Fund Description: First Trust Mid Cap Growth AlphaDEX Fund is an exchange-traded index fund or Index ETF that is a non-diversified, exchange-traded series of the First Trust Exchange-Traded AlphaDEX Fund, an open-end management investment company. INVESTMENT OBJECTIVE: The First Trust Mid Cap Growth AlphaDEX Fund seeks investment results that correspond generally to the price and yield, before fees and expenses, of the NASDAQ AlphaDEX Mid Cap Growth Index, formerly Defined Mid Cap Growth Index. INDEX DESCRIPTION: The NASDAQ AlphaDEX Mid Cap Growth Index is designed to select growth stocks from the NASDAQ US 600 Mid Cap Index (the Base Index) that may generate positive alpha, or risk-adjusted returns, relative to traditional indices through the use of the AlphaDEX selection methodology. Alpha is an indication of how much an investment outperforms or underperforms on a risk-adjusted basis relative to its benchmark. The Index attempts to generate positive alpha by identifying stocks based on three factors: value, momentum and size. The Base Index is a comprehensive, rules-based index designed to measure stock market performance of mid cap US companies, as determined by Nasdaq, Inc., the Index Provider. Security selection for the Index must meet certain criteria. The Index is reconstituted and rebalanced quarterly and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The securities of companies represented in the Index generally have market capitalizations that are consistent with the name of the Index. FUND STRATEGY: The Fund will normally invest at least 90% of its net assets (including investment borrowings) in common stocks that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate the performance of the Index. In seeking to achieve the Fund's investment objective, the Fund generally will invest in all of the stocks comprising the Index in proportion to their weightings in the Index. However, under various circumstances, it may not be possible or practicable to purchase all of those stocks in those weightings. In those circumstances, the Fund may purchase a sample of stocks in the Index. There may also be instances in which the adviser may choose to overweight certain stocks in the Index, purchase securities not in the Index which the adviser believes are appropriate to substitute for certain securities in the Index, use futures or other derivative instruments, or utilize various combinations of the above techniques in seeking to track the Index. FUND MANAGEMENT: First Trust Advisors L.P. serves as the investment adviser to the Fund.