First Trust
Exchange-Traded AlphaDEX® Fund

Prospectus

FUND NAME	TICKER SYMBOL	EXCHANGE
ALPHADEX^® SECTOR FUNDS
First Trust Consumer Discretionary AlphaDEX^® Fund	FXD	NYSE Arca
First Trust Consumer Staples AlphaDEX^® Fund	FXG	NYSE Arca
First Trust Energy AlphaDEX^® Fund	FXN	NYSE Arca
First Trust Financials AlphaDEX^® Fund	FXO	NYSE Arca
First Trust Health Care AlphaDEX^® Fund	FXH	NYSE Arca
First Trust Industrials/Producer Durables AlphaDEX^® Fund	FXR	NYSE Arca
First Trust Materials AlphaDEX^® Fund	FXZ	NYSE Arca
First Trust Technology AlphaDEX^® Fund	FXL	NYSE Arca
First Trust Utilities AlphaDEX^® Fund	FXU	NYSE Arca
ALPHADEX^® STYLE FUNDS
First Trust Large Cap Core AlphaDEX^® Fund	FEX	Nasdaq
First Trust Large Cap Growth AlphaDEX^® Fund	FTC	Nasdaq
First Trust Large Cap Value AlphaDEX^® Fund	FTA	Nasdaq
First Trust Mega Cap AlphaDEX^® Fund	FMK	Nasdaq
First Trust Mid Cap Core AlphaDEX^® Fund	FNX	Nasdaq
First Trust Mid Cap Growth AlphaDEX^® Fund	FNY	Nasdaq
First Trust Mid Cap Value AlphaDEX^® Fund	FNK	Nasdaq
First Trust Multi Cap Growth AlphaDEX^® Fund	FAD	Nasdaq
First Trust Multi Cap Value AlphaDEX^® Fund	FAB	Nasdaq
First Trust Small Cap Core AlphaDEX^® Fund	FYX	Nasdaq
First Trust Small Cap Growth AlphaDEX^® Fund	FYC	Nasdaq
First Trust Small Cap Value AlphaDEX^® Fund	FYT	Nasdaq

Each of the funds listed above under AlphaDEX^® Sector Funds (each a “Fund,” and collectively, the “AlphaDEX^® Sector Funds”) lists and principally trades its shares on NYSE Arca, Inc. (“NYSE Arca” or an “Exchange”). Each of the funds listed above under AlphaDEX^® Style Funds (each a “Fund,” and collectively, the “AlphaDEX^® Style Funds”) lists and principally trades its shares on The Nasdaq Stock Market LLC (“Nasdaq” or an “Exchange”). Market prices may differ to some degree from the net asset value of the shares. Unlike mutual funds, each Fund issues and redeems shares at net asset value, only in large specified blocks each consisting of 50,000 shares (each such block of shares called a “Creation Unit,” and collectively, the “Creation Units”). Each Fund’s Creation Units are issued and redeemed in-kind for securities in which the Fund invests and, in certain circumstances, for cash, and only to and from broker-dealers and large institutional investors that have entered into participation agreements.

Each Fund is a series of First Trust Exchange-Traded AlphaDEX^® Fund (the “Trust”) and an exchange-traded index fund organized as a separate series of a registered management investment company.

Except when aggregated in Creation Units, the shares are not redeemable securities of the Funds.

The Securities and Exchange Commission has not approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.

NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

Summary Information

First Trust Consumer Discretionary AlphaDEX^® Fund (FXD)

Investment Objective

The First Trust Consumer Discretionary 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 StrataQuant^® Consumer Discretionary Index (the “Index”).

Fees and Expenses of the Fund

The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund. Investors purchasing and selling shares may be subject to costs (including customary brokerage commissions) charged by their broker, which are not reflected in the table below.

Shareholder Fees
(fees paid directly from your investment)

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)

None

Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)

Management Fees	0.50%
Distribution and Service (12b-1) Fees	0.00%
Other Expenses	0.14%
Total Annual Fund Operating Expenses	0.64%
Fee Waiver and Expense Reimbursement⁽¹⁾	0.00%
Net Annual Fund Operating Expenses	0.64%

(1)

First Trust Advisors L.P., the Fund’s investment advisor, has agreed to waive fees and/or reimburse Fund expenses to the extent that the operating expenses of the Fund (excluding interest expense, brokerage commissions and other trading expenses, taxes and extraordinary expenses) exceed 0.70% of its average daily net assets per year (the “Expense Cap”) at least through November 30, 2019. Expenses reimbursed and fees waived under such agreement are subject to recovery by the Fund’s investment advisor for up to three years from the date the fee was waived or expense was incurred, but no reimbursement payment will be made by the Fund if it results in the Fund exceeding an expense ratio equal to the Expense Cap in place at the time the expenses were reimbursed or fees waived by the Fund’s investment advisor. The agreement may be terminated by the Trust, on behalf of the Fund, at any time and by the Fund’s investment advisor only after November 30, 2019 upon 60 days’ written notice.

Example

The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. This example does not take into account customary brokerage commissions that you pay when purchasing or selling shares of the Fund in the secondary market.

The example assumes that you invest $10,000 in the Fund for the time periods indicated. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

1 Year	3 Years	5 Years	10 Years
$65	$205	$357	$798

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 101% of the average value of its portfolio.

First Trust Consumer Discretionary AlphaDEX^® Fund (FXD)

Principal Investment Strategies

The Fund will normally invest at least 90% of its net assets (including investment borrowings) in common stocks that comprise the Index. The Fund, using an “indexing” investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Fund’s investment advisor seeks a correlation of 0.95 or better (before fees and expenses) between the Fund’s performance and the performance of the Index; a figure of 1.00 would represent perfect correlation.

The Index is in the “StrataQuant^® Series,” a family of custom enhanced indices developed, maintained and sponsored by ICE Data Indices, LLC or its affiliates (“IDI” or an “Index Provider”). The Index is a modified equal-dollar weighted index designed by IDI that seeks to objectively identify and select stocks from the Russell 1000^® Index in the consumer discretionary sector that may generate positive alpha relative to traditional passive-style indices through the use of the AlphaDEX^® selection methodology. Alpha is an indication of how much an investment outperforms or underperforms on a risk-adjusted basis relative to its benchmark. The Russell 1000^® Index consists of approximately 1,000 of the largest stocks within the Russell 3000^® Index. The Russell 3000^® Index is constructed to represent approximately 98% of the U.S. market.

Security selection for the Index will be conducted in the following manner:

1.	The selection universe for the Index begins with all stocks in the Russell 1000^® Index.
2.	The stocks in the selection universe are ranked on both growth and value factors. Each stock is classified as either a value stock, a growth stock or a combination of growth and value, as determined by the Index Provider. A stock classified as a value stock will receive its value rank as its “selection score” and a stock classified as a growth stock will receive its growth rank as its “selection score.” A stock classified as a combination of growth and value will receive the better of the two scores.
3.	The selection universe is then divided into respective sectors as defined by the Index Provider. The component stocks contained in the consumer discretionary sector are ranked according to their selection score from step 2. The bottom 25% in such sector is eliminated.
4.	The top 75% of securities in the consumer discretionary sector comprise the “selected stocks.” The selected stocks are then split into quintiles based on their selection score, with higher scoring quintiles receiving a greater weight in the Index.

Principal Risks

You could lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. There can be no assurance that the Fund’s investment objective will be achieved.

AUTHORIZED PARTICIPANT CONCENTRATION RISK. Only an authorized participant may engage in creation or redemption transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount to the Fund’s net asset value and possibly face delisting.

CONCENTRATION RISK. To the extent that the Fund invests a large percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A concentration makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is not so concentrated.

CONSUMER DISCRETIONARY COMPANIES RISK. Consumer discretionary companies, such as retailers, media companies and consumer services companies, provide non-essential goods and services. These companies manufacture products and provide discretionary services directly to the consumer, and the success of these companies is tied closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer discretionary products in the marketplace.

First Trust Consumer Discretionary AlphaDEX^® Fund (FXD)

CYBER SECURITY RISK. The Fund is susceptible to operational risks through breaches in cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity. Such events could cause the Fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. In addition, cyber security breaches of the securities issuers or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, or issuers in which the Fund invests, can also subject the Fund to many of the same risks associated with direct cyber security breaches. Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.

EQUITY SECURITIES RISK. The value of the Fund’s shares will fluctuate with changes in the value of the equity securities in which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, company, industry or sector of the market.

GROWTH STOCKS INVESTMENT RISK. Stocks exhibiting growth characteristics tend to be more volatile than certain other types of stocks and their prices usually fluctuate more dramatically than the overall stock market. A stock with growth characteristics can have sharp price declines due to decreases in current or expected earnings and may lack dividend payments that can help cushion its share price during declining markets.

INDEX CONSTITUENT RISK. The Fund may be a constituent of one or more indices. As a result, the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may potentially result in increased trading activity in the Fund’s shares.

INDEX PROVIDER RISK. There is no assurance that the Index Provider will compile the Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. To correct any such error, the Index Provider may carry out an unscheduled rebalance or other modification of the Index constituents or weightings, which may increase the Fund’s costs. The Index Provider does not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and it does not guarantee that the Index will be calculated in accordance with its stated methodology. Losses or costs associated with any Index Provider errors generally will be borne by the Fund and its shareholders.

MARKET MAKER RISK. The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares due to a limited number of market markers. Decisions by market makers or authorized participants to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. If the Fund has lower average daily trading volumes, it may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.

MARKET RISK. Market risk is the risk that a particular security, or shares of the Fund in general, may fall in value. Securities are subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments.

First Trust Consumer Discretionary AlphaDEX^® Fund (FXD)

NON-CORRELATION RISK. The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index.

