of fees) | | |
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Accounting and administration fees | | |
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Shareholder reporting fees | | |
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Trustees’ fees and expenses | | |
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NET INVESTMENT INCOME (LOSS) | | |
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NET REALIZED AND UNREALIZED GAIN (LOSS): | | |
Net realized gain (loss) on: | | |
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Net change in unrealized appreciation (depreciation) on investments | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | |
| Fund is subject to a unitary fee (see Note 3 in the Notes to Financial Statements). |
See Notes to Financial Statements
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First Trust Exchange-Traded AlphaDEX® FundStyle FundsStatements of Changes in Net Assets
| First Trust Large Cap Core AlphaDEX® Fund (FEX) | First Trust Mid Cap Core AlphaDEX® Fund (FNX) |
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Net investment income (loss) | | | | |
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Net change in unrealized appreciation (depreciation) | | | | |
Net increase (decrease) in net assets resulting from operations | | | | |
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DISTRIBUTIONS TO SHAREHOLDERS FROM: | | | | |
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SHAREHOLDER TRANSACTIONS: | | | | |
Proceeds from shares sold | | | | |
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Net increase (decrease) in net assets resulting from shareholder transactions | | | | |
Total increase (decrease) in net assets | | | | |
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CHANGES IN SHARES OUTSTANDING: | | | | |
Shares outstanding, beginning of period | | | | |
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Shares outstanding, end of period | | | | |
See Notes to Financial Statements
First Trust Small Cap Core AlphaDEX® Fund (FYX) | First Trust Large Cap Value AlphaDEX® Fund (FTA) | First Trust Large Cap Growth AlphaDEX® Fund (FTC) | First Trust Multi Cap Value AlphaDEX® Fund (FAB) |
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See Notes to Financial Statements
First Trust Exchange-Traded AlphaDEX® FundStyle FundsStatements of Changes in Net Assets (Continued)
| First Trust Multi Cap Growth AlphaDEX® Fund (FAD) | First Trust Mid Cap Value AlphaDEX® Fund (FNK) |
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Net investment income (loss) | | | | |
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Net change in unrealized appreciation (depreciation) | | | | |
Net increase (decrease) in net assets resulting from operations | | | | |
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DISTRIBUTIONS TO SHAREHOLDERS FROM: | | | | |
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SHAREHOLDER TRANSACTIONS: | | | | |
Proceeds from shares sold | | | | |
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Net increase (decrease) in net assets resulting from shareholder transactions | | | | |
Total increase (decrease) in net assets | | | | |
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CHANGES IN SHARES OUTSTANDING: | | | | |
Shares outstanding, beginning of period | | | | |
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Shares outstanding, end of period | | | | |
See Notes to Financial Statements
First Trust Mid Cap Growth AlphaDEX® Fund (FNY) | First Trust Small Cap Value AlphaDEX® Fund (FYT) | First Trust Small Cap Growth AlphaDEX® Fund (FYC) |
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See Notes to Financial Statements
First Trust Exchange-Traded AlphaDEX® FundStyle FundsFinancial Highlights
For a share outstanding throughout each period
First Trust Large Cap Core AlphaDEX® Fund (FEX)
| |
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Net asset value, beginning of period | | | | | |
Income from investment operations: | | | | | |
Net investment income (loss) | | | | | |
Net realized and unrealized gain (loss) | | | | | |
Total from investment operations | | | | | |
Distributions paid to shareholders from: | | | | | |
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Net asset value, end of period | | | | | |
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Ratios to average net assets/supplemental data: | | | | | |
Net assets, end of period (in 000’s) | | | | | |
Ratio of total expenses to average net assets | | | | | |
Ratio of net investment income (loss) to average net assets | | | | | |
Portfolio turnover rate (c) | | | | | |
| Based on average shares outstanding. |
| 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. |
| 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® FundStyle FundsFinancial Highlights (Continued)
For a share outstanding throughout each period
First Trust Mid Cap Core AlphaDEX® Fund (FNX)
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Net asset value, beginning of period | | | | | |
Income from investment operations: | | | | | |
Net investment income (loss) | | | | | |
Net realized and unrealized gain (loss) | | | | | |
Total from investment operations | | | | | |
Distributions paid to shareholders from: | | | | | |
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Net asset value, end of period | | | | | |
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Ratios to average net assets/supplemental data: | | | | | |
Net assets, end of period (in 000’s) | | | | | |
Ratio of total expenses to average net assets | | | | | |
Ratio of net investment income (loss) to average net assets | | | | | |
Portfolio turnover rate (c) | | | | | |
| Based on average shares outstanding. |
| 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. |
| 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® FundStyle FundsFinancial Highlights (Continued)
For a share outstanding throughout each period
First Trust Small Cap Core AlphaDEX® Fund (FYX)
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Net asset value, beginning of period | | | | | |
Income from investment operations: | | | | | |
Net investment income (loss) | | | | | |
