First Trust AlphaDEX TM U.S. Dividend Plus ETF (CAD-Hedged) Annual Management Report of Fund Performance December 31, 2013

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1 First Trust AlphaDEX TM U.S. Dividend Plus ETF (CAD-Hedged) Annual December 31, 2013

2 ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE December 31, 2013 First Trust AlphaDEX TM U.S. Dividend Plus ETF (CAD-Hedged) (the First Trust ETF ) This annual management report of fund performance contains financial highlights, but does not contain the complete annual financial statements of the First Trust ETF. All references to dollars contained herein are to Canadian dollars. Securityholders may also contact us to request a copy of the First Trust ETF s proxy voting policies and procedures, proxy voting disclosure record, or quarterly portfolio disclosures relating to the First Trust ETF by calling , by writing to us at FT Portfolios Canada Co., 330 Bay Street, Suite 1300, Toronto, Ontario M5H 2S8 or by visiting our web site at or SEDAR at Forward Looking Statements This document may contain forward-looking statements relating to anticipated future events, results, circumstances, performance or expectations that are not historical facts but instead represent beliefs regarding future events. By their nature, forward-looking statements are based on assumptions and are subject to inherent risks and uncertainties. There is significant risk that forward-looking statements will not prove to be accurate. Readers of this document should not place undue reliance on forward-looking statements as a number of factors could cause actual future results, conditions, actions or events to differ materially from the expectations, estimates or intentions expressed or implied in the forward-looking statements. These factors include but are not limited to market and general economic conditions, interest rates, foreign currency exchange rates, the extent of industry sector exposure, the performance of the securities of the issuers held in the portfolio and regulatory developments and the risks detailed in the First Trust ETF s prospectus. The Manager does not undertake and specifically disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

3 Investment Objective and Strategy The fundamental investment objective of First Trust AlphaDEX U.S. Dividend Plus ETF (CAD-Hedged) (the First Trust ETF ) is to provide Unitholders with exposure to the performance of a portfolio of higher yielding U.S. dividend paying equities, as well as providing Unitholders with monthly distributions. The First Trust ETF will primarily invest in U.S. dividend paying equities. In addition, the First Trust ETF will, from time to time, write covered call options on a portion of the portfolio in order to produce additional income. The First Trust ETF will primarily invest in U.S. dividend paying equities. First Trust Advisors L.P., the portfolio advisor (the Portfolio Advisor ) will select securities from a universe of U.S. companies whose dividend yield is greater than or equal to the median dividend yield of all members of the S&P 500 Index. Securities will also be subject to an initial screening process to ensure sufficient liquidity (minimum three month average daily trading volume of $5 million) and market capitalization (minimum of $200 million). Eligible companies will then be assigned a score and ranked based on the AlphaDEX selection methodology which is a rules based methodology that ranks companies based on five growth factors consisting of three, six and twelve month price appreciation, one year sales growth and sales-price ratio and three value factors consisting of book value-to-price ratio, cash flow-to-price ratio and return on assets. Only the top 60 stocks based on selection scores are included in the portfolio. The Portfolio will be broadly diversified by industry sector, with no sector representing greater than 15% above the benchmark weight at rebalance. The top 60 stocks are weighted based on potential investment merit. The selected stocks are divided equally into quintiles based on their AlphaDEX methodology scores; the higher scoring quintiles are given a greater weight than lower scoring quintiles. The First Trust ETF will generally seek to hedge substantially all of its exposure to the U.S. dollar back to the Canadian dollar. To generate additional income, the Portfolio Advisor may, from time to time, sell index options, options on ETFs or write covered call options on the portfolio securities. Such option writing will not exceed 50% of the portfolio. There are two classes of units offered by the First Trust ETF: Common Class (TSX symbol: FUD) Advisor Class (TSX symbol: FUD.A) The inception date of the First Trust ETF was May 15, Risk The portfolio held 60 equity securities at the end of the reporting period. The top ten equity holdings accounted for 26.56% of the portfolio. Energy, Information Technology, and Consumer Staples were the top three sector weightings at the beginning of the period. At the end of the period, the top three sector weights were Energy, Consumer Discretionary, and Industrials. The sector weighting changes were a result of the AlphaDEX stock selection process, and not a material change in benchmark composition. The AlphaDEX stock selection process is a rules-based process and can result is sector weightings that differ from that of the benchmark. The First Trust ETF uses a base universe of U.S. stocks that pay dividends. The ability of a company to pay a dividend in the future is dependent of factors that are not controlled by fund management. A company held in the fund may, at any time, decide to cut or eliminate its dividend payment. The fund added 36 stocks and removed 36 stocks during the period. The top overweight sectors at the end of the period were Energy, Utilities, and Materials. The most underweight sectors at the end of the period were Health Care, Information Technology, and Financials. At inception, the most overweight sectors were Energy, Materials, and Consumer Staples. The most underweight sectors at fund inception were Health Care, Financials, and Industrials. Given the First Trust ETF employs a currency hedging strategy to minimize the impact of changes in the USD-CAD exchange rate, and considering that the portfolio remains consistent in its application of the AlphaDEX stock selection methodology to pick equities for the portfolio, we conclude there was no material change to the risk profile of the First Trust ETF. Results of Operations The First Trust ETF s net asset value of Common Class units as of December 31, 2013 was $22.79 and of Advisor Class units was $ The First Trust ETF s initial net asset value of Common Class units as of May 15, 2013 was $20.00 and of Advisor Class units was $

