Rule 497 (k)
                                                             File No. 333-140895

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                                                                     AlphaDEX(R)
First Trust Large Cap Value AlphaDEX(R) Fund                      Family of ETFs
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SUMMARY PROSPECTUS: December 1, 2015    TICKER: FTA    EXCHANGE: NYSE Arca, Inc.
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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=FTA. 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, 2015, are all incorporated by
reference into this Summary Prospectus.

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INVESTMENT OBJECTIVE

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

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)
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 Maximum Sales Charge (Load) Imposed on Purchases
   (as a percentage of offering price)                                      None
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 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)      0.00%
      Other Expenses                                                       0.12%
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      Total Annual Fund Operating Expenses                                 0.62%
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      Fee Waiver and Expense Reimbursement(2)                              0.00%
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      Total Net Annual Fund Operating Expenses After Fee Waiver
         and Expense Reimbursement                                         0.62%
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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 December 31,
      2016.

  (2) First Trust Advisors L.P., the Fund's investment advisor, has agreed to
      waive fees and/or reimburse Fund expenses to the extent that the operating
      expenses of the Fund (excluding interest expense, brokerage commissions
      and other trading expenses, taxes and extraordinary expenses) exceed 0.70%
      of its average daily net assets per year (the "Expense Cap") at least
      through November 30, 2016. Expenses reimbursed and fees waived under such
      agreement are subject to recovery by the Fund's investment advisor for up
      to three years from the date the fee was waived or expense was incurred,
      but no reimbursement payment will be made by the Fund if it results in the
      Fund exceeding an expense ratio equal to the Expense Cap in place at the
      time the expenses were reimbursed or fees waived by the Fund's investment
      advisor. The agreement may be terminated by the Trust on behalf of the
      Fund at any time and by the Fund's investment advisor only after November
      30, 2016 upon 60 days' written notice.


                                                                     FIRST TRUST
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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, 2016.
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
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      $63                $250                 $456                 $1,047
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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 Fund
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 78%
of the average value of its portfolio.

PRINCIPAL INVESTMENT STRATEGIES

The Fund will normally invest at least 90% of its net assets (including
investment borrowings) 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. The Fund's investment advisor 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 "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 500(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, 2015, the Index was comprised of 204
stocks and the market capitalization range represented in the Index was $2.574
billion to $330.262 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.

ENERGY COMPANIES RISK. The Fund invests in the securities of energy companies,
which include integrated oil companies that are involved in the exploration,
production and refining process, gas distributors and pipeline-related companies
and other energy companies involved with mining, producing and delivering
energy-related services and drilling. General problems of energy companies
include volatile fluctuations in price and supply of energy fuels, international
politics, terrorist attacks, reduced demand, the success of exploration
projects, clean-up and litigation costs relating to oil spills and environmental
damage, and tax and other regulatory policies of various governments. Natural
disasters such as hurricanes in the Gulf of Mexico also impact the petroleum
industry. Oil production and refining companies are subject to extensive
federal, state and local environmental laws and regulations regarding air
emissions and the disposal of hazardous materials. In addition, oil prices are
generally subject to extreme volatility.

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 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.

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.

MARKET RISK. Market risk is the risk that a particular security owned by the
Fund 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. Shares of the Fund could decline in value or 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.

VALUE STOCKS INVESTMENT RISK. The intrinsic value of a stock with value
characteristics may not be fully recognized by the market for a long time or a
stock judged to be undervalued may actually be appropriately priced at a low
level.

ANNUAL TOTAL RETURN

The bar chart and table below illustrate the annual calendar year returns of the
Fund based on net asset value as well as the average annual Fund and Index
returns. 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 a specialized
securities 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 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 LARGE 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              %
                             ------         --------
                              2008          -36.09%
                              2009           41.18%
                              2010           18.55%
                              2011            1.32%
                              2012           17.25%
                              2013           33.92%
                              2014           10.87%

(1)   The Fund's year-to-date return based on net asset value for the period
      12/31/2014 to 9/30/2015 was -12.41%.

During the period shown in the chart above:

               BEST QUARTER                               WORST QUARTER
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          31.01% (June 30, 2009)                   -24.78% (December 31, 2008)
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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, 2014



                                                                                                                 SINCE INCEPTION
                                                                                         1 YEAR       5 YEARS      (5/8/2007)
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     Return Before Taxes                                                                  10.87%       15.90%         6.86%
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     Return After Taxes on Distributions                                                  10.00%       15.19%         6.18%
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     Return After Taxes on Distributions and Sale of Shares                                6.14%       12.48%         5.09%
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     Defined Large Cap Value Index
        (reflects no deduction for fees, expenses or taxes)                               11.61%       16.76%         7.69%
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     S&P 500(R) Index
        (reflects no deduction for fees, expenses or taxes)                               13.69%       15.45%         6.44%
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     S&P 500(R) Value Index
        (reflects no deduction for fees, expenses or taxes)                               12.36%       14.86%         4.45%
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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.

      The Investment Committee members are primarily and jointly responsible for
      the day-to-day management of the Fund. 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 generally issued and redeemed in-kind for securities in which the Fund
invests and, in certain circumstances, for cash, and only to and from
broker-dealers and large institutional investors that have entered into
participation agreements. Individual shares of the Fund 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.


                                                                    FTASP0120115