AlphaDEX Fund II launches two First Trust Small Cap AlphaDEX funds

By Toni Weeks

San Diego, Feb. 16 - AlphaDEX Fund II is launching the First Trust Emerging Markets Small Cap AlphaDEX Fund and the First Trust Developed Markets ex-U.S. Small Cap AlphaDEX Fund, according to 497K filings with the Securities and Exchange Commission.

The Emerging Markets Small Cap Fund, which will trade on the NYSE Arca under the symbol "FEMS," will seek investment results that correspond generally to the price and yield, before fees and expenses, of the Defined Emerging Markets Small Cap index.

The Developed Markets ex-U.S. Small Cap Fund, which will trade under the symbol "FDTS," will seek investment results that correspond generally to the price and yield, before fees and expenses, of the Defined Developed Markets Small Cap index.

Each 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 its respective index. First Trust Investment Advisors LP, the funds' Wheaton, Ill.-based investment adviser, will seek a correlation of 0.95 or better, before fees and expenses, between the funds' performances and that of the indexes, with a figure of 1.00 representing a perfect correlation.

The portfolio management team for both funds includes Daniel J. Lindquist, Robert F. Carey, Jon C. Erickson, David G. McGarel, Roger F. Testin and Stan Ueland.

The funds will not impose any shareholder fees. The total annual fund operating expenses for each fund will be 0.8%, which consists solely of the management fee.

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