ETF Research Center

First Trust Developed Markets ex-US AlphaDEX Fund seeks investment results that correspond to the Defined Developed Markets ex-US Index.

FUND BASICS
Category	International Equities
Fund Sponsor	First Trust Advisors LP
Website	www.ftportfolios.com
Inception date	Apr 19, 2011
Assets (mns)	$683
Currency	USD
Expense ratio	80 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	Brown Brothers Harriman & Co
Weighting	Tiered
Index replication	Full
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	299
Wgt avg mkt cap (mns)	$16,359
Large cap (>$10bn)	41.6%
Mid cap ($2-10bn)	56.9%
Small cap (<$2bn)	1.0%
Developed mkts	93.3%
Emerging mkts	6.7%

TOP TEN HOLDINGS
Total	6.1 %
BLUESCOPE STEEL LTD	0.7 %
ASM INTERNATIONAL N.V.	0.6 %
AVAST PLC	0.6 %
ANGLO AMERICAN PLC	0.6 %
TOSOH CORP	0.6 %
PORSCHE AUTOMOBIL HLDG-PFD	0.6 %
FORTESCUE METALS GROUP LTD	0.6 %
INDUSTRIAL ALLIANCE INSURANC	0.6 %
HASEKO CORP	0.6 %
AIR CANADA	0.6 %

TOP COUNTRY EXPOSURE
	JAPAN	25.5 %
	CANADA	9.7 %
	GERMANY	9.4 %
	BRITAIN	8.7 %
	HONG KONG	7.2 %
	SOUTH KOREA	5.3 %
	FRANCE	5.1 %
	AUSTRALIA	4.8 %
	ITALY	4.6 %
	SWEDEN	4.5 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
13.1%	6.8%	4.3%	--	2.3%

Market Correlations
versus...	Beta	R-squared
S&P500	0.93	67%
MSCI EAFE	1.16	86%
MSCI Emg. Mkts.	0.90	83%

Technical Indicators
Recent close	$55.05
30d moving avg.	$54.40
Annualized volatility	13.7%
Short interest (ETF)	0.3%
Relative strength (RSI)	60

Liquidity measures
Avg. volume (thou.)	47
Turnover	0.4%
Bid/Ask (% of price)	0.18%
ADV underlying (mns)	$13,377

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the First Trust Developed Markets ex-US AlphaDEX ETF based on the alternatives' overlap in portfolio holdings with FDT. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

FDT

Expense:

80 bp

ALTAR Score™:

8.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH FDT
Ticker	Fund Name	Overlap¹ vs FDT (%)	Expense ratio (bp)	Savings vs FDT (bp)	ALTAR Score™ (%)	ALTAR vs FDT (%)
FEP	First Trust Europe AlphaDEX	42.0	80	0	7.2	-0.8
UIVM	USAA MSCI International Value Momentum Blend Index	28.7	35	45	8.1	+0.1
FEUZ	First Trust Eurozone AlphaDex	26.5	80	0	6.9	-1.1
IQIN	IQ 500 International	23.1	25	55	8.3	+0.3
RODM	Lattice Developed Markets (Ex-US) Strategy	23.0	29	51	7.6	-0.4
DEEF	Xtrackers FTSE Dev ex-US Comprehensive Factor	22.1	24	56	6.9	-1.1
TPIF	Timothy Plan International	21.5	62	18	6.5	-1.4
REFA	Invesco International Revenue ETF	21.3	42	38	8.6	+0.6
ISDX	Invesco Strategic Developed ex-US	21.2	23	57	7.6	-0.3
ISZE	iShares MSCI Int'l Developed Size Factor	20.9	30	50	6.6	-1.3
PQIN	PGIM QMA Strategic Alpha International Equity	20.2	29	51	7.1	-0.8
INTF	iShares FactorSelect MSCI International	20.2	30	50	8.2	+0.2
CIZ	Compass EMP Dev. 500 Enhanced Vol. Wgt.	20.0	45	35	6.8	-1.1
IVLU	iShares MSCI Int'l Developed Value Factor	20.0	30	50	10.2	+2.2
JPGE	JPM Diversified Return Global Equity	19.9	29	51	6.8	-1.2
CIL	Victory CEMP International Volatility Wtd	19.9	45	35	6.8	-1.1
FNDF	Schwab Fundamental Intl Large Cap	19.8	25	55	7.4	-0.6
PDEV	Principal International Multi-Factor Core Index	19.6	25	55	6.6	-1.4
FJP	First Trust Japan AlphaDEX	19.6	80	0	8.5	+0.6
JPIN	JPMorgan Diversified Rtn. Int'l Equity	19.6	38	42	7.3	-0.6

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2014	2015	2016	2017	2018	2019E	2020E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2018	2019E	2020E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	First Trust Developed Markets ex-US AlphaDEX
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	9.8	%
Divided by: Fwd. P/BV	1.1	x
Less: Expense ratio	80	bp
Equals: ALTAR Score	8.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.63	CATEGORY AVERAGE	1.63

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.