PASSIVE INVESTMENT RISK. The Fund is not actively managed. The Fund invests in securities included in or representative of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is materially changed, the Fund will seek to engage a replacement index.

PORTFOLIO TURNOVER RISK. High portfolio turnover may result in the Fund paying higher levels of transaction costs and may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than expected.

PREMIUM/DISCOUNT RISK. The market price of the Fund’s shares will generally fluctuate in accordance with changes in the Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained.

SMALLER COMPANIES RISK. Small and/or mid capitalization companies may be more vulnerable to adverse general market or economic developments, and their securities may be less liquid and may experience greater price volatility than larger, more established companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are generally subject to greater market risk than larger, more established companies.

TRADING ISSUES RISK. Although the shares of the Fund are listed for trading on the Exchange, there can be no assurance that an active trading market for such shares will develop or be maintained. Trading in shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable. In addition, trading in shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. Market makers are under no obligation to make a market in the Fund’s shares, and authorized participants are not obligated to submit purchase or redemption orders for Creation Units. In the event market makers cease making a market in the Fund's shares or authorized participants stop submitting purchase or redemption orders for Creation Units, Fund shares may trade at a larger premium or discount to their net asset value. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are small or the Fund does not have enough shareholders.

VALUE STOCKS INVESTMENT RISK. The intrinsic value of a stock with value characteristics may not be fully recognized by the market for a long time or a stock judged to be undervalued may actually be appropriately priced at a low level.

Annual Total Return

The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value compared to those of the Index, a broad-based market index and two specialized securities market indices. See “Total Return Information” for additional performance information regarding the Fund. The Fund’s performance information is accessible on the Fund’s website at www.ftportfolios.com.

With respect to the Russell 1000^® Consumer Discretionary Index (formerly the Russell 1000^® Consumer Discretionary and Services Index), on or about September 18, 2008, Russell Investment Group (“Russell”) began calculating its Russell U.S. Indices using an enhanced Russell sector scheme, the Russell Global Sectors (the “RGS”). The RGS and the former U.S. sector scheme ran in tandem until June 30, 2009, when Russell officially transitioned to the RGS and ceased calculating its indices using the

First Trust Consumer Discretionary AlphaDEX^® Fund (FXD)

U.S. sector scheme. Consequently, performance data is not available for the Russell 1000^® Consumer Discretionary Index for the “Since Inception” period set forth in the table because performance data does not exist using solely the U.S. sector scheme or alternatively, using solely the RGS.

Returns before taxes do not reflect the effects of any income or capital gains taxes. All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax. Returns after taxes on distributions reflect the taxed return on the payment of dividends and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for the market indices do not include expenses, which are deducted from Fund returns, or taxes.

Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts (IRAs) or employee-sponsored retirement plans.

First Trust Consumer Discretionary AlphaDEX^® Fund
Calendar Year Total Returns as of 12/31 ⁽¹⁾

(1)	The Fund's calendar year-to-date total return based on net asset value for the period 12/31/17 to 09/30/18 was 3.91%.

During the periods shown in the chart above:

Best Quarter		Worst Quarter
27.90%	September 30, 2009	-28.37%	December 31, 2008

The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

First Trust Consumer Discretionary AlphaDEX^® Fund (FXD)

Average Annual Total Returns for the Periods Ended December 31, 2017

	1 Year	5 Years	10 Years	Since Inception	Inception Date
Return Before Taxes	19.74%	14.09%	10.35%	8.05%	5/8/2007
Return After Taxes on Distributions	19.22%	13.70%	10.01%	7.73%
Return After Taxes on Distributions and Sale of Fund Shares	11.15%	11.12%	8.37%	6.41%
StrataQuant^® Consumer Discretionary Index (reflects no deduction for fees, expenses or taxes)	20.54%	14.89%	11.12%	8.83%
Russell 1000^® Index (reflects no deduction for fees, expenses or taxes)	21.69%	15.71%	8.59%	7.90%
S&P 500^® Consumer Discretionary Index (reflects no deduction for fees, expenses or taxes)	22.98%	17.64%	13.52%	10.86%
Russell 1000^® Consumer Discretionary Index (reflects no deduction for fees, expenses or taxes)	24.11%	16.84%	N/A	N/A

Management

Investment Advisor

First Trust Advisors L.P. (“First Trust” or the “Advisor”)

Portfolio Managers

The Fund’s portfolio is managed by a team (the “Investment Committee”) consisting of:

•	Daniel J. Lindquist, Chairman of the Investment Committee and Managing Director of First Trust
•	Jon C. Erickson, Senior Vice President of First Trust
•	David G. McGarel, Chief Investment Officer, Chief Operating Officer and Managing Director of First Trust
•	Roger F. Testin, Senior Vice President of First Trust
•	Stan Ueland, Senior Vice President of First Trust
•	Chris A. Peterson, Senior Vice President of First Trust

The Investment Committee members are primarily and jointly responsible for the day-to-day management of the Fund. Each Investment Committee member has served as a part of the portfolio management team of the Fund since 2007, except for Chris A. Peterson, who has served as a member of the portfolio management team since 2016.

Purchase and Sale of Fund Shares

The Fund issues and redeems shares on a continuous basis, at net asset value, only in Creation Units consisting of 50,000 shares. The Fund’s Creation Units are generally issued and redeemed in-kind for securities in which the Fund invests and, in certain circumstances, for cash and only to and from broker-dealers and large institutional investors that have entered into participation agreements. Individual shares of the Fund may only be purchased and sold on NYSE Arca and other eligible securities exchanges through a broker-dealer. Shares of the Fund trade on NYSE Arca at market prices rather than net asset value, which may cause the shares to trade at a price greater than net asset value (premium) or less than net asset value (discount).

Tax Information

The Fund’s distributions are taxable and will generally be taxed as ordinary income or capital gains. Distributions on shares held in a tax-deferred account, while not immediately taxable, will be subject to tax when the shares are no longer held in a tax-deferred account.

Summary Information

First Trust Consumer Staples AlphaDEX^® Fund (FXG)

Investment Objective

The First Trust Consumer Staples 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 StrataQuant^® Consumer Staples Index (the “Index”).

Fees and Expenses of the Fund

Shareholder Fees
(fees paid directly from your investment)

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)

None

Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)

Management Fees	0.50%
Distribution and Service (12b-1) Fees	0.00%
Other Expenses	0.14%
Total Annual Fund Operating Expenses	0.64%
Fee Waiver and Expense Reimbursement⁽¹⁾	0.00%
Net Annual Fund Operating Expenses	0.64%

(1)

Example

1 Year	3 Years	5 Years	10 Years
$65	$205	$357	$798

Portfolio Turnover

First Trust Consumer Staples AlphaDEX^® Fund (FXG)

Principal Investment Strategies

The Index is in the “StrataQuant^® Series,” a family of custom enhanced indices developed, maintained and sponsored by ICE Data Indices, LLC or its affiliates (“IDI” or an “Index Provider”). The Index is a modified equal-dollar weighted index designed by IDI to objectively identify and select stocks from the Russell 1000^® Index in the consumer staples sector that may generate positive alpha relative to traditional passive-style indices through the use of the AlphaDEX^® selection methodology. Alpha is an indication of how much an investment outperforms or underperforms on a risk-adjusted basis relative to its benchmark. The Russell 1000^® Index consists of approximately 1,000 of the largest stocks within the Russell 3000^® Index. The Russell 3000^® Index is constructed to represent approximately 98% of the U.S. market.

Security selection for the Index will be conducted in the following manner:

1.	The selection universe for the Index begins with all stocks in the Russell 1000^® Index.
2.	The stocks in the selection universe are ranked on both growth and value factors. Each stock is classified as either a value stock, a growth stock or a combination of growth and value, as determined by the Index Provider. A stock classified as a value stock will receive its value rank as its “selection score” and a stock classified as a growth stock will receive its growth rank as its “selection score.” A stock classified as a combination of growth and value will receive the better of the two scores.
3.	The selection universe is then divided into respective sectors as defined by the Index Provider. The component stocks contained in the consumer staples sector are ranked according to their selection score from step 2. The bottom 25% in such sector is eliminated.
4.	The top 75% of securities in the consumer staples sector comprise the “selected stocks.” The selected stocks are then split into quintiles based on their selection score, with higher scoring quintiles receiving a greater weight in the Index.

Principal Risks

CONSUMER STAPLES COMPANIES RISK. Consumer staples companies provide products directly to the consumer that are typically considered non-discretionary items based on consumer purchasing habits. Such products include food, beverages, household items and tobacco. Companies providing these products may be affected by the regulation of various product components and production methods, new laws, regulations or litigation, marketing campaigns, competitive pricing and other factors affecting consumer demand. Changes in the worldwide economy, demographics, consumer preferences, consumer

First Trust Consumer Staples AlphaDEX^® Fund (FXG)

spending, exploration and production spending may adversely affect these companies, as well as natural and man-made disasters, political, social or labor unrest, world events and economic conditions.

First Trust Consumer Staples AlphaDEX^® Fund (FXG)

NON-DIVERSIFICATION RISK. The Fund is classified as “non-diversified” under the 1940 Act. As a result, the Fund is only limited as to the percentage of its assets which may be invested in the securities of any one issuer by the diversification requirements imposed by the Internal Revenue Code of 1986, as amended. The Fund may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the Fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly invested in certain issuers.

First Trust Consumer Staples AlphaDEX^® Fund (FXG)

Annual Total Return

With respect to the Russell 1000^® Consumer Staples Index, on or about September 18, 2008, Russell Investment Group (“Russell”) began calculating its Russell U.S. Indices using an enhanced Russell sector scheme, the Russell Global Sectors (the “RGS”). The RGS and the former U.S. sector scheme ran in tandem until June 30, 2009, when Russell officially transitioned to the RGS and ceased calculating its indices using the U.S. sector scheme. Consequently, performance data is not available for the Russell 1000^® Consumer Staples Index for the “Since Inception” period set forth in the table because performance data does not exist using solely the U.S. sector scheme or alternatively, using solely the RGS.

