First Trust Eurozone AlphaDEX® ETF (FEUZ)

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	Fact Sheet
	Summary Prospectus
	Monthly Performance Report

Fund Summary

Investment Objective/Strategy - The First Trust Eurozone AlphaDEX® ETF 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 index called the Nasdaq AlphaDEX® Eurozone Index.

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

The NASDAQ AlphaDEX^® Eurozone 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 Eurozone Index that meet certain criteria.
Nasdaq constructs the NASDAQ AlphaDEX^® Eurozone Index by ranking the eligible stocks from the NASDAQ Eurozone 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 the best style rank from the previous step as its selection score.
The top 150 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	FEUZ
Fund Type	International Equity
Investment Advisor	First Trust Advisors L.P.
Investor Servicing Agent	Brown Brothers Harriman
CUSIP	33737J505
ISIN	US33737J5056
Intraday NAV	FEUZIV
Fiscal Year-End	12/31
Exchange	Nasdaq
Inception	10/21/2014
Inception Price	$30.55
Inception NAV	$30.55
Rebalance Frequency	Semi-Annual
Expense Ratio	0.80%

Current Fund Data (as of 4/3/2020)

Closing NAV¹	$27.48
Closing Market Price²	$27.34
Bid/Ask Midpoint	$27.32
Bid/Ask Discount	0.59%
Total Net Assets	$32,972,207
Outstanding Shares	1,200,002
Daily Volume	1,975
Average 30-Day Daily Volume	16,488
Closing Market Price 52-Week High/Low	$41.42 / $23.99
Closing NAV 52-Week High/Low	$41.39 / $24.51
Number of Holdings (excluding cash)	150

Fund Characteristics (as of 3/31/2020)⁸

Maximum Market Cap.	$111,342
Median Market Cap.	$6,889
Minimum Market Cap.	$1,802
Price/Earnings	9.82
Price/Book	0.91
Price/Cash Flow	4.50
Price/Sales	0.53

Top Holdings (as of 4/2/2020)*

Holding	Percent
Galapagos N.V.	1.85%
Elia System Operator SA/NV	1.84%
Ingenico Group	1.53%
Deutsche Wohnen SE	1.52%
ASM International N.V.	1.50%
Sofina S.A.	1.40%
TAG Immobilien AG	1.28%
Hera SpA	1.27%
Hannover Rueck SE	1.21%
Jeronimo Martins, SGPS, S.A.	1.21%

* Excluding cash. Holdings are subject to change.

Top Country Exposure (as of 4/2/2020)

Country	Percent
Germany	29.61%
France	21.55%
Italy	15.23%
Belgium	8.10%
The Netherlands	6.30%
Spain	4.50%
Finland	4.26%
Luxembourg	3.90%
Austria	2.99%
Ireland	1.42%

NAV History (Since Inception)

Past performance is not indicative of future results.

Overall Morningstar Rating^TM (as of 2/29/2020)³

Among 94 funds in the Europe Stock category. This fund was rated 3 stars/94 funds (3 years), 4 stars/78 funds (5 years) based on risk adjusted returns.

Distribution Information

Dividend per Share Amt (as of 4/5/2020)⁴	$0.1528
30-Day SEC Yield (as of 2/28/2020)⁵	2.26%
12-Month Distribution Rate (as of 2/28/2020)⁶	2.16%
Index Yield (as of 2/28/2020)⁷	3.33%

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	12	1	0	0
12/31/2019	28	2	0	0
9/30/2019	38	2	0	0
6/30/2019	34	3	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	29	16	3	1
12/31/2019	33	1	0	0
9/30/2019	21	2	1	0
6/30/2019	25	1	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 4/2/2020)

Consumer Discretionary	15.52%
Financials	13.49%
Utilities	13.14%
Materials	11.35%
Real Estate	9.57%
Industrials	9.31%
Communication Services	7.39%
Information Technology	6.67%
Health Care	6.08%
Consumer Staples	4.04%
Energy	3.44%

