Fund Description: First Trust International IPO ETF is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the First Trust Exchange-Traded Fund II, an open-end investment management company. INVESTMENT OBJECTIVE: The First Trust International IPO ETF seeks investment results that correspond generally to the price and yield, before the fund’s fees and expenses, of an equity index called the IPOX International Index. INDEX DESCRIPTION: The IPOX International Index is a market-cap weighted portfolio measuring the performance of the top 50 non-U.S. companies, including companies domiciled in emerging markets, ranked quarterly by market capitalization in the IPOX Global Composite Index (the Base Index), a rules-based index. The Index includes the 50 largest and typically most liquid initial public offerings (IPOs) and spin-offs of companies legally domiciled outside the United States that trade on an accessible global stock exchange. On a quarterly basis, each stock in the Fund's portfolio is capped at 10% of the Fund's net assets. Additionally, at each quarterly rebalance, stocks whose weights exceed 5% of the Fund's net assets will not, in the aggregate, comprise more than 50% of the Fund's net assets. The applicable stocks in the Base Index are ranked by total market capitalization. Generally, the Index is comprised of mid-, large- and mega-capitalization companies. Eligible constituents are added to the Base Index on the sixth day of trading and remain eligible to be included in the Base Index for approximately four years. FUND STRATEGY: The Fund will normally invest at least 90% of its net assets (plus the amount of any borrowings for investment purposes) in common 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. The Fund may invest in the components of the Index through depository receipts, such as American Depository Receipts (ADRs) or Global Depository Receipts (GDRs). The Fund initially anticipates having significant investments in financial companies and will be concentrated in a sector or industry to the extent that the Index is so concentrated. Due to the nature of the Index's methodology, the Fund anticipates experiencing relatively high turnover. FUND MANAGEMENT: First Trust Advisors L.P. serves as the investment adviser to the Fund.