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First Trust Mid Cap Value AlphaDEX® Fund (FNK)
Investment Objective/Strategy - The First Trust Mid Cap Value 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 Mid Cap Value Index.
There can be no assurance that the Fund's investment objectives will be achieved.
  • The Defined Mid Cap Value 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 MidCap 400 Value Index.
  • Standard & Poor’s constructs the Defined Mid Cap Value Index by ranking the stocks from the S&P MidCap 400 Value Index against all the stocks in the S&P 400 Index 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.
  • Stocks which are classified solely as value, based on S&P style designations, receive their score from the above value factors.
  • Stocks which S&P allocates between both growth and value receive their best score between the above growth and value factors. Only those that receive a higher value score are eligible for inclusion in the Defined Mid Cap Value Index.
  • The remaining stocks are then ranked according to their score. The bottom 25% is eliminated and the top 75% is selected for the Defined Mid Cap Value Index.
  • 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.
  • The index is reconstituted and rebalanced quarterly.
Fund Overview
Fund TypeMid Cap Value
Investment AdvisorFirst Trust Advisors L.P.
Investor Servicing AgentBank of New York Mellon
Fiscal Year-End07/31
ExchangeNYSE Arca
Inception Price$20.06
Inception NAV$20.06
Rebalance FrequencyQuarterly
Expense Ratio0.73%
Current Fund Data (as of 3/26/2015)
Closing NAV1$30.81
Closing Share Price2$30.84
Bid/Ask Midpoint$30.85
Bid/Ask Premium0.11%
Total Net Assets$75,488,265
Outstanding Shares2,450,002
Daily Volume6,326
Average 30-Day Daily Volume14,321
Closing Share Price 52-Week High/Low$32.33 / $28.03
Closing NAV 52-Week High/Low$32.28 / $28.05
Number of Holdings172
Fund Characteristics (as of 2/27/2015)7
Median Market Cap.$3,351
Maximum Market Cap.$9,531
Minimum Market Cap.$853
Price/Cash Flow7.44
Top Holdings (as of 3/27/2015)
Holding Percent
Orbital ATK Inc. 1.44%
California Resources Corp 1.35%
SM Energy Company 1.31%
Graham Holdings Company 1.19%
Domtar Corporation 1.14%
DST Systems, Inc. 1.13%
Patterson-UTI Energy, Inc. 1.13%
Ascena Retail Group, Inc. 1.11%
Exelis Inc. 1.09%
Olin Corporation 1.08%

Holdings are subject to change.

NAV History (Since Inception)
Past performance is not indicative of future results.
Distribution Information
Dividend per Share Amt3$0.0570
30-Day SEC Yield (as of 2/27/2015)41.01%
12-Month Distribution Rate (as of 2/27/2015)51.06%
Index Yield (as of 2/27/2015)61.77%
Bid/Ask Midpoint vs. NAV (as of 12/31/2014)
Number of Days Bid/Ask Midpoint Above NAV
Quarter Ended 0-49
Basis Points
Basis Points
Basis Points
Basis Points
12/31/2014 46 0 0 0
9/30/2014 46 0 0 0
6/30/2014 58 0 0 0
3/31/2014 59 1 0 0
Number of Days Bid/Ask Midpoint Below NAV
Quarter Ended 0-49
Basis Points
Basis Points
Basis Points
Basis Points
12/31/2014 18 0 0 0
9/30/2014 18 0 0 0
6/30/2014 5 0 0 0
3/31/2014 1 0 0 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.

Top Sector Exposure (as of 3/27/2015)
Industrials 18.80%
Energy 16.65%
Financials 16.56%
Consumer Discretionary 13.07%
Information Technology 12.67%
Materials 12.40%
Utilities 7.08%
Health Care 1.01%
Consumer Staples 0.98%
Telecommunication Services 0.78%
Month End Performance (as of 2/27/2015)
  3 Mos YTD 1 Year 3 Year 5 Year 10 Year Since
Fund Performance *
NAV 2.11% 1.46% 5.82% 15.64% N/A N/A 13.30%
After Tax Held 1.92% 1.46% 5.32% 15.17% N/A N/A 12.88%
After Tax Sold 1.19% 0.82% 3.29% 12.07% N/A N/A 10.32%
Market Price 2.14% 1.52% 5.71% 15.70% N/A N/A 13.31%
Index Performance **
Defined Mid Cap Value Index 2.25% 1.53% 6.51% 16.48% N/A N/A 14.13%
S&P MidCap 400 Value Index 4.17% 2.70% 12.08% 18.34% N/A N/A 14.28%
Quarter End Performance (as of 12/31/2014)
  3 Mos YTD 1 Year 3 Year 5 Year 10 Year Since
Fund Performance *
NAV 4.68% 5.57% 5.57% 19.54% N/A N/A 13.47%
After Tax Held 4.49% 5.07% 5.07% 19.06% N/A N/A 13.04%
After Tax Sold 2.65% 3.15% 3.15% 15.23% N/A N/A 10.43%
Market Price 4.61% 5.50% 5.50% 19.63% N/A N/A 13.47%
Index Performance **
Defined Mid Cap Value Index 4.86% 6.32% 6.32% 20.44% N/A N/A 14.32%
S&P MidCap 400 Value Index 6.88% 12.10% 12.10% 21.28% N/A N/A 14.12%
3-Year Statistics (as of 2/27/2015)
  Standard Deviation Alpha Beta Sharpe Ratio Correlation
FNK 13.13% -4.30 1.12 1.16 0.99
S&P MidCap 400 Value Index 11.51% --- 1.00 1.51 1.00
Standard Deviation is a measure of price variability (risk). Alpha is an indication of how much an investment outperforms or underperforms on a risk-adjusted basis relative to its benchmark.Beta is a measure of price variability relative to the market. Sharpe Ratio is a measure of excess reward per unit of volatility. Correlation is a measure of the similarity of performance.

*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.

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.

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.

**Performance information for the Defined Mid Cap Value Index is for illustrative purposes only and does not represent actual fund performance. 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.

The expense ratio for this fund is 0.73%.

The S&P MidCap 400 Value Index contains those stocks with value characteristics from the 400 stocks used to measure mid cap U.S. stock market performance.

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 Mid Cap Value Index
7 All market capitalization numbers are in USD$ Millions.
8 Inception Date is 4/19/2011

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 Mid Cap Value Index.  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. There can be no assurance that the fund's investment objective will be achieved.

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

The fund is classified as "non-diversified" and 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 concentrated in certain issuers.

First Trust Advisors L.P. is the adviser to the fund. First Trust Advisors L.P. is an affiliate of First Trust Portfolios L.P., the fund's distributor.

The Defined Mid Cap Value 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
First Trust Portfolios L.P.  Member SIPC and FINRA.
First Trust Advisors L.P.
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