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-0.1867 0.2438 0.0495 0.1653 -0.2287 0.1601 0.0371 0.5513 N-1A First Trust Exchange-Traded AlphaDEX ® Fund II 2026-05-01 <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust Asia Pacific ex-Japan AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;"> Fund (FPA)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust Asia Pacific ex-Japan AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Fund (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally to the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">price and yield (before the Fund’s fees and expenses) of an equity index called the Nasdaq AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Asia Pacific Ex-Japan</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0080 0.0000 0.0000 0.0080 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 82 255 444 990 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">104%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its </span><span style="font-family:Arial;font-size:9.00pt;">portfolio.</span> 1.04 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is owned and is developed, maintained and sponsored by Nasdaq, Inc. (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider“</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index Provider may, from time to time, exercise reasonable discretion as it deems appropriate in order to ensure Index integrity.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is composed of securities issued by companies assigned to the Asia Pacific region excluding Japan, which are designated as developed markets, as classified by the Index Provider. The Index Provider assigns companies to a country primarily by their country of incorporation, domicile and primary exchange listing. According to the Index Provider, the Index employs the AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> security selection methodology to select and weight securities from the Nasdaq Developed Markets </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Asia Pacific Ex-Japan</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Base Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index uses the AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> selection methodology which aims to select </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">securities that may generate positive alpha, or risk-adjusted returns, relative to traditional indices. Alpha is an indication of how much an investment outperforms or underperforms on a risk-adjusted basis relative to its benchmark. The Base Index is a comprehensive, rules-based index designed to measure stock market performance of companies assigned to the Asia Pacific region excluding Japan, which are designated as developed markets, as determined by the Index Provider. The Fund may invest in common stocks, depositary receipts, securities denominated in non-U.S. currencies, real estate investment trusts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"REITs"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), preferred securities and small, mid and large cap companies.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">According to the Index Provider, security selection for the Index will be conducted in the following manner: </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">1.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The selection universe for the Index begins with all securities in the Base Index. </span><span style="font-family:Arial;font-size:9.00pt;">2.</span><span style="font-family:Arial;font-size:9.00pt;">The Index Provider then removes any duplicate (multiple share classes) securities and securities which do not meet the Index Provider’s liquidity screens; and stocks with a market capitalization less than or equal to the mid-cap breakpoint (50th percentile) as calculated by Nasdaq. As of March 31, 2026, the mid-cap breakpoint was $4.450 billion. The Index Provider may include stocks below the mid-cap breakpoint in order to reach a predetermined minimum number of eligible stocks. Securities from the same issuer will be subject to conditions controlled by the Index Provider to determine Index eligibility. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">3.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">South Korean securities currently at their foreign ownership limit are excluded. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">4.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The remaining securities in the universe are then ranked on both growth and value factors. Each security receives the best style rank from this step as its selection score. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">5.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The top 100 securities based on the selection score determined in step 4 comprise the “selected securities.” The selected securities are then split into quintiles based on their selection score, with higher scoring quintiles receiving a greater weight in the Index. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">6.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Index is subject to industry/country weighting constraints which are set at 15% above the industry/country percentages of the Base Index. A security will be moved to a lower-weighted quintile when its weight, added to the weight assigned to all higher ranking securities in its industry/country, is greater than the industry/country weighting constraint. Securities that fail the industry/country weighting constraints at the lowest quintile will be removed from the Index.</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is rebalanced and reconstituted semi-annually and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Index’s semi-annual rebalance and reconstitution schedule may cause the Fund to experience a higher rate of portfolio turnover. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 100 securities and the Fund had </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">significant investments in industrials companies, </span><span style="font-family:Arial;font-size:9.00pt;">South Korean issuers and Asian issuers, although this may change from time </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">to time.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s investments will change as the Index changes and, as a result, the Fund may have significant investments </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">in jurisdictions or investment sectors that it may not have had as of March 31, </span><span style="font-family:Arial;font-size:9.00pt;">2026. To the extent the Fund invests a significant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">portion of its assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks associated with that jurisdiction or investment sector. In order to gain exposure to certain Chinese companies that are included in the Index but are unavailable to direct investment by foreign investors, the Fund invests significantly in non-Chinese shell companies that </span><span style="font-family:Arial;font-size:9.00pt;">have created structures known as variable interest entities (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“VIEs”</span><span style="font-family:Arial;font-size:9.00pt;">) in order to gain exposure to such Chinese companies.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 100 securities and the Fund had </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">significant investments in industrials companies, </span><span style="font-family:Arial;font-size:9.00pt;">South Korean issuers and Asian issuers, although this may change from time </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ASIA RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to certain risks specifically associated with investments in the securities of Asian issuers. Many </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Asian economies have experienced rapid growth and industrialization, and there is no assurance that this growth rate will be maintained. </span><span style="font-family:Arial;font-size:9.00pt;">Many Asian countries can be characterized as either developing or newly industrialized economies and tend to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">experience more volatile economic cycles than developed countries.</span><span style="font-family:Arial;font-size:9.00pt;"> Some Asian economies are highly dependent on </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">international </span><span style="font-family:Arial;font-size:9.00pt;">trade, and economic conditions in other countries within and outside Asia can impact these economies. Certain </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">of these economies may be adversely affected by trade or policy disputes with its major trade partners. There is also a high concentration of market capitalization and trading volume in a small number of issuers representing a limited number of industries, as well as a high concentration of investors and financial intermediaries. Certain Asian countries have experienced and may in the future experience expropriation and nationalization of assets, confiscatory taxation, currency manipulation, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">political instability, armed conflict and social instability as a result of religious, ethnic, socio-economic and/or political unrest. In particular, escalated tensions involving North Korea and any outbreak of hostilities involving North Korea could have a severe adverse effect on Asian economies. </span><span style="font-family:Arial;font-size:9.00pt;">Other examples include China’s territorial dispute regarding the sovereignty of Taiwan </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and its pledge to take control of Taiwan, ethnic and sectarian violence in Indonesia and India, armed conflict between India and Pakistan, and insurgencies in the Philippines.</span><span style="font-family:Arial;font-size:9.00pt;"> Governments of certain Asian countries have exercised, and continue to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">exercise, substantial influence over many aspects of the private sector. In certain cases, the government owns or controls many companies, including the largest in the country. Accordingly, government actions could have a significant effect on the issuers of the Fund’s securities or on economic conditions generally. Recent developments in relations between the U.S. and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international trade, </span><span style="font-family:Arial;font-size:9.00pt;">which could have a negative impact on the economy of Asian countries and a commensurately negative impact on the Fund.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ASIA-PACIFIC RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to certain risks specifically associated with investments in the securities of Asian-Pacific </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">issuers. This includes risks associated with the economic, market, regulatory, political, natural disasters and local risks of the Asia-Pacific region, which are heightened as compared to a fund with a more geographically diversified portfolio. </span><span style="font-family:Arial;font-size:9.00pt;">Because </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the economies of the countries in the region are largely intertwined, if an economic recession is experienced by any of these countries, it will likely adversely impact the economic performance of other countries in the region.</span><span style="font-family:Arial;font-size:9.00pt;"> The region has historically </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">been highly dependent on global trade with nations taking strong roles in both the importing and exporting of goods. The respective stock markets in the region tend to have a larger prevalence of smaller companies that are inherently more volatile and less liquid than larger companies. Varying levels of accounting and disclosure standards, restrictions on foreign ownership, </span><span style="font-family:Arial;font-size:9.00pt;">minority ownership rights and corporate governance standards are also common for the region.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CASH TRANSACTIONS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will effect some or all of its creations and redemptions for cash rather than in-kind. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">As a result, an investment in the Fund may be less tax-efficient than an investment in an ETF that effects all of its creations and redemptions in-kind. Because the Fund may effect redemptions for cash, it may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. A sale of portfolio securities may result in capital gains </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or losses and may also result in higher brokerage costs.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENCY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Changes in currency exchange rates affect the value of investments denominated in a foreign currency, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and therefore the value of such investments in the Fund’s portfolio. The Fund’s net asset value could decline if a currency to which the Fund has exposure depreciates against the U.S. dollar or if there are delays or limits on repatriation of such currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">in the Fund may change quickly and without warning.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among </span><span style="font-family:Arial;font-size:9.00pt;">the United States, Israel, Iran, Hamas,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Hezbollah and other militant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the United States, and other nations. Such events may also disrupt global trade </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and supply chains, increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and </span><span style="font-family:Arial;font-size:9.00pt;">could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEPOSITARY RECEIPTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Depositary receipts represent equity interests in a foreign company that trade on a local stock </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange. Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert the equity shares into depositary receipts and vice versa. Such restrictions may cause the equity shares of the underlying issuer to trade at a discount or premium to the market price </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of the depositary receipts.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">GROWTH STOCKS INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Stocks exhibiting growth characteristics tend to be more volatile than certain other </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">types of stocks and their prices usually fluctuate more dramatically than the overall stock market. A stock with growth characteristics can have sharp price declines due to decreases in current or expected earnings and may lack dividend payments </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">that can help cushion its share price during declining markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDUSTRIALS COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Industrials companies convert unfinished goods into finished durables used to manufacture </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">other goods or provide services. Examples of industrials companies include companies involved in the production of electrical equipment and components, industrial products, manufactured housing and telecommunications equipment, as well as defense and aerospace companies. General risks of industrials companies include the general state of the economy, exchange rates, commodity prices, intense competition, consolidation, domestic and international politics, government regulation, import </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">controls, excess capacity, consumer demand and spending trends. In addition, industrials companies may also be significantly affected by overall capital spending levels, economic cycles, rapid technological changes, delays in modernization, labor </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">relations, environmental liabilities, governmental and product liability and e-commerce initiatives.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INTERNATIONAL CLOSED MARKET TRADING RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Because securities held by the Fund trade on non-U.S. exchanges that </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are closed when the Fund’s primary listing exchange is open, there are likely to be deviations between the current price of an underlying security and the last quoted price for the underlying security (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, the Fund’s quote from the closed foreign market) </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">used for purposes of calculating the Fund's net asset value, resulting in premiums or discounts to the Fund’s net asset value that may be greater than those experienced by other exchange-traded funds. In addition, shareholders may not be able to purchase and sell shares of the Fund on the listing exchange for the Fund, on days when the net asset value of the Fund could </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">be significantly affected by events in the relevant foreign markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold certain investments that may be subject to restrictions on resale, trade over-the-counter </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or in limited volume, or lack an active trading market. Certain investments held by the Fund that trade on non-U.S. exchanges may be further subject to liquidity risk due to foreign market closures or unexpected impediments to trading on local markets. Accordingly, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value and the bid/ask spread on the Fund's shares </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MID CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Mid capitalization companies may be more vulnerable to adverse general market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments and thus may experience greater price volatility than more established large capitalization companies. Securities of mid capitalization companies may also be less liquid than securities of large capitalization companies and may have more limited trading volumes. Accordingly, such companies are generally subject to greater market risk than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">larger, more established companies.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund</span><span style="font-family:Arial;font-size:9.00pt;">’s portfolio may deviate from the composition of the Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-U.S. SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting standards, and less government supervision and regulation of securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchanges in foreign countries.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREFERRED SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Preferred securities combine some of the characteristics of both common stocks and bonds. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Preferred securities are typically subordinated to bonds and other debt securities in a company’s capital structure in terms of priority to corporate income, subjecting them to greater credit risk than those debt securities. Generally, holders of preferred securities have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may obtain limited rights. In certain circumstances, an issuer of preferred securities may defer payment on the securities and, in some cases, redeem the securities prior to a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">specified date. Preferred securities may also be substantially less liquid than other securities, including common stock.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">REIT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> REITs typically own and operate income-producing real estate, such as residential or commercial buildings, or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">real-estate related assets, including mortgages. As a result, investments in REITs are subject to the risks associated with investing in real estate, which may include, but are not limited to: fluctuations in the value of underlying properties; defaults by borrowers or tenants; market saturation; changes in general and local operating expenses; and other economic, political or regulatory </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">occurrences affecting companies in the real estate sector. REITs are also subject to the risk that the real estate market may experience an economic downturn generally, which may have a material effect on the real estate in which the REITs invest and their underlying portfolio securities. REITs may have also a relatively small market capitalization which may result in their shares experiencing less market liquidity and greater price volatility than larger companies. Increases in interest rates typically lower the present value of a REIT's future earnings stream, and may make financing property purchases and improvements more costly. Because the market price of REIT stocks may change based upon investors' collective perceptions of future </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">earnings, the value of the Fund will generally decline when investors anticipate or experience rising interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SMALL CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Small capitalization companies may be more vulnerable to adverse general </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">market or economic developments, and their securities may be less liquid and may experience greater price volatility than large and mid capitalization companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">generally subject to greater market risk than large and mid capitalization companies.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SOUTH KOREA RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to certain risks specifically associated with investments in the securities of South </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Korean issuers. Substantial political tensions exist between North Korea and South Korea. Escalated tensions involving the two nations and the outbreak of hostilities between the two nations, or even the threat of an outbreak of hostilities, could have a severe adverse effect on the South Korean economy. In addition, South Korea’s economic growth potential has recently been on a decline because of a rapidly aging population and structural problems, among other factors. The South Korean economy is heavily reliant on trading exports, especially to other Asian countries and the U.S., and disruptions or decreases in trade activity could lead to further declines. The South Korean economy’s dependence on the economies of Asia and the U.S. means that a reduction in spending by these economies on South Korean products and services</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the institution of tariffs </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or other trade barriers, changes in the political relationships between nations or </span><span style="font-family:Arial;font-size:9.00pt;">negative changes in any of these economies </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may cause an adverse impact on the South Korean economy and therefore, on the Fund’s investments. In addition, South Korea is located in a part of the world that has historically been prone to natural disasters such as earthquakes, hurricanes or tsunamis, and is economically sensitive to environmental events. Any such event may adversely impact South Korea’s economy </span><span style="font-family:Arial;font-size:9.00pt;">or business operations of companies in South Korea.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold securities or other assets that may be valued on the basis of factors other than market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">quotations. This may occur because the asset or security does not trade on a centralized exchange, or in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. Fund investments that trade on non-U.S. exchanges that close prior to the close of the NYSE may be fair valued using a systematic fair valuation model. If these foreign investments meet certain criteria in relation to the valuation model, their valuation is systematically adjusted to reflect the impact of movement in the U.S. market after the close of certain foreign markets. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. The Fund’s ability to value investments may be impacted by technological issues or errors by pricing services or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">other third-party service providers.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUE STOCKS INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The intrinsic value of a stock with value characteristics may not be fully recognized by the market for a long time or a stock judged to be undervalued may actually be appropriately priced at a low level.