First Trust Consumer Staples AlphaDEX^® Fund
Calendar Year Total Returns as of 12/31 ⁽¹⁾

(1)	The Fund's calendar year-to-date total return based on net asset value for the period 12/31/17 to 09/30/18 was -1.79%.

During the periods shown in the chart above:

Best Quarter		Worst Quarter
20.65%	March 31, 2013	-17.59%	December 31, 2008

The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

First Trust Consumer Staples AlphaDEX^® Fund (FXG)

Average Annual Total Returns for the Periods Ended December 31, 2017

	1 Year	5 Years	10 Years	Since Inception	Inception Date
Return Before Taxes	7.81%	15.53%	11.32%	10.17%	5/8/2007
Return After Taxes on Distributions	7.16%	14.82%	10.73%	9.59%
Return After Taxes on Distributions and Sale of Fund Shares	4.40%	12.16%	9.07%	8.10%
StrataQuant^® Consumer Staples Index (reflects no deduction for fees, expenses or taxes)	8.55%	16.31%	12.15%	10.99%
Russell 1000^® Index (reflects no deduction for fees, expenses or taxes)	21.69%	15.71%	8.59%	7.90%
S&P 500^® Consumer Staples Index (reflects no deduction for fees, expenses or taxes)	13.49%	13.27%	10.07%	10.27%
Russell 1000^® Consumer Staples Index (reflects no deduction for fees, expenses or taxes)	9.82%	13.38%	N/A	N/A

Management

Investment Advisor

First Trust Advisors L.P. (“First Trust” or the “Advisor”)

Portfolio Managers

The Fund’s portfolio is managed by a team (the “Investment Committee”) consisting of:

•	Daniel J. Lindquist, Chairman of the Investment Committee and Managing Director of First Trust
•	Jon C. Erickson, Senior Vice President of First Trust
•	David G. McGarel, Chief Investment Officer, Chief Operating Officer and Managing Director of First Trust
•	Roger F. Testin, Senior Vice President of First Trust
•	Stan Ueland, Senior Vice President of First Trust
•	Chris A. Peterson, Senior Vice President of First Trust

Purchase and Sale of Fund Shares

Tax Information

Summary Information

First Trust Energy AlphaDEX^® Fund (FXN)

Investment Objective

The First Trust Energy 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 StrataQuant^® Energy Index (the “Index”).

Fees and Expenses of the Fund

Shareholder Fees
(fees paid directly from your investment)

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)

None

Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)

Management Fees	0.50%
Distribution and Service (12b-1) Fees	0.00%
Other Expenses	0.13%
Total Annual Fund Operating Expenses	0.63%
Fee Waiver and Expense Reimbursement⁽¹⁾	0.00%
Net Annual Fund Operating Expenses	0.63%

(1)

Example

1 Year	3 Years	5 Years	10 Years
$64	$202	$351	$787

Portfolio Turnover

First Trust Energy AlphaDEX^® Fund (FXN)

Principal Investment Strategies

The Index is in the “StrataQuant^® Series,” a family of custom enhanced indices developed, maintained and sponsored by ICE Data Indices, LLC or its affiliates (“IDI” or an “Index Provider”). The Index is a modified equal-dollar weighted index designed by IDI to objectively identify and select stocks from the Russell 1000^® Index in the energy sector that may generate positive alpha relative to traditional passive-style indices through the use of the AlphaDEX^® selection methodology. Alpha is an indication of how much an investment outperforms or underperforms on a risk-adjusted basis relative to its benchmark. The Russell 1000^® Index consists of approximately 1,000 of the largest stocks within the Russell 3000^® Index. The Russell 3000^® Index is constructed to represent approximately 98% of the U.S. market.

Security selection for the Index will be conducted in the following manner:

1.	The selection universe for the Index begins with all stocks in the Russell 1000^® Index.
2.	The stocks in the selection universe are ranked on both growth and value factors. Each stock is classified as either a value stock, a growth stock or a combination of growth and value, as determined by the Index Provider. A stock classified as a value stock will receive its value rank as its “selection score” and a stock classified as a growth stock will receive its growth rank as its “selection score.” A stock classified as a combination of growth and value will receive the better of the two scores.
3.	The selection universe is then divided into respective sectors as defined by the Index Provider. The component stocks contained in the energy sector are ranked according to their selection score from step 2. The bottom 25% in such sector is eliminated.
4.	The top 75% of securities in the energy sector comprise the “selected stocks.” The selected stocks are then split into quintiles based on their selection score, with higher scoring quintiles receiving a greater weight in the Index.

Principal Risks

First Trust Energy AlphaDEX^® Fund (FXN)

to intended users. In addition, cyber security breaches of the securities issuers or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, or issuers in which the Fund invests, can also subject the Fund to many of the same risks associated with direct cyber security breaches. Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.

ENERGY COMPANIES RISK. The success of energy companies may be cyclical and highly dependent on energy prices. The market value of securities issued by energy companies may decline for many reasons, including, among other things, changes in the levels and volatility of global energy prices, energy supply and demand, capital expenditures on exploration and production of energy sources, exchange rates, interest rates, economic conditions, tax treatment, energy conservation efforts, increased competition and technological advances. Energy companies may be subject to substantial government regulation and contractual fixed pricing, which may increase the cost of doing business and limit the earnings of these companies. A significant portion of the revenues of energy companies may depend on a relatively small number of customers, including governmental entities and utilities. As a result, governmental budget constraints may have a material adverse effect on the stock prices of energy companies. Energy companies may also operate in, or engage in transactions involving, countries with less developed regulatory regimes or a history of expropriation, nationalization or other adverse policies. Energy companies also face a significant risk of liability from accidents resulting in injury or loss of life or property, pollution or other environmental problems, equipment malfunctions or mishandling of materials and a risk of loss from terrorism, political strife or natural disasters.

First Trust Energy AlphaDEX^® Fund (FXN)

shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.

Annual Total Return

First Trust Energy AlphaDEX^® Fund (FXN)

showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value compared to those of the Index, a broad-based market index and two specialized securities market indices. See “Total Return Information” for additional performance information regarding the Fund. The Fund’s performance information is accessible on the Fund’s website at www.ftportfolios.com.

With respect to the Russell 1000^® Energy Index, on or about September 18, 2008, Russell Investment Group (“Russell”) began calculating its Russell U.S. Indices using an enhanced Russell sector scheme, the Russell Global Sectors (the “RGS”). The RGS and the former U.S. sector scheme ran in tandem until June 30, 2009, when Russell officially transitioned to the RGS and ceased calculating its indices using the U.S. sector scheme. In addition to the implementation of the RGS, Russell combined the Russell 1000^® Integrated Oils Index and the Russell 1000^® Other Energy Index into one index, the Russell 1000^® Energy Index. Consequently, performance data is not available for the Russell 1000^® Energy Index for the “Since Inception” period set forth in the table because performance data does not exist using solely the U.S. sector schedule or alternatively, using solely RGS.

First Trust Energy AlphaDEX^® Fund
Calendar Year Total Returns as of 12/31 ⁽¹⁾

(1)	The Fund's calendar year-to-date total return based on net asset value for the period 12/31/17 to 09/30/18 was 13.73%.

During the periods shown in the chart above:

Best Quarter		Worst Quarter
29.92%	June 30, 2008	-38.75%	December 31, 2008

The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

First Trust Energy AlphaDEX^® Fund (FXN)

Average Annual Total Returns for the Periods Ended December 31, 2017

	1 Year	5 Years	10 Years	Since Inception	Inception Date
Return Before Taxes	-5.12%	-3.54%	-3.00%	-1.48%	5/8/2007
Return After Taxes on Distributions	-5.63%	-4.09%	-3.36%	-1.85%
Return After Taxes on Distributions and Sale of Fund Shares	-2.92%	-2.86%	-2.33%	-1.23%
StrataQuant^® Energy Index (reflects no deduction for fees, expenses or taxes)	-4.44%	-3.05%	-2.39%	-0.87%
Russell 1000^® Index (reflects no deduction for fees, expenses or taxes)	21.69%	15.71%	8.59%	7.90%
S&P 500^® Energy Index (reflects no deduction for fees, expenses or taxes)	-1.01%	2.78%	1.16%	3.01%
Russell 1000^® Energy Index (reflects no deduction for fees, expenses or taxes)	-1.12%	2.09%	N/A	N/A

Management

Investment Advisor

First Trust Advisors L.P. (“First Trust” or the “Advisor”)

Portfolio Managers

The Fund’s portfolio is managed by a team (the “Investment Committee”) consisting of:

•	Daniel J. Lindquist, Chairman of the Investment Committee and Managing Director of First Trust
•	Jon C. Erickson, Senior Vice President of First Trust
•	David G. McGarel, Chief Investment Officer, Chief Operating Officer and Managing Director of First Trust
•	Roger F. Testin, Senior Vice President of First Trust
•	Stan Ueland, Senior Vice President of First Trust
•	Chris A. Peterson, Senior Vice President of First Trust

Purchase and Sale of Fund Shares

The Fund issues and redeems shares on a continuous basis, at net asset value, only in Creation Units consisting of 50,000 shares. The Fund’s Creation Units are generally issued and redeemed in-kind for securities in which the Fund invests and, in certain circumstances for cash and only to and from broker-dealers and large institutional investors that have entered into participation agreements. Individual shares of the Fund may only be purchased and sold on NYSE Arca and other eligible securities exchanges through a broker-dealer. Shares of the Fund trade on NYSE Arca at market prices rather than net asset value, which may cause the shares to trade at a price greater than net asset value (premium) or less than net asset value (discount).

