First Trust Exchange-Traded AlphaDEX® Fund (“Trust”), a registered management investment company currently consisting of 16 exchange-traded funds, announced regular semi-annual distributions today for 14 exchange-traded funds (“Funds”) in the Trust.

The following dates apply to today’s distribution declarations:

The majority, and possibly all, of this distribution will be paid out of net investment income earned by the Fund. A portion of this distribution may come from net short-term realized capital gains or return of capital. The final determination of the source and tax status of 2008 distributions will be made after the end of 2008.

First Trust Advisors L.P., the Funds’ investment advisor, along with its affiliate First Trust Portfolios L.P., are privately-held companies which provide a variety of investment services, including asset management, financial advisory services, and municipal and corporate investment banking, with collective assets under management or supervision of over $17 billion as of November 30, 2008 through closed-end funds, unit investment trusts, mutual funds, separate managed accounts and exchange-traded funds.

You should consider the investment objectives, risks, charges and expenses of a Fund before investing. Prospectuses for the Funds contain this and other important information and are available free of charge by calling toll-free at 1-800-621-1675 or visiting www.ftportfolios.com.A prospectus should be read carefully before investing.

Principal Risk Factors: A Fund’s shares will change in value, and you could lose money by investing in a Fund. An investment in a Fund involves risk similar to those of investing in any fund of equity securities traded on exchanges. A Fund seeks investments results that correspond generally to the price and yield of an index. You should anticipate that the value of a Fund’s shares will decline, more or less, in correlation with any decline in the value of the index. A Fund’s return may not match the return of the index. A Fund may invest in small capitalization and mid capitalization companies. Such companies may experience greater price volatility than larger, more established companies.

Investors buying or selling Fund shares on the secondary market may incur brokerage commissions. Investors who sell Fund shares may receive less than the share’s net asset value. Unlike shares of open-end mutual funds, investors are generally not able to purchase Fund shares directly from the Fund and individual shares are not redeemable. However, specified large blocks of shares called “creation units” can be purchased from, or redeemed to, the Fund.