Rule 497 (k)
                                                             File No. 333-140895


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                                  AlphaDEX(R)
                                 Family of ETFs

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SUMMARY PROSPECTUS

First Trust Small Cap Value AlphaDEX(R) Fund

Ticker Symbol:        FYT
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=FYT. 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 December 2, 2013, are all incorporated by
reference into this Summary Prospectus.



INVESTMENT OBJECTIVE

The First Trust Small Cap Value 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 Small Cap Value Index (the
"Index").





FIRST TRUST                                                     December 2, 2013
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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,
which are not reflected in the table below.



                                                                                                      
    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                                                                                    0.70%
      Distribution and Service (12b-1) Fees(1)                                                           0.00%
      Other Expenses(2)                                                                                  0.00%
                                                                                                       --------
      Total Annual Fund Operating Expenses                                                               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. The example also assumes that your investment has a 5% return
    each year and that the Fund's operating expenses remain at current levels.
    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 30,
    2014. 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               $493              $1,135

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    (1) Although the Fund has adopted a 12b-1 plan that permits it to pay up to
        0.25% per annum, it will not pay 12b-1 fees any time before November 30,
        2014.

    (2) Pursuant to the Investment Management Agreement, First Trust will manage
        the investment of the Fund's assets and will be responsible for the
        Fund's expenses, including the cost of transfer agency, custody, fund
        administration, legal, audit, license and other services, but excluding
        fee payments under the Investment Management Agreement, interest, taxes,
        brokerage commissions and other expenses connected with the execution of
        portfolio transactions, distribution and service fees, pursuant to a
        12b-1 plan, if any, and extraordinary expenses.

    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 104% 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 S&P Dow Jones Indices 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 SmallCap 600(R)
Value Index that may generate positive alpha relative to traditional
passive-style indices through the use of the AlphaDEX(R) selection methodology.
Alpha is an indication of how much an investment outperforms or underperforms on
a risk-adjusted basis relative to its benchmark. As of July 31, 2013, the Index
was comprised of 258 stocks and the market capitalization range represented in
the Index was $174 million to $3.3 billion. 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. There can be no
assurance that the Fund's investment objective will be achieved.

INDEX CORRELATION 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. To determine the market capitalization
range of such securities, the Fund uses the current range of the Index. However,
the Fund will not sell a security because the security 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. Because the Fund invests in small
capitalization companies, the Fund is more vulnerable to adverse general market
or economic developments, may be less liquid, and may experience greater price
volatility than larger, more established companies.

MARKET RISK. Market risk is the risk that a particular security owned by the
Fund or shares of the Fund may fall in value. Securities are subject to market
fluctuations caused by such factors as economic, political, regulatory or market
developments, changes in interest rates and perceived trends in security prices.
Overall security 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.

NON-DIVERSIFICATION RISK. The Fund is classified as "non-diversified" under the
Investment Company Act of 1940, as amended. 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 Fund may invest a relatively high
percentage of its assets in a limited number of issuers. As a result, the Fund
may be more susceptible to a single adverse economic or regulatory occurrence
affecting one or more of these issuers, experience increased volatility and be
highly concentrated in certain issuers.

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.

SMALLER COMPANY RISK. The Fund invests in the securities of small capitalization
companies, which may be more vulnerable to adverse general market or economic
developments. These securities may be less liquid and may experience greater
price volatility than those of 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.

VALUE INVESTMENT STYLE RISK. Value companies may experience adverse business
developments or may be subject to special risks that cause their securities to
be out of favor, may never reach what may be their full value or may go down in
price.

ANNUAL TOTAL RETURN

The bar chart and table below illustrate the annual calendar year return of the
Fund based on net asset value for the past year as well as the average annual
Fund and Index returns for the one year and since inception periods ended
December 31, 2012. 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
net asset value 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 SMALL CAP VALUE ALPHADEX(R) FUND--TOTAL RETURNS(1)

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

                     Calendar Year Total Returns as of 12/31

                              Year              %
                             ------         --------
                              2012           16.63%

(1) The Fund's year-to-date return based on net asset value for the period
12/31/2012 to 9/30/2013 was 28.74%.

During the one-year period ended December 31, 2012, the Fund's highest and
lowest calendar quarter returns were 12.14% and -7.21%, respectively, for the
quarters ended March 31, 2012 and June 30, 2012. 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, 2012



                                                                           
                                                                        1 Year   Since Inception
                                                                                   (4/19/2011)
    Return Before Taxes                                                  16.63%       7.72%
    Return After Taxes on Distributions                                  16.16%       7.39%
    Return After Taxes on Distributions and Sale of Shares               10.80%       6.39%
    Defined Small Cap Value Index                                        17.59%       8.57%
    S&P SmallCap 600(R) Growth Index                                     18.21%       7.58%


MANAGEMENT

    INVESTMENT ADVISOR
    First Trust Advisors L.P. ("First Trust" or the "Advisor")

    PORTFOLIO MANAGERS
    The Fund's portfolio is managed by a team (the "Investment Committee")
    consisting of:

      o   Daniel J. Lindquist, Chairman of the Investment Committee and Managing
          Director of First Trust;

      o   Jon C. Erickson, Senior Vice President of First Trust;

      o   David G. McGarel, Chief Investment Officer and Managing Director of
          First Trust;

      o   Roger F. Testin, Senior Vice President of First Trust; and

      o   Stan Ueland, Senior 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 net asset value,
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, and only to and from broker-dealers and large institutional
investors that have entered into participation agreements. Individual shares may
only be purchased and sold on NYSE Arca through a broker-dealer. Shares of the
Fund trade on NYSE Arca at market prices rather than net asset value, which may
cause the shares to trade at a price greater than net asset value (premium) or
less than net asset value (discount).

TAX INFORMATION

The Fund's distributions are taxable and will generally be taxed as ordinary
income or capital gains. Distributions on shares held in a tax deferred account,
while not immediately taxable, will be subject to tax when the shares are no
longer held in a tax deferred account.

PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES

If you purchase shares of 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.




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