Tax Information

Summary Information

First Trust Financials AlphaDEX^® Fund (FXO)

Investment Objective

The First Trust Financials 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 StrataQuant^® Financials Index (the “Index”).

Fees and Expenses of the Fund

Shareholder Fees
(fees paid directly from your investment)

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)

None

Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)

Management Fees	0.50%
Distribution and Service (12b-1) Fees	0.00%
Other Expenses	0.13%
Total Annual Fund Operating Expenses	0.63%
Fee Waiver and Expense Reimbursement⁽¹⁾	0.00%
Net Annual Fund Operating Expenses	0.63%

(1)

Example

1 Year	3 Years	5 Years	10 Years
$64	$202	$351	$787

Portfolio Turnover

Principal Investment Strategies

First Trust Financials AlphaDEX^® Fund (FXO)

performance of the Index. The Fund’s investment advisor seeks a correlation of 0.95 or better (before fees and expenses) between the Fund’s performance and the performance of the Index; a figure of 1.00 would represent perfect correlation.

The Index is in the “StrataQuant^® Series,” a family of custom enhanced indices developed, maintained and sponsored by ICE Data Indices, LLC or its affiliates (“IDI” or an “Index Provider”). The Index is a modified equal-dollar weighted index designed by IDI to objectively identify and select stocks from the Russell 1000^® Index in the financial services sector that may generate positive alpha relative to traditional passive-style indices through the use of the AlphaDEX^® selection methodology. Alpha is an indication of how much an investment outperforms or underperforms on a risk-adjusted basis relative to its benchmark. The Russell 1000^® Index consists of approximately 1,000 of the largest stocks within the Russell 3000^® Index. The Russell 3000^® Index is constructed to represent approximately 98% of the U.S. market.

Security selection for the Index will be conducted in the following manner:

1.	The selection universe for the Index begins with all stocks in the Russell 1000^® Index.
2.	The stocks in the selection universe are ranked on both growth and value factors. Each stock is classified as either a value stock, a growth stock or a combination of growth and value, as determined by the Index Provider. A stock classified as a value stock will receive its value rank as its “selection score” and a stock classified as a growth stock will receive its growth rank as its “selection score.” A stock classified as a combination of growth and value will receive the better of the two scores.
3.	The selection universe is then divided into respective sectors as defined by the Index Provider. The component stocks contained in the financial services sector are ranked according to their selection score from step 2. The bottom 25% in such sector is eliminated.
4.	The top 75% of securities in the financial services sector comprise the “selected stocks.” The selected stocks are then split into quintiles based on their selection score, with higher scoring quintiles receiving a greater weight in the Index.

Principal Risks

First Trust Financials AlphaDEX^® Fund (FXO)

such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.

FINANCIAL COMPANIES RISK. Financial companies, such as retail and commercial banks, insurance companies and financial services companies, are especially subject to the adverse effects of economic recession, currency exchange rates, extensive government regulation, decreases in the availability of capital, volatile interest rates, portfolio concentrations in geographic markets, industries or products (such as commercial and residential real estate loans) and competition from new entrants and blurred distinctions in their fields of business.

First Trust Financials AlphaDEX^® Fund (FXO)

REIT INVESTMENT RISK. REITs typically own and operate income-producing real estate, such as residential or commercial buildings, or real-estate related assets, including mortgages. As a result, investments in REITs are subject to the risks associated with investing in real estate, which may include, but are not limited to: fluctuations in the value of underlying properties; defaults by borrowers or tenants; market saturation; changes in general and local operating expenses; and other economic, political or regulatory occurrences affecting companies in the real estate sector. REITs are also subject to the risk that the real estate market may experience an economic downturn generally, which may have a material effect on the real estate in which the REITs invest and their underlying portfolio securities. REITs may have also a relatively small market capitalization which may result in their shares experiencing less market liquidity and greater price volatility than larger companies.

Annual Total Return

First Trust Financials AlphaDEX^® Fund (FXO)

With respect to the Russell 1000^® Financial Services Index, on or about September 18, 2008, Russell Investment Group (“Russell”) began calculating its Russell U.S. Indices using an enhanced Russell sector scheme, the Russell Global Sectors (the “RGS”). The RGS and the former U.S. sector scheme ran in tandem until June 30, 2009, when Russell officially transitioned to the RGS and ceased calculating its indices using the U.S. sector scheme. Consequently, performance data is not available for the Russell 1000^® Financial Services Index for the “Since Inception” period set forth in the table because performance data does not exist using solely the U.S. sector scheme or alternatively, using solely the RGS.

First Trust Financials AlphaDEX^® Fund
Calendar Year Total Returns as of 12/31 ⁽¹⁾

(1)	The Fund's calendar year-to-date total return based on net asset value for the period 12/31/17 to 09/30/18 was 3.52%.

During the periods shown in the chart above:

Best Quarter		Worst Quarter
30.65%	June 30, 2009	-22.64%	March 31, 2009

The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

First Trust Financials AlphaDEX^® Fund (FXO)

Average Annual Total Returns for the Periods Ended December 31, 2017

	1 Year	5 Years	10 Years	Since Inception	Inception Date
Return Before Taxes	17.92%	16.57%	8.88%	6.05%	5/8/2007
Return After Taxes on Distributions	17.05%	15.80%	8.19%	5.37%
Return After Taxes on Distributions and Sale of Fund Shares	10.11%	12.98%	6.85%	4.47%
StrataQuant^® Financials Index (reflects no deduction for fees, expenses or taxes)	18.68%	17.39%	9.75%	6.93%
Russell 1000^® Index (reflects no deduction for fees, expenses or taxes)	21.69%	15.71%	8.59%	7.90%
S&P 500^® Financials Index (reflects no deduction for fees, expenses or taxes)	22.18%	18.21%	3.78%	1.28%
Russell 1000^® Financial Services Index (reflects no deduction for fees, expenses or taxes)	21.57%	17.13%	N/A	N/A

Management

Investment Advisor

First Trust Advisors L.P. (“First Trust” or the “Advisor”)

Portfolio Managers

The Fund’s portfolio is managed by a team (the “Investment Committee”) consisting of:

•	Daniel J. Lindquist, Chairman of the Investment Committee and Managing Director of First Trust
•	Jon C. Erickson, Senior Vice President of First Trust
•	David G. McGarel, Chief Investment Officer, Chief Operating Officer and Managing Director of First Trust
•	Roger F. Testin, Senior Vice President of First Trust
•	Stan Ueland, Senior Vice President of First Trust
•	Chris A. Peterson, Senior Vice President of First Trust

Purchase and Sale of Fund Shares

Tax Information

Summary Information

First Trust Health Care AlphaDEX^® Fund (FXH)

Investment Objective

The First Trust Health Care 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 StrataQuant^® Health Care Index (the “Index”).

Fees and Expenses of the Fund

Shareholder Fees
(fees paid directly from your investment)

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)

None

Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)

Management Fees	0.50%
Distribution and Service (12b-1) Fees	0.00%
Other Expenses	0.13%
Total Annual Fund Operating Expenses	0.63%
Fee Waiver and Expense Reimbursement⁽¹⁾	0.00%
Net Annual Fund Operating Expenses	0.63%

(1)

Example

1 Year	3 Years	5 Years	10 Years
$64	$202	$351	$787

Portfolio Turnover

First Trust Health Care AlphaDEX^® Fund (FXH)

Principal Investment Strategies

The Index is in the “StrataQuant^® Series,” a family of custom enhanced indices developed, maintained and sponsored by ICE Data Indices, LLC or its affiliates (“IDI” or an “Index Provider”). The Index is a modified equal-dollar weighted index designed by IDI to objectively identify and select stocks from the Russell 1000^® Index in the health care sector that may generate positive alpha relative to traditional passive-style indices through the use of the AlphaDEX^® selection methodology. Alpha is an indication of how much an investment outperforms or underperforms on a risk-adjusted basis relative to its benchmark. The Russell 1000^® Index consists of approximately 1,000 of the largest stocks within the Russell 3000^® Index. The Russell 3000^® Index is constructed to represent approximately 98% of the U.S. market.

Security selection for the Index will be conducted in the following manner:

1.	The selection universe for the Index begins with all stocks in the Russell 1000^® Index.
2.	The stocks in the selection universe are ranked on both growth and value factors. Each stock is classified as either a value stock, a growth stock or a combination of growth and value, as determined by the Index Provider. A stock classified as a value stock will receive its value rank as its “selection score” and a stock classified as a growth stock will receive its growth rank as its “selection score.” A stock classified as a combination of growth and value will receive the better of the two scores.
3.	The selection universe is then divided into respective sectors as defined by the Index Provider. The component stocks contained in the health care sector are ranked according to their selection score from step 2. The bottom 25% in such sector is eliminated.
4.	The top 75% of securities in the health care sector comprise the “selected stocks.” The selected stocks are then split into quintiles based on their selection score, with higher scoring quintiles receiving a greater weight in the Index.

Principal Risks

First Trust Health Care AlphaDEX^® Fund (FXH)

HEALTH CARE COMPANIES RISK. Health care companies, such as companies providing medical and healthcare goods and services, companies engaged in manufacturing medical equipment, supplies and pharmaceuticals, as well as operating health care facilities and the provision of managed health care, may be affected by government regulations and government health care programs, increases or decreases in the cost of medical products and services and product liability claims, among other factors. Many health care companies are heavily dependent on patent protection, and the expiration of a company’s patent may adversely affect that company’s profitability. Health care companies are also subject to competitive forces that may result in price discounting, may be thinly capitalized and susceptible to product obsolescence.