Net realized and unrealized gain (loss) | | | | | |
Total from investment operations | | | | | |
Distributions paid to shareholders from: | | | | | |
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Net asset value, end of period | | | | | |
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Ratios to average net assets/supplemental data: | | | | | |
Net assets, end of period (in 000’s) | | | | | |
Ratio of total expenses to average net assets | | | | | |
Ratio of net investment income (loss) to average net assets | | | | | |
Portfolio turnover rate (c) | | | | | |
| Based on average shares outstanding. |
| 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. |
| 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® FundStyle FundsFinancial Highlights (Continued)
For a share outstanding throughout each period
First Trust Large Cap Value AlphaDEX® Fund (FTA)
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Net asset value, beginning of period | | | | | |
Income from investment operations: | | | | | |
Net investment income (loss) | | | | | |
Net realized and unrealized gain (loss) | | | | | |
Total from investment operations | | | | | |
Distributions paid to shareholders from: | | | | | |
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Net asset value, end of period | | | | | |
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Ratios to average net assets/supplemental data: | | | | | |
Net assets, end of period (in 000’s) | | | | | |
Ratio of total expenses to average net assets | | | | | |
Ratio of net investment income (loss) to average net assets | | | | | |
Portfolio turnover rate (d) | | | | | |
| Based on average shares outstanding. |
| 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. |
| 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. |
| 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® FundStyle FundsFinancial Highlights (Continued)
For a share outstanding throughout each period
First Trust Large Cap Growth AlphaDEX® Fund (FTC)
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Net asset value, beginning of period | | | | | |
Income from investment operations: | | | | | |
Net investment income (loss) | | | | | |
Net realized and unrealized gain (loss) | | | | | |
Total from investment operations | | | | | |
Distributions paid to shareholders from: | | | | | |
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Net asset value, end of period | | | | | |
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Ratios to average net assets/supplemental data: | | | | | |
Net assets, end of period (in 000’s) | | | | | |
Ratio of total expenses to average net assets | | | | | |
Ratio of net investment income (loss) to average net assets | | | | | |
Portfolio turnover rate (c) | | | | | |
| Based on average shares outstanding. |
| 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. |
| 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® FundStyle FundsFinancial Highlights (Continued)
For a share outstanding throughout each period
First Trust Multi Cap Value AlphaDEX® Fund (FAB)
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Net asset value, beginning of period | | | | | |
Income from investment operations: | | | | | |
Net investment income (loss) | | | | | |
Net realized and unrealized gain (loss) | | | | | |
Total from investment operations | | | | | |
Distributions paid to shareholders from: | | | | | |
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Net asset value, end of period | | | | | |
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Ratios to average net assets/supplemental data: | | | | | |
Net assets, end of period (in 000’s) | | | | | |
Ratio of total expenses to average net assets | | | | | |
Ratio of net expenses to average net assets | | | | | |
Ratio of net investment income (loss) to average net assets | | | | | |
Portfolio turnover rate (c) | | | | | |
| Based on average shares outstanding. |
| 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. The total returns would have been lower if certain fees had not been waived and expenses reimbursed by the investment advisor. |
| 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® FundStyle FundsFinancial Highlights (Continued)
For a share outstanding throughout each period
First Trust Multi Cap Growth AlphaDEX® Fund (FAD)
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Net asset value, beginning of period | | | | | |
Income from investment operations: | | | | | |
Net investment income (loss) | | | | | |
Net realized and unrealized gain (loss) | | | | | |
Total from investment operations | | | | | |
Distributions paid to shareholders from: | | | | | |
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Net asset value, end of period | | | | | |
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|
Ratios to average net assets/supplemental data: | | | | | |
Net assets, end of period (in 000’s) | | | | | |
Ratio of total expenses to average net assets | | | | | |
Ratio of net investment income (loss) to average net assets | | | | | |
Portfolio turnover rate (c) | | | | | |
| Based on average shares outstanding. |
| 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. |
| 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® FundStyle FundsFinancial Highlights (Continued)
For a share outstanding throughout each period
First Trust Mid Cap Value AlphaDEX® Fund (FNK)
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| | | | | |
Net asset value, beginning of period | | | | | |
Income from investment operations: | | | | | |
Net investment income (loss) | | | | | |
Net realized and unrealized gain (loss) | | | | | |
Total from investment operations | | | | | |
Distributions paid to shareholders from: | | | | | |
| | | | | |
Net asset value, end of period | | | | | |
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|
Ratios to average net assets/supplemental data: | | | | | |
Net assets, end of period (in 000’s) | | | | | |
Ratio of total expenses to average net assets | | | | | |
Ratio of net investment income (loss) to average net assets | | | | | |
Portfolio turnover rate (c) | | | | | |
| Based on average shares outstanding. |
| 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. |
