First Trust Japan AlphaDEX® Fund (FJP)

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	Fact Sheet
	Summary Prospectus
	Monthly Performance Report

Fund Summary

Investment Objective/Strategy - The First Trust Japan AlphaDEX® Fund is an exchange-traded fund. The investment objective of the Fund is to seek investment results that correspond generally to the price and yield, before the Fund's fees and expenses, of an equity index called the Defined Japan Index.

There can be no assurance that the Fund's investment objectives will be achieved.

The Defined Japan Index is an “enhanced” index created and administered by Standard & Poor’s which employs the AlphaDEX® stock selection methodology to select stocks from the S&P Japan BMI universe that meet certain criteria.
Standard & Poor’s constructs the Defined Japan Index by ranking the eligible stocks from the S&P Japan BMI universe on growth factors including 3-, 6- and 12- month price appreciation, sales to price and one year sales growth, and separately on value factors including book value to price, cash flow to price and return on assets. All stocks are ranked on the sum of ranks for the growth factors and, separately, all stocks are ranked on the sum of ranks for the value factors. A stock must have data for all growth and/or value factors to receive a rank for that style.
Each stock receives the best style rank from the previous step as its selection score.
The top 100 stocks based on the selection score determined in the previous step comprise the “selected stocks”. The selected stocks are divided into quintiles based on their rankings and the top ranked quintiles receive a higher weight within the index. The stocks are equally-weighted within each quintile.
Each stock is then tested in order of its selection score rank to check if the weight assigned to that stock is outside the sector weighting constraints, which are set at 15% above the benchmark weight.
- If the weight assigned to the stock, when added with the weight assigned to all higher ranking stocks in its sector, is greater than the constraint, then the stock’s weight is lowered to the highest rank in the next quintile. Stocks previously lower in rank then move up one rank. Such stocks in the lowest quintile that violate a constraint are removed from the portfolio and replaced by the highest scoring stock not originally selected, subject to sector constraints. This process continues until all the sector weightings meet the constraint.
The index is reconstituted and rebalanced semi-annually.

Fund Overview

Ticker	FJP
Fund Type	International Equity
Investment Advisor	First Trust Advisors L.P.
Investor Servicing Agent	Brown Brothers Harriman
CUSIP	33737J158
Intraday NAV	FJPIV
Fiscal Year-End	12/31
Exchange	NYSE Arca
Inception	4/18/2011
Inception Price	$39.90
Inception NAV	$39.90
Expense Ratio	0.80%
Rebalance Frequency	Semi-Annual

Current Fund Data (as of 5/16/2013)

Closing NAV¹	$44.99
Closing Share Price²	$45.34
Bid/Ask Midpoint	$44.94
Bid/Ask Discount	0.11%
Total Net Assets	$20,244,418
Outstanding Shares	450,002
Daily Volume	5,792
Average 30-Day Daily Volume	5,900
Closing Share Price 52-Week High/Low	$45.34 / $34.01
Closing NAV 52-Week High/Low	$44.99 / $34.14
Number of Holdings	100

Fund Characteristics (as of 4/30/2013)⁷

Median Market Cap.	$6,385
Maximum Market Cap.	$197,430
Minimum Market Cap.	$2,016
Price/Earnings	14.59
Price/Book	1.16
Price/Cash Flow	6.24
Price/Sales	0.47

Top 10 Holdings (as of 5/17/2013)

Holding	Percent
The Tokyo Electric Power Company Incorporated	3.30%
Fuji Heavy Industries Ltd.	2.36%
Hino Motors, Ltd.	2.36%
Tokyu Land Corporation	2.06%
Nomura Holdings, Inc.	2.04%
Fuji Media Holdings, Inc.	1.84%
Toyoda Gosei Co., Ltd.	1.74%
Toyota Motor Corporation	1.73%
The Yokohama Rubber Company, Ltd.	1.72%
Daiwa House Industry Co., Ltd.	1.70%

Bid/Ask Midpoint and NAV History (Since Inception)

Past performance is not indicative of future results.