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VARIABLE INTEREST ENTITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> In China, direct ownership of companies in certain sectors by foreign individuals and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">entities is prohibited. In order to allow for foreign investment in these businesses, many Chinese companies have created VIE structures to enable indirect foreign ownership. In such an arrangement, a Chinese operating company typically establishes an offshore shell company in another jurisdiction, such as the Cayman Islands. That shell company enters into service and other contracts with the Chinese issuer or operating company to obtain economic exposure to the Chinese company, then issues shares on an exchange outside of mainland China, and U.S. investors hold stock in the non-Chinese shell company rather than directly in the Chinese issuer or operating company. This arrangement allows U.S. investors, such as the Fund, to obtain </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">economic exposure to the Chinese issuer or operating company through contractual means rather than through formal equity ownership. Because neither the shell company nor the Fund owns actual equity interests in the Chinese operating company, they do not have the voting rights or other types of control that an equity holder would expect to benefit from. Although VIEs are a longstanding industry practice and well known to officials and regulators in China, VIEs are not formally recognized under Chinese law. </span><span style="font-family:Arial;font-size:9.00pt;">While the China Securities Regulatory Commission has released rules and implemented guidelines that </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">permit the use of VIE structures, provided they abide by Chinese laws and register with the China Securities Regulatory Commission, this does not serve as a formal endorsement by the Chinese government.</span><span style="font-family:Arial;font-size:9.00pt;"> Intervention by the Chinese government </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">with respect to VIEs could significantly affect the Chinese company’s performance and the enforceability of the VIE’s contractual arrangements that establish the links between the Chinese company and the shell company in which the Fund invests. This could considerably impact the financial condition of the shell company in which the Fund invests by limiting its ability to consolidate the financial results of the Chinese operating company into its own financial statements, as well as make the value of the shares held by the Fund effectively worthless. Further, if Chinese officials prohibit the existence of VIEs, the market value of the Fund’s associated holdings would likely suffer significant, and possibly permanent effects, which could negatively impact the Fund’s net asset value and could result in substantial losses. Further, it is uncertain whether any new laws, rules or regulations relating to VIE structures will be adopted or, if adopted, what impact they would have on the value of the Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">shares. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">VIEs are also subject to the investment risks associated with the underlying Chinese issuer or operating company. Chinese companies are not subject to the same degree of regulatory requirements or accounting standards and oversight as companies in more developed countries. As a result, information about the Chinese securities and VIEs in which the Fund invests may be less reliable and incomplete. There also may be significant obstacles to obtaining information necessary for investigations into or litigation against Chinese companies and VIEs, and shareholders may have limited legal remedies, which could negatively impact the Fund. Additionally, U.S.-listed VIEs may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements. Delisting would significantly decrease the liquidity and value of the securities, decrease the ability of the Fund to invest in such securities and may increase the cost of the Fund if required to seek alternative markets in which </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to invest in such securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index and two </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">broad-based securities market indices. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">On October 13, 2015 the Fund’s underlying index changed from the Defined Asia Pacific Ex-Japan Index to the Nasdaq AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Asia Pacific Ex-Japan</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index. Therefore, the Fund’s performance and historical returns shown below are not </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">necessarily indicative of the performance that the Fund, based on the Index, would have generated. Returns for an underlying index are only disclosed for those periods in which the index was in existence for the whole period. Because the Fund’s new underlying index had an inception date of December 15, 2014, it was not in existence for all of the periods disclosed. The </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">new index is substantially similar to the Defined Asia Pacific Ex-Japan Index.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index and two </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">broad-based securities market indices. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust Asia Pacific ex-Japan AlphaDEX</span><span style="font-family:Arial;font-size:7pt;font-weight:bold;position:relative;top:-3.25pt;">®</span><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;"> Fund</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial;font-size:9.00pt;">26.26%</span><span style="font-family:Arial;font-size:9.00pt;">June 30, 2025</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial;font-size:9.00pt;">-30.45%</span><span style="font-family:Arial;font-size:9.00pt;">March 31, 2020</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.2626 2025-06-30 <span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.3045 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.4231 0.0723 0.0657 0.0475 2011-04-18 0.3951 0.0549 0.0511 0.0343 0.2495 0.0476 0.0447 0.0308 0.4392 0.0857 0.0768 0.4029 0.0576 0.0808 0.2062 0.0574 0.0734 0.0490 <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust China AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;"> Fund (FCA)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust China AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Fund (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the Nasdaq AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> China</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0080 0.0000 0.0000 0.0080 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 82 255 444 990 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">101%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its </span><span style="font-family:Arial;font-size:9.00pt;">portfolio.</span> 1.01 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is owned and is developed, maintained and sponsored by Nasdaq, Inc. (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider“</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index Provider may, from time to time, exercise reasonable discretion as it deems appropriate in order to ensure Index integrity.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is composed of securities issued by companies assigned to China, as classified by the Index Provider. The Index Provider assigns companies to a country primarily by their country of incorporation, domicile and primary exchange listing. China is an emerging market country, as classified by the Index Provider, based on factors, including but not limited to, gross national income per capita, national market capitalization and national trading volume. According to the Index Provider, the Index employs the AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> security selection methodology to select and weight securities from the Nasdaq China</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">(the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Base Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index uses the AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> selection methodology which aims to select securities that may generate </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">positive alpha, or risk-adjusted returns, relative to traditional indices. Alpha is an indication of how much an investment outperforms or underperforms on a risk-adjusted basis relative to its benchmark. The Base Index is a comprehensive, rules-based index designed to measure stock market performance of companies assigned to China by the Index Provider. The Fund may invest in B Shares, U.S. listed common stocks, depositary receipts, securities denominated in non-U.S. currencies, real estate investment trusts (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"REITs"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), preferred securities and small, mid and large cap companies. B Shares are shares of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Chinese companies traded on either the Shanghai exchange in U.S. dollars or on the Shenzhen stock exchange in Hong Kong </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">dollars.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">According to the Index Provider, security selection for the Index will be conducted in the following manner: </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">1.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The selection universe for the Index begins with all securities in the Base Index. </span><span style="font-family:Arial;font-size:9.00pt;">2.</span><span style="font-family:Arial;font-size:9.00pt;">The Index Provider then removes any duplicate (multiple share classes) securities and securities which do not meet the Index Provider’s liquidity screens; and stocks with a consolidated market capitalization less than or equal to the mid-cap breakpoint (50th percentile) as calculated by Nasdaq. As of March 31, 2026, the mid-cap breakpoint was $4.450 billion. The Index Provider may include stocks below the mid-cap breakpoint in order to reach a predetermined minimum number of eligible stocks. Securities from the same issuer will be subject to conditions controlled by the Index Provider to determine Index eligibility. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">3.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The remaining securities in the universe are then ranked on both growth and value factors. Each security receives the best style rank from this step as its selection score. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">4.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The top 50 securities based on the selection score determined in step 3 comprise the “selected securities.” The selected securities are then split into quintiles based on their selection score, with higher scoring quintiles receiving a greater weight in the Index. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">5.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Index is subject to industry weighting constraints which are set at 15% above the industry percentages of the Base Index. For example, if financial companies comprise 15% of the Base Index, the Index will be comprised of no more than 30% financials. A security will be moved to a lower weighted quintile when its weight, added to the weight assigned to all higher ranking securities in its industry, is greater than the industry weighting constraint. Securities that fail the industry weighting constraints at the lowest quintile will be removed from the Index.</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is rebalanced and reconstituted semi-annually and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Index’s semi-annual rebalance and reconstitution schedule may cause the Fund to experience a higher rate of portfolio turnover. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 50 securities and the Fund had </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">significant investments in </span><span style="font-family:Arial;font-size:9.00pt;">financial companies, industrial companies, materials companies and Chinese issuers, although this </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may change from time to time.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s investments will change as the Index changes and, as a result, the Fund may have </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">significant investments in jurisdictions or investment sectors that it may not have had as of March 31, </span><span style="font-family:Arial;font-size:9.00pt;">2026. To the extent </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund invests a significant portion of its assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks associated with that jurisdiction or investment sector. In order to gain exposure to certain Chinese companies that are included in the Index but are unavailable to direct investment by foreign investors, the Fund invests significantly in non-Chinese shell companies that have created structures known as variable interest entities (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“VIEs”</span><span style="font-family:Arial;font-size:9.00pt;">) in order to gain exposure to such Chinese companies.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 50 securities and the Fund had </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">significant investments in </span><span style="font-family:Arial;font-size:9.00pt;">financial companies, industrial companies, materials companies and Chinese issuers, although this </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may change from time to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ASIA RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to certain risks specifically associated with investments in the securities of Asian issuers. Many </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Asian economies have experienced rapid growth and industrialization, and there is no assurance that this growth rate will be maintained. </span><span style="font-family:Arial;font-size:9.00pt;">Many Asian countries can be characterized as either developing or newly industrialized economies and tend to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">experience more volatile economic cycles than developed countries.</span><span style="font-family:Arial;font-size:9.00pt;"> Some Asian economies are highly dependent on </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">international </span><span style="font-family:Arial;font-size:9.00pt;">trade, and economic conditions in other countries within and outside Asia can impact these economies. Certain </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">of these economies may be adversely affected by trade or policy disputes with its major trade partners. There is also a high concentration of market capitalization and trading volume in a small number of issuers representing a limited number of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">industries, as well as a high concentration of investors and financial intermediaries. Certain Asian countries have experienced and may in the future experience expropriation and nationalization of assets, confiscatory taxation, currency manipulation, political instability, armed conflict and social instability as a result of religious, ethnic, socio-economic and/or political unrest. In particular, escalated tensions involving North Korea and any outbreak of hostilities involving North Korea could have a severe adverse effect on Asian economies. </span><span style="font-family:Arial;font-size:9.00pt;">Other examples include China’s territorial dispute regarding the sovereignty of Taiwan </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and its pledge to take control of Taiwan, ethnic and sectarian violence in Indonesia and India, armed conflict between India and Pakistan, and insurgencies in the Philippines.</span><span style="font-family:Arial;font-size:9.00pt;"> Governments of certain Asian countries have exercised, and continue to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">exercise, substantial influence over many aspects of the private sector. In certain cases, the government owns or controls many companies, including the largest in the country. Accordingly, government actions could have a significant effect on the issuers of the Fund’s securities or on economic conditions generally. Recent developments in relations between the U.S. and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international trade, </span><span style="font-family:Arial;font-size:9.00pt;">which could have a negative impact on the economy of Asian countries and a commensurately negative impact on the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CHINA RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to certain risks specifically associated with investments in the securities of Chinese issuers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including those issuers with securities listed on the Hong Kong Stock Exchange. China is an emerging market and demonstrates significantly higher volatility from time to time in comparison to developed markets. Shareholder claims that are available in the U.S., as well as regulatory oversight and authority that is common in the U.S., including for claims based on fraud, may be difficult or impossible for shareholders of securities in China or for U.S. authorities to pursue. The central government has historically exercised substantial control over virtually every sector of the Chinese economy through administrative regulation and/or state ownership and actions of the Chinese central and local government authorities continue to have a substantial effect on economic conditions in China. </span><span style="font-family:Arial;font-size:9.00pt;">China has experienced security concerns, such as terrorism and strained international </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relations. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy, and as a result, the value of the Fund’s investments.</span><span style="font-family:Arial;font-size:9.00pt;"> Export growth continues to be a major driver </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">of China’s rapid economic growth. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. </span><span style="font-family:Arial;font-size:9.00pt;">Furthermore, China’s economy is dependent on the economies of other Asian countries and can be significantly </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">affected by currency fluctuations and increasing competition from Asia’s other emerging economies.</span><span style="font-family:Arial;font-size:9.00pt;"> Recent developments </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">in relations between the U.S. and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international trade, which could have a negative impact on China’s export industry and a commensurately negative </span><span style="font-family:Arial;font-size:9.00pt;">impact on the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENCY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Changes in currency exchange rates affect the value of investments denominated in a foreign currency, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and therefore the value of such investments in the Fund’s portfolio. The Fund’s net asset value could decline if a currency to which the Fund has exposure depreciates against the U.S. dollar or if there are delays or limits on repatriation of such currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">in the Fund may change quickly and without warning.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among </span><span style="font-family:Arial;font-size:9.00pt;">the United States, Israel, Iran, Hamas,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Hezbollah and other militant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the United States, and other nations. Such events may also disrupt global trade </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and supply chains, increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and </span><span style="font-family:Arial;font-size:9.00pt;">could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEPOSITARY RECEIPTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Depositary receipts represent equity interests in a foreign company that trade on a local stock </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange. Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert the equity shares into depositary receipts and vice versa. Such restrictions may cause the equity shares of the underlying issuer to trade at a discount or premium to the market price </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of the depositary receipts.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EMERGING MARKETS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Investments in securities issued by governments and companies operating in emerging market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">countries involve additional risks relating to political, economic, or regulatory conditions not associated with investments in securities and instruments issued by U.S. companies or by companies operating in other developed market countries. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Investments in emerging markets securities are generally considered speculative in nature and are subject to the following heightened risks: smaller market capitalization of securities markets which may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; possible repatriation of investment income and capital; rapid inflation; and currency convertibility issues. Emerging market countries also often have less uniformity in accounting, auditing and reporting requirements, unsettled securities laws, unreliable securities valuation and greater risk associated with custody of securities. Financial and other reporting by companies and government entities also may be less reliable in emerging market countries. Shareholder claims that are available in the U.S., as well as regulatory oversight and authority that is common in the U.S., including for claims based on fraud, may be difficult or impossible for shareholders of securities in emerging market countries or for U.S. authorities to pursue. For funds that track an index or are managed based upon a benchmark, the index may not weight the securities in emerging market countries on the basis of investor protection limitations, financial reporting quality or available oversight mechanisms. Furthermore, investors may be required to register the proceeds of sales and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">nationalization or creation of government monopolies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FINANCIAL COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Financial companies, such as retail and commercial banks, insurance companies and financial </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">services companies, are especially subject to the adverse effects of economic recession, currency exchange rates, extensive government regulation, decreases in the availability of capital, volatile interest rates, portfolio concentrations in geographic markets, industries or products (such as commercial and residential real estate loans), competition from new entrants and </span><span style="font-family:Arial;font-size:9.00pt;">blurred distinctions in their fields of business.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">GROWTH STOCKS INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Stocks exhibiting growth characteristics tend to be more volatile than certain other </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">types of stocks and their prices usually fluctuate more dramatically than the overall stock market. A stock with growth characteristics can have sharp price declines due to decreases in current or expected earnings and may lack dividend payments </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">that can help cushion its share price during declining markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDUSTRIALS COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Industrials companies convert unfinished goods into finished durables used to manufacture </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">other goods or provide services. Examples of industrials companies include companies involved in the production of electrical equipment and components, industrial products, manufactured housing and telecommunications equipment, as well as defense and aerospace companies. General risks of industrials companies include the general state of the economy, exchange rates, commodity prices, intense competition, consolidation, domestic and international politics, government regulation, import controls, excess capacity, consumer demand and spending trends. In addition, industrials companies may also be significantly affected by overall capital spending levels, economic cycles, rapid technological changes, delays in modernization, labor </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">relations, environmental liabilities, governmental and product liability and e-commerce initiatives.