Surge in Short Interest Hits First Trust Emerging Markets Small Cap AlphaDEX Fund Short interest in the First Trust Emerging Markets Small Cap AlphaDEX Fund spiked 20.3% in March, reaching 41,500 shares by month-end. Despite the uptick, institutional investors have continued to adjust positions, with several firms increasing their stakes. The fund’s stock recently traded near its 52-week low, reflecting ongoing market volatility.123