First Trust Health Care AlphaDEX^® Fund (FXH)

Annual Total Return

First Trust Health Care AlphaDEX^® Fund (FXH)

With respect to the Russell 1000^® Health Care Index, on or about September 18, 2008, Russell Investment Group (“Russell”) began calculating its Russell U.S. Indices using an enhanced Russell sector scheme, the Russell Global Sectors (the “RGS”). The RGS and the former U.S. sector scheme ran in tandem until June 30, 2009, when Russell officially transitioned to the RGS and ceased calculating its indices using the U.S. sector scheme. Consequently, performance data is not available for the Russell 1000^® Health Care Index for the “Since Inception” period set forth in the table because performance data does not exist using solely the U.S. sector scheme or alternatively, using solely the RGS.

First Trust Health Care AlphaDEX^® Fund
Calendar Year Total Returns as of 12/31 ⁽¹⁾

(1)	The Fund's calendar year-to-date total return based on net asset value for the period 12/31/17 to 09/30/18 was 21.60%.

During the periods shown in the chart above:

Best Quarter		Worst Quarter
19.11%	September 30, 2009	-19.65%	December 31, 2008

The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

First Trust Health Care AlphaDEX^® Fund (FXH)

Average Annual Total Returns for the Periods Ended December 31, 2017

	1 Year	5 Years	10 Years	Since Inception	Inception Date
Return Before Taxes	21.78%	16.43%	13.28%	12.52%	5/8/2007
Return After Taxes on Distributions	21.78%	16.43%	13.25%	12.49%
Return After Taxes on Distributions and Sale of Fund Shares	12.33%	13.32%	11.17%	10.55%
StrataQuant^® Health Care Index (reflects no deduction for fees, expenses or taxes)	22.57%	17.20%	14.09%	13.33%
Russell 1000^® Index (reflects no deduction for fees, expenses or taxes)	21.69%	15.71%	8.59%	7.90%
S&P 500^® Health Care Index (reflects no deduction for fees, expenses or taxes)	22.08%	17.62%	11.02%	10.04%
Russell 1000^® Health Care Index (reflects no deduction for fees, expenses or taxes)	22.05%	17.86%	N/A	N/A

Management

Investment Advisor

First Trust Advisors L.P. (“First Trust” or the “Advisor”)

Portfolio Managers

The Fund’s portfolio is managed by a team (the “Investment Committee”) consisting of:

•	Daniel J. Lindquist, Chairman of the Investment Committee and Managing Director of First Trust
•	Jon C. Erickson, Senior Vice President of First Trust
•	David G. McGarel, Chief Investment Officer, Chief Operating Officer and Managing Director of First Trust
•	Roger F. Testin, Senior Vice President of First Trust
•	Stan Ueland, Senior Vice President of First Trust
•	Chris A. Peterson, Senior Vice President of First Trust

Purchase and Sale of Fund Shares

Tax Information

Summary Information

First Trust Industrials/Producer Durables AlphaDEX^® Fund (FXR)

Investment Objective

The First Trust Industrials/Producer Durables 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 StrataQuant^® Industrials Index (the “Index”).

Fees and Expenses of the Fund

Shareholder Fees
(fees paid directly from your investment)

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)

None

Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)

Management Fees	0.50%
Distribution and Service (12b-1) Fees	0.00%
Other Expenses	0.12%
Total Annual Fund Operating Expenses	0.62%
Fee Waiver and Expense Reimbursement⁽¹⁾	0.00%
Net Annual Fund Operating Expenses	0.62%

(1)

Example

1 Year	3 Years	5 Years	10 Years
$63	$199	$346	$774

Portfolio Turnover

First Trust Industrials/Producer Durables AlphaDEX^® Fund (FXR)

Principal Investment Strategies

The Index is in the “StrataQuant^® Series,” a family of custom enhanced indices developed, maintained and sponsored by ICE Data Indices, LLC or its affiliates (“IDI” or an “Index Provider”). The Index is a modified equal-dollar weighted index designed by IDI to objectively identify and select stocks from the Russell 1000^® Index in the industrials and producer durables sectors that may generate positive alpha relative to traditional passive-style indices through the use of the AlphaDEX^® selection methodology. Alpha is an indication of how much an investment outperforms or underperforms on a risk-adjusted basis relative to its benchmark. The Russell 1000^® Index consists of approximately 1,000 of the largest stocks within the Russell 3000^® Index. The Russell 3000^® Index is constructed to represent approximately 98% of the U.S. market.

Security selection for the Index will be conducted in the following manner:

1.	The selection universe for the Index begins with all stocks in the Russell 1000^® Index.
2.	The stocks in the selection universe are ranked on both growth and value factors. Each stock is classified as either a value stock, a growth stock or a combination of growth and value, as determined by the Index Provider. A stock classified as a value stock will receive its value rank as its “selection score” and a stock classified as a growth stock will receive its growth rank as its “selection score.” A stock classified as a combination of growth and value will receive the better of the two scores.
3.	The selection universe is then divided into respective sectors as defined by the Index Provider. The component stocks contained in the industrials and producer durables sectors are ranked according to their selection score from step 2. The bottom 25% in such sector is eliminated.
4.	The top 75% of securities in the industrials and producer durables sectors comprise the “selected stocks.” The selected stocks are then split into quintiles based on their selection score, with higher scoring quintiles receiving a greater weight in the Index.

Principal Risks

First Trust Industrials/Producer Durables AlphaDEX^® Fund (FXR)

INDUSTRIALS COMPANIES RISK. Industrials companies convert unfinished goods into finished durables used to manufacture other goods or provide services. Examples of industrials companies include companies involved in the production of electrical equipment and components, industrial products, manufactured housing and telecommunications equipment, as well as defense and aerospace companies. General risks of industrials companies include the general state of the economy, exchange rates, commodity prices, intense competition, consolidation, domestic and international politics, government regulation, import controls, excess capacity, consumer demand and spending trends. In addition, industrials companies may also be significantly affected by overall capital spending levels, economic cycles, rapid technical changes, delays in modernization, labor relations, environmental liabilities, governmental and product liability and e-commerce initiatives.

First Trust Industrials/Producer Durables AlphaDEX^® Fund (FXR)

Annual Total Return

First Trust Industrials/Producer Durables AlphaDEX^® Fund (FXR)

With respect to the Russell 1000^® Producer Durables Index, on or about September 18, 2008, Russell Investment Group (“Russell”) began calculating its Russell U.S. Indices using an enhanced Russell sector scheme, the Russell Global Sectors (the “RGS”). The RGS and the former U.S. sector scheme ran in tandem until June 30, 2009, when Russell officially transitioned to the RGS and ceased calculating its indices using the U.S. sector scheme. Consequently, performance data is not available for the Russell 1000^® Producer Durables Index for the “Since Inception” period set forth in the table because performance data does not exist using solely the U.S. sector scheme or alternatively, using solely the RGS.

First Trust Industrials/Producer Durables AlphaDEX^® Fund
Calendar Year Total Returns as of 12/31 ⁽¹⁾

(1)	The Fund's calendar year-to-date total return based on net asset value for the period 12/31/17 to 09/30/18 was 4.90%.

During the periods shown in the chart above:

Best Quarter		Worst Quarter
24.70%	September 30, 2009	-28.74%	December 31, 2008

The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

First Trust Industrials/Producer Durables AlphaDEX^® Fund (FXR)

Average Annual Total Returns for the Periods Ended December 31, 2017

	1 Year	5 Years	10 Years	Since Inception	Inception Date
Return Before Taxes	24.13%	16.62%	8.51%	7.69%	5/8/2007
Return After Taxes on Distributions	23.81%	16.28%	8.17%	7.37%
Return After Taxes on Distributions and Sale of Fund Shares	13.64%	13.27%	6.76%	6.09%
StrataQuant^® Industrials Index (reflects no deduction for fees, expenses or taxes)	25.10%	17.46%	9.31%	8.49%
Russell 1000^® Index (reflects no deduction for fees, expenses or taxes)	21.69%	15.71%	8.59%	7.90%
S&P 500^® Industrials Index (reflects no deduction for fees, expenses or taxes)	21.03%	16.72%	8.62%	8.47%
Russell 1000^® Producer Durables Index (reflects no deduction for fees, expenses or taxes)	22.71%	17.38%	N/A	N/A

Management

Investment Advisor

First Trust Advisors L.P. (“First Trust” or the “Advisor”)

Portfolio Managers

The Fund’s portfolio is managed by a team (the “Investment Committee”) consisting of:

•	Daniel J. Lindquist, Chairman of the Investment Committee and Managing Director of First Trust
•	Jon C. Erickson, Senior Vice President of First Trust
•	David G. McGarel, Chief Investment Officer, Chief Operating Officer and Managing Director of First Trust
•	Roger F. Testin, Senior Vice President of First Trust
•	Stan Ueland, Senior Vice President of First Trust
•	Chris A. Peterson, Senior Vice President of First Trust

Purchase and Sale of Fund Shares

Tax Information

Summary Information

First Trust Materials AlphaDEX^® Fund (FXZ)

Investment Objective

The First Trust Materials 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 StrataQuant^® Materials Index (the “Index”).

Fees and Expenses of the Fund

Shareholder Fees
(fees paid directly from your investment)

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)

None

Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)

Management Fees	0.50%
Distribution and Service (12b-1) Fees	0.00%
Other Expenses	0.14%
Total Annual Fund Operating Expenses	0.64%
Fee Waiver and Expense Reimbursement⁽¹⁾	0.00%
Net Annual Fund Operating Expenses	0.64%

(1)

Example

1 Year	3 Years	5 Years	10 Years
$65	$205	$357	$798

Portfolio Turnover

Principal Investment Strategies

First Trust Materials AlphaDEX^® Fund (FXZ)

The Index is in the “StrataQuant^® Series,” a family of custom enhanced indices developed, maintained and sponsored by ICE Data Indices, LLC or its affiliates (“IDI” or an “Index Provider”). The Index is a modified equal-dollar weighted index designed by IDI to objectively identify and select stocks from the Russell 1000^® Index in the materials and processing sector that may generate positive alpha relative to traditional passive-style indices through the use of the AlphaDEX^® selection methodology. Alpha is an indication of how much an investment outperforms or underperforms on a risk-adjusted basis relative to its benchmark. The Russell 1000^® Index consists of approximately 1,000 of the largest stocks within the Russell 3000^® Index. The Russell 3000^® Index is constructed to represent approximately 98% of the U.S. market.