4 , the First Trust ETF made reinvested distributions of $ per unit for unitholders of Common Class and $ per unit for Advisor class. The First Trust ETF paid income distributions per unit as follows: First Trust ETF Payment Date Class July 15 th Aug 15 th Sep 13 th Oct 15 th Nov 15 th Dec 6 th Common Class FUD Advisor Class FUD.A Investment Performance The First Trust ETF Common Class units returned 18.53%, net of fees and expenses, from the date of inception to December 31, This compares with the benchmark, S&P 500 Index (CAD-Hedged), total return of 17.88%. The First Trust ETF slightly outperformed the benchmark due to stock selection in the Industrials sector, the best performing sector in the benchmark. An overweight position combined with positive stock selection also boosted relative outperformance in Consumer Discretionary stocks. An overweight position combined with stock selection caused Energy holdings to be the worst performing group in the portfolio on a relative basis. Dividend paying companies underperformed non-paying companies in the benchmark during the period. Information Technology and Consumer Discretionary stocks were among the top performing sectors in the benchmark and are two traditionally lower yielding sectors of the benchmark. The top five stocks by contribution to return were Best Buy Co., Inc., The Boeing Company, Sealed Air Corporation, Xerox Corporation, and Principal Financial Group, Inc. The bottom five stocks by contribution to return were Newmont Mining Corporation, Campbell Soup Company, Ventas, Inc., Health Care REIT, Inc., and Abercrombie & Fitch Co. Class A. The First Trust ETF s currency hedge strategy was slightly detrimental relative to an unhedged strategy, given a 4.59% appreciation of the USD against the CAD over the period. Recent Developments The First Trust ETF added 36 stocks and removed 36 stocks in early December in conjunction with the semi-annual rebalance. The changes were made by applying the AlphaDEX selection methodology to a universe of U.S. dividend paying stocks. The universe of dividend paying stocks was relatively stable over the period. The United States Federal Reserve maintained its low interest rate policy during the period which contributed to the rally in U.S. stocks. Additionally, a steadily improving economy, solid corporate earnings growth and falling unemployment also boosted equities. At the end of the period, the United States Federal Reserve stated that future bond purchases will decrease in 2014 as it begins the tapering process. This could lead to rising bond yields and potential headwinds for dividend paying stocks. Net Assets and Net Asset Value National Instrument Investment Fund Continuous Disclosure ( NI ) requires that net asset value for transactional pricing purposes ( Net Asset Value ), be calculated based on the fair value of investments using the close or last trade price. The Chartered Professional Accountants, CPA Canada Handbook section 3855 Financial Instruments Recognition and Measurement requires that net assets for financial reporting purposes ( Net Assets ), be calculated using the close or last bid price of an investment. The net assets per unit for financial reporting purposes ( Net Assets ) and Net Asset Value per unit could be different due to the use of different valuation techniques. As at December 31, 2013, the First Trust ETF s net asset value was $22.79 per Common Class unit and $22.75 per Advisor Class unit. The difference between the net asset value per unit for unitholder transactions and the net assets per unit as shown on the Statement of Net Assets is due to the use of different pricing methodologies discussed above. 2

