Rule 497 (k)
                                                             File No. 333-171759


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                                  AlphaDEX(R)
                                 Family of ETFs
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SUMMARY PROSPECTUS


ALPHADEX(R) FUND II

First Trust Developed Markets Ex-US AlphaDEX(R) Fund


Ticker Symbol:        FDT
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=FDT. 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 April 30, 2012, are all incorporated by
reference into this Summary Prospectus.




INVESTMENT OBJECTIVE

The First Trust Developed Markets Ex-US 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 Developed
Markets Ex-US Index (the "Index").





FIRST TRUST                                                       April 30, 2012
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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.

   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                                                         0.80%
   Distribution and Service (12b-1) Fees (1)                               0.00%
   Other Expenses                                                          0.00%
                                                                           -----
   Total Annual Fund Operating Expenses                                    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 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 annual operating expenses remain at
   current levels until April 30, 2013 and thereafter at 1.05% to represent the
   imposition of the 12b-1 fee of 0.25% per annum of the Fund's average daily
   net assets. 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               $301             $547            $1,252

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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 at any time before April 30,
      2013.

   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 fiscal period April 18, 2011 (inception)
   through December 31, 2011, the Fund's portfolio turnover rate was 67% of the
   average value of its portfolio.

PRINCIPAL INVESTMENT STRATEGIES

The Fund will normally invest at least 90% of its net assets plus the amount of
any borrowings for investment purposes in 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 the "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
Developed Markets Ex-US BMI Index (the "Base Index") that may generate positive
alpha relative to traditional passive-style indices through the use of the
AlphaDEX(R) selection methodology. The Base Index is a comprehensive,
rules-based index designed to measure stock market performance in developed
markets excluding the United States. The Base Index covers all publicly listed
equities with float adjusted market values of $100 million or more and annual
dollar value traded of at least $50 million. Alpha is an indication of how much
an investment outperforms or underperforms on a risk-adjusted basis relative to
its benchmark. As of March 31, 2012, the Index was comprised of 295 securities
from 23 countries. The Index is rebalanced and reconstituted as of the last
business day of the semi-annual periods ended March 31 and September 30. Changes
to the Index will be effective at the open of trading on the ninth business day
of the following month.

The Fund intends to invest entirely in the Index; however, there may also be
instances in which the Fund may be overweighted in certain stocks in the Index,
purchase securities not in the Index that are appropriate to substitute for
certain securities in the Index or utilize various combinations of the above
techniques in seeking to track the Index.





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.

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. 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.

NON-U.S. SECURITIES RISK. The Fund invests in securities of non-U.S. issuers,
including non-U.S. dollar-denominated securities traded outside of the United
States and U.S. dollar-denominated securities of non-U.S. issuers traded in the
United States. Such securities are subject to higher volatility than securities
of domestic issuers due to possible adverse political, social or economic
developments; restrictions on foreign investment or exchange of securities; lack
of liquidity; excessive taxation; government seizure of assets; different legal
or accounting standards; and less government supervision and regulation of
exchanges in foreign countries.

CURRENCY RISK. Because the Fund's NAV is determined on the basis of U.S. dollars
and the Fund invests in foreign securities, you may lose money if the local
currency of a foreign market depreciates against the U.S. dollar, even if the
local currency value of the Fund's holdings goes up.

JAPAN RISK. The Fund invests in the stock of companies operating in Japan.
Because Japan's economy and equity market share a strong correlation with the
U.S. markets, the Japanese economy may be affected by economic problems in the
U.S. Japan also has a growing economic relationship with China and other
Southeast Asian countries, and thus Japan's economy may also be affected by
economic, political or social instability in those countries. Despite a
strengthening in the economic relationship between Japan and China, the
countries' political relationship has at times been strained in recent years.
Should political tension increase, it could adversely affect the economy and
destabilize the region as a whole. Japan also remains heavily dependent on oil
imports, and higher commodity prices could therefore have a negative impact on
the economy. Japanese securities may also be subject to lack of liquidity;
excessive taxation; government seizure of assets; different legal or accounting
standards and less government supervision and regulation of exchanges than in
the United States. Furthermore, the natural disasters that have impacted Japan
and the ongoing recovery efforts have had a negative affect on Japan's economy,
and may continue to do so.

ANNUAL TOTAL RETURN

The Fund has not yet operated for a full calendar year and, therefore,
performance information is not included in this section of the Prospectus. See
"Total Return Information" for performance information regarding the Fund.





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:

      o     Daniel J. Lindquist, Chairman of the Investment Committee and Senior
            Vice President of First Trust;

      o     Robert F. Carey, Chief Investment Officer and Senior Vice President
            of First Trust;

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

      o     David G. McGarel, Senior Vice President of First Trust;

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

      o     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 for cash or 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 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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