| 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® FundStyle FundsFinancial Highlights (Continued)
For a share outstanding throughout each period
First Trust Mid Cap Growth AlphaDEX® Fund (FNY)
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| | | | | |
Net asset value, beginning of period | | | | | |
Income from investment operations: | | | | | |
Net investment income (loss) | | | | | |
Net realized and unrealized gain (loss) | | | | | |
Total from investment operations | | | | | |
Distributions paid to shareholders from: | | | | | |
| | | | | |
Net asset value, end of period | | | | | |
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|
Ratios to average net assets/supplemental data: | | | | | |
Net assets, end of period (in 000’s) | | | | | |
Ratio of total expenses to average net assets | | | | | |
Ratio of net investment income (loss) to average net assets | | | | | |
Portfolio turnover rate (c) | | | | | |
| Based on average shares outstanding. |
| 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. |
| 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® FundStyle FundsFinancial Highlights (Continued)
For a share outstanding throughout each period
First Trust Small Cap Value AlphaDEX® Fund (FYT)
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| | | | | |
Net asset value, beginning of period | | | | | |
Income from investment operations: | | | | | |
Net investment income (loss) | | | | | |
Net realized and unrealized gain (loss) | | | | | |
Total from investment operations | | | | | |
Distributions paid to shareholders from: | | | | | |
| | | | | |
Net asset value, end of period | | | | | |
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|
Ratios to average net assets/supplemental data: | | | | | |
Net assets, end of period (in 000’s) | | | | | |
Ratio of total expenses to average net assets | | | | | |
Ratio of net investment income (loss) to average net assets | | | | | |
Portfolio turnover rate (d) | | | | | |
| Based on average shares outstanding. |
| 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. |
| 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. |
| 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® FundStyle FundsFinancial Highlights (Continued)
For a share outstanding throughout each period
First Trust Small Cap Growth AlphaDEX® Fund (FYC)
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| | | | | |
Net asset value, beginning of period | | | | | |
Income from investment operations: | | | | | |
Net investment income (loss) | | | | | |
Net realized and unrealized gain (loss) | | | | | |
Total from investment operations | | | | | |
Distributions paid to shareholders from: | | | | | |
| | | | | |
Net asset value, end of period | | | | | |
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Ratios to average net assets/supplemental data: | | | | | |
Net assets, end of period (in 000’s) | | | | | |
Ratio of total expenses to average net assets | | | | | |
Ratio of net investment income (loss) to average net assets | | | | | |
Portfolio turnover rate (c) | | | | | |
| Based on average shares outstanding. |
| 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. |
| 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® FundStyle FundsJuly 31, 2024 1. Organization
First Trust Exchange-Traded AlphaDEX® 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”).
First Trust Large Cap Core AlphaDEX® Fund – (ticker “FEX”) |
First Trust Mid Cap Core AlphaDEX® Fund – (ticker “FNX”) |
First Trust Small Cap Core AlphaDEX® Fund – (ticker “FYX”) |
First Trust Large Cap Value AlphaDEX® Fund – (ticker “FTA”) |
First Trust Large Cap Growth AlphaDEX® Fund – (ticker “FTC”) |
First Trust Multi Cap Value AlphaDEX® Fund – (ticker “FAB”) |
First Trust Multi Cap Growth AlphaDEX® Fund – (ticker “FAD”) |
First Trust Mid Cap Value AlphaDEX® Fund – (ticker “FNK”) |
First Trust Mid Cap Growth AlphaDEX® Fund – (ticker “FNY”) |
First Trust Small Cap Value AlphaDEX® Fund – (ticker “FYT”) |
First Trust Small Cap Growth AlphaDEX® 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:
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First Trust Large Cap Core AlphaDEX® Fund | Nasdaq AlphaDEX® Large Cap CoreTM Index |
First Trust Mid Cap Core AlphaDEX® Fund | Nasdaq AlphaDEX® Mid Cap CoreTM Index |
First Trust Small Cap Core AlphaDEX® Fund | Nasdaq AlphaDEX® Small Cap CoreTM Index |
First Trust Large Cap Value AlphaDEX® Fund | Nasdaq AlphaDEX® Large Cap ValueTM Index |
First Trust Large Cap Growth AlphaDEX® Fund | Nasdaq AlphaDEX® Large Cap GrowthTM Index |
First Trust Multi Cap Value AlphaDEX® Fund | Nasdaq AlphaDEX® Multi Cap ValueTM Index |
First Trust Multi Cap Growth AlphaDEX® Fund | Nasdaq AlphaDEX® Multi Cap GrowthTM Index |
First Trust Mid Cap Value AlphaDEX® Fund | Nasdaq AlphaDEX® Mid Cap ValueTM Index |
First Trust Mid Cap Growth AlphaDEX® Fund | Nasdaq AlphaDEX® Mid Cap GrowthTM Index |
First Trust Small Cap Value AlphaDEX® Fund | Nasdaq AlphaDEX® Small Cap ValueTM Index |
First Trust Small Cap Growth AlphaDEX® Fund | Nasdaq AlphaDEX® Small Cap GrowthTM Index |
2. Significant Accounting Policies
The Funds are each considered an investment company and follow accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification Topic 946, “Financial Services-Investment Companies.” The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America (“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.
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® FundStyle FundsJuly 31, 2024 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;
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® FundStyle FundsJuly 31, 2024 • Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. An active market is a market in which transactions for the investment occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
• Level 2 – Level 2 inputs are observable inputs, either directly or indirectly, and include the following:
o Quoted prices for similar investments in active markets.
o Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.
o Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).
o Inputs that are derived principally from or corroborated by observable market data by correlation or other means.
