Rule 497 (k)
                                                             File No. 333-140895


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

                                  AlphaDEX(R)
                                 Family of ETFs

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

SUMMARY PROSPECTUS

First Trust Financials AlphaDEX(R) Fund

Ticker Symbol: FXO
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=FXO. 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 1, 2014, are all incorporated by
reference into this Summary Prospectus.



INVESTMENT OBJECTIVE

The First Trust Financials 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 StrataQuant(R) Financials Index (the
"Index").






FIRST TRUST                                                     December 1, 2014

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




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                                                                                    0.50%
      Distribution and Service (12b-1) Fees(1)                                                           0.00%
      Fees Previously Waived or Expenses Reimbursed by First Trust(2) (3)                                0.00%
      Other Expenses                                                                                     0.17%
      Acquired Fund Fees and Expenses (4)                                                                0.13%
                                                                                                        -------
      Total Annual Fund Operating Expenses                                                               0.80%
      Fee Waiver and Expense Reimbursement(2)                                                            0.00%
                                                                                                        -------
      Total Net Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement                0.80%


   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 December 31, 2015.
   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
            $82               $307               $553              $1,258

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

   (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 December
         31, 2015.

   (2)   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 November 30, 2015.
         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
         November 30, 2015 upon 60 days' written notice.

   (3)   Expenses have been restated to reflect the current fiscal year.

   (4)   Acquired Fund Fees and Expenses are not taken into consideration in the
         expense limitation because they are not Fund operating expenses, but
         rather, are imputed fees and 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 55% of the average value of its portfolio.

PRINCIPAL INVESTMENT STRATEGIES

The Fund will normally invest at least 90% (plus the amount of any borrowings
for investment purposes) 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.

The Index is in the "StrataQuant(R) Series," a family of custom enhanced indices
developed, maintained and sponsored by NYSE Group, Inc. or its affiliates
("NYSE" or an "Index Provider"), and licensed to First Trust Portfolios L.P. by
NYSE. Prior to the acquisition of the American Stock Exchange LLC (the "AMEX")
by NYSE, the equity indices in the StrataQuant(R) Series were developed,
maintained and sponsored by the AMEX. The Index is a modified equal-dollar
weighted index designed by NYSE to objectively identify and select stocks from
the Russell 1000(R) Index in the financial services sector 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. The Fund may invest in common stocks and business development
companies ("BDCs") that comprise the Index. As of July 31, 2014, the Index was
comprised of 171 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 fourth 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.

BDC RISK. The Fund may invest in BDCs which may carry risks similar to those of
a private equity or venture capital fund. BDCs are not redeemable at the option
of the shareholder and they may trade in the market at a discount to their net
asset value. The BDCs held by the Fund may employ the use of leverage through
borrowings or the issuance of preferred stock. While leverage often serves to
increase the yield of a BDC, this leverage also subjects a BDC to increased
risks, including the likelihood of increased volatility and the possibility that
a BDC's common share income will fall if the dividend rate of the preferred
shares or the interest rate on any borrowings rises.

EQUITY SECURITIES RISK. Because the Fund invests in equity securities, the value
of the Fund's shares will fluctuate with changes in the value of these equity
securities. Equity securities prices fluctuate for several reasons, including
changes in investors' perceptions of the financial condition of an issuer or the
general condition of the relevant stock market, such as the current market
volatility, or when political or economic events affecting the issuers occur. In
addition, common stock prices may be particularly sensitive to rising interest
rates, as the cost of capital rises and borrowing costs increase.

FINANCIAL COMPANIES RISK. Financial companies are especially subject to the
adverse effects of economic recession, currency exchange rates, government
regulation, decreases in the availability of capital, volatile interest rates,
portfolio concentrations in geographic markets and in commercial and residential
real estate loans, and competition from new entrants in their fields of
business.

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 the Fund's
Index.

MARKET RISK. Market risk is the risk that the underlying securities in which the
Fund invests, or shares of the Fund in general, 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 securities prices. Overall securities values could decline
generally or could underperform other investments.

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 if the Index is so
concentrated. Therefore, the Fund will generally not sell a security because its
issuer is in financial trouble, unless that security is removed or is
anticipated to be removed from the Index.

SMALLER COMPANIES RISK. The Fund may invest in small and/or 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 net asset value for the past six years as well as the average
annual Fund and Index returns for the one year, five year and since inception
periods ended December 31, 2013. 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, a broad-based
market index and two specialized securities market indices. With respect to the
Russell 1000(R) Financial Services Index, on or about September 18, 2008,
Russell Investment Group ("Russell") began calculating its Russell U.S. Indices
using an enhanced Russell sector scheme, the Russell Global Sectors (the "RGS").
The RGS and the former U.S. sector scheme ran in tandem until June 30, 2009,
when Russell officially transitioned to the RGS and ceased calculating its
indices using the U.S. sector scheme. Consequently, performance data is not
available for the Russell 1000(R) Financial Services Index for the entire "5
Years" or "Since Inception" periods set forth in the table because performance
data does not exist using solely the U.S. sector scheme or alternatively, using
solely the RGS. 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 indices 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 FINANCIALS ALPHADEX(R) FUND--TOTAL RETURNS(1)

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

                     Calendar Year Total Returns as of 12/31

                              Year              %
                             ------         --------
                              2008          -38.24%
                              2009           31.65%
                              2010           19.11%
                              2011           -7.35%
                              2012           21.24%
                              2013           40.41%


(1) The Fund's year-to-date return based on net asset value for the period
12/31/2013 to 9/30/2014 was 1.56%.

During the six-year period ended December 31, 2013, the Fund's highest and
lowest calendar quarter returns were 30.65% and -22.64%, respectively, for the
quarters ended June 30, 2009 and March 31, 2009. 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, 2013


                                                                        1 YEAR      5 YEARS   SINCE INCEPTION
                                                                                                (5/8/2007)
                                                                                     
    Return Before Taxes                                                 40.41%      19.85%         3.03%
    Return After Taxes on Distributions                                 39.60%      19.14%         2.39%
    Return After Taxes on Distributions and Sale of Shares              22.83%      15.84%         2.02%
    StrataQuant(R) Financials Index                                     41.54%      20.93%         3.98%
       (reflects no deduction for fees, expenses or taxes)
    Russell 1000(R) Index                                               33.11%      18.59%         5.66%
       (reflects no deduction for fees, expenses or taxes)
    S&P 500(R) Financials Index                                         35.63%      13.75%        -5.79%
       (reflects no deduction for fees, expenses or taxes)
    Russell 1000(R) Financial Services Index                            34.80%      14.91%           --
       (reflects no deduction for fees, expenses or taxes)


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 2007.

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 for securities in which the Fund invests, and redeemed for
securities, and only to and from broker-dealers and large institutional
investors that have entered into participation agreements. 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.


                                                                    FXOSP0120114