First Trust Developed Markets ex-US AlphaDEX® Fund (FDT)

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	Fact Sheet
	Summary Prospectus
	Monthly Performance Report

Fund Summary

The Board of Trustees of First Trust Canada AlphaDEX® Fund (Nasdaq: FCAN), First Trust Australia AlphaDEX® Fund (NYSE Arca: FAUS), First Trust Hong Kong AlphaDEX® Fund (Nasdaq: FHK), and First Trust South Korea AlphaDEX® Fund (Nasdaq: FKO), each an index based exchange-traded fund (“ETF”), managed by First Trust Advisors L.P. (“FTA”), approved the reorganizations of FCAN, FAUS, FHK and FKO, respectively, into First Trust Developed Markets ex-US AlphaDEX® Fund (Nasdaq: FDT), an index based ETF managed by FTA. FDT will be the surviving fund for each reorganization. More information on the proposed transactions can be found here.

Investment Objective/Strategy - The First Trust Developed Markets ex-US 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® Developed Markets Ex-US Index.

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

The NASDAQ AlphaDEX® Developed Markets Ex-US 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 Developed Markets Ex-US Index that meet certain criteria.
To construct the Index, Nasdaq ranks the eligible stocks 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 300 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 country/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 country/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 country/sector constraints. This process continues until all the country/sector weightings meet the constraint.
The index is reconstituted and rebalanced semi-annually.

Fund Overview

Ticker	FDT
Fund Type	International Equity
Investment Advisor	First Trust Advisors L.P.
Investor Servicing Agent	Brown Brothers Harriman
CUSIP	33737J174
ISIN	US33737J1741
Intraday NAV	FDTIV
Fiscal Year-End	12/31
Exchange	Nasdaq
Inception	4/18/2011
Inception Price	$49.13
Inception NAV	$49.13
Rebalance Frequency	Semi-Annual
Expense Ratio	0.80%

Current Fund Data (as of 5/22/2020)

Closing NAV¹	$44.37
Closing Market Price²	$44.30
Bid/Ask Midpoint	$44.26
Bid/Ask Discount	0.24%
Total Net Assets	$377,207,204
Outstanding Shares	8,502,000
Daily Volume	32,342
Average 30-Day Daily Volume	93,760
Closing Market Price 52-Week High/Low	$56.23 / $34.50
Closing NAV 52-Week High/Low	$56.26 / $34.60
Number of Holdings (excluding cash)	302

Fund Characteristics (as of 4/30/2020)⁷

Maximum Market Cap.	$295,793
Median Market Cap.	$6,501
Minimum Market Cap.	$1,997
Price/Earnings	8.90
Price/Book	1.01
Price/Cash Flow	5.53
Price/Sales	0.69

Top Holdings (as of 5/22/2020)*

Holding	Percent
Shopify Inc. (Class A)	1.00%
Kinross Gold Corporation	0.89%
Evolution Gaming Group AB	0.82%
Kakao Corp.	0.78%
Fortescue Metals Group Limited	0.73%
Imperial Oil Ltd.	0.68%
Kinnevik AB (Class B)	0.68%
Canadian Natural Resources Ltd.	0.67%
Bechtle AG	0.66%
Lasertec Corporation	0.66%

* Excluding cash. Holdings are subject to change.

Top Country Exposure (as of 5/22/2020)

Country	Percent
Japan	31.02%
Canada	11.12%
South Korea	7.52%
Sweden	6.97%
Germany	6.81%
United Kingdom	5.77%
Hong Kong	4.33%
Australia	4.28%
France	3.66%
Switzerland	3.36%

NAV History (Since Inception)

Past performance is not indicative of future results.

Distribution Information

Dividend per Share Amt (as of 5/26/2020)³	$0.0491
30-Day SEC Yield (as of 4/30/2020)⁴	2.56%
12-Month Distribution Rate (as of 4/30/2020)⁵	3.41%
Index Yield (as of 4/30/2020)⁶	3.12%

For funds with certain equity strategies, due to the negative economic impact across many industries caused by the recent COVID-19 outbreak, certain of the issuers of the securities included in the fund may elect to reduce the amount of dividends and/or distributions paid in the future. As a result, the "12-Month Distribution Rate," which is based on the fund's trailing 12-month ordinary distributions, will likely be higher, and in some cases significantly higher, than the actual 12-month distribution rate achieved by the fund.

