First Trust Large Cap Core AlphaDEX® Fund (FEX)

2024 Estimated Capital Gain Distributions
Certain First Trust First Trust Exchange-Traded Funds are expected to pay a long-term capital gain distribution in December. For a list of exchange-traded funds expected to pay a long-term capital gain distribution, please click here. Also, certain First Trust Exchange-Traded Funds are expected to pay short-term capital gain distributions in December. For a list of exchange-traded funds expected to pay a short-term capital gain distribution, please click here. Final determination of the source and tax status of all distributions paid in the current year are to be made after year-end and could differ from the expectations noted above.

Investment Objective/Strategy - The First Trust Large Cap Core 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 fees and expenses, of an equity index called the Nasdaq AlphaDEX® Large Cap Core™ Index.

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

Index Description According to the Index Provider

The 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 500 Large Cap™ Index that meet certain criteria.
Nasdaq constructs the Index by ranking the eligible stocks from the Nasdaq US 500 Large Cap™ 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.
The top 375 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

Ticker	FEX
Fund Type	Large Cap Core
Investment Advisor	First Trust Advisors L.P.
Investor Servicing Agent	Bank of New York Mellon Corp
CUSIP	33734K109
ISIN	US33734K1097
Intraday NAV	FEXIV
Fiscal Year-End	07/31
Exchange	Nasdaq
Inception	5/8/2007
Inception Price	$30.00
Inception NAV	$30.00
Rebalance Frequency	Quarterly
Total Expense Ratio*	0.58%
Net Expense Ratio*	0.58%

* As of 12/2/2024

Expenses are capped contractually at 0.70% per year, at least through November 30, 2025.

Current Fund Data (as of 12/2/2024)

Closing NAV¹	$112.20
Closing Market Price²	$112.18
Bid/Ask Midpoint	$112.17
Bid/Ask Discount	0.03%
30-Day Median Bid/Ask Spread³	0.06%
Total Net Assets	$1,368,805,464
Outstanding Shares	12,200,002
Daily Volume	14,526
Average 30-Day Daily Volume	17,595
Closing Market Price 52-Week High/Low	$112.88 / $85.80
Closing NAV 52-Week High/Low	$112.86 / $85.84
Number of Holdings (excluding cash)	375

Top Holdings (as of 12/2/2024)*

Holding	Percent
Applovin Corp. (Class A)	1.07%
Palantir Technologies Inc. (Class A)	0.74%
United Airlines Holdings, Inc.	0.70%
Axon Enterprise Inc.	0.66%
Royal Caribbean Cruises Ltd.	0.57%
Synchrony Financial	0.55%
Vistra Corp.	0.54%
Vertiv Group Corp	0.53%
Snap-on Incorporated	0.52%
Delta Air Lines, Inc.	0.51%

* Excluding cash. Holdings are subject to change.

NAV History (Since Inception)

Past performance is not indicative of future results.

Distribution Information

Dividend per Share Amt (as of 12/3/2024)⁴	$0.3502
30-Day SEC Yield (as of 11/29/2024)⁵	1.09%
Unsubsidized 30-Day SEC Yield (as of 11/29/2024)⁶	1.09%
12-Month Distribution Rate (as of 11/29/2024)⁷	1.08%
Index Yield (as of 11/29/2024)⁸	1.68%

Fund Characteristics (as of 11/29/2024)⁹

Maximum Market Cap.	$3,587,438
Median Market Cap.	$41,667
Minimum Market Cap.	$8,003
Price/Earnings	20.11
Price/Book	2.84
Price/Cash Flow	13.06
Price/Sales	1.74

Bid/Ask Premium/Discount (as of 12/2/2024)

	2023	Q1 2024	Q2 2024	Q3 2024
Days Traded at Premium	93	35	29	17
Days Traded at Discount	157	26	34	47

Top Sector Exposure (as of 12/2/2024)

Financials	19.02%
Industrials	16.34%
Information Technology	11.51%
Consumer Discretionary	11.02%
Energy	8.42%
Utilities	8.22%
Health Care	6.84%
Consumer Staples	5.31%
Communication Services	5.00%
Materials	4.81%
Real Estate	3.51%

Hypothetical Growth of $10,000 Since Inception (as of 12/2/2024) *

Tracking Index: Nasdaq AlphaDEX® Large Cap Core™ Index

Month End Performance (as of 10/31/2024)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception¹⁰
Fund Performance *
Net Asset Value (NAV)	4.01%	16.10%	34.48%	6.16%	12.49%	10.29%	8.70%
After Tax Held	3.87%	15.72%	33.80%	5.55%	11.89%	9.69%	8.17%
After Tax Sold	2.38%	9.52%	20.38%	4.45%	9.67%	8.14%	7.07%
Market Price	3.99%	16.05%	34.49%	6.14%	12.49%	10.28%	8.70%

Index Performance **
Nasdaq AlphaDEX® Large Cap Core™ Index	4.18%	16.71%	35.36%	6.79%	13.18%	N/A	N/A
Nasdaq US 500 Large Cap™ Index	3.93%	21.17%	38.64%	8.52%	15.27%	N/A	N/A
S&P 500® Index	3.66%	20.97%	38.02%	9.08%	15.27%	13.00%	10.06%

Quarter End Performance (as of 9/30/2024)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception¹⁰
Fund Performance *
Net Asset Value (NAV)	7.72%	16.48%	30.10%	8.42%	12.81%	10.57%	8.77%
After Tax Held	7.57%	16.09%	29.43%	7.80%	12.21%	9.97%	8.23%
After Tax Sold	4.57%	9.75%	17.79%	6.22%	9.93%	8.39%	7.12%
Market Price	7.71%	16.42%	30.04%	8.42%	12.81%	10.56%	8.77%

Index Performance **
Nasdaq AlphaDEX® Large Cap Core™ Index	7.90%	17.03%	30.94%	9.08%	13.51%	N/A	N/A
Nasdaq US 500 Large Cap™ Index	5.94%	22.09%	36.83%	11.29%	15.94%	N/A	N/A
S&P 500® Index	5.89%	22.08%	36.35%	11.91%	15.98%	13.38%	10.17%

3-Year Statistics (as of 10/31/2024)

	Standard Deviation	Alpha	Beta	Sharpe Ratio	Correlation
FEX	17.87%	-2.48	0.98	0.22	0.94
S&P 500® Index	17.20%	---	1.00	0.39	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. The fund's performance reflects fee waivers and expense reimbursements, absent which performance would have been lower.