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INTERNATIONAL CLOSED MARKET TRADING RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Because securities held by the Fund trade on non-U.S. exchanges that </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are closed when the Fund’s primary listing exchange is open, there are likely to be deviations between the current price of an underlying security and the last quoted price for the underlying security (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, the Fund’s quote from the closed foreign market) </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">used for purposes of calculating the Fund's net asset value, resulting in premiums or discounts to the Fund’s net asset value that may be greater than those experienced by other exchange-traded funds. In addition, shareholders may not be able to purchase and sell shares of the Fund on the listing exchange for the Fund, on days when the net asset value of the Fund could </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">be significantly affected by events in the relevant foreign markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold certain investments that may be subject to restrictions on resale, trade over-the-counter </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or in limited volume, or lack an active trading market. Certain investments held by the Fund that trade on non-U.S. exchanges may be further subject to liquidity risk due to foreign market closures or unexpected impediments to trading on local markets. Accordingly, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value and the bid/ask spread on the Fund's shares </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MATERIALS COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Materials and processing companies are involved in the extraction or processing of raw </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">materials such as metals, ore and forestry products. These companies are sensitive to changes in the business cycle and fluctuations in the supply and demand for raw materials. Further, certain materials and processing companies can be affected by shifts in the housing market, as many produced raw materials are components of construction projects. Rising wage costs can also impact companies that rely on skilled labor. In addition, materials and processing companies may be significantly affected by volatility of commodity prices, import controls, worldwide competition, liability for environmental damage, </span><span style="font-family:Arial;font-size:9.00pt;">depletion of resources and mandated expenditures for safety and pollution control devices.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MID CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Mid capitalization companies may be more vulnerable to adverse general market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments and thus may experience greater price volatility than more established large capitalization companies. Securities of mid capitalization companies may also be less liquid than securities of large capitalization companies and may have more limited trading volumes. Accordingly, such companies are generally subject to greater market risk than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">larger, more established companies.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund</span><span style="font-family:Arial;font-size:9.00pt;">’s portfolio may deviate from the composition of the Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-U.S. SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting standards, and less government supervision and regulation of securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchanges in foreign countries.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREFERRED SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Preferred securities combine some of the characteristics of both common stocks and bonds. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Preferred securities are typically subordinated to bonds and other debt securities in a company’s capital structure in terms of priority to corporate income, subjecting them to greater credit risk than those debt securities. Generally, holders of preferred securities have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may obtain limited rights. In certain circumstances, an issuer of preferred securities may defer payment on the securities and, in some cases, redeem the securities prior to a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">specified date. Preferred securities may also be substantially less liquid than other securities, including common stock.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">REIT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> REITs typically own and operate income-producing real estate, such as residential or commercial buildings, or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">real-estate related assets, including mortgages. As a result, investments in REITs are subject to the risks associated with investing in real estate, which may include, but are not limited to: fluctuations in the value of underlying properties; defaults by borrowers or tenants; market saturation; changes in general and local operating expenses; and other economic, political or regulatory occurrences affecting companies in the real estate sector. REITs are also subject to the risk that the real estate market may experience an economic downturn generally, which may have a material effect on the real estate in which the REITs invest and their underlying portfolio securities. REITs may have also a relatively small market capitalization which may result in their shares experiencing less market liquidity and greater price volatility than larger companies. Increases in interest rates typically lower the present value of a REIT's future earnings stream, and may make financing property purchases and improvements more costly. Because the market price of REIT stocks may change based upon investors' collective perceptions of future </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">earnings, the value of the Fund will generally decline when investors anticipate or experience rising interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SMALL CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Small capitalization companies may be more vulnerable to adverse general </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">market or economic developments, and their securities may be less liquid and may experience greater price volatility than large and mid capitalization companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">generally subject to greater market risk than large and mid capitalization companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold securities or other assets that may be valued on the basis of factors other than market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">quotations. This may occur because the asset or security does not trade on a centralized exchange, or in times of market turmoil </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. Fund investments that trade on non-U.S. exchanges that close prior to the close of the NYSE may be fair valued using a systematic fair valuation model. If these foreign investments meet certain criteria in relation to the valuation model, their valuation is systematically adjusted to reflect the impact of movement in the U.S. market after the close of certain foreign markets. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. The Fund’s ability to value investments may be impacted by technological issues or errors by pricing services or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">other third-party service providers.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUE STOCKS INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The intrinsic value of a stock with value characteristics may not be fully recognized by the market for a long time or a stock judged to be undervalued may actually be appropriately priced at a low level.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VARIABLE INTEREST ENTITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> In China, direct ownership of companies in certain sectors by foreign individuals and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">entities is prohibited. In order to allow for foreign investment in these businesses, many Chinese companies have created VIE structures to enable indirect foreign ownership. In such an arrangement, a Chinese operating company typically establishes an offshore shell company in another jurisdiction, such as the Cayman Islands. That shell company enters into service and other contracts with the Chinese issuer or operating company to obtain economic exposure to the Chinese company, then issues shares on an exchange outside of mainland China, and U.S. investors hold stock in the non-Chinese shell company rather than directly in the Chinese issuer or operating company. This arrangement allows U.S. investors, such as the Fund, to obtain economic exposure to the Chinese issuer or operating company through contractual means rather than through formal equity ownership. Because neither the shell company nor the Fund owns actual equity interests in the Chinese operating company, they do not have the voting rights or other types of control that an equity holder would expect to benefit from. Although VIEs are a longstanding industry practice and well known to officials and regulators in China, VIEs are not formally recognized under Chinese law. </span><span style="font-family:Arial;font-size:9.00pt;">While the China Securities Regulatory Commission has released rules and implemented guidelines that </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">permit the use of VIE structures, provided they abide by Chinese laws and register with the China Securities Regulatory Commission, this does not serve as a formal endorsement by the Chinese government.</span><span style="font-family:Arial;font-size:9.00pt;"> Intervention by the Chinese government </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">with respect to VIEs could significantly affect the Chinese company’s performance and the enforceability of the VIE’s contractual arrangements that establish the links between the Chinese company and the shell company in which the Fund invests. This could considerably impact the financial condition of the shell company in which the Fund invests by limiting its ability to consolidate the financial results of the Chinese operating company into its own financial statements, as well as make the value of the shares held by the Fund effectively worthless. Further, if Chinese officials prohibit the existence of VIEs, the market value of the Fund’s associated holdings would likely suffer significant, and possibly permanent effects, which could negatively impact the Fund’s net asset value and could result in substantial losses. Further, it is uncertain whether any new laws, rules or regulations relating to VIE structures will be adopted or, if adopted, what impact they would have on the value of the Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">shares. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">VIEs are also subject to the investment risks associated with the underlying Chinese issuer or operating company. Chinese companies are not subject to the same degree of regulatory requirements or accounting standards and oversight as companies in more developed countries. As a result, information about the Chinese securities and VIEs in which the Fund invests may be less reliable and incomplete. There also may be significant obstacles to obtaining information necessary for investigations into or litigation against Chinese companies and VIEs, and shareholders may have limited legal remedies, which could negatively impact the Fund. Additionally, U.S.-listed VIEs may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements. Delisting would significantly decrease the liquidity and value of the securities, decrease the ability of the Fund to invest in such securities and may increase the cost of the Fund if required to seek alternative markets in which </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to invest in such securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index and two </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">broad-based securities market indices. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">On July 14, 2015 the Fund’s underlying index changed from the Defined China Index to the Nasdaq AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> China</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Therefore, the Fund’s performance and historical returns shown below are not necessarily indicative of the performance that the Fund, based on the Index, would have generated. Returns for an underlying index are only disclosed for those periods in which the index was in existence for the whole period. Because the Fund’s new underlying index had an inception date of May 18, 2015, it was not in existence for all of the periods disclosed. The new index is substantially similar to the Defined </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">China Index.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index and two </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">broad-based securities market indices. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust China AlphaDEX</span><span style="font-family:Arial;font-size:7pt;font-weight:bold;position:relative;top:-3.25pt;">®</span><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;"> Fund</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">21.60%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">September 30, 2017</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-22.64%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">September 30, 2015</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.2160 2017-09-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.2264 2015-09-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.4295 0.0415 0.0728 0.0325 2011-04-18 0.4184 0.0221 0.0557 0.0175 0.2567 0.0222 0.0494 0.0174 0.4436 0.0496 0.0853 0.3296 -0.0217 0.0473 0.3117 -0.0320 0.0554 0.0359 <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust Developed Markets ex-US AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;"> Fund (FDT)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust Developed Markets ex-US AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Fund (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">to the price and yield (before the Fund’s fees and expenses) of an equity index called the Nasdaq AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Developed Markets Ex-US</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0080 0.0000 0.0000 0.0080 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 82 255 444 990 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">109%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its </span><span style="font-family:Arial;font-size:9.00pt;">portfolio.</span> 1.09 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is owned and is developed, maintained and sponsored by Nasdaq, Inc. (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider“</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index Provider may, from time to time, exercise reasonable discretion as it deems appropriate in order to ensure Index integrity.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is composed of securities issued by companies assigned to developed market countries excluding the United States, as classified by the Index Provider. The Index Provider classifies a country as “developed” based on a number of criteria, including but not limited to, gross national income per capita, national market capitalization and national trading volume. The Index Provider assigns companies to a country primarily by their country of incorporation, domicile and primary exchange listing. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">According to the Index Provider, the Index employs the AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> security selection methodology to select and weight </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">securities from the Nasdaq Developed Markets Ex-US</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Base Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index uses the AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> selection </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">methodology which aims to select securities that may generate positive alpha, or risk-adjusted returns, relative to traditional indices. Alpha is an indication of how much an investment outperforms or underperforms on a risk-adjusted basis relative to its benchmark. The Base Index is a comprehensive, rules-based index designed to measure stock market performance of companies assigned to developed market countries, as determined by the Index Provider, excluding the United States. The Fund may invest in common stocks, depositary receipts, securities denominated in non-U.S. currencies, real estate investment </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">trusts (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"REITs"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), preferred securities and small, mid and large cap companies.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">According to the Index Provider, security selection for the Index will be conducted in the following manner: </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">1.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The selection universe for the Index begins with all securities in the Base Index. </span><span style="font-family:Arial;font-size:9.00pt;">2.</span><span style="font-family:Arial;font-size:9.00pt;">The Index Provider then removes any duplicate (multiple share classes) securities and securities which do not meet the Index Provider’s liquidity screens; and stocks with a consolidated market capitalization less than or equal to the mid-cap breakpoint (50th percentile) as calculated by Nasdaq. As of March 31, 2026, the mid-cap breakpoint was $4.450 billion. The Index Provider may include stocks below the mid-cap breakpoint in order to reach a predetermined minimum number of eligible stocks. Securities from the same issuer will be subject to conditions controlled by the Index Provider to determine Index eligibility. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">3.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">South Korean securities currently at their foreign ownership limit are excluded. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">4.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The remaining securities in the universe are then ranked on both growth and value factors. Each security receives the best style rank from this step as its selection score. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">5.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The top 300 securities based on the selection score determined in step 4 comprise the “selected securities.” The selected securities are then split into quintiles based on their selection score, with higher scoring quintiles receiving a greater weight in the Index. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">6.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Index is subject to industry/country weighting constraints which are set at 15% above the industry/country percentages of the Base Index. A security will be moved to a lower-weighted quintile when its weight, added to the weight assigned to all higher ranking securities in its industry/country, is greater than the industry/country weighting constraint. Securities that fail the industry/country weighting constraints at the lowest quintile will be removed from the Index.</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is rebalanced and reconstituted semi-annually and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Index’s semi-annual rebalance and reconstitution schedule may cause the Fund to experience a higher rate of portfolio turnover. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 300 securities and the Fund had </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">significant investments in </span><span style="font-family:Arial;font-size:9.00pt;">industrial companies, Japanese issuers, Asian issuers and European issuers, although this may change </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">from time to time.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s investments will change as the Index changes and, as a result, the Fund may have significant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">investments in jurisdictions or investment sectors that it may not have had as of March 31, </span><span style="font-family:Arial;font-size:9.00pt;">2026. To the extent the Fund </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">invests a significant portion of its assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks </span><span style="font-family:Arial;font-size:9.00pt;">associated with that jurisdiction or investment sector.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 300 securities and the Fund had </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">significant investments in </span><span style="font-family:Arial;font-size:9.00pt;">industrial companies, Japanese issuers, Asian issuers and European issuers, although this may change </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">from time to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ASIA RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to certain risks specifically associated with investments in the securities of Asian issuers. Many </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Asian economies have experienced rapid growth and industrialization, and there is no assurance that this growth rate will be maintained. </span><span style="font-family:Arial;font-size:9.00pt;">Many Asian countries can be characterized as either developing or newly industrialized economies and tend to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">experience more volatile economic cycles than developed countries.</span><span style="font-family:Arial;font-size:9.00pt;"> Some Asian economies are highly dependent on </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">international </span><span style="font-family:Arial;font-size:9.00pt;">trade, and economic conditions in other countries within and outside Asia can impact these economies. Certain </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">of these economies may be adversely affected by trade or policy disputes with its major trade partners. There is also a high concentration of market capitalization and trading volume in a small number of issuers representing a limited number of industries, as well as a high concentration of investors and financial intermediaries. Certain Asian countries have experienced and may in the future experience expropriation and nationalization of assets, confiscatory taxation, currency manipulation, political instability, armed conflict and social instability as a result of religious, ethnic, socio-economic and/or political unrest. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">In particular, escalated tensions involving North Korea and any outbreak of hostilities involving North Korea could have a severe adverse effect on Asian economies. </span><span style="font-family:Arial;font-size:9.00pt;">Other examples include China’s territorial dispute regarding the sovereignty of Taiwan </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and its pledge to take control of Taiwan, ethnic and sectarian violence in Indonesia and India, armed conflict between India and Pakistan, and insurgencies in the Philippines.</span><span style="font-family:Arial;font-size:9.00pt;"> Governments of certain Asian countries have exercised, and continue to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">exercise, substantial influence over many aspects of the private sector. In certain cases, the government owns or controls many companies, including the largest in the country. Accordingly, government actions could have a significant effect on the issuers of the Fund’s securities or on economic conditions generally. Recent developments in relations between the U.S. and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international trade, </span><span style="font-family:Arial;font-size:9.00pt;">which could have a negative impact on the economy of Asian countries and a commensurately negative impact on the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CASH TRANSACTIONS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will effect some or all of its creations and redemptions for cash rather than in-kind. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">As a result, an investment in the Fund may be less tax-efficient than an investment in an ETF that effects all of its creations and redemptions in-kind. Because the Fund may effect redemptions for cash, it may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. A sale of portfolio securities may result in capital gains </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or losses and may also result in higher brokerage costs.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENCY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Changes in currency exchange rates affect the value of investments denominated in a foreign currency, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and therefore the value of such investments in the Fund’s portfolio. The Fund’s net asset value could decline if a currency to which the Fund has exposure depreciates against the U.S. dollar or if there are delays or limits on repatriation of such currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">in the Fund may change quickly and without warning.