First Trust Brazil AlphaDEX® ETF Stock Price, News & Analysis

First Trust Brazil AlphaDEX Fund (FBZ) was an exchange-traded fund (ETF) listed on the Nasdaq Stock Market LLC and organized as a series of First Trust Exchange-Traded AlphaDEX Fund II. According to regulatory filings, First Trust Advisors L.P. ("FTA") served as the investment advisor to the fund, and First Trust Portfolios L.P. ("FTP") acted as a distributor of mutual fund shares and exchange-traded fund creation units. FBZ was part of a broader family of exchange-traded funds overseen by the Board of Trustees of First Trust Exchange-Traded AlphaDEX Fund II.

The fund was associated with First Trust Exchange-Traded AlphaDEX Fund II, a Massachusetts business trust whose shareholders vote together across multiple series on governance matters such as the election and re-election of trustees. A definitive proxy statement (DEF 14A) describes how shareholders of each series, including First Trust Brazil AlphaDEX Fund, participate in special meetings of shareholders to elect or re-elect trustees of the trust.

Fund structure and governance

First Trust Brazil AlphaDEX Fund operated as one of the exchange-traded funds (each a "Fund" and collectively the "Funds") within First Trust Exchange-Traded AlphaDEX Fund II. The trust is overseen by a Board of Trustees, which includes independent trustees as defined under the Investment Company Act of 1940. Shareholders of FBZ, along with shareholders of the other series of the trust, are entitled to vote on matters such as the election or re-election of trustees when a special meeting of shareholders is called.

The proxy materials for the trust explain that shareholders receive proxy statements, notices of special meetings, and proxy cards, and may vote by mail, telephone, internet, or in person at the meeting location in Wheaton, Illinois. The Board of Trustees may propose that shareholders elect or re-elect nominees to the Board, and the proposal is approved by a plurality of votes cast, provided a quorum is present.

Liquidation and delisting of FBZ

According to a Business Wire announcement from First Trust Advisors L.P., the Board of Trustees of First Trust Exchange-Traded AlphaDEX Fund II approved the liquidation of First Trust Brazil AlphaDEX Fund (Nasdaq: FBZ) pursuant to a plan of liquidation and termination. The announcement states that, based upon the recommendation of FTA as investment advisor, the Board determined that it was in the best interests of the fund to liquidate the fund.

The announcement further explains that shareholders may sell their holdings in the fund prior to the end of the trading day on July 11, 2025, and that the last day the fund will accept creation and redemption orders is July 11, 2025. After that date, the fund’s shares will be de-listed, and the fund will liquidate on or around July 18, 2025. Any person holding shares in the fund as of the applicable liquidation date will receive a cash redemption amount equal to the net asset value of such shares after the fund has discharged and/or made reasonable provisions for the payment of all of its charges, taxes, expenses, and liabilities. The announcement notes that shareholders generally will recognize a capital gain or loss on any redemption.

A Form 25 (25-NSE) filing with the Securities and Exchange Commission provides the formal notification of removal from listing and/or registration under Section 12(b) of the Securities Exchange Act of 1934. The filing identifies First Trust Exchange-Traded AlphaDEX Fund II as the issuer and Nasdaq Stock Market LLC as the exchange, and describes the class of securities as First Trust Brazil AlphaDEX Fund. The form indicates that Nasdaq Stock Market LLC has complied with its rules to strike the class of securities from listing and/or withdraw registration on the exchange, and that the issuer has complied with the requirements governing the voluntary withdrawal of the class of securities from listing and registration.

Role of First Trust Advisors L.P. and related entities

The liquidation announcement describes First Trust Advisors L.P. as a federally registered investment advisor that serves as the fund’s investment advisor. It also notes that FTA and its affiliate, First Trust Portfolios L.P., are privately held companies that provide investment services through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds, and separately managed accounts. FTA is identified as the supervisor of First Trust unit investment trusts, while FTP is the sponsor and a distributor of mutual fund shares and exchange-traded fund creation units. Both FTA and FTP are based in Wheaton, Illinois.

