First Trust Exchange-Traded AlphaDEX® Fund
Semi-Annual Report
January 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.

Table of Contents
First Trust Exchange-Traded AlphaDEX® Fund
Style Funds
Semi-Annual Report
January 31, 2024
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139

Caution Regarding Forward-Looking Statements
This report contains certain forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding the goals, beliefs, plans or current expectations of First Trust Advisors L.P. (“First Trust” or the “Advisor”) and its representatives, taking into account the information currently available to them. Forward-looking statements include all statements that do not relate solely to current or historical fact. For example, forward-looking statements include the use of words such as “anticipate,” “estimate,” “intend,” “expect,” “believe,” “plan,” “may,” “should,” “would” or other words that convey uncertainty of future events or outcomes.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of 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”) to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. When evaluating the information included in this report, you are cautioned not to place undue reliance on these forward-looking statements, which reflect the judgment of the Advisor and its representatives only as of the date hereof. We undertake no obligation to publicly revise or update these forward-looking statements to reflect events and circumstances that arise after the date hereof.
Performance and Risk Disclosure
There is no assurance that any Fund described in this report 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. See “Risk Considerations” in the Additional Information section of this report for a discussion of certain other risks of investing in the Funds.
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.
The Advisor may also periodically provide additional information on Fund performance on each Fund’s webpage at www.ftportfolios.com.
How to Read This Report
This report contains information that may help you evaluate your investment. It includes details about each Fund and presents data and analysis that provide insight into each Fund’s performance and investment approach.
By reading the market overview by Robert F. Carey, Chief Market Strategist of the Advisor, you may obtain an understanding of how the market environment affected the performance of each Fund. The statistical information that follows may help you understand each Fund’s performance compared to that of relevant market benchmarks.
It is important to keep in mind that the opinions expressed by personnel of the Advisor are just that: informed opinions. They should not be considered to be promises or advice. The opinions, like the statistics, cover the period through the date on the cover of this report. The material risks of investing in each Fund are spelled out in its prospectus, statement of additional information, and other Fund regulatory filings.
Page 1

Shareholder Letter
First Trust Exchange-Traded AlphaDEX® Fund
Semi-Annual Letter from the Chairman and CEO
January 31, 2024
Dear Shareholders,
First Trust is pleased to provide you with the semi-annual report for the Style Funds of the First Trust Exchange-Traded AlphaDEX® Fund (the “Funds”), which contains detailed information about the Funds for the six-month period ended January 31, 2024.
While there were many noteworthy financial and economic developments over the past six months, perhaps chief among them was the December 2023 statement from the Federal Reserve (the “Fed”). After voting on December 13 to keep the Federal Funds target rate unchanged, the Fed revealed that it was planning up to three interest rate cuts totaling 75 basis points in 2024. The timing of the Fed’s statement came as a surprise to many, especially given its September 2023 announcement that its policy rate was likely to remain “higher for longer” due to stubbornly high inflation.
With December’s announcement effectively taking further interest rate hikes off the table, the discussion now focuses on the timing of the Fed’s cuts. As expected, there are numerous opinions. At the end of December 2023, the futures market for the Federal Funds target rate indicated an 84.3% chance that the Fed would cut its policy rate at its March 2024 meeting. Since then, better than expected economic data and a re-acceleration in the rate of inflation have changed the calculus substantially. As of January 31, 2024, the same futures market indicated a 34.9% chance of the first interest rate cut occurring in March, representing a decline of 49.4 percentage points from where it stood last month.
Falling interest rates could be a boon to an already exuberant U.S. consumer. Consumer sentiment is surging, and shoppers are spending in droves. The University of Michigan’s “Survey of Consumers” revealed that the metric rose by 21.7% on a year-over-year basis in January 2024, reaching its highest level since July 2021. Adobe Analytics reported that a record $222.1 billion was spent online over the 2023 holiday shopping season (which runs from November 1 through December 31), up from $211.7 billion over the same period in 2022. In addition, real discretionary consumer spending rose to $10.9 trillion in 2023, an increase of $1.2 trillion from the $9.7 trillion in real discretionary spending in 2019 (pre-COVID-19). That said, there is data that suggests all this spending may not be sustainable. The Federal Reserve Bank of New York reported that aggregate household debt rose to a record $17.5 trillion at the end of 2023, while the share of credit card balances that moved into serious delinquency (90 days or more past due) rose to 6.3% in the fourth quarter of the year. The last time this share of credit card balances were seriously delinquent was in the second quarter of 2011.
Keep in mind that higher interest rates have been very good for some investors. Take the large portion of cash in money market funds, CDs, and even investments in the broader fixed income markets, as an example. Higher interest rates and recent disinflation have created an environment where, for the first time in many years, these assets are earning a positive real return. By the Fed’s own admission, interest rates are not likely to remain at these levels for long. For the time being, however, investors with capital on hand are being rewarded.
Thank you for giving First Trust the opportunity to play a role in your financial future. We value our relationship with you and will report on the Funds again in six months.
Sincerely,
James A. Bowen
Chairman of the Board of Trustees
Chief Executive Officer of First Trust Advisors L.P.
Page 2