• Level 3 – Level 3 inputs are unobservable inputs. Unobservable inputs may reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the investment.
The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used to value each Fund’s investments as of July 31, 2024, is included with each Fund’s Portfolio of Investments.
B. Securities Transactions and Investment Income
Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date. 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 is 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.
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® FundStyle FundsJuly 31, 2024 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. (“BBH”) acts as FNX’s securities lending agent and is responsible for executing the lending of the portfolio securities to creditworthy borrowers. Prior to June 10, 2024, FEX, FYX, FTA, FTC, FAB, FAD, FNK, FNY, and FYT’s securities lending agent was BBH. For FYC, and effective June 10, 2024, for FEX, FYX, FTA, FTC, FAB, FAD, FNK, FNY, and FYT, 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, 2024, all the Funds except FEX, FTA, and FTC had securities in the securities lending program. During the fiscal year ended July 31, 2024, all the Funds participated in the securities lending program.
In the event of a default by a borrower with respect to any loan, BBH or 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 BBH or BNY to exercise these remedies, a Fund sustains losses as a result of a borrower’s default, BBH or 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 BBH or BNY.
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 BBH or 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, 2024, were received as collateral for lending securities.
As of July 31, 2024, 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.
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® FundStyle FundsJuly 31, 2024
| | | | | | |
| | | | | | |
OmniAb, Inc. - 12.5 Earnout Shares | | | | | | |
OmniAb, Inc. - 15 Earnout Shares | | | | | | |
| | | | | | |
| | | | | | |
OmniAb, Inc. - 12.5 Earnout Shares | | | | | | |
OmniAb, Inc. - 15 Earnout Shares | | | | | | |
| | | | | | |
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, 2024 was as follows:
| Distributions
paid from
Ordinary
Income | Distributions
paid from
Capital
Gains | Distributions
paid from
Return of
Capital |
First Trust Large Cap Core AlphaDEX® Fund | | | |
First Trust Mid Cap Core AlphaDEX® Fund | | | |
First Trust Small Cap Core AlphaDEX® Fund | | | |
First Trust Large Cap Value AlphaDEX® Fund | | | |
First Trust Large Cap Growth AlphaDEX® Fund | | | |
First Trust Multi Cap Value AlphaDEX® Fund | | | |
First Trust Multi Cap Growth AlphaDEX® Fund | | | |
First Trust Mid Cap Value AlphaDEX® Fund | | | |
First Trust Mid Cap Growth AlphaDEX® Fund | | | |
First Trust Small Cap Value AlphaDEX® Fund | | | |
First Trust Small Cap Growth AlphaDEX® Fund | | | |
The tax character of distributions paid by each Fund during the fiscal year ended July 31, 2023 was as follows:
| Distributions
paid from
Ordinary
Income | Distributions
paid from
Capital
Gains | Distributions
paid from
Return of
Capital |
First Trust Large Cap Core AlphaDEX® Fund | | | |
First Trust Mid Cap Core AlphaDEX® Fund | | | |
First Trust Small Cap Core AlphaDEX® Fund | | | |
First Trust Large Cap Value AlphaDEX® Fund | | | |
First Trust Large Cap Growth AlphaDEX® Fund | | | |
First Trust Multi Cap Value AlphaDEX® Fund | | | |
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® FundStyle FundsJuly 31, 2024 | Distributions paid from Ordinary Income | Distributions paid from Capital Gains | Distributions paid from Return of Capital |
First Trust Multi Cap Growth AlphaDEX® Fund | | | |
First Trust Mid Cap Value AlphaDEX® Fund | | | |
First Trust Mid Cap Growth AlphaDEX® Fund | | | |
First Trust Small Cap Value AlphaDEX® Fund | | | |
First Trust Small Cap Growth AlphaDEX® Fund | | | |
As of July 31, 2024, the components of distributable earnings on a tax basis for each Fund were as follows:
| Undistributed
Ordinary
Income | Accumulated
Capital and
Other
Gain (Loss) | Net
Unrealized
Appreciation
(Depreciation) |
First Trust Large Cap Core AlphaDEX® Fund | | | |
First Trust Mid Cap Core AlphaDEX® Fund | | | |
First Trust Small Cap Core AlphaDEX® Fund | | | |
First Trust Large Cap Value AlphaDEX® Fund | | | |
First Trust Large Cap Growth AlphaDEX® Fund | | | |
First Trust Multi Cap Value AlphaDEX® Fund | | | |
First Trust Multi Cap Growth AlphaDEX® Fund | | | |
First Trust Mid Cap Value AlphaDEX® Fund | | | |
First Trust Mid Cap Growth AlphaDEX® Fund | | | |
First Trust Small Cap Value AlphaDEX® Fund | | | |
First Trust Small Cap Growth AlphaDEX® Fund | | | |
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 2021, 2022, 2023, and 2024 remain open to federal and state audit. As of July 31, 2024, management has evaluated the application of these standards to the Funds and has determined that no provision for income tax is required in the Funds’ financial statements for uncertain tax positions.
