Abstract-Research on dc-fault tolerant multilevel converters has gained noticeable attention over recent years. The alternate arm converter (AAC) is one of such emerging multilevel converter topologies, and a hybrid topology of the two-level converter and the modular multilevel converter (MMC). Bipolar submodules (SMs) that can produce both positive and negative voltages are the building blocks of the AAC. This paper analyses the operation of an AAC with the full-bridge SM (FB-SM) and the crossconnected SM (CC-SM). The conduction and switching losses of the two SM configurations are evaluated and compared, in order to identify the suitability of CC-SM for AACs and its performance compared to the FB-SM. The CC-SM with identical semiconductor devices has reduced losses compared to the CC-SM with higher rated devices in the cross-connected path. It is concluded that the CC-SM does not offer advantages in the losses, construction, and application to the AAC, compared to FB-SM.