Market Overview
First Trust Exchange-Traded AlphaDEX® Fund
Semi-Annual Report
January 31, 2024
Robert F. Carey, CFA
Senior Vice President and Chief Market Strategist
First Trust Advisors L.P.
Mr. Carey is responsible for the overall management of research and analysis of the First Trust product line. Mr. Carey has more than 30 years of experience as an Equity and Fixed-Income Analyst and is a recipient of the Chartered Financial Analyst (“CFA”) designation. He is a graduate of the University of Illinois at Champaign-Urbana with a B.S. in Physics. He is also a member of the Investment Analysts Society of Chicago and the CFA Institute. Mr. Carey has appeared as a guest on such programs as Bloomberg TV, CNBC, and WBBM Radio, and has been quoted by several publications, including The Wall Street Journal, The Wall Street Reporter, Bloomberg News Service and Registered Rep.
State of the U.S. Economy/Global
On January 19, 2024, the S&P 500® Index (the “Index”) closed trading at a record 4,839.81, ending a streak of 745 consecutive days where the Index remained below its previous record close. Continued progress in implementing artificial intelligence into global workflows combined with data suggesting the Federal Reserve could begin cutting interest rates in 2024 bolstered investor sentiment, leading to a series of record highs for the Index in January. The American Association of Individual Investors reported that just 19.3% of respondents to its Investor Sentiment Survey were bearish on December 14, 2023, representing a nearly six-year low for the metric. The U.S. economy remains robust, with gross domestic product (“GDP”) increasing by 4.9% and 3.3% in the third and fourth quarters of 2023, respectively. That said, inflation remains stubbornly high, with the trailing 12-month rate of increase in the Consumer Price Index coming in at 3.1% on January 31, 2024.
As many investors are likely aware, central banks around the globe have been battling inflation by constricting growth with higher policy rates. As a result, global growth is expected to remain muted through 2024. The global growth forecast from the International Monetary Fund (“IMF”) released in January 2024 projected that real GDP will grow at a rate of 3.1% in 2024, unchanged from 3.1% in 2023. The IMF is projecting a 2.1% growth rate for the U.S. in 2024, down from 2.5% in 2023. As has been the case for many years, Emerging Market and Developing Economies are expected to grow faster than Advanced Economies. Their 2024 growth rate estimate stood at 4.1% in the IMF’s latest report.
Style/Equity Investing
For the six-month period ended January 31, 2024, the Index posted a total return of 6.43%, according to Bloomberg. Large-capitalization (“cap”) growth stocks outperformed large-cap value stocks in the period, with the S&P 500® Growth Index posting a total return of 7.09%, compared to 5.70% for the S&P 500® Value Index. The S&P MidCap 400® Index posted a total return of 0.98% during the same period. Mid-cap growth stocks outperformed mid-cap value stocks over the period. The S&P MidCap 400® Growth Index posted a total return of 2.12%, compared to -0.11% for the S&P MidCap 400® Value Index during the same period. The S&P SmallCap 600® Index posted a total return of -0.36% during the same period. Small-cap growth stocks outperformed small-cap value stocks during the period. The S&P SmallCap 600® Growth Index posted a total return of 1.54%, as compared to -2.37% for the S&P SmallCap 600® Value Index over the same period.
The Index closed at 4,845.65 on January 31, 2024, 1.67% below its all-time high of 4,927.93 set just two days prior, according to Bloomberg. A Bloomberg survey of 20 equity strategists found that their average 2024 year-end price target for the Index was 4,867 as of January 19, 2024. The highest and lowest estimates were 5,200 and 4,200, respectively. Brian Wesbury, Chief Economist at First Trust, has a year-end price target of 4,500. Keep in mind that these forecasts are subject to change. Earnings projections for the companies that comprise the Index are positive for 2024 and 2025. As of January 26, 2024, Bloomberg’s consensus year-over-year earnings growth rate estimates for 2024 and 2025 stood at 9.60% and 13.56%, respectively. In part, these earnings estimates are reflective of easier comparisons (2023 earnings are expected to finish the year down 3.09%), but they are also indicative of higher expectations regarding revenue growth. The Index’s revenue growth rates for the 2024 and 2025 calendar years are estimated to come in at 4.69% and 5.59%, respectively. For comparison, the Index’s 2023 revenue growth rate was expected to total 2.19% as of January 26, 2024.
Investors continued to funnel capital into exchange-traded funds (“ETFs”) and related exchange-traded products (“ETPs”) in 2023. ETFGI, an independent research and consultancy firm, reported that total assets invested in ETFs/ETPs listed in the U.S. stood at $8.12 trillion as of year-end, up 24.7% from $6.51 trillion at the end of 2022, according to its own release. Net inflows to ETFs/ETPs listed in the U.S. stood at $603.98 billion in 2023, their third-highest level on record. Globally, the ETFs industry gathered net inflows of $974.87 billion in 2023, their second-highest total on record. Total assets invested in the global ETFs industry stood at a record $11.63 trillion at the end of 2023.
Page 3

Fund Performance Overview (Unaudited)
First Trust Large Cap Core AlphaDEX® Fund (FEX)
The First Trust Large Cap Core AlphaDEX® Fund (the “Fund”) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the Nasdaq AlphaDEX® Large Cap CoreTM Index (the “Index”). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The shares of the Fund are listed and trade on Nasdaq, Inc. under the ticker symbol “FEX.”
The Index is owned, developed, maintained and sponsored by Nasdaq, Inc. (the “Index Provider”). According to the Index Provider, the Index employs the AlphaDEX® stock selection methodology which uses fundamental growth and value factors to objectively select stocks from the Nasdaq US 500 Large CapTM Index that may generate positive alpha relative to traditional passive indices. The Index is a modified equal-dollar weighted index where higher ranked stocks receive a higher weight within the Index.
Performance
 
 
 
Average Annual Total Returns
Cumulative Total Returns
 
6 Months
Ended
1/31/24
1 Year
Ended
1/31/24
5 Years
Ended
1/31/24
10 Years
Ended
1/31/24
Inception
(5/8/07)
to 1/31/24
5 Years
Ended
1/31/24
10 Years
Ended
1/31/24
Inception
(5/8/07)
to 1/31/24
Fund Performance
NAV
4.35%
8.05%
11.18%
10.06%
8.17%
69.84%
160.78%
272.31%
Market Price
4.34%
8.04%
11.18%
10.06%
8.17%
69.84%
160.71%
272.37%
Index Performance
Nasdaq AlphaDEX® Large
Cap CoreTM Index(1)
4.69%
8.73%
11.87%
N/A
N/A
75.18%
N/A
N/A
Nasdaq US 500 Large CapTM
Index(1)
6.71%
21.51%
14.32%
N/A
N/A
95.23%
N/A
N/A
S&P 500® Index
6.43%
20.82%
14.30%
12.62%
9.39%
95.06%
228.07%
349.13%
(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.
(See Notes to Fund Performance Overview on page 26.)