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among </span><span style="font-family:Arial;font-size:9.00pt;">the United States, Israel, Iran, Hamas,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Hezbollah and other militant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the United States, and other nations. Such events may also disrupt global trade </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and supply chains, increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEPOSITARY RECEIPTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Depositary receipts represent equity interests in a foreign company that trade on a local stock </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange. Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert the equity shares into depositary receipts and vice versa. Such restrictions may cause the equity shares of the underlying issuer to trade at a discount or premium to the market price </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of the depositary receipts.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EUROPE RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to certain risks specifically associated with investments in the securities of European issuers. The economies and markets of European countries are often closely connected and interdependent, and political or economic </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">disruptions in European countries, even in countries in which the Fund is not invested, may adversely affect security values and thus the Fund’s holdings. A significant number of countries in Europe are member states in the European Union (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“EU”</span><span style="font-family:Arial;font-size:9.00pt;">), </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and the member states no longer control their own monetary policies by directing independent interest rates for their currencies. In these member states, the authority to direct monetary policies, including money supply and official interest rates for the Euro, is exercised by the European Central Bank. </span><span style="font-family:Arial;font-size:9.00pt;">Decreasing imports or exports, changes in governmental or EU regulations</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">on trade,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">changes in the exchange rate of the euro, the default or threat of default by an EU</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">member country on </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">its sovereign debt and/</span><span style="font-family:Arial;font-size:9.00pt;">or an economic recession in an EU member</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">country may have significant adverse effects on the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">economies of EU member countries</span><span style="font-family:Arial;font-size:9.00pt;"> and the EU and Europe as a whole.</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Separately,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the EU faces issues involving its membership, structure,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">procedures and policies.</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">The exit of one or more member countries from the EU,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">such as the departure of the United </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Kingdom referred to as</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">“Brexit,” could place the departing member’s currency and banking system under severe stress or </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">even in jeopardy. An exit by other member countries will likely result in increased volatility,</span><span style="font-family:Arial;font-size:9.00pt;"> illiquidity and potentially lower economic growth in the affected markets, which may adversely affect the Fund’s investments.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">GROWTH STOCKS INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Stocks exhibiting growth characteristics tend to be more volatile than certain other </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">types of stocks and their prices usually fluctuate more dramatically than the overall stock market. A stock with growth characteristics can have sharp price declines due to decreases in current or expected earnings and may lack dividend payments </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">that can help cushion its share price during declining markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDUSTRIALS COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Industrials companies convert unfinished goods into finished durables used to manufacture </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">other goods or provide services. Examples of industrials companies include companies involved in the production of electrical equipment and components, industrial products, manufactured housing and telecommunications equipment, as well as defense and aerospace companies. General risks of industrials companies include the general state of the economy, exchange rates, commodity prices, intense competition, consolidation, domestic and international politics, government regulation, import controls, excess capacity, consumer demand and spending trends. In addition, industrials companies may also be significantly affected by overall capital spending levels, economic cycles, rapid technological changes, delays in modernization, labor </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">relations, environmental liabilities, governmental and product liability and e-commerce initiatives.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INTERNATIONAL CLOSED MARKET TRADING RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Because securities held by the Fund trade on non-U.S. exchanges that </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are closed when the Fund’s primary listing exchange is open, there are likely to be deviations between the current price of an underlying security and the last quoted price for the underlying security (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, the Fund’s quote from the closed foreign market) </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">used for purposes of calculating the Fund's net asset value, resulting in premiums or discounts to the Fund’s net asset value that may be greater than those experienced by other exchange-traded funds. In addition, shareholders may not be able to purchase and sell shares of the Fund on the listing exchange for the Fund, on days when the net asset value of the Fund could </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">be significantly affected by events in the relevant foreign markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">JAPAN RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to certain risks specifically associated with investments in the securities of Japanese issuers. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Japanese economy may be subject to considerable degrees of economic, political and social instability, which could have a negative impact on Japanese securities. Japan’s economy is characterized by government intervention and protectionism, reliance on oil imports, an unstable financial services sector</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">low domestic consumption, corporate structural weaknesses, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relatively high unemployment</span><span style="font-family:Arial;font-size:9.00pt;"> and an aging workforce. Since 2000, Japan has experienced relatively low economic growth, lagging that of its Asian neighbors and other major developed economies, and it may remain low in the future. Its economy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">is heavily dependent on international trade and has been adversely affected by trade tariffs and competition from emerging economies. As such, economic growth is heavily dependent on continued growth in international trade, relatively low commodities prices, government support of the financial services sector and other government policies. Any changes or trends in these economic factors could have a significant impact on Japanese markets overall and may negatively affect the Fund's investments. Japan’s economy and equity market also share a strong correlation with </span><span style="font-family:Arial;font-size:9.00pt;">its largest trading partners, the U.S. and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">China, and </span><span style="font-family:Arial;font-size:9.00pt;">the Japanese economy may be affected by economic problems in the U.S. and China. Despite a strengthening in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the economic relationship between Japan and China, the countries’ political relationship has at times been strained. Should political tension increase, it could adversely affect the economy and destabilize the region as a whole. Additionally, escalated tensions involving North Korea and any outbreak of hostilities involving North Korea could have a severe adverse effect on Japan’s economy. Japan’s geography also subjects it to an increased risk of natural disasters, such as earthquakes, volcanic </span><span style="font-family:Arial;font-size:9.00pt;">eruptions, typhoons and tsunamis, all of which could negatively impact the Fund's investments.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold certain investments that may be subject to restrictions on resale, trade over-the-counter </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or in limited volume, or lack an active trading market. Certain investments held by the Fund that trade on non-U.S. exchanges may be further subject to liquidity risk due to foreign market closures or unexpected impediments to trading on local markets. Accordingly, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value and the bid/ask spread on the Fund's shares </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MID CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Mid capitalization companies may be more vulnerable to adverse general market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments and thus may experience greater price volatility than more established large capitalization companies. Securities of mid capitalization companies may also be less liquid than securities of large capitalization companies and may have more limited trading volumes. Accordingly, such companies are generally subject to greater market risk than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">larger, more established companies.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund</span><span style="font-family:Arial;font-size:9.00pt;">’s portfolio may deviate from the composition of the Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-U.S. SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting standards, and less government supervision and regulation of securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchanges in foreign countries.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREFERRED SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Preferred securities combine some of the characteristics of both common stocks and bonds. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Preferred securities are typically subordinated to bonds and other debt securities in a company’s capital structure in terms of priority to corporate income, subjecting them to greater credit risk than those debt securities. Generally, holders of preferred </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">securities have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may obtain limited rights. In certain circumstances, an issuer of preferred securities may defer payment on the securities and, in some cases, redeem the securities prior to a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">specified date. Preferred securities may also be substantially less liquid than other securities, including common stock.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">REIT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> REITs typically own and operate income-producing real estate, such as residential or commercial buildings, or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">real-estate related assets, including mortgages. As a result, investments in REITs are subject to the risks associated with investing in real estate, which may include, but are not limited to: fluctuations in the value of underlying properties; defaults by borrowers or tenants; market saturation; changes in general and local operating expenses; and other economic, political or regulatory occurrences affecting companies in the real estate sector. REITs are also subject to the risk that the real estate market may experience an economic downturn generally, which may have a material effect on the real estate in which the REITs invest and their underlying portfolio securities. REITs may have also a relatively small market capitalization which may result in their shares experiencing less market liquidity and greater price volatility than larger companies. Increases in interest rates typically lower the present value of a REIT's future earnings stream, and may make financing property purchases and improvements more costly. Because the market price of REIT stocks may change based upon investors' collective perceptions of future </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">earnings, the value of the Fund will generally decline when investors anticipate or experience rising interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SMALL CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Small capitalization companies may be more vulnerable to adverse general </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">market or economic developments, and their securities may be less liquid and may experience greater price volatility than large and mid capitalization companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">generally subject to greater market risk than large and mid capitalization companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold securities or other assets that may be valued on the basis of factors other than market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">quotations. This may occur because the asset or security does not trade on a centralized exchange, or in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. Fund investments that trade on non-U.S. exchanges that close prior to the close of the NYSE may be fair valued using a systematic fair valuation model. If these foreign investments meet certain criteria in relation to the valuation model, their valuation is systematically adjusted to reflect the impact of movement in the U.S. market after the close of certain foreign markets. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. The Fund’s ability to value investments may be impacted by technological issues or errors by pricing services or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">other third-party service providers.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUE STOCKS INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The intrinsic value of a stock with value characteristics may not be fully recognized by the market for a long time or a stock judged to be undervalued may actually be appropriately priced at a low level.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index and two </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">broad-based securities market indices. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">On October 13, 2015 the Fund’s underlying index changed from the Defined Developed Markets Ex-US Index to the Nasdaq AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Developed Markets Ex-US</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index. Therefore, the Fund’s performance and historical returns shown below are not </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">necessarily indicative of the performance that the Fund, based on the Index, would have generated. Returns for an underlying index are only disclosed for those periods in which the index was in existence for the whole period. Because the Fund’s new underlying index had an inception date of February 11, 2015, it was not in existence for all of the periods disclosed. The new </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">index is substantially similar to the Defined Developed Markets Ex-US Index.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index and two </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">broad-based securities market indices. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust Developed Markets ex-US AlphaDEX</span><span style="font-family:Arial;font-size:7pt;font-weight:bold;position:relative;top:-3.25pt;">®</span><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;"> Fund</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial;font-size:9.00pt;">19.62%</span><span style="font-family:Arial;font-size:9.00pt;">June 30, 2025</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial;font-size:9.00pt;">-28.32%</span><span style="font-family:Arial;font-size:9.00pt;">March 31, 2020</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.1962 2025-06-30 <span style="font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.2832 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.5178 0.1077 0.0851 0.0597 2011-04-18 0.4962 0.0918 0.0725 0.0488 0.3054 0.0766 0.0620 0.0422 0.5317 0.1176 0.0937 0.3423 0.0886 0.0839 0.3185 0.0946 0.0855 0.0653 <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust Developed Markets ex-US Small Cap AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;"> Fund (FDTS)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust Developed Markets ex-US Small Cap AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Fund (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the Nasdaq AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">® </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Developed Markets Ex-US Small Cap</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0080 0.0000 0.0000 0.0080 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 82 255 444 990 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">119%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its </span><span style="font-family:Arial;font-size:9.00pt;">portfolio.</span> 1.19 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is owned and is developed, maintained and sponsored by Nasdaq, Inc. (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider“</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index Provider may, from time to time, exercise reasonable discretion as it deems appropriate in order to ensure Index integrity.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is composed of securities issued by small cap companies assigned to developed market countries excluding the United States, as classified by the Index Provider. The Index Provider classifies a country as “developed” based on a number of criteria, including but not limited to, gross national income per capita, national market capitalization and national trading volume. The Index Provider assigns companies to a country primarily by their country of incorporation, domicile and primary </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange listing. According to the Index Provider, the Index employs the AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> security selection methodology to select </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and weight securities from the Nasdaq Developed Markets Ex-US</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Base Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index uses the AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">® </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">selection methodology which aims to select securities that may generate positive alpha, or risk-adjusted returns, relative to traditional indices. Alpha is an indication of how much an investment outperforms or underperforms on a risk-adjusted basis relative to its benchmark. The Base Index is a comprehensive, rules-based index designed to measure stock market performance of companies assigned to developed market countries, as determined by the Index Provider, excluding the United States. The Fund may invest in common stocks, depositary receipts, securities denominated in non-U.S. currencies, real estate investment </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">trusts (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"REITs"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) and preferred securities.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">According to the Index Provider, security selection for the Index will be conducted in the following manner: </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">1.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The selection universe for the Index begins with all securities in the Base Index. </span><span style="font-family:Arial;font-size:9.00pt;">2.</span><span style="font-family:Arial;font-size:9.00pt;">The Index Provider then removes any duplicate (multiple share classes) securities and securities which do not meet the Index Provider’s liquidity screens; and stocks with a consolidated market capitalization greater than or equal to the mid-cap breakpoint (50th percentile) and less than or equal to the small-cap breakpoint (90th percentile) as calculated by Nasdaq. As of March 31, 2026, the mid-cap breakpoint was $4.450 billion and the small-cap breakpoint was $467 million. The Index Provider may include stocks above the mid-cap breakpoint in order to reach a predetermined minimum number of eligible stocks. Securities from the same issuer will be subject to conditions controlled by the Index Provider to determine Index eligibility. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">3.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">South Korean securities currently at their foreign ownership limit are excluded. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">4.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The remaining securities in the universe are then ranked on both growth and value factors. Each security receives the best style rank from this step as its selection score. </span><span style="font-family:Arial;font-size:9.00pt;">5.</span><span style="font-family:Arial;font-size:9.00pt;">The top 397 securities based on the selection score determined in step 4 comprise the “selected securities.” The selected securities are then split into quintiles based on their selection score, with higher scoring quintiles receiving a greater weight in the Index. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">6.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Index is subject to industry/country weighting constraints which are set at 15% above the industry/country percentages of the Base Index. A security will be moved to a lower-weighted quintile when its weight, added to the weight assigned to all higher ranking securities in its industry/country, is greater than the industry/country weighting constraint. Securities that fail the industry/country weighting constraints at the lowest quintile will be removed from the Index.</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is rebalanced and reconstituted semi-annually and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Index’s semi-annual rebalance and reconstitution schedule may cause the Fund to experience a higher rate of portfolio turnover. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 397 securities and the Fund had </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">significant investments in </span><span style="font-family:Arial;font-size:9.00pt;">industrials companies, Japanese issuers</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">and Asian issuers, although this may change from time to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">time.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s investments will change as the Index changes and, as a result, the Fund may have significant investments </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">in jurisdictions or investment sectors that it may not have had as of March 31, </span><span style="font-family:Arial;font-size:9.00pt;">2026. To the extent the Fund invests a significant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">portion of its assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks associated with that </span><span style="font-family:Arial;font-size:9.00pt;">jurisdiction or investment sector.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 397 securities and the Fund had </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">significant investments in </span><span style="font-family:Arial;font-size:9.00pt;">industrials companies, Japanese issuers</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">and Asian issuers, although this may change from time to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ASIA RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to certain risks specifically associated with investments in the securities of Asian issuers. Many </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Asian economies have experienced rapid growth and industrialization, and there is no assurance that this growth rate will be maintained. </span><span style="font-family:Arial;font-size:9.00pt;">Many Asian countries can be characterized as either developing or newly industrialized economies and tend to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">experience more volatile economic cycles than developed countries.