Bid/Ask Midpoint vs. NAV (as of 3/31/2020)

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
3/31/2020	10	0	0	0
12/31/2019	22	1	0	0
9/30/2019	10	0	0	0
6/30/2019	17	0	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
3/31/2020	34	15	3	0
12/31/2019	40	1	0	0
9/30/2019	44	9	1	0
6/30/2019	43	3	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 5/22/2020)

Industrials	14.37%
Materials	14.04%
Consumer Discretionary	12.82%
Consumer Staples	12.08%
Health Care	11.62%
Information Technology	6.77%
Real Estate	6.65%
Financials	6.17%
Energy	5.26%
Utilities	5.14%
Communication Services	5.08%

Month End Performance (as of 4/30/2020)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁸
Fund Performance *
Net Asset Value (NAV)	-18.22%	-21.77%	-18.36%	-4.51%	-1.56%	N/A	0.56%
After Tax Held	-18.27%	-21.81%	-19.27%	-5.33%	-2.37%	N/A	-0.21%
After Tax Sold	-10.79%	-12.89%	-10.75%	-3.65%	-1.47%	N/A	0.13%
Market Price	-18.48%	-21.84%	-18.77%	-4.72%	-1.64%	N/A	0.51%

Index Performance **
NASDAQ AlphaDEX® Developed Markets Ex-US Index	-18.20%	-21.05%	-17.10%	-3.40%	-0.77%	N/A	N/A
MSCI World ex USA Index	-16.29%	-17.91%	-11.47%	-0.55%	-0.27%	N/A	2.33%
NASDAQ Developed Markets Ex-US Index	-16.04%	-17.90%	-11.33%	-0.96%	-0.18%	N/A	N/A

Quarter End Performance (as of 3/31/2020)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁸
Fund Performance *
Net Asset Value (NAV)	-28.32%	-28.32%	-24.34%	-6.41%	-2.67%	N/A	-0.41%
After Tax Held	-28.36%	-28.36%	-25.18%	-7.22%	-3.47%	N/A	-1.18%
After Tax Sold	-16.77%	-16.77%	-14.24%	-5.01%	-2.26%	N/A	-0.58%
Market Price	-28.25%	-28.25%	-24.63%	-6.63%	-2.79%	N/A	-0.44%

Index Performance **
NASDAQ AlphaDEX® Developed Markets Ex-US Index	-27.86%	-27.86%	-23.35%	-5.38%	-1.84%	N/A	N/A
MSCI World ex USA Index	-23.26%	-23.26%	-14.89%	-2.07%	-0.76%	N/A	1.58%
NASDAQ Developed Markets Ex-US Index	-23.65%	-23.65%	-15.55%	-2.62%	-0.75%	N/A	N/A

3-Year Statistics (as of 4/30/2020)

	Standard Deviation	Alpha	Beta	Sharpe Ratio	Correlation
FDT	18.67%	-2.79	1.17	-0.25	0.97
MSCI World ex USA Index	15.30%	0.35	0.98	-0.08	1.00
NASDAQ Developed Markets Ex-US Index	15.56%	---	1.00	-0.11	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 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. 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® Developed Markets Ex-US 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 October 13, 2015, the fund's underlying index changed from the Defined Developed Markets Ex-US Index to the NASDAQ AlphaDEX® Developed Markets Ex-US 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.

MSCI World ex USA Index - The Index includes developed markets and is designed to provide a broad measure of stock performance throughout the world, with the exception of U.S.-based companies.

NASDAQ Developed Markets Ex-US Index - The Index is a float adjusted market capitalization-weighted index that includes securities in countries which are designated as developed markets, excluding the United States.

Footnotes

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	Most recent distribution paid or declared to today's date. Subject to change in the future. There is no guarantee that the fund will declare dividends.
⁴	The 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 and includes the effects of fee waivers and expense reimbursements, if applicable.
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 NASDAQ AlphaDEX® Developed Markets Ex-US 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 Nasdaq Stock Market LLC.

The fund's return may not match the return of the NASDAQ AlphaDEX® Developed Markets Ex-US 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 impact of this COVID-19 pandemic may be short term or may last for an extended period of time, and in either case could result in a substantial economic downturn or recession.

The fund may invest in securities issued by companies concentrated in a particular sector or country which involves additional risks including limited diversification. 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 securities of non-U.S. issuers is subject to additional risks, including currency fluctuations, political risks, withholding, the lack of adequate financial information, and exchange control restrictions impacting non-U.S. issuers.

The fund may invest in depositary receipts which may be less liquid than the underlying shares in their primary trading market.

Changes in currency exchange rates and the relative value of non-US currencies may affect the value of a fund's investments and the value of a fund's shares.

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® Developed Markets Ex-US 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