Each Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. Each Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At July 31, 2024, for federal income tax purposes, each applicable Fund had a capital loss carryforward available that is shown in the following table, to the extent provided by regulations, to offset future capital gains. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to each applicable Fund’s shareholders.
| Non-Expiring
Capital Loss
Carryforwards |
First Trust Large Cap Core AlphaDEX® Fund | |
First Trust Mid Cap Core AlphaDEX® Fund | |
First Trust Small Cap Core AlphaDEX® Fund | |
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® FundStyle FundsJuly 31, 2024 | Non-Expiring Capital Loss Carryforwards |
First Trust Large Cap Value AlphaDEX® Fund | |
First Trust Large Cap Growth AlphaDEX® Fund | |
First Trust Multi Cap Value AlphaDEX® Fund | |
First Trust Multi Cap Growth AlphaDEX® Fund | |
First Trust Mid Cap Value AlphaDEX® Fund | |
First Trust Mid Cap Growth AlphaDEX® Fund | |
First Trust Small Cap Value AlphaDEX® Fund | |
First Trust Small Cap Growth AlphaDEX® Fund | |
During the taxable year ended July 31, 2024, the following Funds utilized capital loss carryforwards in the following amounts:
| |
First Trust Large Cap Core AlphaDEX® Fund | |
First Trust Small Cap Core AlphaDEX® Fund | |
First Trust Large Cap Growth AlphaDEX® Fund | |
First Trust Multi Cap Value AlphaDEX® Fund | |
First Trust Multi Cap Growth AlphaDEX® Fund | |
First Trust Small Cap Value AlphaDEX® Fund | |
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, 2024, 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, 2024, the adjustments for each Fund were as follows:
| Accumulated
Net Investment
Income (Loss) | Accumulated
Net Realized
Gain (Loss)
on Investments | |
First Trust Large Cap Core AlphaDEX® Fund | | | |
First Trust Mid Cap Core AlphaDEX® Fund | | | |
First Trust Small Cap Core AlphaDEX® Fund | | | |
First Trust Large Cap Value AlphaDEX® Fund | | | |
First Trust Large Cap Growth AlphaDEX® Fund | | | |
First Trust Multi Cap Value AlphaDEX® Fund | | | |
First Trust Multi Cap Growth AlphaDEX® Fund | | | |
First Trust Mid Cap Value AlphaDEX® Fund | | | |
First Trust Mid Cap Growth AlphaDEX® Fund | | | |
First Trust Small Cap Value AlphaDEX® Fund | | | |
First Trust Small Cap Growth AlphaDEX® Fund | | | |
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® FundStyle FundsJuly 31, 2024 As of July 31, 2024, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows:
| | Gross Unrealized
Appreciation | Gross Unrealized
(Depreciation) | Net Unrealized
Appreciation
(Depreciation) |
First Trust Large Cap Core AlphaDEX® Fund | | | | |
First Trust Mid Cap Core AlphaDEX® Fund | | | | |
First Trust Small Cap Core AlphaDEX® Fund | | | | |
First Trust Large Cap Value AlphaDEX® Fund | | | | |
First Trust Large Cap Growth AlphaDEX® Fund | | | | |
First Trust Multi Cap Value AlphaDEX® Fund | | | | |
First Trust Multi Cap Growth AlphaDEX® Fund | | | | |
First Trust Mid Cap Value AlphaDEX® Fund | | | | |
First Trust Mid Cap Growth AlphaDEX® Fund | | | | |
First Trust Small Cap Value AlphaDEX® Fund | | | | |
First Trust Small Cap Growth AlphaDEX® Fund | | | | |
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® Fund, First Trust Mid Cap Growth AlphaDEX® Fund, First Trust Small Cap Value AlphaDEX® Fund and First Trust Small Cap Growth AlphaDEX® 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.