Nasdaq® and 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. 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.
Page 4

Fund Performance Overview (Unaudited) (Continued)
First Trust Large Cap Core AlphaDEX® Fund (FEX) (Continued)
Sector Allocation
% of Total
Long-Term
Investments
Financials
16.7%
Industrials
16.2
Information Technology
16.0
Consumer Discretionary
11.9
Health Care
7.5
Utilities
7.2
Materials
6.5
Communication Services
5.9
Energy
4.7
Consumer Staples
4.5
Real Estate
2.9
Total
100.0%
Top Ten Holdings
% of Total
Long-Term
Investments
Super Micro Computer, Inc.
0.7%
Crowdstrike Holdings, Inc., Class A
0.5
Deckers Outdoor Corp.
0.5
Verizon Communications, Inc.
0.5
Marathon Petroleum Corp.
0.5
DraftKings, Inc., Class A
0.5
Arista Networks, Inc.
0.5
United Rentals, Inc.
0.5
Everest Group Ltd.
0.5
Fox Corp., Class A
0.5
Total
5.2%
Performance figures assume reinvestment of
all distributions and do not reflect the
deduction of taxes that a shareholder would
pay on Fund distributions or the redemption
or sale of Fund shares. An index is a statistical
composite that tracks a specified financial
market or sector. Unlike the Fund, the index
does not actually hold a portfolio of securities
and therefore does not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter) is available at https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 5

Fund Performance Overview (Unaudited) (Continued)
First Trust Mid Cap Core AlphaDEX® Fund (FNX)
The First Trust Mid Cap Core AlphaDEX® Fund (the “Fund”) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the Nasdaq AlphaDEX® Mid Cap CoreTM Index (the “Index”). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The shares of the Fund are listed and trade on Nasdaq, Inc. under the ticker symbol “FNX.”
The Index is owned, developed, maintained and sponsored by Nasdaq, Inc. (the “Index Provider”). According to the Index Provider, the Index employs the AlphaDEX® stock selection methodology which uses fundamental growth and value factors to objectively select stocks from the Nasdaq US 600 Mid CapTM Index that may generate positive alpha relative to traditional passive indices. The Index is a modified equal-dollar weighted index where higher ranked stocks receive a higher weight within the Index.
Performance
 
 
 
Average Annual Total Returns
Cumulative Total Returns
 
6 Months
Ended
1/31/24
1 Year
Ended
1/31/24
5 Years
Ended
1/31/24
10 Years
Ended
1/31/24
Inception
(5/8/07)
to 1/31/24
5 Years
Ended
1/31/24
10 Years
Ended
1/31/24
Inception
(5/8/07)
to 1/31/24
Fund Performance
NAV
1.36%
6.47%
10.63%
8.76%
8.56%
65.74%
131.52%
294.99%
Market Price
1.36%
6.47%
10.63%
8.75%
8.56%
65.75%
131.45%
295.04%
Index Performance
Nasdaq AlphaDEX® Mid Cap
CoreTM Index(1)
1.70%
7.15%
11.34%
N/A
N/A
71.12%
N/A
N/A
Nasdaq US 600 Mid CapTM
Index(1)
0.20%
5.26%
8.74%
N/A
N/A
52.01%
N/A
N/A
S&P MidCap 400® Index
0.98%
4.78%
10.02%
9.32%
8.58%
61.19%
143.78%
296.62%
Russell 3000® Index
5.83%
19.15%
13.53%
11.96%
9.16%
88.60%
209.47%
334.21%
(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.
(See Notes to Fund Performance Overview on page 26.)

Nasdaq® and 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. 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.
Page 6

Fund Performance Overview (Unaudited) (Continued)
First Trust Mid Cap Core AlphaDEX® Fund (FNX) (Continued)
Sector Allocation
% of Total
Long-Term
Investments
Industrials
19.5%
Financials
17.4
Consumer Discretionary
17.1
Information Technology
12.4
Health Care
7.6
Energy
6.7
Materials
6.0
Consumer Staples
4.6
Utilities
3.4
Real Estate
2.9
Communication Services
2.4
Total
100.0%
Top Ten Holdings
% of Total
Long-Term
Investments
Nutanix, Inc., Class A
0.4%
Vertiv Holdings Co., Class A
0.4
Sanmina Corp.
0.4
PBF Energy, Inc., Class A
0.4
M.D.C. Holdings, Inc.
0.4
CVR Energy, Inc.
0.4
Helmerich & Payne, Inc.
0.4
elf Beauty, Inc.
0.4
Wingstop, Inc.
0.4
Viatris, Inc.
0.4
Total
4.0%
Performance figures assume reinvestment of
all distributions and do not reflect the
deduction of taxes that a shareholder would
pay on Fund distributions or the redemption
or sale of Fund shares. An index is a statistical
composite that tracks a specified financial
market or sector. Unlike the Fund, the indices
do not actually hold a portfolio of securities
and therefore do not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter) is available at https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 7