5 International Financial Reporting Standards The Canadian Accounting Standards Board confirmed that International Financial Reporting Standards ( IFRS ) will replace current Canadian standards and interpretations as Canadian GAAP for publicly accountable enterprises effective January 1, 2014, which includes investment funds. The First Trust ETF will adopt IFRS on January 1, Related Party Transactions FT Portfolios Canada Co. is the Manager of the First Trust ETF and is a Canadian affiliate of First Trust Advisors L.P., the investment advisor (the Advisor ) of the Trust. Pursuant to terms of the declaration of trust of the First Trust ETF, the Manager provides or arranges for all management, administrative and other services required by the First Trust ETF. The Manager receives a management fee from the First Trust ETF. For further details, please see Management Fees. The Manager has retained the Advisor to provide certain services to the First Trust ETF pursuant to an investment advisory agreement. The Advisor receives advisory fees from the Manager out of the management fee. 3

6 Financial Highlights The following tables show selected key financial information about the First Trust ETF and are intended to help you understand the First Trust ETF s financial performance from date of inception to the period ended December 31, The date of inception of the First Trust ETF was May 15, This information is derived from the First Trust ETF s audited annual financial statements for the period ending December 31. The Trust s Net Assets per Unit Dec. 31, 2013 FUD FUD.A Net assets, at the beginning of the period (1) $ $ Increase (decrease) from operations: Total revenue Total expenses (0.09) (0.24) Realized gains (losses) for the period Unrealized gains (losses) for the period Total increase (decrease) from operations (2) $ 3.42 $ 3.14 Distributions: From income (excluding dividends) (0.50) (0.39) From dividends - - From capital gains (0.90) (0.90) Return of capital - - Total Annual distributions (3) $ (1.40) $ (1.29) Net assets, at the end of the period (4) $ $ (1) This information is provided as at December 31 of the period shown. The net assets per unit presented in the financial statements differs from the net asset value calculated for trust pricing purposes. An explanation of these differences can be found in the notes to the financial statements. (2) Net assets and distributions are based on the actual number of units outstanding at the relevant time. The increase/decrease from operations is based on the weighted average number of units outstanding over the period. (3) Distributions were either in the form of cash or reinvested in additional units of the First Trust ETF. (4) This table is not intended to be a reconciliation of beginning to ending net assets per unit. Ratios and Supplemental Data Dec. 31, 2013 FUD FUD.A Net asset value (000's) $ 5,698 $ 1,137 Number of units outstanding 250,000 50,000 Management expense ratio (1) 0.64% 1.74% Management expense ratio before waivers or absorption 0.64% 1.74% Trading expense ratio (2) 0.06% 0.06% Portfolio turnover rate (3) 77.46% 77.46% Net asset value per unit $ $ (1) Management expense ratio is based on total expenses for the stated period and is expressed as an annualized percentage of daily average net asset value during the period. (2) The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period. (3) The First Trust ETF s portfolio turnover rate indicates how actively the First Trust ETF s portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the First Trust ETF buying and selling all of the securities in its portfolio once in the course of the period. The higher a First Trust ETF s s portfolio turnover rate in a period, the greater the trading cost payable by the First Trust ETF in the period, and the greater the chance of an investor receiving taxable capital gains in the period. There is not necessarily a relationship between high turnover rate and the performance of a First Trust ETF. 4