</span><span style="font-family:Arial;font-size:9.00pt;"> Some Asian economies are highly dependent on </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">international </span><span style="font-family:Arial;font-size:9.00pt;">trade, and economic conditions in other countries within and outside Asia can impact these economies. Certain </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">of these economies may be adversely affected by trade or policy disputes with its major trade partners. There is also a high concentration of market capitalization and trading volume in a small number of issuers representing a limited number of industries, as well as a high concentration of investors and financial intermediaries. Certain Asian countries have experienced and may in the future experience expropriation and nationalization of assets, confiscatory taxation, currency manipulation, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">political instability, armed conflict and social instability as a result of religious, ethnic, socio-economic and/or political unrest. In particular, escalated tensions involving North Korea and any outbreak of hostilities involving North Korea could have a severe adverse effect on Asian economies. </span><span style="font-family:Arial;font-size:9.00pt;">Other examples include China’s territorial dispute regarding the sovereignty of Taiwan </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and its pledge to take control of Taiwan, ethnic and sectarian violence in Indonesia and India, armed conflict between India and Pakistan, and insurgencies in the Philippines.</span><span style="font-family:Arial;font-size:9.00pt;"> Governments of certain Asian countries have exercised, and continue to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">exercise, substantial influence over many aspects of the private sector. In certain cases, the government owns or controls many companies, including the largest in the country. Accordingly, government actions could have a significant effect on the issuers of the Fund’s securities or on economic conditions generally. Recent developments in relations between the U.S. and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international trade, </span><span style="font-family:Arial;font-size:9.00pt;">which could have a negative impact on the economy of Asian countries and a commensurately negative impact on the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CASH TRANSACTIONS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will effect some or all of its creations and redemptions for cash rather than in-kind. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">As a result, an investment in the Fund may be less tax-efficient than an investment in an ETF that effects all of its creations and redemptions in-kind. Because the Fund may effect redemptions for cash, it may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. A sale of portfolio securities may result in capital gains </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or losses and may also result in higher brokerage costs.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENCY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Changes in currency exchange rates affect the value of investments denominated in a foreign currency, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and therefore the value of such investments in the Fund’s portfolio. The Fund’s net asset value could decline if a currency to which the Fund has exposure depreciates against the U.S. dollar or if there are delays or limits on repatriation of such currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">in the Fund may change quickly and without warning.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among </span><span style="font-family:Arial;font-size:9.00pt;">the United States, Israel, Iran, Hamas,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Hezbollah and other militant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the United States, and other nations. Such events may also disrupt global trade </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and supply chains, increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEPOSITARY RECEIPTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Depositary receipts represent equity interests in a foreign company that trade on a local stock </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange. Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert the equity shares into depositary receipts and vice versa. Such restrictions may cause the equity shares of the underlying issuer to trade at a discount or premium to the market price </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of the depositary receipts.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">GROWTH STOCKS INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Stocks exhibiting growth characteristics tend to be more volatile than certain other </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">types of stocks and their prices usually fluctuate more dramatically than the overall stock market. A stock with growth characteristics can have sharp price declines due to decreases in current or expected earnings and may lack dividend payments </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">that can help cushion its share price during declining markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDUSTRIALS COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Industrials companies convert unfinished goods into finished durables used to manufacture </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">other goods or provide services. Examples of industrials companies include companies involved in the production of electrical equipment and components, industrial products, manufactured housing and telecommunications equipment, as well as defense and aerospace companies. General risks of industrials companies include the general state of the economy, exchange rates, commodity prices, intense competition, consolidation, domestic and international politics, government regulation, import controls, excess capacity, consumer demand and spending trends. In addition, industrials companies may also be significantly affected by overall capital spending levels, economic cycles, rapid technological changes, delays in modernization, labor </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">relations, environmental liabilities, governmental and product liability and e-commerce initiatives.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INTERNATIONAL CLOSED MARKET TRADING RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Because securities held by the Fund trade on non-U.S. exchanges that </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are closed when the Fund’s primary listing exchange is open, there are likely to be deviations between the current price of an </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">underlying security and the last quoted price for the underlying security (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, the Fund’s quote from the closed foreign market) </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">used for purposes of calculating the Fund's net asset value, resulting in premiums or discounts to the Fund’s net asset value that may be greater than those experienced by other exchange-traded funds. In addition, shareholders may not be able to purchase and sell shares of the Fund on the listing exchange for the Fund, on days when the net asset value of the Fund could </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">be significantly affected by events in the relevant foreign markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">JAPAN RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to certain risks specifically associated with investments in the securities of Japanese issuers. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Japanese economy may be subject to considerable degrees of economic, political and social instability, which could have a negative impact on Japanese securities. Japan’s economy is characterized by government intervention and protectionism, reliance on oil imports, an unstable financial services sector</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">low domestic consumption, corporate structural weaknesses, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relatively high unemployment</span><span style="font-family:Arial;font-size:9.00pt;"> and an aging workforce. Since 2000, Japan has experienced relatively low economic growth, lagging that of its Asian neighbors and other major developed economies, and it may remain low in the future. Its economy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">is heavily dependent on international trade and has been adversely affected by trade tariffs and competition from emerging economies. As such, economic growth is heavily dependent on continued growth in international trade, relatively low commodities prices, government support of the financial services sector and other government policies. Any changes or trends in these economic factors could have a significant impact on Japanese markets overall and may negatively affect the Fund's investments. Japan’s economy and equity market also share a strong correlation with </span><span style="font-family:Arial;font-size:9.00pt;">its largest trading partners, the U.S. and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">China, and </span><span style="font-family:Arial;font-size:9.00pt;">the Japanese economy may be affected by economic problems in the U.S. and China. Despite a strengthening in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the economic relationship between Japan and China, the countries’ political relationship has at times been strained. Should political tension increase, it could adversely affect the economy and destabilize the region as a whole. Additionally, escalated tensions involving North Korea and any outbreak of hostilities involving North Korea could have a severe adverse effect on Japan’s economy. Japan’s geography also subjects it to an increased risk of natural disasters, such as earthquakes, volcanic </span><span style="font-family:Arial;font-size:9.00pt;">eruptions, typhoons and tsunamis, all of which could negatively impact the Fund's investments.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold certain investments that may be subject to restrictions on resale, trade over-the-counter </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or in limited volume, or lack an active trading market. Certain investments held by the Fund that trade on non-U.S. exchanges may be further subject to liquidity risk due to foreign market closures or unexpected impediments to trading on local markets. Accordingly, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value and the bid/ask spread on the Fund's shares </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET CAPITALIZATION DEVIATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> There can be no assurance that the securities held by the Fund will stay within </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund’s intended market capitalization range. As a result, the Fund may be exposed to additional risk or investors may not </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">be given the opportunity to invest fully in a certain market capitalization range.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund</span><span style="font-family:Arial;font-size:9.00pt;">’s portfolio may deviate from the composition of the Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-U.S. SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting standards, and less government supervision and regulation of securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchanges in foreign countries.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREFERRED SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Preferred securities combine some of the characteristics of both common stocks and bonds. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Preferred securities are typically subordinated to bonds and other debt securities in a company’s capital structure in terms of priority to corporate income, subjecting them to greater credit risk than those debt securities. Generally, holders of preferred securities have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may obtain limited rights. In certain circumstances, an issuer of preferred securities may defer payment on the securities and, in some cases, redeem the securities prior to a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">specified date. Preferred securities may also be substantially less liquid than other securities, including common stock.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">REIT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> REITs typically own and operate income-producing real estate, such as residential or commercial buildings, or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">real-estate related assets, including mortgages. As a result, investments in REITs are subject to the risks associated with investing in real estate, which may include, but are not limited to: fluctuations in the value of underlying properties; defaults by borrowers or tenants; market saturation; changes in general and local operating expenses; and other economic, political or regulatory </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">occurrences affecting companies in the real estate sector. REITs are also subject to the risk that the real estate market may experience an economic downturn generally, which may have a material effect on the real estate in which the REITs invest and their underlying portfolio securities. REITs may have also a relatively small market capitalization which may result in their shares experiencing less market liquidity and greater price volatility than larger companies. Increases in interest rates typically lower the present value of a REIT's future earnings stream, and may make financing property purchases and improvements more costly. Because the market price of REIT stocks may change based upon investors' collective perceptions of future </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">earnings, the value of the Fund will generally decline when investors anticipate or experience rising interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SMALL CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Small capitalization companies may be more vulnerable to adverse general </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">market or economic developments, and their securities may be less liquid and may experience greater price volatility than large and mid capitalization companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">generally subject to greater market risk than large and mid capitalization companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold securities or other assets that may be valued on the basis of factors other than market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">quotations. This may occur because the asset or security does not trade on a centralized exchange, or in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. Fund investments that trade on non-U.S. exchanges that close prior to the close of the NYSE may be fair valued using a systematic fair valuation model. If these foreign investments meet certain criteria in relation to the valuation model, their valuation is systematically adjusted to reflect the impact of movement in the U.S. market after the close of certain foreign markets. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. The Fund’s ability to value investments may be impacted by technological issues or errors by pricing services or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">other third-party service providers.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUE STOCKS INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The intrinsic value of a stock with value characteristics may not be fully recognized by the market for a long time or a stock judged to be undervalued may actually be appropriately priced at a low level.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index and two </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">broad-based securities market indices. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">On October 13, 2015 the Fund’s underlying index changed from the Defined Developed Markets ex-US Small Cap Index to the Nasdaq AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Developed Markets Ex-US Small Cap</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index. Therefore, the Fund’s performance and historical returns </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">shown below are not necessarily indicative of the performance that the Fund, based on the Index, would have generated. Returns for an underlying index are only disclosed for those periods in which the index was in existence for the whole period. Because the Fund’s new underlying index had an inception date of September 8, 2014, it was not in existence for all of the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">periods disclosed. The new index is substantially similar to the Defined Developed Markets Ex-US Small Cap Index.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index and two </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">broad-based securities market indices. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust Developed Markets ex-US Small Cap AlphaDEX</span><span style="font-family:Arial;font-size:7pt;font-weight:bold;position:relative;top:-3.25pt;">®</span><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;"> Fund</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">25.82%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-32.51%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.2582 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.3251 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.4971 0.1013 0.0872 0.0763 2012-02-15 0.4778 0.0864 0.0751 0.0647 0.2932 0.0719 0.0640 0.0559 0.5088 0.1115 0.0957 0.3602 0.0690 0.0756 0.3185 0.0946 0.0855 0.0751 <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust Emerging Markets AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;"> Fund (FEM)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust Emerging Markets AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Fund (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally to the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">price and yield (before the Fund’s fees and expenses) of an equity index called the Nasdaq AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Emerging Markets</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0080 0.0000 0.0000 0.0080 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 82 255 444 990 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">111%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its </span><span style="font-family:Arial;font-size:9.00pt;">portfolio.</span> 1.11 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is owned and is developed, maintained and sponsored by Nasdaq, Inc. (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider“</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index Provider may, from time to time, exercise reasonable discretion as it deems appropriate in order to ensure Index integrity.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is composed of securities issued by companies assigned to emerging market countries, as classified by the Index Provider. The Index Provider classifies a country as "emerging" based on a number of criteria including, but not limited to, gross national income per capita, national market capitalization and national trading volume. The Index Provider assigns companies to a country primarily by their country of incorporation, domicile and primary exchange listing. According to the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index Provider, the Index employs the AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> security selection methodology to select and weight securities from the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Nasdaq Emerging Markets</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Base Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index uses the AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> selection methodology which aims to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">select securities that may generate positive alpha, or risk-adjusted returns, relative to traditional indices. Alpha is an indication of how much an investment outperforms or underperforms on a risk-adjusted basis relative to its benchmark. The Base Index is a comprehensive, rules-based index designed to measure stock market performance of companies assigned to emerging market countries, as determined by the Index Provider. The Fund may invest in common stocks, depositary receipts, securities denominated in non-U.S. currencies, real estate investment trusts (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"REITs"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), preferred securities and small, mid and large cap companies.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">According to the Index Provider, security selection for the Index will be conducted in the following manner: </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">1.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The selection universe for the Index begins with all securities in the Base Index. </span><span style="font-family:Arial;font-size:9.00pt;">2.</span><span style="font-family:Arial;font-size:9.00pt;">The Index Provider then removes any duplicate (multiple share classes) securities and securities which do not meet the Index Provider’s liquidity screens; and stocks with a consolidated market capitalization less than or equal to the mid-cap breakpoint (50th percentile) as calculated by Nasdaq. As of March 31, 2026, the mid-cap breakpoint was $4.450 billion. The Index Provider may include stocks below the mid-cap breakpoint in order to reach a predetermined minimum number of eligible stocks. Securities from the same issuer will be subject to conditions controlled by the Index Provider to determine Index eligibility. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">3.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The remaining securities in the universe are then ranked on both growth and value factors. Each security receives the best style rank from this step as its selection score. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">4.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The top 150 securities based on the selection score determined in step 3 comprise the “selected securities.” The selected securities are then split into quintiles based on their selection score, with higher scoring quintiles receiving a greater weight in the Index. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">5.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Index is subject to industry/country weighting constraints which are set at 15% above the industry/country percentages of the Base Index. A security will be moved to a lower-weighted quintile when its weight, added to the weight assigned to all higher ranking securities in its industry/country, is greater than the industry/country weighting constraint. Securities that fail the industry/country weighting constraints at the lowest quintile will be removed from the Index.</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is rebalanced and reconstituted semi-annually and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Index’s semi-annual rebalance and reconstitution schedule may cause the Fund to experience a higher rate of portfolio turnover. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 150 securities and the Fund had </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">significant investments in </span><span style="font-family:Arial;font-size:9.00pt;">Chinese issuers and Asian issuers, although this may change from time to time.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s investments </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">will change as the Index changes and, as a result, the Fund may have significant investments in jurisdictions or investment sectors that it may not have had as of March 31, </span><span style="font-family:Arial;font-size:9.00pt;">2026. To the extent the Fund invests a significant portion of its assets in a </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">given jurisdiction or investment sector, the Fund may be exposed to the risks associated with that jurisdiction or investment sector. In order to gain exposure to certain Chinese companies that are included in the Index but are unavailable to direct investment by foreign investors, the Fund invests significantly in non-Chinese shell companies that have created structures </span><span style="font-family:Arial;font-size:9.00pt;">known as variable interest entities (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“VIEs”</span><span style="font-family:Arial;font-size:9.00pt;">) in order to gain exposure to such Chinese companies.