Rule 497 (k)
                                                             File No. 333-140895


--------------------------------------------------------------------------------

                                     AlphaDEX(R)
                                          Family of ETFs

--------------------------------------------------------------------------------

SUMMARY PROSPECTUS

First Trust Mid Cap Core AlphaDEX(R) Fund

Ticker Symbol: FNX
Exchange:      NYSE Arca, Inc.



Before you invest, you may want to review the Fund's prospectus, which contains
more information about the Fund and its risks. You can find the Fund's
prospectus and other information about the Fund, including the statement of
additional information and most recent reports to shareholders, online at
http://www.ftportfolios.com/retail/ETF/ETFfundnews.aspx?Ticker=FNX. You can
also get this information at no cost by calling (800) 621-1675 or by sending an
e-mail request to info@ftportfolios.com. The Fund's prospectus and statement of
additional information, both dated November 30, 2011, are all incorporated by
reference into this Summary Prospectus.



Investment Objective

The First Trust Mid Cap Core AlphaDEX(R) Fund (the "Fund") seeks
investment results that correspond generally to the price and yield
(before the Fund's fees and expenses) of an equity index called the
Defined Mid Cap Core Index (the "Index").





FIRST TRUST                                                    November 30, 2011

--------------------------------------------------------------------------------





Fees and Expenses of the Fund

The following table describes the fees and expenses you may pay if you
buy and hold Shares of the Fund. Investors purchasing and selling Shares
may be subject to costs (including customary brokerage commissions)
charged by their broker.

   Shareholder Fees (fees paid directly from your investment)
   Maximum Sales Charge (Load) Imposed on Purchases (as a percentage
   of offering price)                                                   None
   Annual Fund Operating Expenses (Expenses that you pay each year
      as a percentage of the value of your investment)
     Management Fees                                                    0.50%
     Distribution and Service (12b-1) Fees                              0.00%
     Other Expenses                                                     0.20%
                                                                       _______
     Total Annual Fund Operating Expenses                               0.70%
     Fee Waiver and Expense Reimbursement(1)                            0.00%
                                                                       _______
     Total Net Annual Fund Operating Expenses After Fee Waiver and
     Expense Reimbursement                                              0.70%

  Example

  The example below is intended to help you compare the cost of investing in the
  Fund with the cost of investing in other funds. This example does not take
  into account customary brokerage commissions that you pay when purchasing or
  selling Shares of the Fund in the secondary market.

  The example assumes that you invest $10,000 in the Fund for the time periods
  indicated and then you retain the Shares or redeem all of your Shares at the
  end of those periods. The example also assumes that your investment has a 5%
  return each year and that the Fund's net annual operating expenses remain at
  current levels until December 6, 2012. Additionally, the example assumes that
  the Fund imposes a 12b-1 fee of 0.25% per annum of the Fund's average daily
  net assets following November 28, 2012. The example assumes that First Trust's
  agreement to waive fees and/or pay the Fund's expenses to the extent necessary
  to prevent the operating expenses of the Fund (excluding interest expense,
  brokerage commissions and other trading expenses, taxes, and extraordinary
  expenses) from exceeding 0.70% of average daily net assets per year will be
  terminated following December 6, 2012. Although your actual costs may be
  higher or lower, based on these assumptions your costs would be:

               1 Year     3 Years    5 Years   10 Years

                 $72       $269       $492      $1,135

________________
(1)   First Trust has agreed to waive fees and/or pay the Fund's expenses to the
      extent necessary to prevent the operating expenses of the Fund (excluding
      interest expense, brokerage commissions and other trading expenses, taxes,
      and extraordinary expenses) from exceeding 0.70% of its average daily net
      assets per year at least until December 6, 2012. Expenses borne by First
      Trust are subject to reimbursement by the Fund for up to three years from
      the date the fee or expense was incurred, but no reimbursement payment
      will be made by the Fund at any time if it would result in the Fund's
      expenses exceeding 0.70% of its average daily net assets per year. The
      agreement may be terminated by the Trust on behalf of the Fund at any time
      and by First Trust only after December 6, 2012 upon 60 days' written
      notice.

  Portfolio Turnover

  The Fund pays transaction costs, such as commissions, when it buys and sells
  securities (or "turns over" its portfolio). A higher portfolio turnover rate
  may indicate higher transaction costs and may result in higher taxes when
  Shares are held in a taxable account. These costs, which are not reflected in
  annual fund operating expenses or in the example, affect the Fund's
  performance. During the most recent fiscal year, the Fund's portfolio turnover
  rate was 86% of the average value of its portfolio.

