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First Trust Mid Cap Growth AlphaDEX® Fund (FNY)
Investment Objective/Strategy - The First Trust Mid Cap Growth 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 NASDAQ AlphaDEX® Mid Cap Growth Index.
There can be no assurance that the Fund's investment objectives will be achieved.
  • The NASDAQ AlphaDEX® Mid Cap Growth Index is an "enhanced" index created and administered by Nasdaq, Inc. ("Nasdaq") which employs the AlphaDEX® stock selection methodology to select stocks from the NASDAQ US 600 Mid Cap Growth Index that meet certain criteria.
  • Nasdaq constructs the NASDAQ AlphaDEX® Mid Cap Growth Index by ranking the eligible stocks from the NASDAQ US 600 Mid Cap Growth 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. 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 either its growth or value score as its selection score based on its style designation as determined by Nasdaq. Only those stocks designated as growth stocks are eligible for the portfolio.
  • The top 225 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.
  • The index is reconstituted and rebalanced quarterly.
Fund Overview
Fund TypeMid Cap Growth
Investment AdvisorFirst Trust Advisors L.P.
Investor Servicing AgentBank of New York Mellon
Fiscal Year-End07/31
Inception Price$20.17
Inception NAV$20.17
Rebalance FrequencyQuarterly
Expense Ratio0.70%
Current Fund Data (as of 6/11/2021)
Closing NAV1$73.15
Closing Market Price2$73.09
Bid/Ask Midpoint$73.12
Bid/Ask Discount0.05%
30-Day Median Bid/Ask Spread30.10%
Total Net Assets$427,898,453
Outstanding Shares5,850,002
Daily Volume241,759
Average 30-Day Daily Volume33,548
Closing Market Price 52-Week High/Low$74.70 / $46.64
Closing NAV 52-Week High/Low$74.74 / $46.59
Number of Holdings (excluding cash)225
Top Holdings (as of 6/11/2021)*
Holding Percent
AMC Entertainment Holdings, Inc. (Class A) 3.33%
Shockwave Medical, Inc. 0.95%
Crocs, Inc. 0.93%
Ovintiv Inc. 0.91%
Tenet Healthcare Corporation 0.91%
YETI Holdings, Inc. 0.91%
Olin Corporation 0.89%
APA Corporation 0.87%
Brooks Automation, Inc. 0.84%
Cleveland-Cliffs Inc. 0.84%

* Excluding cash.  Holdings are subject to change.

NAV History (Since Inception)
Past performance is not indicative of future results.
Fund Characteristics (as of 5/28/2021)4
Maximum Market Cap.$30,581
Median Market Cap.$6,343
Minimum Market Cap.$1,155
Price/Cash Flow16.73
Bid/Ask Premium/Discount (as of 6/11/2021)
  2020 Q1 2021 Q2 2021 Q3 2021
Days Traded at Premium 150 22 7 ---
Days Traded at Discount 103 39 43 ---
Top Sector Exposure (as of 6/11/2021)
Health Care 19.68%
Information Technology 19.51%
Consumer Discretionary 16.37%
Industrials 11.91%
Financials 6.22%
Communication Services 6.14%
Materials 5.57%
Consumer Staples 5.24%
Energy 4.76%
Real Estate 4.09%
Utilities 0.51%
Hypothetical Growth of $10,000 Since Inception (as of 6/11/2021) *