7 Management Fees The First Trust ETF will pay the Manager a management fee equal to 0.60% and, in respect of the FUD.A, an additional amount for a service fee (see FUD.A Service Fee below) based on the average daily NAV of the First Trust ETF. The management fee, plus applicable taxes including HST, will be accrued daily and paid quarterly in arrears. The Manager may, from time to time in its discretion, waive all or a portion of the management fee charged at any given time. FUD.A Service Fee The Manager pays registered dealers a service fee equal to 1.00% per annum of the NAV held by clients of the registered dealer, plus any applicable taxes. The service fee will be calculated and accrued daily and paid quarterly at the end of each calendar quarter. Past Performance General The past performance information shown assumes that all distributions made by the First Trust ETF in the periods shown were reinvested in additional securities of the First Trust ETF. The performance information does not take into account sales, redemption, distribution or other optional charges that would have reduced returns or performance. How the First Trust ETF has performed in the past does not necessarily indicate how it will perform in the future. Year by Year Returns The bar chart below shows the First Trust ETF s performance for the period ended December 31, and illustrates how the investment fund s performance has changed from the inception date to the period ended December 31, The chart also shows, in percentage terms, how much an investment made on the first day of each financial year would have grown or decreased by the last day of each financial year % First Trust AlphaDEX TM U.S. Dividend Plus ETF (CAD-Hedged) 16.00% 12.00% 14.01% 13.16% 8.00% 4.00% 0.00% *May 15/13 to Dec 31/13 FUD 14.01% FUD.A 13.16% *Date of Inception 5

8 Annual Compound Returns The First Trust ETF Common Class units slightly outperformed over the period as strong stock selection in Industrials and Consumer Discretionary holdings relative to the benchmark helped the portfolio. U.S. equities were among the top performers in the world over the period. Since Inception First Trust AlphaDEX TM U.S. Dividend Plus ETF (CAD-Hedged) FUD 14.01% First Trust AlphaDEX TM U.S. Dividend Plus ETF (CAD-Hedged) FUD.A 13.16% S&P 500 Index (CAD-Hedged) 17.88% S&P 500 Currency Hedged Indices are designed to represent the returns of index strategies that involve hedging currency risk while accepting underlying equity market risk. By employing such a strategy, the index seeks to reduce the risk of downward currency fluctuations while also sacrificing potential currency gains. Summary of Investment Portfolio The table sets out the percentage (based on net asset value) of the First Trust ETF s top 25 holdings as at December 31, This summary of portfolio holdings may change due to ongoing portfolio transactions of the First Trust ETF. A quarterly update is available at Issuers % of ETF Net Asset Value * Helmerich & Payne Inc. 2.97% CF Industries Holdings Inc. 2.92% Ameriprise Financial Inc. 2.89% Prudential Financial Inc. 2.83% Chevron Corp. 2.77% Johnson Controls Inc. 2.77% Murphy Oil Corp. 2.72% Time Warner Cable Inc. 2.67% Walgreen Co. 2.64% Ensco PLC 2.63% Abercrombie & Fitch Co., Class A 2.61% Safeway Inc. 2.55% Valero Energy Corp. 2.40% Intel Corp. 2.37% Xerox Corp. 2.34% Oneok Inc. 2.33% Ryder System Inc. 2.30% Cardinal Health Inc. 2.26% Northrop Grumman Corp. 2.21% Pitney Bowes Inc. 2.19% Noble Corp. PLC 2.14% Transocean Ltd. 2.13% Marathon Oil Corp. 2.13% ConocoPhillips 2.11% Archer-Daniels-Midland Co. 1.76% * Based on transactional NAV in which securities are priced at market closing prices on December 31,

9 Portfolio Breakdown The table sets out the percentage (based on net asset value) of the First Trust ETF s portfolio as at December 31, Sector Weightings % of ETF Net Asset Value * Energy 24.68% Consumer Discretionary 15.28% Industrials 12.89% Utilities 10.07% Information Technology 9.95% Financials 9.55% Consumer Staples 6.94% Materials 6.79% Healthcare 3.77% Cash and Cash Equivalents 0.59% * Based on transactional NAV in which securities are priced at market closing prices on December 31,

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