Fund Performance Overview (Unaudited) (Continued)
First Trust Small Cap Core AlphaDEX® Fund (FYX)
The First Trust Small Cap Core AlphaDEX® Fund (the “Fund”) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the Nasdaq AlphaDEX® Small Cap CoreTM Index (the “Index”). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The shares of the Fund are listed and trade on Nasdaq, Inc. under the ticker symbol “FYX.”
The Index is owned, developed, maintained and sponsored by Nasdaq, Inc. (the “Index Provider”). According to the Index Provider, the Index employs the AlphaDEX® stock selection methodology which uses fundamental growth and value factors to objectively select stocks from the Nasdaq US 700 Small CapTM Index that may generate positive alpha relative to traditional passive indices. The Index is a modified equal-dollar weighted index where higher ranked stocks receive a higher weight within the Index.
Performance
 
 
 
Average Annual Total Returns
Cumulative Total Returns
 
6 Months
Ended
1/31/24
1 Year
Ended
1/31/24
5 Years
Ended
1/31/24
10 Years
Ended
1/31/24
Inception
(5/8/07)
to 1/31/24
5 Years
Ended
1/31/24
10 Years
Ended
1/31/24
Inception
(5/8/07)
to 1/31/24
Fund Performance
NAV
-0.51%
2.07%
8.79%
7.58%
7.40%
52.37%
107.67%
230.21%
Market Price
-0.45%
2.16%
8.81%
7.59%
7.40%
52.52%
107.79%
230.49%
Index Performance
Nasdaq AlphaDEX® Small
Cap CoreTM Index(1)
-0.14%
2.82%
9.54%
N/A
N/A
57.74%
N/A
N/A
Nasdaq US 700 Small CapTM
Index(1)
-2.02%
1.44%
7.84%
N/A
N/A
45.83%
N/A
N/A
S&P SmallCap 600® Index
-0.36%
1.81%
7.93%
8.65%
8.11%
46.49%
129.19%
268.90%
Russell 3000® Index
5.83%
19.15%
13.53%
11.96%
9.16%
88.60%
209.47%
334.21%
(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.
(See Notes to Fund Performance Overview on page 26.)

Nasdaq® and 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. 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.
Page 8

Fund Performance Overview (Unaudited) (Continued)
First Trust Small Cap Core AlphaDEX® Fund (FYX) (Continued)
Sector Allocation
% of Total
Long-Term
Investments
Financials
22.4%
Industrials
18.2
Consumer Discretionary
13.6
Information Technology
9.6
Health Care
8.3
Real Estate
7.4
Energy
6.1
Consumer Staples
5.1
Materials
4.4
Communication Services
3.1
Utilities
1.8
Total
100.0%
Top Ten Holdings
% of Total
Long-Term
Investments
Oscar Health, Inc., Class A
0.5%
Alpha Metallurgical Resources, Inc.
0.4
FTAI Aviation Ltd.
0.4
Modine Manufacturing Co.
0.4
Liberty Energy, Inc.
0.4
RxSight, Inc.
0.4
Bread Financial Holdings, Inc.
0.4
Peabody Energy Corp.
0.4
NMI Holdings, Inc., Class A
0.4
Arch Resources, Inc.
0.4
Total
4.1%
Performance figures assume reinvestment of
all distributions and do not reflect the
deduction of taxes that a shareholder would
pay on Fund distributions or the redemption
or sale of Fund shares. An index is a statistical
composite that tracks a specified financial
market or sector. Unlike the Fund, the indices
do not actually hold a portfolio of securities
and therefore do not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter) is available at https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 9

Fund Performance Overview (Unaudited) (Continued)
First Trust Large Cap Value AlphaDEX® Fund (FTA)
The First Trust Large Cap Value AlphaDEX® Fund (the “Fund”) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the Nasdaq AlphaDEX® Large Cap ValueTM Index (the “Index”). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The shares of the Fund are listed and trade on Nasdaq, Inc. under the ticker symbol “FTA.”
The Index is owned, developed, maintained and sponsored by Nasdaq, Inc. (the “Index Provider”). According to the Index Provider, the Index employs the AlphaDEX® stock selection methodology which uses fundamental growth and value factors to objectively select stocks from the Nasdaq US 500 Large Cap ValueTM Index that may generate positive alpha relative to traditional passive indices. The Index is a modified equal-dollar weighted index where higher ranked stocks receive a higher weight within the Index.
Performance
 
 
 
Average Annual Total Returns
Cumulative Total Returns
 
6 Months
Ended
1/31/24
1 Year
Ended
1/31/24
5 Years
Ended
1/31/24
10 Years
Ended
1/31/24
Inception
(5/8/07)
to 1/31/24
5 Years
Ended
1/31/24
10 Years
Ended
1/31/24
Inception
(5/8/07)
to 1/31/24
Fund Performance
NAV
1.19%
0.33%
8.96%
8.30%
7.17%
53.59%
121.93%
218.83%
Market Price
1.17%
0.31%
8.96%
8.29%
7.17%
53.60%
121.84%
218.76%
Index Performance
Nasdaq AlphaDEX® Large
Cap ValueTM Index(1)
1.52%
0.97%
9.65%
N/A
N/A
58.51%
N/A
N/A
Nasdaq US 500 Large Cap
ValueTM Index(1)
5.17%
12.95%
12.20%
N/A
N/A
77.78%
N/A
N/A
S&P 500® Index
6.43%
20.82%
14.30%
12.62%
9.39%
95.06%
228.07%
349.13%
S&P 500® Value Index
5.70%
14.57%
12.32%
10.50%
7.27%
78.74%
171.29%
223.42%
(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.
(See Notes to Fund Performance Overview on page 26.)

