Fund Description: First Trust Consumer Discretionary 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 Consumer Discretionary AlphaDEX Fund seeks investment results that correspond generally to the price and yield, before fees and expenses, of an equity index called the StrataQuant Consumer Discretionary Index. INDEX DESCRIPTION: The StrataQuant Consumer Discretionary Index is an enhanced index developed, maintained and sponsored by the NYSE Group, Inc. (NYSE), the Index Provider, which employs the AlphaDEX stock selection methodology to select stocks from the Russell 1000 Index. The NYSE constructs the Index by ranking the stocks which are members of the Russell 1000 Index on growth factors including three, six 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. Stocks which Russell has classified solely as growth or value, receive their score using the above growth or value factors respectively. Stocks which Russell allocates between both growth and value receive their best score between the growth and value factors. The NYSE then ranks those stocks contained in the consumer discretionary sector according to their score. The bottom 25% is eliminated and the top 75% is selected for the Index. 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 STRATEGY: The Fund, using an indexing investment approach, attempts to replicate, before expenses, the performance of the Index. 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 advisor may choose to overweight certain stocks in the Index, purchase securities not in the Index which the advisor 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. The Fund may sell stocks that are represented in the Index in anticipation of their removal from the Index or purchase stocks not represented in the Index in anticipation of their addition to the Index. FUND MANAGEMENT: First Trust Advisors L.P. serves as the investment adviser for the Fund.