Month End Performance (as of 5/28/2021)
  3 Month YTD 1 Year 3 Year 5 Year 10 Year Since
Fund Performance *
Net Asset Value (NAV) 0.98% 6.64% 49.20% 17.81% 19.02% 13.22% 13.39%
After Tax Held 0.98% 6.64% 49.04% 17.71% 18.88% 13.08% 13.25%
After Tax Sold 0.58% 3.93% 29.11% 14.00% 15.44% 11.04% 11.20%
Market Price 1.01% 6.59% 49.21% 17.78% 19.06% 13.21% 13.39%
Index Performance **
Nasdaq AlphaDEX® Mid Cap Growth Index 1.02% 6.95% 50.33% 18.67% 19.90% N/A N/A
Nasdaq US 600 Mid Cap Growth Index -0.32% 4.58% 45.88% 17.81% 18.16% N/A N/A
S&P MidCap 400 Growth Index 4.78% 11.09% 45.86% 13.99% 15.08% 12.33% 12.61%
Quarter End Performance (as of 3/31/2021)
  3 Month YTD 1 Year 3 Year 5 Year 10 Year Since
Fund Performance *
Net Asset Value (NAV) 3.81% 3.81% 83.89% 18.86% 18.96% N/A 13.32%
After Tax Held 3.81% 3.81% 83.69% 18.76% 18.82% N/A 13.17%
After Tax Sold 2.25% 2.25% 49.65% 14.86% 15.38% N/A 11.12%
Market Price 3.82% 3.82% 84.12% 18.87% 18.97% N/A 13.32%
Index Performance **
Nasdaq AlphaDEX® Mid Cap Growth Index 4.14% 4.14% 85.68% 19.79% 19.92% N/A N/A
Nasdaq US 600 Mid Cap Growth Index 3.38% 3.38% 83.58% 19.22% 18.86% N/A N/A
S&P MidCap 400 Growth Index 8.56% 8.56% 77.05% 14.19% 15.46% N/A 12.57%
3-Year Statistics (as of 5/28/2021)
  Standard Deviation Alpha Beta Sharpe Ratio Correlation
FNY 23.33% 3.16 1.04 0.76 0.96
S&P MidCap 400 Growth Index 21.66% --- 1.00 0.65 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 determined by using the midpoint of the national best bid offer price ("NBBO") as of the time that the fund's NAV is calculated. 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 Nasdaq AlphaDEX® Mid Cap Growth Index is for illustrative purposes only and does not represent actual fund performance.
Indexes do 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.

On April 8, 2016, the fund's underlying index changed from the Defined Mid Cap Growth Index to the NASDAQ AlphaDEX® Mid Cap Growth Index. Therefore, the fund's performance and historical returns shown for the periods prior to this date are not necessarily indicative of the performance that the fund, based on its current index, would have generated.

Nasdaq US 600 Mid Cap Growth Index - The Index is a float modified market capitalization weighted index that includes growth securities from the NASDAQ US 600 Mid Cap Index.

S&P MidCap 400 Growth Index - The Index contains those stocks with growth 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 outstanding shares .
2 Fund shares are purchased and sold on an exchange at their market 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 The median bid-ask spread is calculated by identifying the national best bid and national best offer ("NBBO") for the fund as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified and that value is expressed as a percentage rounded to the nearest hundredth.
4 All market capitalization numbers are in USD$ Millions.
5 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 Nasdaq Stock Market LLC.

The fund's return may not match the return of the Nasdaq AlphaDEX® Mid Cap Growth 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. If the fund's authorized participants are unable to proceed with creation/redemption orders and no other authorized participant is able to step forward to create or redeem, fund shares may trade at a discount to the fund's net asset value and possibly face delisting.

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 security owned by the fund, fund shares or securities in general may fall in value. There can be no assurance that the fund's investment objective will be achieved. The outbreak of the respiratory disease designated as COVID-19 in December 2019 has caused significant volatility and declines in global financial markets, which have caused losses for investors. The COVID-19 pandemic may last for an extended period of time, and will continue to impact the economy for the foreseeable future.

The fund may invest in securities issued by companies concentrated in a particular sector which involves additional risks including limited diversification. The fund invests in mid capitalization companies. Such companies may experience greater price volatility than larger, more established companies.

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.

Nasdaq® and NASDAQ AlphaDEX® Mid Cap Growth Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the “Corporations”) and are licensed for use by First Trust. AlphaDEX® is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO 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
The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.
First Trust Portfolios L.P.  Member SIPC and FINRA. (Form CRS)   •  First Trust Advisors L.P. (Form CRS)
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