Nasdaq® and 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. 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.
Page 10

Fund Performance Overview (Unaudited) (Continued)
First Trust Large Cap Value AlphaDEX® Fund (FTA) (Continued)
Sector Allocation
% of Total
Long-Term
Investments
Financials
23.2%
Utilities
13.8
Materials
9.6
Industrials
8.8
Energy
8.5
Health Care
8.3
Consumer Discretionary
8.1
Consumer Staples
7.9
Communication Services
5.7
Information Technology
4.2
Real Estate
1.9
Total
100.0%
Top Ten Holdings
% of Total
Long-Term
Investments
Verizon Communications, Inc.
1.0%
Marathon Petroleum Corp.
1.0
Everest Group Ltd.
1.0
Fox Corp., Class A
1.0
Phillips 66
1.0
General Motors Co.
1.0
Berkshire Hathaway, Inc., Class B
1.0
Nucor Corp.
1.0
Cincinnati Financial Corp.
1.0
Valero Energy Corp.
1.0
Total
10.0%
Performance figures assume reinvestment of
all distributions and do not reflect the
deduction of taxes that a shareholder would
pay on Fund distributions or the redemption
or sale of Fund shares. An index is a statistical
composite that tracks a specified financial
market or sector. Unlike the Fund, the indices
do not actually hold a portfolio of securities
and therefore do not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter) is available at https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 11

Fund Performance Overview (Unaudited) (Continued)
First Trust Large Cap Growth AlphaDEX® Fund (FTC)
The First Trust Large Cap Growth AlphaDEX® Fund (the “Fund”) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the Nasdaq AlphaDEX® Large Cap GrowthTM Index (the “Index”). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The shares of the Fund are listed and trade on Nasdaq, Inc. under the ticker symbol “FTC.”
The Index is owned, developed, maintained and sponsored by Nasdaq, Inc. (the “Index Provider”). According to the Index Provider, the Index employs the AlphaDEX® stock selection methodology which uses fundamental growth and value factors to objectively select stocks from the Nasdaq US 500 Large Cap GrowthTM Index that may generate positive alpha relative to traditional passive indices. The Index is a modified equal-dollar weighted index where higher ranked stocks receive a higher weight within the Index.
Performance
 
 
 
Average Annual Total Returns
Cumulative Total Returns
 
6 Months
Ended
1/31/24
1 Year
Ended
1/31/24
5 Years
Ended
1/31/24
10 Years
Ended
1/31/24
Inception
(5/8/07)
to 1/31/24
5 Years
Ended
1/31/24
10 Years
Ended
1/31/24
Inception
(5/8/07)
to 1/31/24
Fund Performance
NAV
7.59%
18.02%
12.91%
11.54%
8.83%
83.51%
198.03%
311.78%
Market Price
7.70%
18.03%
12.93%
11.54%
8.83%
83.67%
198.03%
311.88%
Index Performance
Nasdaq AlphaDEX® Large
Cap GrowthTM Index(1)
7.94%
18.79%
13.61%
N/A
N/A
89.27%
N/A
N/A
Nasdaq US 500 Large Cap
GrowthTM Index(1)
7.70%
27.19%
16.02%
N/A
N/A
110.25%
N/A
N/A
S&P 500® Index
6.43%
20.82%
14.30%
12.62%
9.39%
95.06%
228.07%
349.13%
S&P 500® Growth Index
7.09%
26.67%
15.21%
14.02%
11.08%
102.98%
271.34%
480.52%
(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.
(See Notes to Fund Performance Overview on page 26.)

Nasdaq® and 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. 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.
Page 12

Fund Performance Overview (Unaudited) (Continued)
First Trust Large Cap Growth AlphaDEX® Fund (FTC) (Continued)
Sector Allocation
% of Total
Long-Term
Investments
Information Technology
28.5%
Industrials
23.6
Consumer Discretionary
16.6
Financials
10.8
Communication Services
6.5
Health Care
5.3
Real Estate
3.9
Materials
2.6
Energy
1.3
Consumer Staples
0.6
Utilities
0.3
Total
100.0%
Top Ten Holdings
% of Total
Long-Term
Investments
Super Micro Computer, Inc.
1.6%
Crowdstrike Holdings, Inc., Class A
1.0
Deckers Outdoor Corp.
1.0
DraftKings, Inc., Class A
1.0
Meta Platforms, Inc., Class A
1.0
Arista Networks, Inc.
1.0
United Rentals, Inc.
1.0
ServiceNow, Inc.
1.0
Apollo Global Management, Inc.
1.0
Bank of New York Mellon (The) Corp.
0.9
Total
10.5%
Performance figures assume reinvestment of
all distributions and do not reflect the
deduction of taxes that a shareholder would
pay on Fund distributions or the redemption
or sale of Fund shares. An index is a statistical
composite that tracks a specified financial
market or sector. Unlike the Fund, the indices
do not actually hold a portfolio of securities
and therefore do not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter) is available at https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 13

Fund Performance Overview (Unaudited) (Continued)
First Trust Multi Cap Value AlphaDEX® Fund (FAB)
The First Trust Multi Cap Value AlphaDEX® Fund (the “Fund”) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the Nasdaq AlphaDEX® Multi Cap ValueTM Index (the “Index”). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The shares of the Fund are listed and trade on Nasdaq, Inc. under the ticker symbol “FAB.”
The Index is owned, developed, maintained and sponsored by Nasdaq, Inc. (the “Index Provider”). According to the Index Provider, the Index employs the AlphaDEX® stock selection methodology which uses fundamental growth and value factors to objectively select value stocks from the Nasdaq US 500 Large CapTM Index, Nasdaq US 600 Mid CapTM Index, and Nasdaq US 700 Small CapTM Index (together, the “Nasdaq US Multi Cap ValueTM Index”) that may generate positive alpha relative to traditional passive indices. The Index is a modified equal-dollar weighted index where higher ranked stocks receive a higher weight within the Index.
Performance
 
 
 