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 150 securities and the Fund had </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">significant investments in </span><span style="font-family:Arial;font-size:9.00pt;">Chinese issuers and Asian issuers, although this may change from time to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ASIA RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to certain risks specifically associated with investments in the securities of Asian issuers. Many </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Asian economies have experienced rapid growth and industrialization, and there is no assurance that this growth rate will be maintained. </span><span style="font-family:Arial;font-size:9.00pt;">Many Asian countries can be characterized as either developing or newly industrialized economies and tend to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">experience more volatile economic cycles than developed countries.</span><span style="font-family:Arial;font-size:9.00pt;"> Some Asian economies are highly dependent on </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">international </span><span style="font-family:Arial;font-size:9.00pt;">trade, and economic conditions in other countries within and outside Asia can impact these economies. Certain </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">of these economies may be adversely affected by trade or policy disputes with its major trade partners. There is also a high concentration of market capitalization and trading volume in a small number of issuers representing a limited number of industries, as well as a high concentration of investors and financial intermediaries. Certain Asian countries have experienced and may in the future experience expropriation and nationalization of assets, confiscatory taxation, currency manipulation, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">political instability, armed conflict and social instability as a result of religious, ethnic, socio-economic and/or political unrest. In particular, escalated tensions involving North Korea and any outbreak of hostilities involving North Korea could have a severe adverse effect on Asian economies. </span><span style="font-family:Arial;font-size:9.00pt;">Other examples include China’s territorial dispute regarding the sovereignty of Taiwan </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and its pledge to take control of Taiwan, ethnic and sectarian violence in Indonesia and India, armed conflict between India and Pakistan, and insurgencies in the Philippines.</span><span style="font-family:Arial;font-size:9.00pt;"> Governments of certain Asian countries have exercised, and continue to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">exercise, substantial influence over many aspects of the private sector. In certain cases, the government owns or controls many companies, including the largest in the country. Accordingly, government actions could have a significant effect on the issuers of the Fund’s securities or on economic conditions generally. Recent developments in relations between the U.S. and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international trade, </span><span style="font-family:Arial;font-size:9.00pt;">which could have a negative impact on the economy of Asian countries and a commensurately negative impact on the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CASH TRANSACTIONS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will effect some or all of its creations and redemptions for cash rather than in-kind. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">As a result, an investment in the Fund may be less tax-efficient than an investment in an ETF that effects all of its creations and redemptions in-kind. Because the Fund may effect redemptions for cash, it may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. A sale of portfolio securities may result in capital gains </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or losses and may also result in higher brokerage costs.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CHINA RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to certain risks specifically associated with investments in the securities of Chinese issuers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including those issuers with securities listed on the Hong Kong Stock Exchange. China is an emerging market and demonstrates significantly higher volatility from time to time in comparison to developed markets. Shareholder claims that are available in the U.S., as well as regulatory oversight and authority that is common in the U.S., including for claims based on fraud, may be difficult or impossible for shareholders of securities in China or for U.S. authorities to pursue. The central government has historically exercised substantial control over virtually every sector of the Chinese economy through administrative regulation and/or state ownership and actions of the Chinese central and local government authorities continue to have a substantial effect on economic conditions in China. </span><span style="font-family:Arial;font-size:9.00pt;">China has experienced security concerns, such as terrorism and strained international </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relations. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy, and as a result, the value of the Fund’s investments.</span><span style="font-family:Arial;font-size:9.00pt;"> Export growth continues to be a major driver </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">of China’s rapid economic growth. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. </span><span style="font-family:Arial;font-size:9.00pt;">Furthermore, China’s economy is dependent on the economies of other Asian countries and can be significantly </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">affected by currency fluctuations and increasing competition from Asia’s other emerging economies.</span><span style="font-family:Arial;font-size:9.00pt;"> Recent developments </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">in relations between the U.S. and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international trade, which could have a negative impact on China’s export industry and a commensurately negative </span><span style="font-family:Arial;font-size:9.00pt;">impact on the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENCY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Changes in currency exchange rates affect the value of investments denominated in a foreign currency, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and therefore the value of such investments in the Fund’s portfolio. The Fund’s net asset value could decline if a currency to which the Fund has exposure depreciates against the U.S. dollar or if there are delays or limits on repatriation of such currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">in the Fund may change quickly and without warning.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among </span><span style="font-family:Arial;font-size:9.00pt;">the United States, Israel, Iran, Hamas,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Hezbollah and other militant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the United States, and other nations. Such events may also disrupt global trade </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and supply chains, increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and </span><span style="font-family:Arial;font-size:9.00pt;">could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEPOSITARY RECEIPTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Depositary receipts represent equity interests in a foreign company that trade on a local stock </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange. Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert the equity shares into depositary receipts and vice versa. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Such restrictions may cause the equity shares of the underlying issuer to trade at a discount or premium to the market price </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of the depositary receipts.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EMERGING MARKETS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Investments in securities issued by governments and companies operating in emerging market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">countries involve additional risks relating to political, economic, or regulatory conditions not associated with investments in securities and instruments issued by U.S. companies or by companies operating in other developed market countries. Investments in emerging markets securities are generally considered speculative in nature and are subject to the following heightened risks: smaller market capitalization of securities markets which may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; possible repatriation of investment income and capital; rapid inflation; and currency convertibility issues. Emerging market countries also often have less uniformity in accounting, auditing and reporting requirements, unsettled securities laws, unreliable securities valuation and greater risk associated with custody of securities. Financial and other reporting by companies and government entities also may be less reliable in emerging market countries. Shareholder claims that are available in the U.S., as well as regulatory oversight and authority that is common in the U.S., including for claims based on fraud, may be difficult or impossible for shareholders of securities in emerging market countries or for U.S. authorities to pursue. For funds that track an index or are managed based upon a benchmark, the index may not weight the securities in emerging market countries on the basis of investor protection limitations, financial reporting quality or available oversight mechanisms. Furthermore, investors may be required to register the proceeds of sales and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">nationalization or creation of government monopolies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">GROWTH STOCKS INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Stocks exhibiting growth characteristics tend to be more volatile than certain other </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">types of stocks and their prices usually fluctuate more dramatically than the overall stock market. A stock with growth characteristics can have sharp price declines due to decreases in current or expected earnings and may lack dividend payments </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">that can help cushion its share price during declining markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INTERNATIONAL CLOSED MARKET TRADING RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Because securities held by the Fund trade on non-U.S. exchanges that </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are closed when the Fund’s primary listing exchange is open, there are likely to be deviations between the current price of an underlying security and the last quoted price for the underlying security (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, the Fund’s quote from the closed foreign market) </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">used for purposes of calculating the Fund's net asset value, resulting in premiums or discounts to the Fund’s net asset value that may be greater than those experienced by other exchange-traded funds. In addition, shareholders may not be able to purchase and sell shares of the Fund on the listing exchange for the Fund, on days when the net asset value of the Fund could </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">be significantly affected by events in the relevant foreign markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold certain investments that may be subject to restrictions on resale, trade over-the-counter </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or in limited volume, or lack an active trading market. Certain investments held by the Fund that trade on non-U.S. exchanges may be further subject to liquidity risk due to foreign market closures or unexpected impediments to trading on local markets. Accordingly, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value and the bid/ask spread on the Fund's shares </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MID CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Mid capitalization companies may be more vulnerable to adverse general market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments and thus may experience greater price volatility than more established large capitalization companies. Securities of mid capitalization companies may also be less liquid than securities of large capitalization companies and may have more limited trading volumes. Accordingly, such companies are generally subject to greater market risk than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">larger, more established companies.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund</span><span style="font-family:Arial;font-size:9.00pt;">’s portfolio may deviate from the composition of the Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-U.S. SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting standards, and less government supervision and regulation of securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchanges in foreign countries.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREFERRED SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Preferred securities combine some of the characteristics of both common stocks and bonds. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Preferred securities are typically subordinated to bonds and other debt securities in a company’s capital structure in terms of priority to corporate income, subjecting them to greater credit risk than those debt securities. Generally, holders of preferred securities have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may obtain limited rights. In certain circumstances, an issuer of preferred securities may defer payment on the securities and, in some cases, redeem the securities prior to a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">specified date. Preferred securities may also be substantially less liquid than other securities, including common stock.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">REIT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> REITs typically own and operate income-producing real estate, such as residential or commercial buildings, or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">real-estate related assets, including mortgages. As a result, investments in REITs are subject to the risks associated with investing in real estate, which may include, but are not limited to: fluctuations in the value of underlying properties; defaults by borrowers or tenants; market saturation; changes in general and local operating expenses; and other economic, political or regulatory occurrences affecting companies in the real estate sector. REITs are also subject to the risk that the real estate market may experience an economic downturn generally, which may have a material effect on the real estate in which the REITs invest and their underlying portfolio securities. REITs may have also a relatively small market capitalization which may result in their shares experiencing less market liquidity and greater price volatility than larger companies. Increases in interest rates typically lower the present value of a REIT's future earnings stream, and may make financing property purchases and improvements more costly. Because the market price of REIT stocks may change based upon investors' collective perceptions of future </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">earnings, the value of the Fund will generally decline when investors anticipate or experience rising interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SMALL CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Small capitalization companies may be more vulnerable to adverse general </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">market or economic developments, and their securities may be less liquid and may experience greater price volatility than large and mid capitalization companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">generally subject to greater market risk than large and mid capitalization companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold securities or other assets that may be valued on the basis of factors other than market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">quotations. This may occur because the asset or security does not trade on a centralized exchange, or in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. Fund investments that trade on non-U.S. exchanges that close prior to the close of the NYSE may be fair valued using a systematic fair valuation model. If these foreign investments meet certain criteria in relation to the valuation model, their valuation is systematically adjusted to reflect the impact of movement in the U.S. market after the close of certain foreign markets. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. The Fund’s ability to value investments may be impacted by technological issues or errors by pricing services or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">other third-party service providers.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUE STOCKS INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The intrinsic value of a stock with value characteristics may not be fully recognized by the market for a long time or a stock judged to be undervalued may actually be appropriately priced at a low level.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VARIABLE INTEREST ENTITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> In China, direct ownership of companies in certain sectors by foreign individuals and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">entities is prohibited. In order to allow for foreign investment in these businesses, many Chinese companies have created VIE structures to enable indirect foreign ownership. In such an arrangement, a Chinese operating company typically establishes </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">an offshore shell company in another jurisdiction, such as the Cayman Islands. That shell company enters into service and other contracts with the Chinese issuer or operating company to obtain economic exposure to the Chinese company, then issues shares on an exchange outside of mainland China, and U.S. investors hold stock in the non-Chinese shell company rather than directly in the Chinese issuer or operating company. This arrangement allows U.S. investors, such as the Fund, to obtain economic exposure to the Chinese issuer or operating company through contractual means rather than through formal equity ownership. Because neither the shell company nor the Fund owns actual equity interests in the Chinese operating company, they do not have the voting rights or other types of control that an equity holder would expect to benefit from. Although VIEs are a longstanding industry practice and well known to officials and regulators in China, VIEs are not formally recognized under Chinese law. </span><span style="font-family:Arial;font-size:9.00pt;">While the China Securities Regulatory Commission has released rules and implemented guidelines that </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">permit the use of VIE structures, provided they abide by Chinese laws and register with the China Securities Regulatory Commission, this does not serve as a formal endorsement by the Chinese government.</span><span style="font-family:Arial;font-size:9.00pt;"> Intervention by the Chinese government </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">with respect to VIEs could significantly affect the Chinese company’s performance and the enforceability of the VIE’s contractual arrangements that establish the links between the Chinese company and the shell company in which the Fund invests. This could considerably impact the financial condition of the shell company in which the Fund invests by limiting its ability to consolidate the financial results of the Chinese operating company into its own financial statements, as well as make the value of the shares held by the Fund effectively worthless. Further, if Chinese officials prohibit the existence of VIEs, the market value of the Fund’s associated holdings would likely suffer significant, and possibly permanent effects, which could negatively impact the Fund’s net asset value and could result in substantial losses. Further, it is uncertain whether any new laws, rules or regulations relating to VIE structures will be adopted or, if adopted, what impact they would have on the value of the Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">shares. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">VIEs are also subject to the investment risks associated with the underlying Chinese issuer or operating company. Chinese companies are not subject to the same degree of regulatory requirements or accounting standards and oversight as companies in more developed countries. As a result, information about the Chinese securities and VIEs in which the Fund invests may be less reliable and incomplete. There also may be significant obstacles to obtaining information necessary for investigations into or litigation against Chinese companies and VIEs, and shareholders may have limited legal remedies, which could negatively impact the Fund. Additionally, U.S.-listed VIEs may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements. Delisting would significantly decrease the liquidity and value of the securities, decrease the ability of the Fund to invest in such securities and may increase the cost of the Fund if required to seek alternative markets in which </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to invest in such securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index and two </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">broad-based securities market indices. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">On October 13, 2015 the Fund’s underlying index changed from the Defined Emerging Markets Index to the Nasdaq AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">® </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Emerging Markets</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index. Therefore, the Fund’s performance and historical returns shown below are not necessarily indicative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the performance that the Fund, based on the Index, would have generated. Returns for an underlying index are only disclosed for those periods in which the index was in existence for the whole period. Because the Fund’s new underlying index had an inception date of February 11, 2015, it was not in existence for all of the periods disclosed. The new index is substantially </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">similar to the Defined Emerging Markets Index.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index and two </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">broad-based securities market indices. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust Emerging Markets AlphaDEX</span><span style="font-family:Arial;font-size:7pt;font-weight:bold;position:relative;top:-3.25pt;">®</span><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;"> Fund</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">21.43%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-32.89%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.2143 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.3289 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.2635 0.0613 0.0812 0.0294 2011-04-18 0.2467 0.0424 0.0649 0.0155 0.1553 0.0381 0.0570 0.0157 0.2773 0.0726 0.0933 0.2714 0.0603 0.0889 0.3357 0.0420 0.0842 0.0379 <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust Emerging Markets Small Cap AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;"> Fund (FEMS)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust Emerging Markets Small Cap AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Fund (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">to the price and yield (before the Fund’s fees and expenses) of an equity index called the Nasdaq AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Emerging Markets Small Cap</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0080 0.0000 0.0000 0.0080 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 82 255 444 990 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">114%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its </span><span style="font-family:Arial;font-size:9.00pt;">portfolio.</span> 1.14 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is owned and is developed, maintained and sponsored by Nasdaq, Inc. (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider“</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index Provider may, from time to time, exercise reasonable discretion as it deems appropriate in order to ensure Index integrity.