Security selection for the Index will be conducted in the following manner:

1.	The selection universe for the Index begins with all stocks in the Russell 1000^® Index.
2.	The stocks in the selection universe are ranked on both growth and value factors. Each stock is classified as either a value stock, a growth stock or a combination of growth and value, as determined by the Index Provider. A stock classified as a value stock will receive its value rank as its “selection score” and a stock classified as a growth stock will receive its growth rank as its “selection score.” A stock classified as a combination of growth and value will receive the better of the two scores.
3.	The selection universe is then divided into respective sectors as defined by the Index Provider. The component stocks contained in the materials and processing sector are ranked according to their selection score from step 2. The bottom 25% in such sector is eliminated.
4.	The top 75% of securities in the materials and processing sector comprise the “selected stocks.” The selected stocks are then split into quintiles based on their selection score, with higher scoring quintiles receiving a greater weight in the Index.

Principal Risks

First Trust Materials AlphaDEX^® Fund (FXZ)

such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.

MATERIALS AND PROCESSING COMPANIES RISK. Materials and processing companies are involved in the extraction or processing of raw materials such as metals, ore and forestry products. These companies are sensitive to changes in the business cycle and fluctuations in the supply and demand for raw materials. Further, certain materials and processing companies can be affected by shifts in the housing market, as many produced raw materials are components of construction projects. Rising wage costs can also impact companies that rely on skilled labor. In addition, materials and processing companies may be significantly affected by volatility of commodity prices, import controls, worldwide competition, liability for environmental damage, depletion of resources and mandated expenditures for safety and pollution control devices.

First Trust Materials AlphaDEX^® Fund (FXZ)

the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index.

Annual Total Return

With respect to the Russell 1000^® Materials and Processing Index, on or about September 18, 2008, Russell Investment Group (“Russell”) began calculating its Russell U.S. Indices using an enhanced Russell sector scheme, the Russell Global Sectors (the “RGS”). The RGS and the former U.S. sector scheme ran in tandem until June 30, 2009, when Russell officially transitioned to the RGS and ceased calculating its indices using the U.S. sector scheme. Consequently, performance data is not available for the Russell 1000^® Materials and Processing Index for the “Since Inception” period set forth in the table because performance data does not exist using solely the U.S. sector scheme or alternatively, using solely the RGS.

First Trust Materials AlphaDEX^® Fund (FXZ)

First Trust Materials AlphaDEX^® Fund
Calendar Year Total Returns as of 12/31 ⁽¹⁾

(1)	The Fund's calendar year-to-date total return based on net asset value for the period 12/31/17 to 09/30/18 was -4.89%.

During the periods shown in the chart above:

Best Quarter		Worst Quarter
32.74%	June 30, 2009	-28.66%	December 31, 2008

The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

Average Annual Total Returns for the Periods Ended December 31, 2017

	1 Year	5 Years	10 Years	Since Inception	Inception Date
Return Before Taxes	23.68%	12.57%	8.72%	9.12%	5/8/2007
Return After Taxes on Distributions	23.09%	11.96%	8.13%	8.55%
Return After Taxes on Distributions and Sale of Fund Shares	13.37%	9.71%	6.79%	7.18%
StrataQuant^® Materials Index (reflects no deduction for fees, expenses or taxes)	24.60%	13.35%	9.54%	9.94%
Russell 1000^® Index (reflects no deduction for fees, expenses or taxes)	21.69%	15.71%	8.59%	7.90%
S&P 500^® Materials Index (reflects no deduction for fees, expenses or taxes)	23.84%	12.20%	6.17%	6.45%
Russell 1000^® Materials and Processing Index (reflects no deduction for fees, expenses or taxes)	23.87%	12.64%	N/A	N/A

First Trust Materials AlphaDEX^® Fund (FXZ)

Management

Investment Advisor

First Trust Advisors L.P. (“First Trust” or the “Advisor”)

Portfolio Managers

The Fund’s portfolio is managed by a team (the “Investment Committee”) consisting of:

•	Daniel J. Lindquist, Chairman of the Investment Committee and Managing Director of First Trust
•	Jon C. Erickson, Senior Vice President of First Trust
•	David G. McGarel, Chief Investment Officer, Chief Operating Officer and Managing Director of First Trust
•	Roger F. Testin, Senior Vice President of First Trust
•	Stan Ueland, Senior Vice President of First Trust
•	Chris A. Peterson, Senior Vice President of First Trust

Purchase and Sale of Fund Shares

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), First Trust and First Trust Portfolios L.P., the Fund’s distributor, may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.

Summary Information

First Trust Technology AlphaDEX^® Fund (FXL)

Investment Objective

The First Trust Technology 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 StrataQuant^® Technology Index (the “Index”).

Fees and Expenses of the Fund

Shareholder Fees
(fees paid directly from your investment)

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)

None

Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)

Management Fees	0.50%
Distribution and Service (12b-1) Fees	0.00%
Other Expenses	0.13%
Total Annual Fund Operating Expenses	0.63%
Fee Waiver and Expense Reimbursement⁽¹⁾	0.00%
Net Annual Fund Operating Expenses	0.63%

(1)

Example

1 Year	3 Years	5 Years	10 Years
$64	$202	$351	$787

Portfolio Turnover

First Trust Technology AlphaDEX^® Fund (FXL)

Principal Investment Strategies

The Index is in the “StrataQuant^® Series,” a family of custom enhanced indices developed, maintained and sponsored by ICE Data Indices, LLC or its affiliates (“IDI” or an “Index Provider”). The Index is a modified equal-dollar weighted index designed by IDI to objectively identify and select stocks from the Russell 1000^® Index in the technology sector that may generate positive alpha relative to traditional passive-style indices through the use of the AlphaDEX^® selection methodology. Alpha is an indication of how much an investment outperforms or underperforms on a risk-adjusted basis relative to its benchmark. The Russell 1000^® Index consists of approximately 1,000 of the largest stocks within the Russell 3000^® Index. The Russell 3000^® Index is constructed to represent approximately 98% of the U.S. market.

Security selection for the Index will be conducted in the following manner:

1.	The selection universe for the Index begins with all stocks in the Russell 1000^® Index.
2.	The stocks in the selection universe are ranked on both growth and value factors. Each stock is classified as either a value stock, a growth stock or a combination of growth and value, as determined by the Index Provider. A stock classified as a value stock will receive its value rank as its “selection score” and a stock classified as a growth stock will receive its growth rank as its “selection score.” A stock classified as a combination of growth and value will receive the better of the two scores.
3.	The selection universe is then divided into respective sectors as defined by the Index Provider. The component stocks contained in the technology sector are ranked according to their selection score from step 2. The bottom 25% in such sector is eliminated.
4.	The top 75% of securities in the technology sector comprise the “selected stocks.” The selected stocks are then split into quintiles based on their selection score, with higher scoring quintiles receiving a greater weight in the Index.

Principal Risks

First Trust Technology AlphaDEX^® Fund (FXL)

INFORMATION TECHNOLOGY COMPANIES RISK. Information technology companies produce and provide hardware, software and information technology systems and services. These companies may be adversely affected by rapidly changing technologies, short product life cycles, fierce competition, aggressive pricing and reduced profit margins, the loss of patent, copyright and trademark protections, cyclical market patterns, evolving industry standards and frequent new product introductions. In addition, information technology companies are particularly vulnerable to federal, state and local government regulation, and competition and consolidation, both domestically and internationally, including competition from foreign competitors with lower production costs. Information technology companies also heavily rely on intellectual property rights and may be adversely affected by the loss or impairment of those rights.

First Trust Technology AlphaDEX^® Fund (FXL)

Annual Total Return

First Trust Technology AlphaDEX^® Fund (FXL)

With respect to the Russell 1000^® Technology Index , on or about September 18, 2008, Russell Investment Group (“Russell”) began calculating its Russell U.S. Indices using an enhanced Russell sector scheme, the Russell Global Sectors (the “RGS”). The RGS and the former U.S. sector scheme ran in tandem until June 30, 2009, when Russell officially transitioned to the RGS and ceased calculating its indices using the U.S. sector scheme. Consequently, performance data is not available for the Russell 1000^® Technology Index for the “Since Inception” period set forth in the table because performance data does not exist using solely the U.S. sector scheme or alternatively, using solely the RGS.

