ETF Research Center

First Trust Small Cap Value AlphaDEX Fund seeks investment results that correspond to the Defined Small Cap Value Index.

FUND BASICS
Category	US Equities
Fund Sponsor	First Trust Advisors LP
Website	www.ftportfolios.com
Inception date	Apr 19, 2011
Assets (mns)	$68
Currency	USD
Expense ratio	76 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	262
Wgt avg mkt cap (mns)	$1,857
Large cap (>$10bn)	0.4%
Mid cap ($2-10bn)	35.4%
Small cap (<$2bn)	64.2%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	6.9 %
M/I HOMES INC	0.7 %
GREEN DOT CORP-CLASS A	0.7 %
TAYLOR MORRISON HOME CORP-A	0.7 %
MERITAGE HOMES CORP	0.7 %
WARRIOR MET COAL, INC.	0.7 %
EMPLOYERS HOLDINGS INC	0.7 %
TRI POINTE HOMES INC	0.7 %
ARCOSA INC	0.7 %
ENCORE CAPITAL GROUP INC	0.7 %
ADTALEM GLOBAL EDUCATION INC.	0.7 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.6 %
	BERMUDA	1.2 %
	CAYMAN ISLANDS	0.5 %
	NETHERLANDS	0.4 %

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.
25.8%	25.8%	4.4%	--	8.4%

Market Correlations
versus...	Beta	R-squared
S&P500	1.29	70%
MSCI EAFE	1.20	49%
MSCI Emg. Mkts.	0.74	32%

Technical Indicators
Recent close	$37.96
30d moving avg.	$37.64
Annualized volatility	18.8%
Short interest (ETF)	0.5%
Short interest (Underlying)	7.4%
Relative strength (RSI)	68

Liquidity measures
Avg. volume (thou.)	10
Turnover	0.6%
Bid/Ask (% of price)	0.44%
ADV underlying (mns)	$4,465

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

FYT

Expense:

76 bp

ALTAR Score™:

6.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH FYT
Ticker	Fund Name	Overlap¹ vs FYT (%)	Expense ratio (bp)	Savings vs FYT (bp)	ALTAR Score™ (%)	ALTAR vs FYT (%)
FYX	First Trust Small Cap Core Alphadex	57.2	66	10	5.2	-1.6
TPSC	Timothy Plan US Small Cap Core	47.3	52	24	6.5	-0.3
EES	WisdomTree SmallCap Earnings	37.7	38	38	8.1	+1.3
RNSC	Small Cap US Equity Select	37.5	60	16	5.7	-1.1
CSF	Compass EMP US Discovery 500 Enhanced Vol.	33.6	35	41	6.9	+0.1
CSA	Victory CEMP US Small Cap Volatility Wtd	33.4	35	41	6.9	+0.0
VIOV	Vanguard S&P Small-Cap 600 Value	31.0	20	56	7.0	+0.2
SLYV	SPDR S&P600 Small Cap Value	30.8	15	61	7.4	+0.6
IJS	iShares S&P 600 SmallCap Value	30.7	25	51	7.3	+0.5
AVUV	Avantis U.S. Small Cap Value	29.9	25	51	7.2	+0.4
DES	WisdomTree Smallcap Dividend	28.9	38	38	6.8	-0.0
ISMD	Inspire Small/Mid Cap Impact	28.6	61	15	4.7	-2.2
RWJ	Invesco S&P SmallCap 600 Revenue ETF	28.6	39	37	6.1	-0.7
AFSM	First Trust Active Factor Small Cap	26.9	75	1	6.2	-0.6
IWN	iShares Russell 2000 Value	26.3	24	52	6.1	-0.8
VTWV	Vanguard Russell 2000 Value	26.1	20	56	6.2	-0.7
IJR	iShares Core S&P Small-Cap	25.5	7	69	6.0	-0.9
SLY	SPDR S&P 600 Small Cap	25.5	15	61	5.9	-0.9
VIOO	Vanguard S&P Small-Cap 600	24.5	15	61	5.7	-1.2
DGRS	WisdomTree US Small Cap Dividend Growth	23.8	38	38	8.7	+1.9

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 Small Cap Value 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	7.7	%
Divided by: Fwd. P/BV	1.0	x
Less: Expense ratio	76	bp
Equals: ALTAR Score	6.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.66	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.