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:
| |
Fund net assets up to and including $2.5 billion | |
Fund net assets greater than $2.5 billion up to and including $5 billion | |
Fund net assets greater than $5 billion up to and including $7.5 billion | |
Fund net assets greater than $7.5 billion up to and including $10 billion | |
Fund net assets greater than $10 billion up to and including $15 billion | |
Fund net assets greater than $15 billion | |
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® FundStyle FundsJuly 31, 2024 For the First Trust Large Cap Core AlphaDEX® Fund, First Trust Mid Cap Core AlphaDEX® Fund, First Trust Small Cap Core AlphaDEX® Fund, First Trust Large Cap Value AlphaDEX® Fund, First Trust Large Cap Growth AlphaDEX® Fund, First Trust Multi Cap Value AlphaDEX® Fund and First Trust Multi Cap Growth AlphaDEX® 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:
| |
Fund net assets up to and including $2.5 billion | |
Fund net assets greater than $2.5 billion up to and including $5 billion | |
Fund net assets greater than $5 billion up to and including $7.5 billion | |
Fund net assets greater than $7.5 billion up to and including $10 billion | |
Fund net assets greater than $10 billion up to and including $15 billion | |
Fund net assets greater than $15 billion | |
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, 2025. For the fiscal year ended July 31, 2024, 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, 2024, the cost of purchases and proceeds from sales of investments for each Fund, excluding short-term investments and in-kind transactions, were as follows:
| | |
First Trust Large Cap Core AlphaDEX® Fund | | |
First Trust Mid Cap Core AlphaDEX® Fund | | |
First Trust Small Cap Core AlphaDEX® Fund | | |
First Trust Large Cap Value AlphaDEX® Fund | | |
First Trust Large Cap Growth AlphaDEX® Fund | | |
First Trust Multi Cap Value AlphaDEX® Fund | | |
First Trust Multi Cap Growth AlphaDEX® Fund | | |
First Trust Mid Cap Value AlphaDEX® Fund | | |
First Trust Mid Cap Growth AlphaDEX® Fund | | |
First Trust Small Cap Value AlphaDEX® Fund | | |
Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® FundStyle FundsJuly 31, 2024 | | |
First Trust Small Cap Growth AlphaDEX® Fund | | |
For the fiscal year ended July 31, 2024, the cost of in-kind purchases and proceeds from in-kind sales for each Fund were as follows:
| | |
First Trust Large Cap Core AlphaDEX® Fund | | |
First Trust Mid Cap Core AlphaDEX® Fund | | |
First Trust Small Cap Core AlphaDEX® Fund | | |
First Trust Large Cap Value AlphaDEX® Fund | | |
First Trust Large Cap Growth AlphaDEX® Fund | | |
First Trust Multi Cap Value AlphaDEX® Fund | | |
First Trust Multi Cap Growth AlphaDEX® Fund | | |
First Trust Mid Cap Value AlphaDEX® Fund | | |
First Trust Mid Cap Growth AlphaDEX® Fund | | |
First Trust Small Cap Value AlphaDEX® Fund | | |
First Trust Small Cap Growth AlphaDEX® Fund | | |
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.
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® FundStyle FundsJuly 31, 2024 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, 2025.
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.
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® 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® Fund, First Trust Mid Cap Core AlphaDEX® Fund, First Trust Small Cap Core AlphaDEX® Fund, First Trust Large Cap Value AlphaDEX® Fund, First Trust Large Cap Growth AlphaDEX® Fund, First Trust Multi Cap Value AlphaDEX® Fund, First Trust Multi Cap Growth AlphaDEX® Fund, First Trust Mid Cap Value AlphaDEX® Fund, First Trust Mid Cap Growth AlphaDEX® Fund, First Trust Small Cap Value AlphaDEX® Fund, and First Trust Small Cap Growth AlphaDEX® Fund (the “Funds”), each a series of the First Trust Exchange-Traded AlphaDEX® Fund, including the portfolios of investments, as of July 31, 2024, the related statements of operations for the year then ended, the statements of changes in 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, and the related notes. 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, 2024, 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.
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, 2024, 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 20, 2024
We have served as the auditor of one or more First Trust investment companies since 2001.
First Trust Exchange-Traded AlphaDEX® FundStyle FundsJuly 31, 2024 (Unaudited) Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)
There were no changes in or disagreements with the Funds’ accountants during the fiscal year ended July 31, 2024.
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, 2024.
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® 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® Fund (FEX)
First Trust Large Cap Growth AlphaDEX® Fund (FTC)
First Trust Large Cap Value AlphaDEX® Fund (FTA)
First Trust Mid Cap Core AlphaDEX® Fund (FNX)
First Trust Mid Cap Growth AlphaDEX® Fund (FNY)
First Trust Mid Cap Value AlphaDEX® Fund (FNK)
First Trust Multi Cap Growth AlphaDEX® Fund (FAD)
First Trust Multi Cap Value AlphaDEX® Fund (FAB)
First Trust Small Cap Core AlphaDEX® Fund (FYX)
First Trust Small Cap Growth AlphaDEX® Fund (FYC)
First Trust Small Cap Value AlphaDEX® Fund (FYT)
The Board approved the continuation of the Agreement for each Fund for a one-year period ending June 30, 2025 at a meeting held on June 2–3, 2024. The Board determined for each Fund that the continuation of the Agreement is in the best interests of the Fund in light of the nature, extent and quality of the services provided and such other matters as the Board considered to be relevant in the exercise of its business judgment.
