ETF Research Center

First Trust Mid Cap Core AlphaDEX Fund is an closed-end Fund incorporated in the USA. The Fund seeks investment results that correspond to the Defined Mid Cap Core Index.

FUND BASICS
Category	US Equities
Fund Sponsor	First Trust Advisors LP
Website	www.ftportfolios.com
Inception date	May 10, 2007
Assets (mns)	$898
Currency	USD
Expense ratio	62 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	Bank of New York Mellon
Weighting	Tiered
Index replication	Full
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	451
Wgt avg mkt cap (mns)	$5,856
Large cap (>$10bn)	6.4%
Mid cap ($2-10bn)	91.2%
Small cap (<$2bn)	2.4%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	4.1 %
ENPHASE ENERGY INC	0.4 %
PAYLOCITY HOLDING CORP	0.4 %
TELADOC INC	0.4 %
FIVE9 INC	0.4 %
TOLL BROTHERS INC	0.4 %
ALBEMARLE CORP	0.4 %
NOVOCURE LIMITED	0.4 %
TOPBUILD CORP	0.4 %
TEGNA, INC.	0.4 %
AMEDISYS INC	0.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.4 %
	BERMUDA	2.2 %
	IRELAND	1.1 %
	BRITAIN	0.6 %
	SWITZERLAND	0.4 %
	PUERTO RICO	0.3 %
	CAYMAN ISLANDS	0.1 %

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.
27.0%	27.0%	7.7%	11.9%	8.0%

Market Correlations
versus...	Beta	R-squared
S&P500	1.20	86%
MSCI EAFE	1.06	55%
MSCI Emg. Mkts.	0.69	41%

Technical Indicators
Recent close	$73.02
30d moving avg.	$72.34
Annualized volatility	15.7%
Short interest (ETF)	0.0%
Short interest (Underlying)	6.8%
Relative strength (RSI)	60

Liquidity measures
Avg. volume (thou.)	23
Turnover	0.2%
Bid/Ask (% of price)	0.09%
ADV underlying (mns)	$20,984

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the First Trust Mid Cap Core Alpadex ETF based on the alternatives' overlap in portfolio holdings with FNX. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

FNX

Expense:

62 bp

ALTAR Score™:

6.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH FNX
Ticker	Fund Name	Overlap¹ vs FNX (%)	Expense ratio (bp)	Savings vs FNX (bp)	ALTAR Score™ (%)	ALTAR vs FNX (%)
FNK	First Trust Mid Cap Value AlphaDEX	56.9	70	-8	8.7	+2.3
EZM	WisdomTree Midcap Earnings	54.7	38	24	8.3	+1.9
RNMC	First Trust Mid Cap US Equity Select	54.5	60	2	6.3	-0.0
JHSC	John Hancock Multifactor Small Cap	46.6	50	12	5.5	-0.9
SFYX	SoFi Next 500	46.4	0	62	5.4	-0.9
SCHM	Schwab US Mid Cap	44.9	4	58	6.0	-0.4
EWMC	Invesco S&P Mid Cap 400 Equal Weight	42.5	40	22	6.3	-0.0
VB	Vanguard Smallcap ETF	42.4	5	57	5.3	-1.1
MDY	S&P MidCap 400 SPDR	41.1	24	38	5.9	-0.5
IJH	iShares Core S&P MidCap	41.0	7	55	6.1	-0.3
FNY	First Trust Mid Cap Growth AlphaDEX	40.6	70	-8	3.4	-2.9
OMFL	Oppenheimer Russell 1000 Dynamic Multifactor	40.5	29	33	9.0	+2.6
FSMD	Fidelity Small-Mid Factor ETF	39.7	29	33	6.1	-0.2
IVOO	Vanguard S&P Mid-Cap 400	39.3	15	47	5.9	-0.4
PBSM	Invesco PureBeta MSCI USA Small Cap	39.2	6	56	5.1	-1.3
VBR	Vanguard Small-Cap Value ETF	38.7	7	55	7.4	+1.0
OSIZ	Invesco Russell 1000 Size Factor ETF	38.5	19	43	5.9	-0.5
DON	WisdomTree Midcap Dividend	38.4	38	24	7.1	+0.7
SPMD	SPDR Portfolio Mid Cap	37.4	5	57	6.1	-0.3
PSM	Principal U.S. Small-MidCap Multi-Factor Core Index	36.9	20	42	6.6	+0.2

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 Mid Cap Core Alpadex
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	12.7	%
Divided by: Fwd. P/BV	1.8	x
Less: Expense ratio	62	bp
Equals: ALTAR Score	6.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.58	CATEGORY AVERAGE	1.55

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.