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is composed of securities issued by small cap companies assigned to emerging market countries, as classified by the Index Provider. The Index Provider classifies a country as "emerging" based on a number of criteria, including but not limited to, gross national income per capita, national market capitalization and national trading volume. The Index Provider assigns companies to a country primarily by their country of incorporation, domicile and primary exchange listing. According to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Index Provider, the Index employs the AlphaDEX</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> security selection methodology to select and weight securities from the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Nasdaq Emerging Markets</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“Base Index”</span><span style="font-family:Arial;font-size:9.00pt;">). The Index uses the AlphaDEX</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> selection methodology which aims to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">select securities that may generate positive alpha, or risk-adjusted returns, relative to traditional indices. Alpha is an indication of how much an investment outperforms or underperforms on a risk-adjusted basis relative to its benchmark. The Base Index is a comprehensive, rules-based index designed to measure stock market performance of companies assigned to emerging market countries, as determined by the Index Provider. The Fund may invest in common stocks, depositary receipts, securities denominated in non-U.S. currencies, real estate investment trusts (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">"REITs"</span><span style="font-family:Arial;font-size:9.00pt;">) and preferred securities. The Fund may also invest </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">in securities denominated in non-U.S. currencies and securities of companies domiciled in China that list and trade directly </span><span style="font-family:Arial;font-size:9.00pt;">on Chinese stock exchanges (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“China A Shares”</span><span style="font-family:Arial;font-size:9.00pt;">).</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">According to the Index Provider, security selection for the Index will be conducted in the following manner: </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">1.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The selection universe for the Index begins with all securities in the Base Index. </span><span style="font-family:Arial;font-size:9.00pt;">2.</span><span style="font-family:Arial;font-size:9.00pt;">The Index Provider then removes any duplicate (multiple share classes) securities and securities which do not meet the Index Provider’s liquidity screens; and stocks with a consolidated market capitalization greater than or equal to the mid-cap breakpoint (50th percentile) and less than or equal to the small-cap breakpoint (90th percentile) as calculated by Nasdaq. As of March 31, 2026, the mid-cap breakpoint was $4.450 billion and the small-cap breakpoint was $467 million. The Index Provider may include stocks above the mid-cap breakpoint in order to reach a predetermined minimum number of eligible stocks. Securities from the same issuer will be subject to conditions controlled by the Index Provider to determine Index eligibility. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">3.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The remaining securities in the universe are then ranked on both growth and value factors. Each security receives the best style rank from this step as its selection score. </span><span style="font-family:Arial;font-size:9.00pt;">4.</span><span style="font-family:Arial;font-size:9.00pt;">The top 199 securities based on the selection score determined in step 3 comprise the “selected securities.” The selected securities are then split into quintiles based on their selection score, with higher scoring quintiles receiving a greater weight in the Index. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">5.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Index is subject to industry/country weighting constraints which are set at 15% above the industry/country percentages of the Base Index. A security will be moved to a lower-weighted quintile when its weight, added to the weight assigned to all higher ranking securities in its industry/country, is greater than the industry/country weighting constraint. Securities that fail the industry/country weighting constraints at the lowest quintile will be removed from the Index.</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is rebalanced and reconstituted semi-annually and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Index’s semi-annual rebalance and reconstitution schedule may cause the Fund to experience a higher rate of portfolio turnover. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 199 securities and the Fund had </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">significant investments in </span><span style="font-family:Arial;font-size:9.00pt;">Asian issuers, although this may change from time to time.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s investments will change as </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Index changes and, as a result, the Fund may have significant investments in jurisdictions or investment sectors that it may not have had as of March 31, </span><span style="font-family:Arial;font-size:9.00pt;">2026. To the extent the Fund invests a significant portion of its assets in a given jurisdiction </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or investment sector, the Fund may be exposed to the risks associated with that jurisdiction or investment sector. In order to gain exposure to certain Chinese companies that are included in the Index but are unavailable to direct investment by foreign investors, the Fund invests significantly in non-Chinese shell companies that have created structures known as variable interest </span><span style="font-family:Arial;font-size:9.00pt;">entities (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“VIEs”</span><span style="font-family:Arial;font-size:9.00pt;">) in order to gain exposure to such Chinese companies.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 199 securities and the Fund had </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">significant investments in </span><span style="font-family:Arial;font-size:9.00pt;">Asian issuers, although this may change from time to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ASIA RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to certain risks specifically associated with investments in the securities of Asian issuers. Many </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Asian economies have experienced rapid growth and industrialization, and there is no assurance that this growth rate will be maintained. </span><span style="font-family:Arial;font-size:9.00pt;">Many Asian countries can be characterized as either developing or newly industrialized economies and tend to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">experience more volatile economic cycles than developed countries.</span><span style="font-family:Arial;font-size:9.00pt;"> Some Asian economies are highly dependent on </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">international </span><span style="font-family:Arial;font-size:9.00pt;">trade, and economic conditions in other countries within and outside Asia can impact these economies. Certain </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">of these economies may be adversely affected by trade or policy disputes with its major trade partners. There is also a high concentration of market capitalization and trading volume in a small number of issuers representing a limited number of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">industries, as well as a high concentration of investors and financial intermediaries. Certain Asian countries have experienced and may in the future experience expropriation and nationalization of assets, confiscatory taxation, currency manipulation, political instability, armed conflict and social instability as a result of religious, ethnic, socio-economic and/or political unrest. In particular, escalated tensions involving North Korea and any outbreak of hostilities involving North Korea could have a severe adverse effect on Asian economies. </span><span style="font-family:Arial;font-size:9.00pt;">Other examples include China’s territorial dispute regarding the sovereignty of Taiwan </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and its pledge to take control of Taiwan, ethnic and sectarian violence in Indonesia and India, armed conflict between India and Pakistan, and insurgencies in the Philippines.</span><span style="font-family:Arial;font-size:9.00pt;"> Governments of certain Asian countries have exercised, and continue to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">exercise, substantial influence over many aspects of the private sector. In certain cases, the government owns or controls many companies, including the largest in the country. Accordingly, government actions could have a significant effect on the issuers of the Fund’s securities or on economic conditions generally. Recent developments in relations between the U.S. and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international trade, </span><span style="font-family:Arial;font-size:9.00pt;">which could have a negative impact on the economy of Asian countries and a commensurately negative impact on the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CASH TRANSACTIONS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will effect some or all of its creations and redemptions for cash rather than in-kind. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">As a result, an investment in the Fund may be less tax-efficient than an investment in an ETF that effects all of its creations and redemptions in-kind. Because the Fund may effect redemptions for cash, it may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. A sale of portfolio securities may result in capital gains </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or losses and may also result in higher brokerage costs.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CHINA </span><span style="font-family:Arial;font-size:9.00pt;font-weight:bold;">A SHARE INVESTMENT RISK.</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Investing in China A-shares through a Stock Connect, a mutual market access program </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">designed to, among other things, enable foreign investment in China via brokers in Hong Kong,</span><span style="font-family:Arial;font-size:9.00pt;"> is subject to trading, clearance, settlement and other procedures,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">which could pose risks to the Fund. Trading through a Stock Connect is subject to a daily </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">quota,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">which may restrict</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">or preclude the Fund’s</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">ability to invest in Stock Connect securities.</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Foreign investors,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">individually </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and</span><span style="font-family:Arial;font-size:9.00pt;"> in the aggregate, are subject to ownership limitations on China exchange-listed companies, including those purchased </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">through a Stock</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Connect.</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Once the daily quota is reached,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">orders to purchase additional China A Shares through</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">a Stock Connect </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">program will be rejected</span><span style="font-family:Arial;font-size:9.00pt;">. As such,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">China A Shares are subject to trading restrictions and suspensions,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">quota limitations and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">sudden changes</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">in those limitations,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">and operational, clearing and settlement risks. Significant portions of the Chinese securities </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">markets may become rapidly illiquid</span><span style="font-family:Arial;font-size:9.00pt;">, as Chinese issuers have the ability to suspend the trading of their equity securities,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">have shown a willingness to exercise that option</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">in response to market volatility and other events.</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">The liquidity of Chinese </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">listed securities may shrink or disappear suddenly and without warning as a result of adverse</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">economic,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">market or political </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">events</span><span style="font-family:Arial;font-size:9.00pt;">, or adverse investor perceptions, whether or not accurate.</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Any of the above circumstances</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">could have a significant negative impact on the value of China A Shares held by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENCY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Changes in currency exchange rates affect the value of investments denominated in a foreign currency, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and therefore the value of such investments in the Fund’s portfolio. The Fund’s net asset value could decline if a currency to which the Fund has exposure depreciates against the U.S. dollar or if there are delays or limits on repatriation of such currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">in the Fund may change quickly and without warning.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among </span><span style="font-family:Arial;font-size:9.00pt;">the United States, Israel, Iran, Hamas,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Hezbollah and other militant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the United States, and other nations. Such events may also disrupt global trade </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and supply chains, increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and </span><span style="font-family:Arial;font-size:9.00pt;">could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEPOSITARY RECEIPTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Depositary receipts represent equity interests in a foreign company that trade on a local stock </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange. Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert the equity shares into depositary receipts and vice versa. Such restrictions may cause the equity shares of the underlying issuer to trade at a discount or premium to the market price </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of the depositary receipts.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EMERGING MARKETS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Investments in securities issued by governments and companies operating in emerging market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">countries involve additional risks relating to political, economic, or regulatory conditions not associated with investments in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">securities and instruments issued by U.S. companies or by companies operating in other developed market countries. Investments in emerging markets securities are generally considered speculative in nature and are subject to the following heightened risks: smaller market capitalization of securities markets which may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; possible repatriation of investment income and capital; rapid inflation; and currency convertibility issues. Emerging market countries also often have less uniformity in accounting, auditing and reporting requirements, unsettled securities laws, unreliable securities valuation and greater risk associated with custody of securities. Financial and other reporting by companies and government entities also may be less reliable in emerging market countries. Shareholder claims that are available in the U.S., as well as regulatory oversight and authority that is common in the U.S., including for claims based on fraud, may be difficult or impossible for shareholders of securities in emerging market countries or for U.S. authorities to pursue. For funds that track an index or are managed based upon a benchmark, the index may not weight the securities in emerging market countries on the basis of investor protection limitations, financial reporting quality or available oversight mechanisms. Furthermore, investors may be required to register the proceeds of sales and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">nationalization or creation of government monopolies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">GROWTH STOCKS INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Stocks exhibiting growth characteristics tend to be more volatile than certain other </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">types of stocks and their prices usually fluctuate more dramatically than the overall stock market. A stock with growth characteristics can have sharp price declines due to decreases in current or expected earnings and may lack dividend payments </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">that can help cushion its share price during declining markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INTERNATIONAL CLOSED MARKET TRADING RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Because securities held by the Fund trade on non-U.S. exchanges that </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are closed when the Fund’s primary listing exchange is open, there are likely to be deviations between the current price of an underlying security and the last quoted price for the underlying security (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, the Fund’s quote from the closed foreign market) </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">used for purposes of calculating the Fund's net asset value, resulting in premiums or discounts to the Fund’s net asset value that may be greater than those experienced by other exchange-traded funds. In addition, shareholders may not be able to purchase and sell shares of the Fund on the listing exchange for the Fund, on days when the net asset value of the Fund could </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">be significantly affected by events in the relevant foreign markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold certain investments that may be subject to restrictions on resale, trade over-the-counter </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or in limited volume, or lack an active trading market. Certain investments held by the Fund that trade on non-U.S. exchanges may be further subject to liquidity risk due to foreign market closures or unexpected impediments to trading on local markets. Accordingly, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value and the bid/ask spread on the Fund's shares </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET CAPITALIZATION DEVIATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> There can be no assurance that the securities held by the Fund will stay within </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund’s intended market capitalization range. As a result, the Fund may be exposed to additional risk or investors may not </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">be given the opportunity to invest fully in a certain market capitalization range.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund</span><span style="font-family:Arial;font-size:9.00pt;">’s portfolio may deviate from the composition of the Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-U.S. SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting standards, and less government supervision and regulation of securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchanges in foreign countries.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREFERRED SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Preferred securities combine some of the characteristics of both common stocks and bonds. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Preferred securities are typically subordinated to bonds and other debt securities in a company’s capital structure in terms of priority to corporate income, subjecting them to greater credit risk than those debt securities. Generally, holders of preferred securities have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may obtain limited rights. In certain circumstances, an issuer of preferred securities may defer payment on the securities and, in some cases, redeem the securities prior to a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">specified date. Preferred securities may also be substantially less liquid than other securities, including common stock.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">REIT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> REITs typically own and operate income-producing real estate, such as residential or commercial buildings, or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">real-estate related assets, including mortgages. As a result, investments in REITs are subject to the risks associated with investing in real estate, which may include, but are not limited to: fluctuations in the value of underlying properties; defaults by borrowers or tenants; market saturation; changes in general and local operating expenses; and other economic, political or regulatory occurrences affecting companies in the real estate sector. REITs are also subject to the risk that the real estate market may experience an economic downturn generally, which may have a material effect on the real estate in which the REITs invest and their underlying portfolio securities. REITs may have also a relatively small market capitalization which may result in their shares experiencing less market liquidity and greater price volatility than larger companies. Increases in interest rates typically lower the present value of a REIT's future earnings stream, and may make financing property purchases and improvements more costly. Because the market price of REIT stocks may change based upon investors' collective perceptions of future </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">earnings, the value of the Fund will generally decline when investors anticipate or experience rising interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SMALL CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Small capitalization companies may be more vulnerable to adverse general </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">market or economic developments, and their securities may be less liquid and may experience greater price volatility than large and mid capitalization companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">generally subject to greater market risk than large and mid capitalization companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold securities or other assets that may be valued on the basis of factors other than market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">quotations. This may occur because the asset or security does not trade on a centralized exchange, or in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. Fund investments that trade on non-U.S. exchanges that close prior to the close of the NYSE may be fair valued using a systematic fair valuation model. If these foreign investments meet certain criteria in relation to the valuation model, their valuation is systematically adjusted to reflect the impact of movement in the U.S. market after the close of certain foreign markets. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. The Fund’s ability to value investments may be impacted by technological issues or errors by pricing services or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">other third-party service providers.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUE STOCKS INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The intrinsic value of a stock with value characteristics may not be fully recognized by the market for a long time or a stock judged to be undervalued may actually be appropriately priced at a low level.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VARIABLE INTEREST ENTITIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> In China, direct ownership of companies in certain sectors by foreign individuals and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">entities is prohibited. In order to allow for foreign investment in these businesses, many Chinese companies have created VIE structures to enable indirect foreign ownership. In such an arrangement, a Chinese operating company typically establishes an offshore shell company in another jurisdiction, such as the Cayman Islands. That shell company enters into service and other contracts with the Chinese issuer or operating company to obtain economic exposure to the Chinese company, then issues shares on an exchange outside of mainland China, and U.S. investors hold stock in the non-Chinese shell company rather than directly in the Chinese issuer or operating company. This arrangement allows U.S. investors, such as the Fund, to obtain economic exposure to the Chinese issuer or operating company through contractual means rather than through formal equity ownership. Because neither the shell company nor the Fund owns actual equity interests in the Chinese operating company, they do not have the voting rights or other types of control that an equity holder would expect to benefit from. Although VIEs are a longstanding industry practice and well known to officials and regulators in China, VIEs are not formally recognized under Chinese law. </span><span style="font-family:Arial;font-size:9.00pt;">While the China Securities Regulatory Commission has released rules and implemented guidelines that </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">permit the use of VIE structures, provided they abide by Chinese laws and register with the China Securities Regulatory Commission, this does not serve as a formal endorsement by the Chinese government.