First Trust Technology AlphaDEX^® Fund
Calendar Year Total Returns as of 12/31 ⁽¹⁾

(1)	The Fund's calendar year-to-date total return based on net asset value for the period 12/31/17 to 09/30/18 was 24.01%,

During the periods shown in the chart above:

Best Quarter		Worst Quarter
22.85%	June 30, 2009	-28.69%	December 31, 2008

The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

First Trust Technology AlphaDEX^® Fund (FXL)

Average Annual Total Returns for the Periods Ended December 31, 2017

	1 Year	5 Years	10 Years	Since Inception	Inception Date
Return Before Taxes	35.80%	19.43%	9.87%	9.59%	5/8/2007
Return After Taxes on Distributions	35.62%	19.13%	9.72%	9.44%
Return After Taxes on Distributions and Sale of Fund Shares	20.25%	15.69%	8.06%	7.86%
StrataQuant^® Technology Index (reflects no deduction for fees, expenses or taxes)	36.71%	20.17%	10.71%	10.41%
Russell 1000^® Index (reflects no deduction for fees, expenses or taxes)	21.69%	15.71%	8.59%	7.90%
S&P 500^® Information Technology Index (reflects no deduction for fees, expenses or taxes)	38.83%	20.90%	11.90%	11.99%
Russell 1000^® Technology Index (reflects no deduction for fees, expenses or taxes)	38.40%	20.38%	N/A	N/A

Management

Investment Advisor

First Trust Advisors L.P. (“First Trust” or the “Advisor”)

Portfolio Managers

The Fund’s portfolio is managed by a team (the “Investment Committee”) consisting of:

•	Daniel J. Lindquist, Chairman of the Investment Committee and Managing Director of First Trust
•	Jon C. Erickson, Senior Vice President of First Trust
•	David G. McGarel, Chief Investment Officer, Chief Operating Officer and Managing Director of First Trust
•	Roger F. Testin, Senior Vice President of First Trust
•	Stan Ueland, Senior Vice President of First Trust
•	Chris A. Peterson, Senior Vice President of First Trust

Purchase and Sale of Fund Shares

Tax Information

Summary Information

First Trust Utilities AlphaDEX^® Fund (FXU)

Investment Objective

The First Trust Utilities 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 StrataQuant^® Utilities Index (the “Index”).

Fees and Expenses of the Fund

Shareholder Fees
(fees paid directly from your investment)

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)

None

Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)

Management Fees	0.50%
Distribution and Service (12b-1) Fees	0.00%
Other Expenses	0.13%
Total Annual Fund Operating Expenses	0.63%
Fee Waiver and Expense Reimbursement⁽¹⁾	0.00%
Net Annual Fund Operating Expenses	0.63%

(1)

Example

1 Year	3 Years	5 Years	10 Years
$64	$202	$351	$787

Portfolio Turnover

Principal Investment Strategies

First Trust Utilities AlphaDEX^® Fund (FXU)

The Index is in the “StrataQuant^® Series,” a family of custom enhanced indices developed, maintained and sponsored by ICE Data Indices, LLC or its affiliates (“IDI” or an “Index Provider”). The Index is a modified equal-dollar weighted index designed by IDI to objectively identify and select stocks from the Russell 1000^® Index in the utilities sector that may generate positive alpha relative to traditional passive-style indices through the use of the AlphaDEX^® selection methodology. Alpha is an indication of how much an investment outperforms or underperforms on a risk-adjusted basis relative to its benchmark. The Russell 1000^® Index consists of approximately 1,000 of the largest stocks within the Russell 3000^® Index. The Russell 3000^® Index is constructed to represent approximately 98% of the U.S. market.

Security selection for the Index will be conducted in the following manner:

1.	The selection universe for the Index begins with all stocks in the Russell 1000^® Index.
2.	The stocks in the selection universe are ranked on both growth and value factors. Each stock is classified as either a value stock, a growth stock or a combination of growth and value, as determined by the Index Provider. A stock classified as a value stock will receive its value rank as its “selection score” and a stock classified as a growth stock will receive its growth rank as its “selection score.” A stock classified as a combination of growth and value will receive the better of the two scores.
3.	The selection universe is then divided into respective sectors as defined by the Index Provider. The component stocks contained in the utilities sector are ranked according to their selection score from step 2. The bottom 25% in such sector is eliminated.
4.	The top 75% of securities in the utilities sector comprise the “selected stocks.” The selected stocks are then split into quintiles based on their selection score, with higher scoring quintiles receiving a greater weight in the Index.

Principal Risks

First Trust Utilities AlphaDEX^® Fund (FXU)

such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.

First Trust Utilities AlphaDEX^® Fund (FXU)

TELECOMMUNICATIONS COMPANIES RISK. Telecommunications companies include mobile phone companies, internet service providers, cable and satellite companies and companies that create and maintain fixed-line communication networks. These companies are subject to the risk of increased competition and regulation by various regulatory authorities, the need to commit substantial capital and technological obsolescence. The costs of complying with governmental regulations, delays or failure to receive required regulatory approvals, or the enactment of new regulatory requirements may negatively affect the business of telecommunications companies. Government actions around the world, specifically in the area of pre-marketing clearance of products and prices, can be arbitrary and unpredictable. Telecommunications companies may encounter distressed cash flows due to the need to commit substantial capital to meet increasing competition, particularly in developing new products and services using new technology. Technological innovations may make the products and services of certain telecommunications companies obsolete.

UTILITIES COMPANIES RISK. Utilities companies include companies producing or providing gas, electricity or water. These companies are subject to the risk of the imposition of rate caps, increased competition due to deregulation, the difficulty in obtaining an adequate return on invested capital or in financing large construction projects, the limitations on operations and increased costs and delays attributable to environmental considerations and the capital market’s ability to absorb utility debt. In addition, taxes, government regulation, international politics, price and supply fluctuations, volatile interest rates and energy conservation may negatively affect utilities companies.

Annual Total Return

First Trust Utilities AlphaDEX^® Fund (FXU)

With respect to the Russell 1000^® Utilities Index, on or about September 18, 2008, Russell Investment Group (“Russell”) began calculating its Russell U.S. Indices using an enhanced Russell sector scheme, the Russell Global Sectors (the “RGS”). The RGS and the former U.S. sector scheme ran in tandem until June 30, 2009, when Russell officially transitioned to the RGS and ceased calculating its indices using the U.S. sector scheme. Consequently, performance data is not available for the Russell 1000^® Utilities Index for the “Since Inception” period set forth in the table because performance data does not exist using solely the U.S. sector scheme or alternatively, using solely the RGS.

First Trust Utilities AlphaDEX^® Fund
Calendar Year Total Returns as of 12/31 ⁽¹⁾

(1)	The Fund's calendar year-to-date total return based on net asset value for the period 12/31/17 to 09/30/18 was 7.70%.

During the periods shown in the chart above:

Best Quarter		Worst Quarter
16.49%	March 31, 2016	-14.04%	March 31, 2008

The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

First Trust Utilities AlphaDEX^® Fund (FXU)

Average Annual Total Returns for the Periods Ended December 31, 2017

	1 Year	5 Years	10 Years	Since Inception	Inception Date
Return Before Taxes	0.94%	11.28%	6.73%	5.81%	5/8/2007
Return After Taxes on Distributions	-0.67%	9.69%	5.48%	4.51%
Return After Taxes on Distributions and Sale of Fund Shares	0.54%	8.14%	4.74%	3.95%
StrataQuant^® Utilities Index (reflects no deduction for fees, expenses or taxes)	1.54%	12.19%	7.62%	6.69%
Russell 1000^® Index (reflects no deduction for fees, expenses or taxes)	21.69%	15.71%	8.59%	7.90%
S&P 500^® Utilities Index (reflects no deduction for fees, expenses or taxes)	12.11%	12.62%	6.31%	6.20%
Russell 1000^® Utilities Index (reflects no deduction for fees, expenses or taxes)	6.17%	10.91%	N/A	N/A

Management

Investment Advisor

First Trust Advisors L.P. (“First Trust” or the “Advisor”)

Portfolio Managers

The Fund’s portfolio is managed by a team (the “Investment Committee”) consisting of:

•	Daniel J. Lindquist, Chairman of the Investment Committee and Managing Director of First Trust
•	Jon C. Erickson, Senior Vice President of First Trust
•	David G. McGarel, Chief Investment Officer, Chief Operating Officer and Managing Director of First Trust
•	Roger F. Testin, Senior Vice President of First Trust
•	Stan Ueland, Senior Vice President of First Trust
•	Chris A. Peterson, Senior Vice President of First Trust

Purchase and Sale of Fund Shares

Tax Information

Summary Information

First Trust Large Cap Core AlphaDEX^® Fund (FEX)

Investment Objective

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 Core Index (the “Index”).

Fees and Expenses of the Fund

Shareholder Fees
(fees paid directly from your investment)

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)

None

Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)

Management Fees	0.50%
Distribution and Service (12b-1) Fees	0.00%
Other Expenses	0.11%
Total Annual Fund Operating Expenses	0.61%
Fee Waiver and Expense Reimbursement⁽¹⁾	0.00%
Net Annual Fund Operating Expenses	0.61%

(1)

Example

1 Year	3 Years	5 Years	10 Years
$62	$195	$340	$762

Portfolio Turnover

First Trust Large Cap Core AlphaDEX^® Fund (FEX)

Principal Investment Strategies

The Index is designed to select stocks from the NASDAQ US 500 Large Cap Index (the "Base Index") that may generate positive alpha, or risk-adjusted returns, relative to traditional indices through the use of the AlphaDEX^® selection methodology. Alpha is an indication of how much an investment outperforms or underperforms on a risk-adjusted basis relative to its benchmark. The Index attempts to generate positive alpha by identifying stocks based on three factors: value, momentum and size. The Base Index is a comprehensive, rules-based index designed to measure stock market performance of large cap US companies, as determined by the Index Provider. The Fund will be concentrated in an industry or a group of industries to the extent that the Index is so concentrated.

Security selection for the Index will be conducted in the following manner:

1.	The selection universe for the Index begins with all stocks in the Base Index.
2.	The Index Provider then removes any stocks which do not trade on an eligible exchange; duplicate (multiple share classes) stocks; and stocks which do not meet the Index Provider’s liquidity screens.
3.	The remaining stocks in the universe are then ranked on both growth and value factors. Each stock is classified as either a value stock or a growth stock, as determined by the Index Provider. A stock classified as a value stock will receive its value rank as its “selection score” and a stock classified as a growth stock will receive its growth rank as its “selection score.”
4.	The top 375 stocks based on the selection score determined in step 3 comprise the “selected stocks.” The selected stocks are then split into quintiles based on their selection score, with higher scoring quintiles receiving a greater weight in the Index.