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 each listed 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 Large Cap Core Index to the Nasdaq AlphaDEX® Large Cap Core™ 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 500 Large Cap™ Index - The Index is a float modified market capitalization weighted index that contains the top 500 securities from the NASDAQ US Benchmark™ Index.

S&P 500® Index - The Index is an unmanaged index of 500 companies used to measure large-cap U.S. stock market performance.

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 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	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	The unsubsidized 30-day SEC yield is calculated the same as the 30-day SEC yield, however it excludes contractual fee waivers and expense reimbursements.
⁷	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.
⁸	Index yield represents the weighted average trailing 12-month dividend of the constituents of the Nasdaq AlphaDEX® Large Cap Core(TM) Index.
⁹	All market capitalization numbers are in USD$ Millions.
¹⁰	Inception Date is 5/8/2007

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.

Risk Considerations

You could lose money by investing in a fund. An investment in a fund is not a deposit of a bank and is not insured or guaranteed. There can be no assurance that a fund's objective(s) will be achieved. Investors buying or selling shares on the secondary market may incur customary brokerage commissions. Please refer to each fund's prospectus and Statement of Additional Information for additional details on a fund's risks. The order of the below risk factors does not indicate the significance of any particular risk factor.

Unlike mutual funds, shares of the fund may only be redeemed directly from a fund by authorized participants in very large creation/redemption units. If a 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 premium or discount to a fund's net asset value and possibly face delisting and the bid/ask spread may widen.

Current market conditions risk is the risk that a particular investment, or shares of the fund in general, may fall in value due to current market conditions. As a means to fight inflation, the Federal Reserve and certain foreign central banks have raised interest rates; however, the Federal Reserve has recently lowered interest rates and may continue to do so. Recent and potential future bank failures could result in disruption to the broader banking industry or markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East and the United States. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain fund investments as well as fund performance and liquidity. The COVID-19 global pandemic, or any future public health crisis, and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects.

A fund is susceptible to operational risks through breaches in cyber security. Such events could cause a fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss.

Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, company, industry or sector of the market.

Stocks with growth characteristics tend to be more volatile than certain other stocks and their prices may fluctuate more dramatically than the overall stock market.

An index fund will be concentrated in an industry or a group of industries to the extent that the index is so concentrated. A fund with significant exposure to a single asset class, or the securities of issuers within the same country, state, region, industry, or sector may have its value more affected by an adverse economic, business or political development than a broadly diversified fund.

A fund may be a constituent of one or more indices or models which could greatly affect a fund's trading activity, size and volatility.

There is no assurance that the index provider or its agents will compile or maintain the index accurately. Losses or costs associated with any index provider errors generally will be borne by a fund and its shareholders.

Large capitalization companies may grow at a slower rate than the overall market.

Market risk is the risk that a particular security, or shares of a fund in general may fall in value. Securities are subject to market fluctuations caused by such factors as general economic conditions, political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of a fund could decline in value or underperform other investments as a result. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious disease or other public health issues, recessions, natural disasters or other events could have significant negative impact on a fund.

There can be no assurance that the securities held by a fund will stay within a fund's intended market capitalization range.

A fund faces numerous market trading risks, including the potential lack of an active market for fund shares due to a limited number of market makers. Decisions by market makers or authorized participants to reduce their role or step away in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of a fund's portfolio securities and a fund's market price.

An index fund's return may not match the return of the index for a number of reasons including operating expenses, costs of buying and selling securities to reflect changes in the index, and the fact that a fund's portfolio holdings may not exactly replicate the index.

A fund and a fund's advisor may seek to reduce various operational risks through controls and procedures, but it is not possible to completely protect against such risks. The fund also relies on third parties for a range of services, including custody, and any delay or failure related to those services may affect the fund's ability to meet its objective.

A fund that invests in securities included in or representative of an index will hold those securities regardless of investment merit and the fund generally will not take defensive positions in declining markets.

High portfolio turnover may result in higher levels of transaction costs and may generate greater tax liabilities for shareholders.

The market price of a fund's shares will generally fluctuate in accordance with changes in the fund's net asset value ("NAV") as well as the relative supply of and demand for shares on the exchange, and a fund's investment advisor cannot predict whether shares will trade below, at or above their NAV.

Trading on an exchange may be halted due to market conditions or other reasons. There can be no assurance that a fund's requirements to maintain the exchange listing will continue to be met or be unchanged.

Value characteristics of a stock may not be fully recognized for a long time or a stock judged to be undervalued may actually be appropriately priced at a low level.

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

Nasdaq^® and Nasdaq AlphaDEX^® Large Cap Core™ 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.

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by FactSet Research Systems Inc. and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, ©2024 CUSIP Global Services. "CUSIP" is a registered trademark of the American Bankers Association.

Not FDIC Insured • Not Bank Guaranteed • May Lose Value