FBZ as a historical investment product

With the approval of the liquidation plan and the filing of Form 25, First Trust Brazil AlphaDEX Fund is described in the available materials as a fund in the process of being terminated and removed from listing on Nasdaq. The fund’s historical information, including its participation as a series of First Trust Exchange-Traded AlphaDEX Fund II and its governance under the trust’s Board of Trustees, remains relevant for investors reviewing past investments, tax consequences of liquidation, and the regulatory history of the fund.

Key points for investors researching FBZ

• First Trust Brazil AlphaDEX Fund (FBZ) was an exchange-traded fund listed on Nasdaq and organized as a series of First Trust Exchange-Traded AlphaDEX Fund II.
• First Trust Advisors L.P. served as the investment advisor to the fund, and First Trust Portfolios L.P. acted in distribution and related roles for First Trust funds.
• The Board of Trustees of First Trust Exchange-Traded AlphaDEX Fund II approved a plan of liquidation and termination for FBZ, based on a recommendation from FTA.
• Shareholders were informed that the fund’s shares would be de-listed after July 11, 2025, and that the fund would liquidate on or around July 18, 2025, with shareholders receiving cash redemptions equal to net asset value after expenses and liabilities.
• A Form 25 filing with the SEC documents the removal of FBZ from listing and/or registration on Nasdaq under Section 12(b) of the Securities Exchange Act of 1934.
• Shareholders of FBZ also participate in broader governance matters of the trust, including the election and re-election of trustees, as described in the definitive proxy statement for First Trust Exchange-Traded AlphaDEX Fund II.

Frequently asked questions about First Trust Brazil AlphaDEX Fund (FBZ)

• What was First Trust Brazil AlphaDEX Fund (FBZ)?
  According to SEC filings and shareholder materials, First Trust Brazil AlphaDEX Fund was an exchange-traded fund that operated as a series of First Trust Exchange-Traded AlphaDEX Fund II and was listed on the Nasdaq Stock Market LLC under the symbol FBZ.
• Who managed First Trust Brazil AlphaDEX Fund?
  The Business Wire announcement states that First Trust Advisors L.P. served as the investment advisor to the fund. First Trust Portfolios L.P., an affiliate of FTA, is described as a FINRA registered broker-dealer and a distributor of mutual fund shares and exchange-traded fund creation units.
• What happened to FBZ’s Nasdaq listing?
  A Form 25 (25-NSE) filed with the Securities and Exchange Commission identifies First Trust Brazil AlphaDEX Fund as the class of securities being removed from listing and/or registration on Nasdaq. The form indicates that Nasdaq Stock Market LLC and the issuer complied with the applicable rules for voluntary withdrawal of the class of securities from listing and registration.
• Why was First Trust Brazil AlphaDEX Fund liquidated?
  The liquidation announcement explains that, based upon the recommendation of First Trust Advisors L.P. as investment advisor, the Board of Trustees of First Trust Exchange-Traded AlphaDEX Fund II determined that it was in the best interests of the fund to liquidate the fund and approved a plan of liquidation and termination.
• What did shareholders of FBZ receive upon liquidation?
  The announcement states that any person holding shares in the fund as of the applicable liquidation date will receive a cash redemption amount equal to the net asset value of such shares after the fund has discharged and/or made reasonable provisions for the payment of all of its charges, taxes, expenses, and liabilities. It further notes that shareholders generally will recognize a capital gain or loss on any redemption.
• Could shareholders trade FBZ shares before liquidation?
  According to the announcement, shareholders could sell their holdings in the fund prior to the end of the trading day on July 11, 2025, and the last day the fund would accept creation and redemption orders was July 11, 2025. After that date, the fund’s shares were to be de-listed and the fund would proceed toward liquidation.
• How does FBZ relate to First Trust Exchange-Traded AlphaDEX Fund II?
  The definitive proxy statement describes First Trust Brazil AlphaDEX Fund as one of the exchange-traded funds that are series of First Trust Exchange-Traded AlphaDEX Fund II. Shareholders of FBZ vote together with shareholders of the other funds in the trust on governance matters such as the election or re-election of trustees.
• Does FBZ still operate as an exchange-traded fund?
  Based on the Board-approved plan of liquidation and the Form 25 filing to remove the class of securities from listing and/or registration on Nasdaq, the available information describes FBZ in the context of liquidation and termination, rather than as an ongoing listed exchange-traded fund.