Average Annual Total Returns
Cumulative Total Returns
 
6 Months
Ended
1/31/24
1 Year
Ended
1/31/24
5 Years
Ended
1/31/24
10 Years
Ended
1/31/24
Inception
(5/8/07)
to 1/31/24
5 Years
Ended
1/31/24
10 Years
Ended
1/31/24
Inception
(5/8/07)
to 1/31/24
Fund Performance
NAV
2.02%
2.25%
9.40%
7.77%
7.40%
56.68%
111.42%
229.99%
Market Price
1.95%
2.25%
9.39%
7.76%
7.39%
56.63%
111.19%
229.93%
Index Performance
Nasdaq AlphaDEX® Multi
Cap ValueTM Index(1)
2.40%
2.97%
10.18%
N/A
N/A
62.38%
N/A
N/A
Nasdaq US Multi Cap
ValueTM Index(1)
4.56%
11.56%
11.83%
N/A
N/A
74.89%
N/A
N/A
S&P Composite 1500® Index
5.95%
19.34%
13.87%
12.29%
9.33%
91.48%
218.79%
345.23%
S&P Composite 1500® Value
Index
5.13%
13.20%
12.04%
10.33%
7.35%
76.56%
167.19%
227.72%
(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.
(See Notes to Fund Performance Overview on page 26.)

Nasdaq® and 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. 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.
Page 14

Fund Performance Overview (Unaudited) (Continued)
First Trust Multi Cap Value AlphaDEX® Fund (FAB) (Continued)
Sector Allocation
% of Total
Long-Term
Investments
Financials
24.9%
Consumer Discretionary
12.8
Industrials
11.0
Energy
9.3
Utilities
9.2
Materials
8.4
Consumer Staples
6.4
Health Care
6.2
Information Technology
4.4
Communication Services
4.3
Real Estate
3.1
Total
100.0%
Top Ten Holdings
% of Total
Long-Term
Investments
Verizon Communications, Inc.
0.5%
Marathon Petroleum Corp.
0.5
Everest Group Ltd.
0.5
Fox Corp., Class A
0.5
Phillips 66
0.5
General Motors Co.
0.5
Berkshire Hathaway, Inc., Class B
0.5
Nucor Corp.
0.5
Cincinnati Financial Corp.
0.5
Valero Energy Corp.
0.5
Total
5.0%
Performance figures assume reinvestment of
all distributions and do not reflect the
deduction of taxes that a shareholder would
pay on Fund distributions or the redemption
or sale of Fund shares. An index is a statistical
composite that tracks a specified financial
market or sector. Unlike the Fund, the indices
do not actually hold a portfolio of securities
and therefore do not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter) is available at https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 15

Fund Performance Overview (Unaudited) (Continued)
First Trust Multi Cap Growth AlphaDEX® Fund (FAD)
The First Trust Multi Cap Growth AlphaDEX® Fund (the “Fund”) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the Nasdaq AlphaDEX® Multi Cap GrowthTM Index (the “Index”). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The shares of the Fund are listed and trade on Nasdaq, Inc. under the ticker symbol “FAD.”
The Index is owned, developed, maintained and sponsored by Nasdaq, Inc. (the “Index Provider”). According to the Index Provider, the Index employs the AlphaDEX® stock selection methodology which uses fundamental growth and value factors to objectively select growth stocks from the Nasdaq US 500 Large CapTM Index, Nasdaq US 600 Mid CapTM Index and Nasdaq US 700 Small CapTM Index (together the “Nasdaq US Multi Cap GrowthTM Index”) that may generate positive alpha relative to traditional passive indices. The Index is a modified equal-dollar weighted index where higher ranked stocks receive a higher weight within the Index.
Performance
 
 
 
Average Annual Total Returns
Cumulative Total Returns
 
6 Months
Ended
1/31/24
1 Year
Ended
1/31/24
5 Years
Ended
1/31/24
10 Years
Ended
1/31/24
Inception
(5/8/07)
to 1/31/24
5 Years
Ended
1/31/24
10 Years
Ended
1/31/24
Inception
(5/8/07)
to 1/31/24
Fund Performance
NAV
2.62%
11.72%
11.11%
10.34%
8.60%
69.32%
167.61%
297.63%
Market Price
2.55%
11.68%
11.11%
10.31%
8.60%
69.31%
166.89%
297.55%
Index Performance
Nasdaq AlphaDEX® Multi
Cap GrowthTM Index(1)
2.99%
12.48%
11.86%
N/A
N/A
75.16%
N/A
N/A
Nasdaq US Multi Cap
GrowthTM Index(1)
6.90%
25.09%
15.12%
N/A
N/A
102.18%
N/A
N/A
S&P Composite 1500® Index
5.95%
19.34%
13.87%
12.29%
9.33%
91.48%
218.79%
345.23%
S&P Composite 1500® Growth
Index
6.68%
25.14%
14.74%
13.60%
10.93%
98.84%
257.99%
467.42%
(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.
(See Notes to Fund Performance Overview on page 26.)

