Fund Description: First Trust Developed Markets ex-US Small Cap 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 Developed Markets ex-US Small Cap AlphaDEX Fund seeks investment results that correspond generally to the price and yield before, fees and expenses, of an equity index called the NASDAQ AlphaDEX Developed Markets Ex-US Small Cap Index, formerly the Defined Developed Markets Ex-US Small Cap Index. INDEX DESCRIPTION: The NASDAQ AlphaDEX Developed Markets Ex-US Small Cap Index is designed to select small cap stocks from the NASDAQ Developed Markets Ex-US 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 benchmark. The Base Index, compiled by the Index Provider, is a comprehensive, rules-based index designed to measure stock market performance of companies in developed markets excluding the United States. The Index Provider classifies a country as developed based on a number of criteria, including national income per capita, national market capitalization and national trading volume. 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, before fees and expenses, the performance of the Index. FUND MANAGEMENT: First Trust Advisors L.P. serves as the investment advisor to the Fund.