Principal Investment Strategies

The Fund will normally invest at least 90% of its net assets in common
stocks that comprise the Index. The Fund, using an "indexing" investment
approach, attempts to replicate, before fees and expenses, the
performance of the Index. First Trust seeks a correlation of 0.95 or
better (before fees and expenses) between the Fund's performance and the
performance of the Index; a figure of 1.00 would represent perfect
correlation. First Trust will regularly monitor the Fund's tracking
accuracy and will seek to maintain an appropriate correlation.

The Index is in the "Defined Index Series," a family of custom enhanced
indices developed, maintained and sponsored by Standard & Poor's
Financial Services LLC ("S&P" or an "Index Provider"). The Index is a
modified equal-dollar weighted index designed by S&P to objectively
identify and select stocks from the S&P MidCap 400 Index that may
generate positive alpha relative to traditional passive- style indices
through the use of the AlphaDEX(R) screening methodology. Alpha is an
indication of how much an investment outperforms or underperforms on a
risk-adjusted basis relative to its benchmark. As of December 31, 2010,
the Index was comprised of 296 stocks. The Index is rebalanced and
reconstituted as of the last business day of each calendar quarter.
Changes to the Index will be effective at the open of trading on the
sixth business day of the following month.





Principal Risks

You could lose money by investing in the Fund. An investment in the Fund
is not a deposit of a bank and is not insured or guaranteed by the
Federal Deposit Insurance Corporation or any other governmental agency.

MARKET RISK. Market risk is the risk that a particular stock owned by
the Fund, Shares of the Fund or stocks in general may fall in value.
Shares are subject to market fluctuations caused by such factors as
economic, political, regulatory or market developments, changes in
interest rates and perceived trends in stock prices. Overall stock
values could decline generally or could underperform other investments.
Companies with smaller market capitalizations are generally subject to
additional market risk.

NON-CORRELATION RISK. The Fund's return may not match the return of the
Index for a number of reasons. For example, the Fund incurs operating
expenses not applicable to the Index, and may incur costs in buying and
selling securities, especially when rebalancing the Fund's portfolio
holdings to reflect changes in the composition of the Index. In
addition, the Fund's portfolio holdings may not exactly replicate the
securities included in the Index or the ratios between the securities
included in the Index.

REPLICATION MANAGEMENT RISK. The Fund is exposed to additional market
risk due to its policy of investing principally in the securities
included in the Index. As a result of this policy, securities held by
the Fund will generally not be bought or sold in response to market
fluctuations and the securities may be issued by companies concentrated
in a particular industry. Therefore, the Fund will generally not sell a
stock because the stock's issuer is in financial trouble, unless that
stock is removed or is anticipated to be removed from the Index.

NON-DIVERSIFICATION RISK. The Fund is classified as "non-diversified"
under the Investment Company Act of 1940, as amended (the "1940 Act").
As a result, the Fund is only limited as to the percentage of its assets
which may be invested in the securities of any one issuer by the
diversification requirements imposed by the Internal Revenue Code of
1986, as amended (the "Code"). The Fund may invest a relatively high
percentage of its assets in a limited number of issuers.

INDEX TRACKING RISK. You should anticipate that the value of Fund Shares
will decline, more or less, in correlation with any decline in the value
of that Fund's Index.

MARKET CAPITALIZATION RISK. The Fund normally invests at least 90% of
its assets in common stocks that comprise the Index. The securities of
companies represented in the Index generally have market capitalizations
that are consistent with the name of the Index. For purposes of
determining the market capitalization range of such securities, the Fund
will use the current range of the Index. However, the Fund will not be
forced to sell a stock because the stock has exceeded or fallen below
the current market capitalization range of the Index. Because of market
movement, there can be no assurance that the securities in the Fund will
stay within a given market capitalization range. As a result, the Fund
may be exposed to additional risk or may not give investors the
opportunity to invest fully in a given market capitalization range.

SMALLER COMPANY RISK. The Fund invests in mid capitalization companies.
Such companies may be more vulnerable to adverse general market or
economic developments, and their securities may be less liquid and may
experience greater price volatility than larger, more established
companies as a result of several factors, including limited trading
volumes, products or financial resources, management inexperience and
less publicly available information. Accordingly, such companies are
generally subject to greater market risk than larger, more established
companies.

