ETF Research Center

First Trust Large Cap Growth Opportunities AlphaDEX Fund seeks investment results that correspond to the Defined Large Cap Growth Opportunities.

FUND BASICS
Category	US Equities
Fund Sponsor	First Trust Advisors LP
Website	www.ftportfolios.com
Inception date	May 10, 2007
Assets (mns)	$960
Currency	USD
Expense ratio	61 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	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	188
Wgt avg mkt cap (mns)	$74,818
Large cap (>$10bn)	99.1%
Mid cap ($2-10bn)	0.9%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	11.1 %
TESLA MOTORS INC	1.8 %
ZILLOW GROUP, INC. CLASS C	1.2 %
RINGCENTRAL, INC. CLASS A	1.2 %
DEXCOM INC	1.1 %
BROWN & BROWN INC	1.0 %
OLD DOMINION FREIGHT LINE	1.0 %
TRADE DESK, INC. CLASS A	1.0 %
ADVANCED MICRO DEVICES	1.0 %
PAYCOM SOFTWARE INC	1.0 %
TRANSDIGM GROUP INC	0.9 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.0 %
	IRELAND	2.3 %
	SWITZERLAND	0.8 %
	CHINA	0.5 %
	BERMUDA	0.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
1.9%	19.4%	10.8%	13.8%	8.1%

Market Correlations
versus...	Beta	R-squared
S&P500	1.03	86%
MSCI EAFE	0.92	57%
MSCI Emg. Mkts.	0.60	41%

Technical Indicators
Recent close	$69.85
30d moving avg.	$76.31
Annualized volatility	13.4%
Short interest (ETF)	0.0%
Short interest (Underlying)	3.4%
Relative strength (RSI)	44

Liquidity measures
Avg. volume (thou.)	122
Turnover	0.9%
Bid/Ask (% of price)	0.05%
ADV underlying (mns)	$98,400

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

FTC

Expense:

61 bp

ALTAR Score™:

3.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH FTC
Ticker	Fund Name	Overlap¹ vs FTC (%)	Expense ratio (bp)	Savings vs FTC (bp)	ALTAR Score™ (%)	ALTAR vs FTC (%)
FAD	First Trust Multi Cap Growth AlphaDEX Fund	50.5	66	-5	3.3	-0.3
RPG	Invesco S&P 500 Pure Growth ETF	42.6	35	26	5.2	+1.7
FCTR	First Trust Lunt U.S. Factor Rotation ETF	40.6	65	-4	3.6	+0.1
FEX	First Trust Large Cap Core AlphaDEX Fund	40.5	60	1	6.4	+2.9
IWP	iShares Russell Mid-Cap Growth ETF	38.0	24	37	4.9	+1.4
JMOM	JPMorgan U.S. Momentum Factor ETF	35.5	12	49	4.5	+1.0
JKH	iShares Morningstar Mid-Cap Growth ETF	34.3	30	31	3.0	-0.6
VOT	Vanguard Mid-Cap Growth Index Fund	34.2	7	54	4.1	+0.6
GSEW	Goldman Sachs Equal Weight U.S. Large Cap Equity ETF	33.9	9	52	6.4	+2.8
PDP	Invesco DWA Momentum ETF	33.7	62	-1	3.7	+0.1
OMOM	Invesco Russell 1000 Momentum Factor ETF	33.1	19	42	4.9	+1.3
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	31.8	9	52	6.2	+2.7
VUG	Vanguard Growth Index Fund	31.6	4	57	4.8	+1.3
SPYG	SPDR Portfolio S&P 500 Growth ETF	31.5	4	57	5.1	+1.5
IVW	iShares S&P 500 Growth ETF	31.5	18	43	4.9	+1.4
VOOG	Vanguard S&P 500 Growth ETF	31.4	10	51	5.0	+1.5
IUSG	iShares Core S&P US Growth ETF	31.2	4	57	5.1	+1.5
PSET	Principal Price Setters Index ETF	31.0	29	32	5.7	+2.2
VONG	Vanguard Russell 1000 Growth Index Fund	30.5	8	53	5.0	+1.5
IWF	iShares Russell 1000 Growth ETF	30.2	19	42	4.9	+1.4

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

	2015	2016	2017	2018	2019	2020E	2021E
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

	2019	2020E	2021E
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 Large Cap Growth AlphaDEX Fund
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	22.0	%
Divided by: Fwd. P/BV	5.3	x
Less: Expense ratio	61	bp
Equals: ALTAR Score	3.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.53	CATEGORY AVERAGE	1.56

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.