Month End Performance (as of 2/28/2020)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁹
Fund Performance *
Net Asset Value (NAV)	-8.08%	-10.42%	-1.64%	4.69%	3.90%	N/A	5.16%
After Tax Held	-8.22%	-10.42%	-2.45%	3.91%	3.14%	N/A	4.43%
After Tax Sold	-4.78%	-6.17%	-0.94%	3.29%	2.67%	N/A	3.69%
Market Price	-7.76%	-10.07%	-1.09%	4.89%	3.97%	N/A	5.21%

Index Performance **
NASDAQ AlphaDEX® Eurozone Index	-8.45%	-10.83%	-1.64%	5.03%	4.25%	N/A	5.63%
MSCI EMU Index	-8.84%	-11.45%	-0.86%	4.29%	1.67%	N/A	3.06%
NASDAQ Eurozone Index	-8.92%	-11.59%	-1.00%	3.98%	1.80%	N/A	3.19%

Quarter End Performance (as of 12/31/2019)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁹
Fund Performance *
Net Asset Value (NAV)	8.44%	21.15%	21.15%	9.78%	7.64%	N/A	7.58%
After Tax Held	8.27%	20.16%	20.16%	8.95%	6.85%	N/A	6.81%
After Tax Sold	5.00%	12.49%	12.49%	7.23%	5.61%	N/A	5.58%
Market Price	8.33%	20.96%	20.96%	9.89%	7.63%	N/A	7.55%

Index Performance **
NASDAQ AlphaDEX® Eurozone Index	8.76%	22.26%	22.26%	10.22%	8.08%	N/A	8.17%
MSCI EMU Index	8.17%	23.20%	23.20%	9.45%	5.55%	N/A	5.60%
NASDAQ Eurozone Index	8.69%	23.37%	23.37%	9.14%	5.74%	N/A	5.77%

3-Year Statistics (as of 2/28/2020)

	Standard Deviation	Alpha	Beta	Sharpe Ratio	Correlation
FEUZ	15.45%	0.74	1.00	0.26	0.98
MSCI EMU Index	14.88%	0.31	0.99	0.23	1.00
NASDAQ Eurozone Index	15.06%	---	1.00	0.21	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® Eurozone 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.

MSCI EMU Index - The Index is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of countries within the European Economic and Monetary Union (EMU).

NASDAQ Eurozone Index - The Index is a float adjusted market capitalization-weighted index designed to track the performance of securities assigned to the Eurozone.

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	The Morningstar Rating^TM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
⁴	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.
⁵	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.
⁶	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.
⁷	Index yield represents the weighted average trailing 12-month dividend of the constituents of the NASDAQ AlphaDEX® Eurozone Index.
⁸	All market capitalization numbers are in USD$ Millions.
⁹	Inception Date is 10/21/2014

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® Eurozone 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 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.

Growth stocks tend to be more volatile than certain other types of stocks and their prices usually fluctuate more dramatically than the overall stock market. The intrinsic value of a stock with value characteristics may not be fully recognized by the market for a long time or a stock judged to be undervalued may actually be appropriately priced at a low level.

A significant number of countries in Europe are member states in the European Union, and the member states no longer control their own monetary policies. In these member states, the authority to direct monetary policies, including money supply and official interest rates for the Euro, is exercised by the European Central Bank. Furthermore, the European sovereign debt crisis has had, and continues to have, a significant negative impact on the economies of certain European countries and their future economic outlooks.

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.

The fund may invest in depositary receipts which may be less liquid than the underlying shares in their primary trading market. The fund may effect a portion of creations and redemptions for cash, rather than in-kind securities. As a result, the fund may be less tax-efficient.

The fund currently has fewer assets than larger funds, and like other relatively new funds, large inflows and outflows may impact the fund's market exposure for limited periods of time.

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® Eurozone 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.

©2020 Morningstar, Inc. All Rights Reserved. The Morningstar Rating^TM information contained herein: (1) is proprietary to Morningstar;(2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Not FDIC Insured • Not Bank Guaranteed • May Lose Value