To reach this determination for each Fund, the Board considered its duties under the Investment Company Act of 1940, as amended (the “1940 Act”), as well as under the general principles of state law, in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisors with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. At meetings held on April 16, 2024, April 25, 2024 and June 2–3, 2024, the Board, including the Independent Trustees, reviewed materials provided by the Advisor responding to requests for information from counsel to the Independent Trustees, submitted on behalf of the Independent Trustees, that, among other things, outlined: the services provided by the Advisor to each Fund (including the relevant personnel responsible for these services and their experience); the 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
Other Information (Continued)
First Trust Exchange-Traded AlphaDEX® FundStyle FundsJuly 31, 2024 (Unaudited) Advisor; any indirect benefits to the Advisor and its affiliate, First Trust Portfolios L.P. (“FTP”); and information on the Advisor’s compliance program. The Board reviewed initial materials with the Advisor at the meeting held on April 25, 2024, prior to which the Independent Trustees and their counsel met separately to discuss the information provided by the Advisor. Following the April 25, 2024 meeting, counsel to the Independent Trustees, on behalf of the Independent Trustees, requested certain clarifications and supplements to the materials provided, and the information provided in response to those requests was considered at an executive session of the Independent Trustees and their counsel held prior to the June 2–3, 2024 meeting, as well as at the June meeting. The Board applied its business judgment to determine whether the arrangement between the Trust and the Advisor continues to be a reasonable business arrangement from each Fund’s perspective. The Board determined that, given the totality of the information provided with respect to the Agreements, the Board had received sufficient information to renew the Agreements. The Board considered that shareholders chose to invest or remain invested in a Fund knowing that the Advisor manages the Fund and knowing the Fund’s 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 25, 2024 meeting, described to the Board the scope of its ongoing investment in additional personnel and infrastructure to maintain and improve the quality of services provided to the Funds and the other funds in the First Trust Fund Complex. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services provided to the Trust and each Fund by the Advisor under the Agreements have been and are expected to remain satisfactory and that the Advisor has managed each Fund consistent with its investment objective, policies and restrictions.
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, 2025.
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 Broadridge its methodology for assembling peer groups and discussed with the Advisor limitations in creating peer groups for index ETFs, including differences in underlying indexes and index-tracking methodologies that can result in greater management complexities across seemingly comparable ETFs, and different business models that may affect the pricing of services among ETF sponsors. The Board took these limitations and differences into account in considering the peer data. With respect to fees charged to other non-ETF clients, the Board considered differences between the Funds and other non-ETF clients that limited their comparability. In considering the 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
Other Information (Continued)
First Trust Exchange-Traded AlphaDEX® FundStyle FundsJuly 31, 2024 (Unaudited) Funds. The Board determined that this process continues to be effective for reviewing each Fund’s performance. The Board received and reviewed information for periods ended December 31, 2023 regarding the performance of each Fund’s underlying index, the correlation between each Fund’s performance and that of its underlying index, each Fund’s tracking difference and each Fund’s excess return as compared to its benchmark index. 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® 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® stock selection methodology impacts Fund performance in various market environments, and the Advisor’s statement that AlphaDEX® is designed to provide long-term outperformance. Based on the information provided and its ongoing review of performance, the Board concluded that each Fund was correlated to its underlying index and that the tracking difference for each Fund was within a reasonable range. In addition, the Board reviewed data prepared by Broadridge comparing each Fund’s performance to that of its respective Performance Universe and to that of a broad-based benchmark index. 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, 2023 and the estimated profitability level for each Fund calculated by the Advisor based on such data, as well as complex-wide and product-line profitability data, for the same period. The Board noted the inherent limitations in the profitability analysis and concluded that, based on the information provided, the Advisor’s profitability level for each Fund was not unreasonable. In addition, the Board considered indirect benefits described by the Advisor that may be realized from its relationship with the Funds. The Board considered that the Advisor had identified as an indirect benefit to the Advisor and FTP their exposure to investors and brokers who, absent their exposure to the Funds, may have had no dealings with the Advisor or FTP, and noted that the Advisor does not utilize soft dollars in connection with the Funds. The Board concluded that the character and amount of potential indirect benefits to the Advisor were not unreasonable.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, unanimously determined that the terms of the Agreements continue to be fair and reasonable and that the continuation of the Agreements is in the best interests of each Fund. No single factor was determinative in the Board’s analysis.
Remuneration Disclosure Under the Alternative Investment Fund Managers Directive
First Trust Advisors L.P. (“First Trust”) is authorised and regulated by the U.S. Securities and Exchange Commission and is entitled to market shares of certain First Trust Exchange-Traded AlphaDEX® Fund 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.
Other Information (Continued)
First Trust Exchange-Traded AlphaDEX® FundStyle FundsJuly 31, 2024 (Unaudited) During the year ended December 31, 2023, the amount of remuneration paid (or to be paid) by First Trust Advisors L.P. in respect of the Funds is $2,989,133. This figure is comprised of $131,495 paid (or to be paid) in fixed compensation and $2,857,638 paid (or to be paid) in variable compensation. There were a total of 26 beneficiaries of the remuneration described above. Those amounts include $1,493,212 paid (or to be paid) to senior management of First Trust Advisors L.P. and $1,495,921 paid (or to be paid) to other employees whose professional activities have a material impact on the risk profiles of First Trust Advisors L.P. or the Funds (collectively, “Code Staff”).
Code Staff included in the aggregated figures disclosed above are rewarded in line with First Trust’s remuneration policy (the “Remuneration Policy”) which is determined and implemented by First Trust’s senior management. The Remuneration Policy reflects First Trust’s ethos of good governance and encapsulates the following principal objectives:
i.
to provide a clear link between remuneration and performance of First Trust and to avoid rewarding for failure;
ii.
to promote sound and effective risk management consistent with the risk profiles of the funds managed by First Trust; and
iii.
to remunerate staff in line with the business strategy, objectives, values and interests of First Trust and the funds managed by First Trust in a manner that avoids conflicts of interest.