Annual Total Return

The bar chart and table below illustrate the annual calendar year
returns of the Fund based on NAV for the past three years as well as the
average annual Fund and Index returns for the one year and since
inception periods ended December 31, 2010. The bar chart and table
provide an indication of the risks of investing in the Fund by showing
changes in the Fund's performance from year-to-year and by showing how
the Fund's average annual total returns based on NAV compare to those of
the Index and a broad-based market index. See "Total Return Information"
for additional performance information regarding the Fund. The Fund's
performance information is accessible on the Fund's website at
www.ftportfolios.com.

Returns before taxes do not reflect the effects of any income or capital
gains taxes. All after-tax returns are calculated using the historical
highest individual federal marginal income tax rates and do not reflect
the impact of any state or local tax. Returns after taxes on
distributions reflect the taxed return on the payment of dividends and
capital gains. Returns after taxes on distributions and sale of Shares
assume you sold your Shares at period end, and, therefore, are also
adjusted for any capital gains or losses incurred. Returns for the
market index do not include expenses, which are deducted from Fund
returns, or taxes.

Your own actual after-tax returns will depend on your specific tax
situation and may differ from what is shown here. After-tax returns are
not relevant to investors who hold Fund Shares in tax-deferred accounts
such as individual retirement accounts (IRAs) or employee-sponsored
retirement plans.





First Trust Mid Cap Core AlphaDEX(R) Fund-Total Returns(1)

                               [GRAPHIC OMITTED]
                      [DATA POINTS REPRESENTED IN BAR CHART]

                     Calendar Year Total Returns as of 12/31

                              Year              %
                             ------         --------
                              2008          -36.77%
                              2009           47.38%
                              2010           27.03%

         (1) The Fund's year-to-date return based on NAV for the period
                      12/31/2010 to 9/30/2011 was -12.13%.

During the three-year period ended December 31, 2010, the Fund's highest
and lowest calendar quarter returns were 24.50% and -26.89%,
respectively, for the quarters ended June 30, 2009 and December 31,
2008. The Fund's past performance (before and after taxes) is not
necessarily an indication of how the Fund will perform in the future.

Average Annual Total Returns for the Periods Ended December 31, 2010

                                                         1 Year  Since Inception
                                                                    (5/8/2007)

   Return Before Taxes                                    27.03%      2.93%
   Return After Taxes on Distributions                    26.80%      2.69%
   Return After Taxes on Distributions and Sale of Shares 17.55%      2.34%
   Defined Mid Cap Core Index                             28.03%      3.70%
   S&P MidCap 400 Index                                   26.64%      2.00%

Management

      Investment Advisor

      First Trust Advisors L.P. ("First Trust")

      Portfolio Managers

      The Fund's portfolio is managed by a team (the "Investment Committee")
      consisting of: Daniel J. Lindquist, Chairman of the Investment Committee
      and Senior Vice President of First Trust; Robert F. Carey, Chief
      Investment Officer and Senior Vice President of First Trust; Jon C.
      Erickson, Senior Vice President of First Trust; David G. McGarel, Senior
      Vice President of First Trust; Roger F. Testin, Senior Vice President of
      First Trust; and Stan Ueland, Vice President of First Trust. Each
      Investment Committee member has served as a part of the portfolio
      management team of the Fund since inception.

Purchase and Sale of Fund Shares

The Fund issues and redeems Shares on a continuous basis, at NAV, only
in Creation Units consisting of 50,000 Shares. The Fund's Creation Units
are issued and redeemed principally in-kind for securities included in
the Fund's portfolio. Individual Shares may only be purchased and sold
on NYSE Arca through a broker-dealer. Shares of the Fund will trade on
NYSE Arca at market prices rather than NAV, which may cause the Shares
to trade at a price greater than NAV (premium) or less than NAV
(discount).

Tax Information

The Fund's distributions are taxable and will generally be taxed as
ordinary income or capital gains.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase the Fund through a broker-dealer or other financial
intermediary (such as a bank), First Trust and First Trust Portfolios
L.P., the Fund's distributor, may pay the intermediary for the sale of
Fund Shares and related services. These payments may create a conflict
of interest by influencing the broker-dealer or other intermediary and
your salesperson to recommend the Fund over another investment. Ask your
salesperson or visit your financial intermediary's website for more
information.


                                                                    FNXSP0113011