ETF Research Center

First Trust Developed Markets ex-US Small Cap AlphaDEX Fund is an exchange-traded fund incorporated in the USA. The Fund seeks investment results that correspond to the Defined Developed Markets ex-US Small Cap Index.

FUND BASICS
Category	International Equities
Fund Sponsor	First Trust Advisors LP
Website	www.ftportfolios.com
Inception date	Feb 16, 2012
Assets (mns)	$10
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	401
Wgt avg mkt cap (mns)	$1,196
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	22.2%
Small cap (<$2bn)	77.6%
Developed mkts	88.1%
Emerging mkts	11.9%

TOP TEN HOLDINGS
Total	5.8 %
DART GROUP PLC	0.8 %
BURE EQUITY AB	0.6 %
PERSEUS MINING LTD	0.6 %
SOULBRAIN CO LTD	0.6 %
DONGBU HITEK CO LTD	0.6 %
LEE & MAN PAPER MANUFACTURIN	0.6 %
ORGANO CORP	0.6 %
SHOWA CORP	0.5 %
BW LPG LTD	0.5 %
PUBLIC POWER CORP	0.5 %

TOP COUNTRY EXPOSURE
	JAPAN	31.2 %
	SOUTH KOREA	9.8 %
	CANADA	9.0 %
	BRITAIN	6.2 %
	AUSTRALIA	4.9 %
	HONG KONG	3.7 %
	ISRAEL	2.5 %
	SWEDEN	2.4 %
	FRANCE	1.5 %
	GERMANY	1.2 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
18.7%	18.7%	5.8%	--	5.2%

Market Correlations
versus...	Beta	R-squared
S&P500	1.05	71%
MSCI EAFE	1.32	92%
MSCI Emg. Mkts.	0.92	77%

Technical Indicators
Recent close	$38.46
30d moving avg.	$38.22
Annualized volatility	15.2%
Short interest (ETF)	0.0%
Relative strength (RSI)	65

Liquidity measures
Avg. volume (thou.)	0
Turnover	0.0%
Bid/Ask (% of price)	0.69%
ADV underlying (mns)	$1,644

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

FDTS

Expense:

80 bp

ALTAR Score™:

8.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH FDTS
Ticker	Fund Name	Overlap¹ vs FDTS (%)	Expense ratio (bp)	Savings vs FDTS (bp)	ALTAR Score™ (%)	ALTAR vs FDTS (%)
ISCF	iShares FactorSelect MSCI Intl Small-Cap	16.8	40	40	7.0	-1.7
AVDV	Avantis International Small Cap Value	15.6	36	44	7.1	-1.7
DFJ	WisdomTree Japan Small Cap Dividend	15.1	58	22	7.9	-0.8
DXJS	WisdomTree Japan Hedged Small	15.0	58	22	7.7	-1.0
PDN	Invesco FTSE RAFI Developed Mkts ex-US Small-Mid Cap	13.9	49	31	6.3	-2.4
ISDS	Invesco Strategic Developed ex-US Small Company	13.6	35	45	5.0	-3.7
GWX	SPDR International SmallCap	13.4	40	40	4.5	-4.2
FNDC	Schwab Fundamental Intl Small Cap	13.2	39	41	4.4	-4.4
DDLS	WisdomTree Dynamic Currency Hedged Int'l SmallCap	12.9	43	37	8.0	-0.7
SCJ	iShares MSCI Japan Small Cap	12.5	47	33	6.1	-2.6
DLS	WisdomTree Int'l SmallCap Dividend	11.7	58	22	8.0	-0.8
SCHC	Schwab Intl Small-Cap Equity	11.3	12	68	6.3	-2.4
SCZ	iShares MSCI EAFE Small Cap	9.5	39	41	6.0	-2.7
VSS	Vanguard FTSE All World ex-US Small Cap	8.7	12	68	6.2	-2.5
TLTD	FlexShares Mngstr Developed Mkts ex-US Factor Tilt	7.9	39	41	8.1	-0.6
DFE	WisdomTree Europe Small Cap Dividend	7.2	58	22	8.6	-0.2
DDJP	WisdomTree Dynamic Currency Hedged Japan Equity	6.2	43	37	7.1	-1.6
IEUS	iShares MSCI Europe Small Cap	5.9	40	40	6.1	-2.6
EWUS	iShares MSCI United Kingdom Small Cap	4.8	59	21	7.3	-1.4
DDEZ	WisdomTree Dynamic Currency Hedged Europe Equity	4.3	43	37	6.1	-2.6

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 Dev Mkts ex-US Small Cap Alpha
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	7.7	%
Divided by: Fwd. P/BV	0.8	x
Less: Expense ratio	80	bp
Equals: ALTAR Score	8.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.53	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.