Volume (Since Inception)

Distribution Information

Dividend per Share Amt³	$0.0182
30-Day SEC Yield (as of 4/30/2013)⁴	0.81%
12-Month Distribution Rate (as of 4/30/2013)⁵	1.39%
Index Yield (as of 4/30/2013)⁶	1.63%

Bid/Ask Midpoint vs. NAV (as of 3/31/2013)

Number of Days Bid/Ask Midpoint Above NAV

Quarter Ended	0-49 Basis Points	50-99 Basis Points	100-199 Basis Points	>=200 Basis Points
3/31/2013	14	18	15	4
12/31/2012	29	13	3	1
9/30/2012	29	5	1	0
6/30/2012	23	5	0	0

Number of Days Bid/Ask Midpoint Below NAV

Quarter Ended	0-49 Basis Points	50-99 Basis Points	100-199 Basis Points	>=200 Basis Points
3/31/2013	8	1	0	0
12/31/2012	13	3	0	0
9/30/2012	25	3	0	0
6/30/2012	26	8	1	0

The price used to calculate market return is determined by using the midpoint between the highest bid and the lowest offer on the stock exchange, on which shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated.

Sector Breakdown (as of 5/17/2013)

Consumer Discretionary	28.24%
Consumer Staples	0.28%
Energy	2.27%
Financials	18.80%
Health Care	0.67%
Industrials	27.10%
Information Technology	5.82%
Materials	6.75%
Telecommunication Services	4.12%
Utilities	5.95%

Month End Performance (as of 4/30/2013)

	3 Mos	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁸
Fund Performance *
NAV	19.83%	21.89%	13.75%	N/A	N/A	N/A	5.20%
After Tax Held	19.78%	21.84%	11.88%	N/A	N/A	N/A	4.03%
After Tax Sold	11.19%	12.36%	6.72%	N/A	N/A	N/A	3.08%
Market Price	19.66%	21.74%	15.11%	N/A	N/A	N/A	5.44%

Index Performance **
Defined Japan Index	19.93%	23.09%	14.82%	N/A	N/A	N/A	5.26%
MSCI Japan Index	17.12%	21.42%	21.95%	N/A	N/A	N/A	10.22%
S&P Japan BMI Index	17.10%	21.40%	21.55%	N/A	N/A	N/A	10.57%

Quarter End Performance (as of 3/28/2013)

	3 Mos	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁸
Fund Performance *
NAV	10.87%	10.87%	1.47%	N/A	N/A	N/A	0.43%
After Tax Held	10.82%	10.82%	-0.20%	N/A	N/A	N/A	-0.73%
After Tax Sold	6.12%	6.12%	-0.11%	N/A	N/A	N/A	-0.56%
Market Price	10.78%	10.78%	0.99%	N/A	N/A	N/A	0.69%

Index Performance **
Defined Japan Index	11.22%	11.22%	1.12%	N/A	N/A	N/A	0.14%
MSCI Japan Index	11.72%	11.72%	8.63%	N/A	N/A	N/A	6.05%
S&P Japan BMI Index	12.29%	12.29%	9.19%	N/A	N/A	N/A	6.68%

*Performance data quoted represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate and shares when sold or redeemed, may be worth more or less than their original cost. You can obtain performance information which is current through the most recent month-end by visiting ftportfolios.com.

After Tax Held returns represent return after taxes on distributions. Assumes shares have not been sold. After Tax Sold returns represent the return after taxes on distributions and the sale of fund shares. Returns do not represent the returns you would receive if you traded shares at other times. Market Price returns are based on the midpoint of the bid/ask spread. Returns are average annualized total returns, except those for periods of less than one year, which are cumulative. The fund's performance reflects fee waivers and expense reimbursements, absent which performance would have been lower.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

**Past performance is not a guarantee of future results. Performance information for the Defined Japan Index is for illustrative purposes only and does not represent actual fund performance. No representation is being made that any investment will achieve performance similar to that shown. The Index does not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the performance shown. Indexes are unmanaged and an investor cannot invest directly in an index. All index returns assume that dividends are reinvested when they are received.

The expense ratio for this fund is 0.80%.

The MSCI Japan Index is a free-float adjusted market capitalization weighted index that is designed to track the equity market performance of Japanese securities listed on Tokyo Stock Exchange, Osaka Stock Exchange, JASDAQ and Nagoya Stock Exchange.

The S&P Japan BMI Index is a comprehensive, rules-based index measuring performance of the Japanese equity market.

