Fund Description: First Trust Australia AlphaDEX Fund is an exchange-traded index fund or Index ETF which is a separate investment portfolio of First Trust Exchange-Traded AlphaDEX Fund II, an open-end investment management company. INVESTMENT OBJECTIVE: The First Trust Australia AlphaDEX Fund seeks investment results that correspond generally to the price and yield before, fees and expenses, of the NASDAQ AlphaDEX Australia Index. INDEX DESCRIPTION: The NASDAQ AlphaDEX Australia Index is designed to select stocks from the NASDAQ Australia Index (the Base Index) that may generate positive alpha, or risk-adjusted returns, relative to traditional indices through the use of the AlphaDEX selection methodology. Alpha is an indication of how much an investment outperforms or underperforms on a risk-adjusted basis relative to its Index. The Base Index is a comprehensive, rules-based index designed to measure stock market performance of companies in Australia, as determined by the The NASDAQ OMX Group, Inc. (the Index Provider). The Index includes the securities of small and mid cap companies. The Index is reconstituted and rebalanced on a semi-annual basis. FUND STRATEGY: The Fund will normally invest at least 90% of its net assets plus the amount of any borrowings for investment purposes in stocks and/or depositary receipts that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate the performance of the Index. The Fund may hold investments that are denominated in non-U.S. currencies. FUND MANAGEMENT: First Trust Advisors L.P. serves as the investment advisor to the Fund.