First Trust assesses various risk factors which it is exposed to when considering and implementing remuneration for Code Staff and considers whether any potential award to such person(s) would give rise to a conflict of interest. First Trust does not reward failure, or consider the taking of risk or failure to take risk in its remuneration of Code Staff.
First Trust assesses performance for the purposes of determining payments in respect of performance-related remuneration of Code Staff by reference to a broad range of measures including (i) individual performance (using financial and non-financial criteria), and (ii) the overall performance of First Trust. Remuneration is not based upon the performance of the Funds.
The elements of remuneration are balanced between fixed and variable and the senior management sets fixed salaries at a level sufficient to ensure that variable remuneration incentivises and rewards strong individual performance but does not encourage excessive risk taking.
No individual is involved in setting his or her own remuneration.
For the taxable year ended July 31, 2024, the following percentages of income dividends paid by the Funds qualify for the dividends received deduction available to corporations:
| Dividends Received
Deduction |
First Trust Large Cap Core AlphaDEX® Fund | |
First Trust Mid Cap Core AlphaDEX® Fund | |
First Trust Small Cap Core AlphaDEX® Fund | |
First Trust Large Cap Value AlphaDEX® Fund | |
First Trust Large Cap Growth AlphaDEX® Fund | |
First Trust Multi Cap Value AlphaDEX® Fund | |
First Trust Multi Cap Growth AlphaDEX® Fund | |
First Trust Mid Cap Value AlphaDEX® Fund | |
First Trust Mid Cap Growth AlphaDEX® Fund | |
First Trust Small Cap Value AlphaDEX® Fund | |
First Trust Small Cap Growth AlphaDEX® Fund | |
Other Information (Continued)
First Trust Exchange-Traded AlphaDEX® FundStyle FundsJuly 31, 2024 (Unaudited) For the taxable year ended July 31, 2024, the following percentages of income dividends paid by the Funds are hereby designated as qualified dividend income:
| |
First Trust Large Cap Core AlphaDEX® Fund | |
First Trust Mid Cap Core AlphaDEX® Fund | |
First Trust Small Cap Core AlphaDEX® Fund | |
First Trust Large Cap Value AlphaDEX® Fund | |
First Trust Large Cap Growth AlphaDEX® Fund | |
First Trust Multi Cap Value AlphaDEX® Fund | |
First Trust Multi Cap Growth AlphaDEX® Fund | |
First Trust Mid Cap Value AlphaDEX® Fund | |
First Trust Mid Cap Growth AlphaDEX® Fund | |
First Trust Small Cap Value AlphaDEX® Fund | |
First Trust Small Cap Growth AlphaDEX® Fund | |
A portion of each of the Funds’ 2024 ordinary dividends (including short-term capital gains) paid to its shareholders during the fiscal year ended July 31, 2024, may be eligible for the Qualified Business Income Deduction (QBI) 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.
Nasdaq®, Nasdaq AlphaDEX® Large Cap CoreTM Index, Nasdaq AlphaDEX® Mid Cap CoreTM Index, Nasdaq AlphaDEX® Small Cap CoreTM Index, Nasdaq AlphaDEX® Large Cap ValueTM Index, Nasdaq AlphaDEX® Large Cap GrowthTM Index, Nasdaq AlphaDEX® Multi Cap ValueTM Index, Nasdaq AlphaDEX® Multi Cap GrowthTM Index, Nasdaq AlphaDEX® Mid Cap ValueTM Index, Nasdaq AlphaDEX® Mid Cap GrowthTM Index, Nasdaq AlphaDEX® Small Cap ValueTM Index and Nasdaq AlphaDEX® Small Cap GrowthTM Index (“the Nasdaq Indexes”) are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust. AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Nasdaq Indexes. The Funds have not been passed on by the Corporations as to their legality or suitability. The Funds are not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUNDS.
(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.
Not applicable to the Registrant.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable to the Registrant.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
This information is included in the Financial Statements and Other Information filed under Item 7(a) of this Form N-CSR.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
This statement 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)(2) | Not applicable to the Registrant. |
| (a)(4) | Not applicable to the Registrant. |
| (a)(5) | Not applicable to the Registrant. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (registrant) | | First Trust Exchange-Traded AlphaDEX® Fund |
| By (Signature and Title)* | | /s/ James M. Dykas |
| | | James M. Dykas, President and Chief Executive Officer
(principal executive officer) |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title)* | | /s/ James M. Dykas |
| | | James M. Dykas, President and Chief Executive Officer
(principal executive officer) |
| By (Signature and Title)* | | /s/ Derek D. Maltbie |
| | | Derek D. Maltbie, Treasurer, Chief Financial Officer
and Chief Accounting Officer
(principal financial officer) |
* Print the name and title of each signing officer under his or her signature.
