Rule 497(e)

                  FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND

                  First Trust Large Cap Core AlphaDEX(R) Fund,
                   First Trust Mid Cap Core AlphaDEX(R) Fund,
                  First Trust Small Cap Core AlphaDEX(R) Fund,
          First Trust Large Cap Growth Opportunities AlphaDEX(R) Fund,
           First Trust Large Cap Value Opportunities AlphaDEX(R) Fund,
                First Trust Multi Cap Growth AlphaDEX(R) Fund and
                  First Trust Multi Cap Value AlphaDEX(R) Fund
                 (each, a "Fund" and collectively, the "Funds")

              SUPPLEMENT TO THE PROSPECTUS DATED NOVEMBER 28, 2007,

                             DATED NOVEMBER 6, 2008


         The acquisition of the American Stock Exchange LLC ("Amex") by NYSE
Euronext was completed on October 1, 2008 (the "Acquisition"). Prior to the
Acquisition, the securities of the Funds were listed and traded on Amex. The
Funds have completed the requirements to transfer the listing of each Fund's
securities from Amex to NYSE Arca, Inc. ("NYSE Arca"), an affiliate of NYSE
Euronext, and each Fund's securities are listed and have begun trading on NYSE
Arca effective November 6, 2008.

         No assurance can be given as to the continued listing for the life of
the securities of each Fund or the liquidity of the trading market for such
securities.

         This supplement supercedes the supplement dated October 6, 2008.

              PLEASE KEEP THIS SUPPLEMENT WITH YOUR FUND PROSPECTUS
                              FOR FUTURE REFERENCE