Nasdaq® and 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. 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.
Page 16

Fund Performance Overview (Unaudited) (Continued)
First Trust Multi Cap Growth AlphaDEX® Fund (FAD) (Continued)
Sector Allocation
% of Total
Long-Term
Investments
Information Technology
24.7%
Industrials
24.3
Consumer Discretionary
14.8
Financials
9.5
Health Care
9.4
Communication Services
4.7
Real Estate
4.5
Consumer Staples
2.6
Energy
2.5
Materials
2.4
Utilities
0.6
Total
100.0%
Top Ten Holdings
% of Total
Long-Term
Investments
Super Micro Computer, Inc.
0.8%
Crowdstrike Holdings, Inc., Class A
0.5
Deckers Outdoor Corp.
0.5
DraftKings, Inc., Class A
0.5
Meta Platforms, Inc., Class A
0.5
Arista Networks, Inc.
0.5
United Rentals, Inc.
0.5
ServiceNow, Inc.
0.5
Apollo Global Management, Inc.
0.5
Bank of New York Mellon (The) Corp.
0.5
Total
5.3%
Performance figures assume reinvestment of
all distributions and do not reflect the
deduction of taxes that a shareholder would
pay on Fund distributions or the redemption
or sale of Fund shares. An index is a statistical
composite that tracks a specified financial
market or sector. Unlike the Fund, the indices
do not actually hold a portfolio of securities
and therefore do not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter) is available at https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 17

Fund Performance Overview (Unaudited) (Continued)
First Trust Mid Cap Value AlphaDEX® Fund (FNK)
The First Trust Mid Cap Value AlphaDEX® Fund (the “Fund”) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the Nasdaq AlphaDEX® Mid Cap ValueTM Index (the “Index”). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The shares of the Fund are listed and trade on Nasdaq, Inc. under the ticker symbol “FNK.”
The Index is owned, developed, maintained and sponsored by Nasdaq, Inc. (the “Index Provider”). According to the Index Provider, the Index employs the AlphaDEX® stock selection methodology which uses fundamental growth and value factors to objectively select stocks from the Nasdaq US 600 Mid Cap ValueTM Index that may generate positive alpha relative to traditional passive indices. The Index is a modified equal-dollar weighted index where higher ranked stocks receive a higher weight within the Index.
Performance
 
 
 
Average Annual Total Returns
Cumulative Total Returns
 
6 Months
Ended
1/31/24
1 Year
Ended
1/31/24
5 Years
Ended
1/31/24
10 Years
Ended
1/31/24
Inception
(4/19/11)
to 1/31/24
5 Years
Ended
1/31/24
10 Years
Ended
1/31/24
Inception
(4/19/11)
to 1/31/24
Fund Performance
NAV
2.09%
4.01%
9.50%
7.28%
8.86%
57.45%
101.90%
195.93%
Market Price
2.11%
3.93%
9.50%
7.26%
8.86%
57.45%
101.62%
195.92%
Index Performance
Nasdaq AlphaDEX® Mid Cap
ValueTM Index(1)
2.51%
4.86%
10.35%
N/A
N/A
63.63%
N/A
N/A
Nasdaq US 600 Mid Cap
ValueTM Index(1)
0.95%
4.31%
8.54%
N/A
N/A
50.66%
N/A
N/A
S&P MidCap 400® Value
Index
-0.11%
0.38%
9.75%
9.01%
10.02%
59.20%
136.96%
239.00%
Russell 3000® Index
5.83%
19.15%
13.53%
11.96%
12.42%
88.60%
209.47%
347.26%
(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.
(See Notes to Fund Performance Overview on page 26.)

Nasdaq® and 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. 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.
Page 18

Fund Performance Overview (Unaudited) (Continued)
First Trust Mid Cap Value AlphaDEX® Fund (FNK) (Continued)
Sector Allocation
% of Total
Long-Term
Investments
Financials
24.2%
Consumer Discretionary
20.2
Industrials
12.4
Energy
11.6
Materials
8.0
Utilities
5.4
Information Technology
5.1
Health Care
5.0
Consumer Staples
2.8
Communication Services
2.8
Real Estate
2.5
Total
100.0%
Top Ten Holdings
% of Total
Long-Term
Investments
Sanmina Corp.
0.9%
PBF Energy, Inc., Class A
0.9
CVR Energy, Inc.
0.8
Helmerich & Payne, Inc.
0.8
Viatris, Inc.
0.8
Unum Group
0.8
Essent Group Ltd.
0.8
Commercial Metals Co.
0.8
MGIC Investment Corp.
0.8
TEGNA, Inc.
0.8
Total
8.2%
Performance figures assume reinvestment of
all distributions and do not reflect the
deduction of taxes that a shareholder would
pay on Fund distributions or the redemption
or sale of Fund shares. An index is a statistical
composite that tracks a specified financial
market or sector. Unlike the Fund, the indices
do not actually hold a portfolio of securities
and therefore do not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter) is available at https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 19

Fund Performance Overview (Unaudited) (Continued)
First Trust Mid Cap Growth AlphaDEX® Fund (FNY)
The First Trust Mid Cap Growth AlphaDEX® Fund (the “Fund”) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the Nasdaq AlphaDEX® Mid Cap GrowthTM Index (the “Index”). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The shares of the Fund are listed and trade on Nasdaq, Inc. under the ticker symbol “FNY.”
The Index is owned, developed, maintained and sponsored by Nasdaq, Inc. (the “Index Provider”). According to the Index Provider, the Index employs the AlphaDEX® stock selection methodology which uses fundamental growth and value factors to objectively select stocks from the Nasdaq US 600 Mid Cap GrowthTM Index that may generate positive alpha relative to traditional passive indices. The Index is a modified equal-dollar weighted index where higher ranked stocks receive a higher weight within the Index.
Performance
 
 
 
Average Annual Total Returns
Cumulative Total Returns
 
6 Months
Ended
1/31/24
1 Year
Ended
1/31/24
5 Years
Ended
1/31/24
10 Years
Ended
1/31/24
Inception
(4/19/11)
to 1/31/24
5 Years
Ended
1/31/24
10 Years
Ended
1/31/24
Inception
(4/19/11)
to 1/31/24
Fund Performance
NAV
-0.28%
9.05%
10.41%
9.63%
10.08%
64.08%
150.70%
241.23%
Market Price
-0.30%
9.05%
10.41%
9.63%
10.07%
64.10%
150.84%
241.18%
Index Performance
Nasdaq AlphaDEX® Mid Cap
GrowthTM Index(1)
0.10%
9.85%
11.23%
N/A
N/A
70.27%
N/A
N/A
Nasdaq US 600 Mid Cap
GrowthTM Index(1)
-0.52%
6.39%
7.88%
N/A
N/A
46.10%
N/A
N/A
S&P MidCap 400® Growth
Index
2.12%
9.28%
9.86%
9.29%
9.98%
60.00%
143.08%
237.47%
Russell 3000® Index
5.83%
19.15%
13.53%
11.96%
12.42%
88.60%
209.47%
347.26%
(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.
(See Notes to Fund Performance Overview on page 26.)

