What is AlphaDEX

The First Trust AlphaDEX funds are designed to track the performance of a group of custom "enhanced" indexes created and administered by either Standard & Poor's or the AMEX which employ the proprietary, rules-based AlphaDEX fundamental stock selection methodology. The AlphaDEX family of funds consists of a diverse range of core, style, multi cap and sector funds. The goal of an enhanced index is to identify those stocks from within a traditional broad-based index which exhibit the fundamental characteristics that enable them to provide the greatest potential for capital appreciation. The indexes which provide the basis for the AlphaDEX funds start with a broad-based index and are enhanced through the use of the methodology shown in the adjacent chart.

You should consider a fund's investment objectives, risks, and charges and expenses carefully before investing. Contact your financial advisor or call First Trust Portfolios L.P. at 1-800-621-1675 to request a prospectus, which contains this and other information about a fund. Read it carefully before you invest.

Risk considerations
A fund's shares will change in value, and you could lose money by investing in a fund. An investment in a fund involves risks similar to those of investing in any fund of equity securities traded on exchanges. One of the principal risks of investing in a fund is market risk. Market risk is the risk that a particular stock owned by a fund, fund shares or stocks in general may fall in value.

You should anticipate that the value of the shares will decline, more or less, in correlation with any decline in the value of the index. A fund's return may not match the return of the index. A fund may not be fully invested at times. Securities held by a fund will generally not be bought or sold in response to market fluctuations and the securities may be issued by companies concentrated in a particular industry. A fund may invest in small capitalization and mid capitalization companies. Such companies may experience greater price volatility than larger, more established companies.

Investors buying or selling fund shares on the secondary market may incur brokerage commissions. Investors who sell fund shares may receive less than the share's net asset value. Unlike shares of open-end mutual funds, investors are generally not able to purchase ETF shares directly from the fund and individual ETF shares are not redeemable. However, specified large blocks of shares called "creation units" can be purchased from, or redeemed to, the fund.