The Index is reconstituted and rebalanced quarterly and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Index’s quarterly rebalance and reconstitution schedule may cause the Fund to experience a higher rate of portfolio turnover. The securities of companies represented in the Index generally have market capitalizations that are consistent with the name of the Index. To determine the market capitalization range of such securities, the Fund uses the current range of the Index. However, the Fund will not sell a security because the security has exceeded or fallen below the current market capitalization range of the Index. As of September 30, 2018, the Index was composed of 374 securities with a market capitalization range of $6.0 billion to $1,087 billion.

Principal Risks

First Trust Large Cap Core AlphaDEX^® Fund (FEX)

involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. In addition, cyber security breaches of the securities issuers or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, or issuers in which the Fund invests, can also subject the Fund to many of the same risks associated with direct cyber security breaches. Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.

MARKET CAPITALIZATION RISK. There can be no assurance that the securities held by the Fund will stay within the Fund’s intended market capitalization range. As a result, the Fund may be exposed to additional risk or investors may not be given the opportunity to invest fully in a certain market capitalization range.

First Trust Large Cap Core AlphaDEX^® Fund (FEX)

Annual Total Return

The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value compared to those of the Index, a broad-based market index and a specialized securities market index. See “Total Return Information” for additional performance information regarding the Fund. The Fund’s performance information is accessible on the Fund’s website at www.ftportfolios.com.

On April 8, 2016, the Fund’s underlying index changed from the Defined Large Cap Core Index to the Nasdaq AlphaDEX^® Large Cap Core Index. Therefore, the Fund’s performance and total returns shown below are not necessarily indicative of the performance that the Fund, based on its current Index, would have generated. Returns for an underlying index are only disclosed for those periods in which the index was in existence for the whole period. Because the Fund’s new underlying index had an inception date of January 11, 2016, it was not in existence for any of the periods disclosed. The new Index is substantially similar to the Defined Large Cap Core Index.

First Trust Large Cap Core AlphaDEX^® Fund (FEX)

distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for the market indices do not include expenses, which are deducted from Fund returns, or taxes.

First Trust Large Cap Core AlphaDEX^® Fund
Calendar Year Total Returns as of 12/31 ⁽¹⁾

(1)	The Fund's calendar year-to-date total return based on net asset value for the period 12/31/17 to 09/30/18 was 7.49%.

During the periods shown in the chart above:

Best Quarter		Worst Quarter
21.20%	June 30, 2009	-23.68%	December 31, 2008

The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

Average Annual Total Returns for the Periods Ended December 31, 2017

	1 Year	5 Years	10 Years	Since Inception	Inception Date
Return Before Taxes	21.52%	15.25%	8.92%	7.77%	5/8/2007
Return After Taxes on Distributions	20.92%	14.62%	8.40%	7.26%
Return After Taxes on Distributions and Sale of Fund Shares	12.16%	11.95%	7.00%	6.04%
Nasdaq AlphaDEX^® Large Cap Core Index⁽¹⁾ (reflects no deduction for fees, expenses or taxes)	22.34%	N/A	N/A	N/A
Nasdaq US 500 Large Cap Core Index⁽¹⁾ (reflects no deduction for fees, expenses or taxes)	21.99%	N/A	N/A	N/A
S&P 500^® Index (reflects no deduction for fees, expenses or taxes)	21.83%	15.79%	8.50%	7.82%

(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.

Management

Investment Advisor

First Trust Advisors L.P. (“First Trust” or the “Advisor”)

First Trust Large Cap Core AlphaDEX^® Fund (FEX)

Portfolio Managers

The Fund’s portfolio is managed by a team (the “Investment Committee”) consisting of:

•	Daniel J. Lindquist, Chairman of the Investment Committee and Managing Director of First Trust
•	Jon C. Erickson, Senior Vice President of First Trust
•	David G. McGarel, Chief Investment Officer, Chief Operating Officer and Managing Director of First Trust
•	Roger F. Testin, Senior Vice President of First Trust
•	Stan Ueland, Senior Vice President of First Trust
•	Chris A. Peterson, Senior Vice President of First Trust

Purchase and Sale of Fund Shares

The Fund issues and redeems shares on a continuous basis, at net asset value, only in Creation Units consisting of 50,000 shares. The Fund’s Creation Units are generally issued and redeemed in-kind for securities in which the Fund invests and, in certain circumstances, for cash and only to and from broker-dealers and large institutional investors that have entered into participation agreements. Individual shares of the Fund may only be purchased and sold on Nasdaq and other eligible securities exchanges through a broker-dealer. Shares of the Fund trade on Nasdaq at market prices rather than net asset value, which may cause the shares to trade at a price greater than net asset value (premium) or less than net asset value (discount).

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Summary Information

First Trust Large Cap Growth AlphaDEX^® Fund (FTC)

Investment Objective

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 Growth Index (the “Index”).

Fees and Expenses of the Fund

Shareholder Fees
(fees paid directly from your investment)

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)

None

Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)

Management Fees	0.50%
Distribution and Service (12b-1) Fees	0.00%
Other Expenses	0.11%
Total Annual Fund Operating Expenses	0.61%
Fee Waiver and Expense Reimbursement⁽¹⁾	0.00%
Net Annual Fund Operating Expenses	0.61%

(1)

Example

1 Year	3 Years	5 Years	10 Years
$62	$195	$340	$762

Portfolio Turnover

First Trust Large Cap Growth AlphaDEX^® Fund (FTC)

Principal Investment Strategies

The Index is designed to select growth stocks from the NASDAQ US 500 Large Cap Index (the "Base Index") that may generate positive alpha, or risk-adjusted returns, relative to traditional indices through the use of the AlphaDEX^® selection methodology. Alpha is an indication of how much an investment outperforms or underperforms on a risk-adjusted basis relative to its benchmark. The Index attempts to generate positive alpha by identifying stocks based on three factors: value, momentum and size. The Base Index is a comprehensive, rules-based index designed to measure stock market performance of large cap US companies, as determined by the Index Provider. The Fund will be concentrated in an industry or a group of industries to the extent that the Index is so concentrated.

Security selection for the Index will be conducted in the following manner:

1.	The selection universe for the Index begins with all stocks in the Base Index.
2.	The Index Provider then removes any stocks which do not trade on an eligible exchange; duplicate (multiple share classes) stocks; and stocks which do not meet the Index Provider’s liquidity screens.
3.	The remaining stocks in the universe are then ranked on both growth and value factors. Each stock is classified as either a value stock or a growth stock, as determined by the Index Provider. A stock classified as a value stock will receive its value rank as its “selection score” and a stock classified as a growth stock will receive its growth rank as its “selection score.” Only those stocks designated as growth stocks are eligible for the portfolio.
4.	The top 187 stocks based on the selection score determined in step 3 comprise the “selected stocks.” The selected stocks are then split into quintiles based on their selection score, with higher scoring quintiles receiving a greater weight in the Index.

The Index is reconstituted and rebalanced quarterly and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Index’s quarterly rebalance and reconstitution schedule may cause the Fund to experience a higher rate of portfolio turnover. The securities of companies represented in the Index generally have market capitalizations that are consistent with the name of the Index. To determine the market capitalization range of such securities, the Fund uses the current range of the Index. However, the Fund will not sell a security because the security has exceeded or fallen below the current market capitalization range of the Index. As of September 30, 2018, the Index was composed of 187 securities with a market capitalization range of $6.4 billion to $1,087 billion. As of July 31, 2018, the Fund had significant investments in information technology companies.

Principal Risks

First Trust Large Cap Growth AlphaDEX^® Fund (FTC)

damage, additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. In addition, cyber security breaches of the securities issuers or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, or issuers in which the Fund invests, can also subject the Fund to many of the same risks associated with direct cyber security breaches. Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.

Summary Information
AlphaDEX^® Sector Funds
First Trust Consumer Discretionary AlphaDEX^® Fund (FXD)	3
First Trust Consumer Staples AlphaDEX^® Fund (FXG)	10
First Trust Energy AlphaDEX^® Fund (FXN)	17
First Trust Financials AlphaDEX^® Fund (FXO)	24
First Trust Health Care AlphaDEX^® Fund (FXH)	31
First Trust Industrials/Producer Durables AlphaDEX^® Fund (FXR)	38
First Trust Materials AlphaDEX^® Fund (FXZ)	45
First Trust Technology AlphaDEX^® Fund (FXL)	51
First Trust Utilities AlphaDEX^® Fund (FXU)	58
AlphaDEX^® Style Funds
First Trust Large Cap Core AlphaDEX^® Fund (FEX)	65
First Trust Large Cap Growth AlphaDEX^® Fund (FTC)	71
First Trust Large Cap Value AlphaDEX^® Fund (FTA)	78
First Trust Mega Cap AlphaDEX^® Fund (FMK)	85
First Trust Mid Cap Core AlphaDEX^® Fund (FNX)	91
First Trust Mid Cap Growth AlphaDEX^® Fund (FNY)	97
First Trust Mid Cap Value AlphaDEX^® Fund (FNK)	103
First Trust Multi Cap Growth AlphaDEX^® Fund (FAD)	109
First Trust Multi Cap Value AlphaDEX^® Fund (FAB)	116
First Trust Small Cap Core AlphaDEX^® Fund (FYX)	123
First Trust Small Cap Growth AlphaDEX^® Fund (FYC)	130
First Trust Small Cap Value AlphaDEX^® Fund (FYT)	136
Additional Information on the Funds' Investment Objectives and Strategies	142
Fund Investments	145
Additional Risks of Investing in the Funds	146
Fund Organization	153
Management of the Funds	153
How to Buy and Sell Shares	155
Dividends, Distributions and Taxes	157
Federal Tax Matters	157
Distribution Plan	159
Net Asset Value	159
Fund Service Providers	160
Index Providers	160
Disclaimers	160
Premium/Discount Information	161
Total Return Information	168
Financial Highlights	177
Other Information	198