Fund Description: First Trust Total US Market AlphaDEX ETF, formerly First Trust Value Line Equity Allocation Index Fund, is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the First Trust Exchange-Traded Fund, an open-end investment management company. INVESTMENT OBJECTIVE: The First Trust Total US Market AlphaDEX ETF seeks investment results that correspond generally to the price and yield, before the Fund's fees and expenses, of the NASDAQ AlphaDEX Total US Market Index, formerly the Value Line Equity Allocation Index. INDEX DESCRIPTION: The NASDAQ AlphaDEX Total US Market Index is designed to quantitatively identify and select stocks across market capitalizations (including large-cap, mid-cap and small-cap companies) that exhibit growth and value factors and appear to have the greatest potential for capital appreciation. The Index is a modified equal-dollar weighted index comprised of U.S. exchange-listed securities of companies with capital appreciation potential. Due to the nature of the Index's methodology, the Fund anticipates experiencing portfolio turnover of greater than 100%. The methodology for the Index is based on three sub-portfolios: U.S. Large Cap Portfolio (50% of the total portfolio); U.S. Mid Cap Portfolio (30% of the total portfolio); and U.S. Small Cap Portfolio (20% of the total portfolio). The foregoing ratios exist at the quarterly rebalance date and will change thereafter. Each sub-portfolio is constructed by implementing the following four steps; 1) Universe 2) Ranking 3) Selection Scores 4) Selection and Weighting (see the prospectus for details of the construction). FUND STRATEGY: The Fund will normally invest at least 90% of its net assets plus the amount of any borrowings for investment purposes in common stocks that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate the performance of the Index. FUND MANAGEMENT: First Trust Advisors L.P. serves as the investment advisor to the Fund.