Footnotes

¹	The NAV represents the fund's net assets (assets less liabilities) divided by the fund's shares outstanding.
²	Fund shares are purchased and sold on an exchange at their share price rather than net asset value (NAV), which may cause the shares to trade at a price greater than NAV (premium) or less than NAV (discount).
³	Most recent distribution paid or declared through today's date. Subject to change in the future.
⁴	30-day SEC yield is calculated by dividing the net investment income per share earned during the most recent 30-day period by the maximum offering price per share on the last day of the period.
⁵	12-Month Distribution Rate is calculated by dividing the sum of the fund's trailing 12-month ordinary distributions paid or declared by the NAV price. Distribution Rates May Vary.
⁶	Index yield represents the weighted average trailing 12-month dividend of the constituents of the Defined Japan Index
⁷	All market capitalization numbers are in USD$ Millions.
⁸	Inception Date is 4/18/2011

You should consider the fund's investment objectives, risks, and charges and expenses carefully before investing. You can download a prospectus or summary prospectus, or contact First Trust Portfolios L.P. at 1-800-621-1675 to request a prospectus or summary prospectus which contains this and other information about the fund. The prospectus or summary prospectus should be read carefully before investing.

ETF Characteristics

The fund lists and principally trades its shares on the NYSE Arca, Inc.

The fund's return may not match the return of the Defined Japan Index. The fund may not be fully invested at times. Securities held by the fund will generally not be bought or sold in response to market fluctuations.

Investors buying or selling fund shares on the secondary market may incur customary brokerage commissions. Market prices may differ to some degree from the net asset value of the shares. Investors who sell fund shares may receive less than the share's net asset value. Shares may be sold throughout the day on the exchange through any brokerage account. However, unlike mutual funds, shares may only be redeemed directly from the fund by authorized participants, in very large creation/redemption units.

Risk Considerations

The fund's shares will change in value, and you could lose money by investing in the fund. One of the principal risks of investing in the fund is market risk. Market risk is the risk that a particular stock owned by the fund, fund shares or stocks in general may fall in value.

The fund may invest in securities issued by companies concentrated in a particular industry. The fund may invest in small capitalization and mid capitalization companies. Such companies may experience greater price volatility than larger, more established companies.

An investment in a fund containing equity securities of foreign issuers is subject to additional risks, including currency fluctuations, political risks, withholding, the lack of adequate financial information, and exchange control restrictions impacting foreign issuers.

The fund invests in common stock of companies that are domiciled in Japan. The global economic crisis has negatively affected equity returns in Japan, and may continue to do so. Because Japan's economy and equity market share a strong correlation with the U.S. markets, the Japanese economy may be affected by economic problems in the U.S. Japan also has a growing economic relationship with China and other Southeast Asian countries, and thus Japan's economy may also be affected by economic, political or social instability in those countries. Despite a strengthening in the economic relationship between Japan and China, the countries' political relationship has at times been strained in recent years. Should political tension increase, it could adversely affect the economy and destabilize the region as a whole. Japan also remains heavily dependent on oil imports, and higher commodity prices could therefore have a negative impact on the economy. Because all of the securities in the portfolio are issued by companies headquartered in Japan, the portfolio may present more risks than a portfolio which is broadly diversified over several regions. Japan is currently experiencing nuclear safety concerns, widespread power shortages and extensive destruction to its infrastructure as a result of the recent earthquake and tsunami. The extent to which these and other factors will delay reconstruction efforts in Japan and negatively impact the business environment in the country is unknown, but may be significant.

The fund is classified as "non-diversified." A non-diversified fund generally may invest a larger percentage of its assets in the securities of a smaller number of issuers. As a result, the fund may be more susceptible to the risks associated with these particular companies, or to a single economic, political or regulatory occurrence affecting these companies.

The Defined Japan Index is the exclusive property of Standard and Poor's, a division of the McGraw-Hill Companies, Inc. ("S&P"). First Trust Portfolios L.P. has contracted with S&P to create, calculate and maintain the Index. STANDARD & POOR'S and S&P are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by First Trust Portfolios L.P. The fund is not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's does not make any representation regarding the advisability of investing in the fund.

"AlphaDEX^®" is a registered trademark of First Trust Portfolios L.P.

First Trust Portfolios L.P. has obtained a patent for the AlphaDEX^® stock selection methodology from the United States Patent and Trademark Office.

Not FDIC Insured • Not Bank Guaranteed • May Lose Value