Nasdaq® and 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. 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.
Page 20

Fund Performance Overview (Unaudited) (Continued)
First Trust Mid Cap Growth AlphaDEX® Fund (FNY) (Continued)
Sector Allocation
% of Total
Long-Term
Investments
Industrials
26.9%
Information Technology
22.6
Consumer Discretionary
12.8
Health Care
11.9
Financials
8.1
Consumer Staples
5.9
Real Estate
3.8
Materials
2.8
Energy
2.3
Communication Services
2.0
Utilities
0.9
Total
100.0%
Top Ten Holdings
% of Total
Long-Term
Investments
Nutanix, Inc., Class A
0.9%
Vertiv Holdings Co., Class A
0.9
elf Beauty, Inc.
0.8
Wingstop, Inc.
0.8
Installed Building Products, Inc.
0.8
Comfort Systems USA, Inc.
0.8
Insight Enterprises, Inc.
0.8
Parsons Corp.
0.8
Elastic N.V.
0.8
Texas Roadhouse, Inc.
0.8
Total
8.2%
Performance figures assume reinvestment of
all distributions and do not reflect the
deduction of taxes that a shareholder would
pay on Fund distributions or the redemption
or sale of Fund shares. An index is a statistical
composite that tracks a specified financial
market or sector. Unlike the Fund, the indices
do not actually hold a portfolio of securities
and therefore do not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter) is available at https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 21

Fund Performance Overview (Unaudited) (Continued)
First Trust Small Cap Value AlphaDEX® Fund (FYT)
The First Trust Small Cap Value AlphaDEX® Fund (the “Fund”) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the Nasdaq AlphaDEX® Small Cap ValueTM Index (the “Index”). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The shares of the Fund are listed and trade on Nasdaq, Inc. under the ticker symbol “FYT.”
The Index is owned, developed, maintained and sponsored by Nasdaq, Inc. (the “Index Provider”). According to the Index Provider, the Index employs the AlphaDEX® stock selection methodology which uses fundamental growth and value factors to objectively select stocks from the Nasdaq US 700 Small Cap ValueTM Index that may generate positive alpha relative to traditional passive indices. The Index is a modified equal-dollar weighted index where higher ranked stocks receive a higher weight within the Index.
Performance
 
 
 
Average Annual Total Returns
Cumulative Total Returns
 
6 Months
Ended
1/31/24
1 Year
Ended
1/31/24
5 Years
Ended
1/31/24
10 Years
Ended
1/31/24
Inception
(4/19/11)
to 1/31/24
5 Years
Ended
1/31/24
10 Years
Ended
1/31/24
Inception
(4/19/11)
to 1/31/24
Fund Performance
NAV
3.87%
4.09%
9.69%
6.84%
9.02%
58.77%
93.78%
201.82%
Market Price
3.89%
4.07%
9.69%
6.84%
9.02%
58.78%
93.78%
201.83%
Index Performance
Nasdaq AlphaDEX® Small
Cap ValueTM Index(1)
4.37%
5.03%
10.58%
N/A
N/A
65.32%
N/A
N/A
Nasdaq US 700 Small Cap
ValueTM Index(1)
-1.05%
-0.17%
8.73%
N/A
N/A
51.98%
N/A
N/A
S&P SmallCap 600® Value
Index
-2.37%
-2.88%
7.57%
7.98%
9.77%
44.01%
115.43%
229.14%
Russell 3000® Index
5.83%
19.15%
13.53%
11.96%
12.42%
88.60%
209.47%
347.26%
(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.
(See Notes to Fund Performance Overview on page 26.)

Nasdaq® and 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. 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.
Page 22

Fund Performance Overview (Unaudited) (Continued)
First Trust Small Cap Value AlphaDEX® Fund (FYT) (Continued)
Sector Allocation
% of Total
Long-Term
Investments
Financials
30.2%
Industrials
14.7
Consumer Discretionary
13.8
Consumer Staples
8.0
Energy
7.9
Real Estate
6.8
Materials
6.1
Information Technology
4.0
Utilities
3.0
Health Care
2.8
Communication Services
2.7
Total
100.0%
Top Ten Holdings
% of Total
Long-Term
Investments
Liberty Energy, Inc.
0.8%
Bread Financial Holdings, Inc.
0.7
Peabody Energy Corp.
0.7
NMI Holdings, Inc., Class A
0.7
Arch Resources, Inc.
0.7
Urban Outfitters, Inc.
0.7
Encore Wire Corp.
0.7
Warrior Met Coal, Inc.
0.7
Sphere Entertainment Co.
0.7
Patterson-UTI Energy, Inc.
0.7
Total
7.1%
Performance figures assume reinvestment of
all distributions and do not reflect the
deduction of taxes that a shareholder would
pay on Fund distributions or the redemption
or sale of Fund shares. An index is a statistical
composite that tracks a specified financial
market or sector. Unlike the Fund, the indices
do not actually hold a portfolio of securities
and therefore do not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter) is available at https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 23

Fund Performance Overview (Unaudited) (Continued)
First Trust Small Cap Growth AlphaDEX® Fund (FYC)
The First Trust Small Cap Growth AlphaDEX® Fund (the “Fund”) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equ