</span><span style="font-family:Arial;font-size:9.00pt;"> Intervention by the Chinese government </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">with respect to VIEs could significantly affect the Chinese company’s performance and the enforceability of the VIE’s contractual arrangements that establish the links between the Chinese company and the shell company in which the Fund invests. This could considerably impact the financial condition of the shell company in which the Fund invests by limiting its ability to consolidate the financial results of the Chinese operating company into its own financial statements, as well as make the value of the shares held by the Fund effectively worthless. Further, if Chinese officials prohibit the existence of VIEs, the market value of the Fund’s associated holdings would likely suffer significant, and possibly permanent effects, which could negatively impact the Fund’s net asset value and could result in substantial losses. Further, it is uncertain whether any new laws, rules or regulations relating to VIE structures will be adopted or, if adopted, what impact they would have on the value of the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">shares. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">VIEs are also subject to the investment risks associated with the underlying Chinese issuer or operating company. Chinese companies are not subject to the same degree of regulatory requirements or accounting standards and oversight as companies in more developed countries. As a result, information about the Chinese securities and VIEs in which the Fund invests may be less reliable and incomplete. There also may be significant obstacles to obtaining information necessary for investigations into or litigation against Chinese companies and VIEs, and shareholders may have limited legal remedies, which could negatively impact the Fund. Additionally, U.S.-listed VIEs may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements. Delisting would significantly decrease the liquidity and value of the securities, decrease the ability of the Fund to invest in such securities and may increase the cost of the Fund if required to seek alternative markets in which </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to invest in such securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index, a market index </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and a </span><span style="font-family:Arial;font-size:9.00pt;">broad-based securities market index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">On October 13, 2015 the Fund’s underlying index changed from the Defined Emerging Markets Small Cap Index to the Nasdaq AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Emerging Markets Small Cap</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index. Therefore, the Fund’s performance and historical returns shown below are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">not necessarily indicative of the performance that the Fund, based on the Index, would have generated. Returns for an underlying index are only disclosed for those periods in which the index was in existence for the whole period. Because the Fund’s new underlying index had an inception date of September 8, 2014, it was not in existence for all of the periods disclosed. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The new index is substantially similar to the Defined Emerging Markets Small Cap Index.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index, a market index </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and a </span><span style="font-family:Arial;font-size:9.00pt;">broad-based securities market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust Emerging Markets Small Cap AlphaDEX</span><span style="font-family:Arial;font-size:7pt;font-weight:bold;position:relative;top:-3.25pt;">®</span><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;"> Fund</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">32.17%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-35.53%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.3217 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.3553 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.1561 0.0554 0.0898 0.0643 2012-02-15 0.1363 0.0352 0.0712 0.0480 0.0921 0.0333 0.0632 0.0434 0.1699 0.0716 0.1072 0.1524 0.0608 0.0812 0.3357 0.0420 0.0842 0.0457 <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust Europe AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;"> Fund (FEP)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust Europe AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Fund (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the Nasdaq AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Europe</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0080 0.0000 0.0000 0.0080 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 82 255 444 990 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">92%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio.</span> 0.92 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is owned and is developed, maintained and sponsored by Nasdaq, Inc. (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider“</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index Provider may, from time to time, exercise reasonable discretion as it deems appropriate in order to ensure Index integrity.</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is composed of securities issued by companies assigned to Europe, as classified by the Index Provider. The Index Provider assigns companies to a country primarily by their country of incorporation, domicile and primary exchange listing. As of March 31, </span><span style="font-family:Arial;font-size:9.00pt;">2026, the Index Provider’s list of European countries designated as developed markets included Austria, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Belgium, Denmark, Finland, France, Germany, Greece, Luxembourg, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and United Kingdom. According to the Index Provider, the Index employs the AlphaDEX</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> security selection </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">methodology to select and weight securities from the Nasdaq Developed Markets Europe</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“Base Index”</span><span style="font-family:Arial;font-size:9.00pt;">). The </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index uses the AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> selection methodology which aims to select securities that may generate positive alpha, or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">risk-adjusted returns, relative to traditional indices. Alpha is an indication of how much an investment outperforms or underperforms on a risk-adjusted basis relative to its benchmark. The Base Index is a comprehensive, rules-based index designed to measure stock market performance of companies assigned to Europe designated as developed markets, as determined by the Index Provider. The Fund may invest in common stocks, depositary receipts, securities denominated in non-U.S. currencies, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">real estate investment trusts (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"REITs"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), preferred securities and small, mid and large cap companies.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">According to the Index Provider, security selection for the Index will be conducted in the following manner: </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">1.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The selection universe for the Index begins with all securities in the Base Index. </span><span style="font-family:Arial;font-size:9.00pt;">2.</span><span style="font-family:Arial;font-size:9.00pt;">The Index Provider then removes any duplicate (multiple share classes) securities and securities which do not meet the Index Provider’s liquidity screens; and stocks with a consolidated market capitalization less than or equal to the mid-cap breakpoint (50th percentile) as calculated by Nasdaq. As of March 31, 2026, the mid-cap breakpoint was $4.450 billion. The Index Provider may include stocks below the mid-cap breakpoint in order to reach a predetermined minimum number of eligible stocks. Securities from the same issuer will be subject to conditions controlled by the Index Provider to determine Index eligibility. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">3.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The remaining securities in the universe are then ranked on both growth and value factors. Each security receives the best style rank from this step as its selection score. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">4.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The top 200 securities based on the selection score determined in step 3 comprise the “selected securities.” The selected securities are then split into quintiles based on their selection score, with higher scoring quintiles receiving a greater weight in the Index. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">5.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Index is subject to industry/country weighting constraints which are set at 15% above the industry/country percentages of the Base Index. A security will be moved to a lower-weighted quintile when its weight, added to the weight assigned to all higher ranking securities in its industry/country, is greater than the industry/country weighting constraint. Securities that fail the industry/country weighting constraints at the lowest quintile will be removed from the Index.</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is rebalanced and reconstituted semi-annually and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Index’s semi-annual rebalance and reconstitution schedule may cause the Fund to experience a higher rate of portfolio turnover. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 200 securities and the Fund had </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">significant investments in financial companies, industrial companies</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">issuers located in the United Kingdom and European </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">issuers, although this may change from time to time.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s investments will change as the Index changes and, as a result, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may have significant investments in jurisdictions or investment sectors that it may not have had as of March 31, </span><span style="font-family:Arial;font-size:9.00pt;">2026. To the extent the Fund invests a significant portion of its assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks associated with that jurisdiction or investment sector.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 200 securities and the Fund had </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">significant investments in financial companies, industrial companies</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">issuers located in the United Kingdom and European </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">issuers, although this may change from time to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENCY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Changes in currency exchange rates affect the value of investments denominated in a foreign currency, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and therefore the value of such investments in the Fund’s portfolio. The Fund’s net asset value could decline if a currency to which the Fund has exposure depreciates against the U.S. dollar or if there are delays or limits on repatriation of such currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">in the Fund may change quickly and without warning.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has</span><span style="font-family:Arial;font-size:9.00pt;"> begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among </span><span style="font-family:Arial;font-size:9.00pt;">the United States, Israel, Iran, Hamas,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Hezbollah and other militant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the United States, and other nations. Such events may also disrupt global trade </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and supply chains, increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and </span><span style="font-family:Arial;font-size:9.00pt;">could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEPOSITARY RECEIPTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Depositary receipts represent equity interests in a foreign company that trade on a local stock </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange. Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert the equity shares into depositary receipts and vice versa. Such restrictions may cause the equity shares of the underlying issuer to trade at a discount or premium to the market price </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of the depositary receipts.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EUROPE RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to certain risks specifically associated with investments in the securities of European issuers. The economies and markets of European countries are often closely connected and interdependent, and political or economic </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">disruptions in European countries, even in countries in which the Fund is not invested, may adversely affect security values and thus the Fund’s holdings. A significant number of countries in Europe are member states in the European Union (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“EU”</span><span style="font-family:Arial;font-size:9.00pt;">), </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and the member states no longer control their own monetary policies by directing independent interest rates for their currencies. In these member states, the authority to direct monetary policies, including money supply and official interest rates for the Euro, is exercised by the European Central Bank. </span><span style="font-family:Arial;font-size:9.00pt;">Decreasing imports or exports, changes in governmental or EU regulations</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">on trade,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">changes in the exchange rate of the euro, the default or threat of default by an EU</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">member country on </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">its sovereign debt and/</span><span style="font-family:Arial;font-size:9.00pt;">or an economic recession in an EU member</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">country may have significant adverse effects on the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">economies of EU member countries</span><span style="font-family:Arial;font-size:9.00pt;"> and the EU and Europe as a whole.</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Separately,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the EU faces issues involving its membership, structure,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">procedures and policies.</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">The exit of one or more member countries from the EU,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">such as the departure of the United </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Kingdom referred to as</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">“Brexit,” could place the departing member’s currency and banking system under severe stress or </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">even in jeopardy. An exit by other member countries will likely result in increased volatility,</span><span style="font-family:Arial;font-size:9.00pt;"> illiquidity and potentially lower economic growth in the affected markets, which may adversely affect the Fund’s investments.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FINANCIAL COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Financial companies, such as retail and commercial banks, insurance companies and financial </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">services companies, are especially subject to the adverse effects of economic recession, currency exchange rates, extensive government regulation, decreases in the availability of capital, volatile interest rates, portfolio concentrations in geographic markets, industries or products (such as commercial and residential real estate loans), competition from new entrants and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">blurred distinctions in their fields of business.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">GROWTH STOCKS INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Stocks exhibiting growth characteristics tend to be more volatile than certain other </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">types of stocks and their prices usually fluctuate more dramatically than the overall stock market. A stock with growth characteristics can have sharp price declines due to decreases in current or expected earnings and may lack dividend payments </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">that can help cushion its share price during declining markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDUSTRIALS COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Industrials companies convert unfinished goods into finished durables used to manufacture </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">other goods or provide services. Examples of industrials companies include companies involved in the production of electrical equipment and components, industrial products, manufactured housing and telecommunications equipment, as well as defense and aerospace companies. General risks of industrials companies include the general state of the economy, exchange rates, commodity prices, intense competition, consolidation, domestic and international politics, government regulation, import controls, excess capacity, consumer demand and spending trends. In addition, industrials companies may also be significantly affected by overall capital spending levels, economic cycles, rapid technological changes, delays in modernization, labor </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">relations, environmental liabilities, governmental and product liability and e-commerce initiatives.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INTERNATIONAL CLOSED MARKET TRADING RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Because securities held by the Fund trade on non-U.S. exchanges that </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are closed when the Fund’s primary listing exchange is open, there are likely to be deviations between the current price of an underlying security and the last quoted price for the underlying security (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, the Fund’s quote from the closed foreign market) </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">used for purposes of calculating the Fund's net asset value, resulting in premiums or discounts to the Fund’s net asset value that may be greater than those experienced by other exchange-traded funds. In addition, shareholders may not be able to purchase and sell shares of the Fund on the listing exchange for the Fund, on days when the net asset value of the Fund could </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">be significantly affected by events in the relevant foreign markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold certain investments that may be subject to restrictions on resale, trade over-the-counter </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or in limited volume, or lack an active trading market. Certain investments held by the Fund that trade on non-U.S. exchanges may be further subject to liquidity risk due to foreign market closures or unexpected impediments to trading on local markets. Accordingly, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value and the bid/ask spread on the Fund's shares </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MID CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Mid capitalization companies may be more vulnerable to adverse general market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments and thus may experience greater price volatility than more established large capitalization companies. Securities of mid capitalization companies may also be less liquid than securities of large capitalization companies and may have more limited trading volumes. Accordingly, such companies are generally subject to greater market risk than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">larger, more established companies.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund</span><span style="font-family:Arial;font-size:9.00pt;">’s portfolio may deviate from the composition of the Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-U.S. SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting standards, and less government supervision and regulation of securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchanges in foreign countries.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREFERRED SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Preferred securities combine some of the characteristics of both common stocks and bonds. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Preferred securities are typically subordinated to bonds and other debt securities in a company’s capital structure in terms of priority to corporate income, subjecting them to greater credit risk than those debt securities. Generally, holders of preferred securities have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may obtain limited rights. In certain circumstances, an issuer of preferred securities may defer payment on the securities and, in some cases, redeem the securities prior to a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">specified date. Preferred securities may also be substantially less liquid than other securities, including common stock.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">REIT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> REITs typically own and operate income-producing real estate, such as residential or commercial buildings, or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">real-estate related assets, including mortgages. As a result, investments in REITs are subject to the risks associated with investing in real estate, which may include, but are not limited to: fluctuations in the value of underlying properties; defaults by borrowers or tenants; market saturation; changes in general and local operating expenses; and other economic, political or regulatory occurrences affecting companies in the real estate sector. REITs are also subject to the risk that the real estate market may experience an economic downturn generally, which may have a material effect on the real estate in which the REITs invest and their underlying portfolio securities. REITs may have also a relatively small market capitalization which may result in their shares experiencing less market liquidity and greater price volatility than larger companies. Increases in interest rates typically lower the present value of a REIT's future earnings stream, and may make financing property purchases and improvements more costly. Because the market price of REIT stocks may change based upon investors' collective perceptions of future </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">earnings, the value of the Fund will generally decline when investors anticipate or experience rising interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SMALL CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Small capitalization companies may be more vulnerable to adverse general </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">market or economic developments, and their securities may be less liquid and may experience greater price volatility than large and mid capitalization companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">generally subject to greater market risk than large and mid capitalization companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">UNITED KINGDOM RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to certain risks specifically associated with investments in the securities of United </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Kingdom issuers. Investments in issuers located in the United Kingdom may subject the Fund to regulatory, political, currency, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">security and economic risk specific to the United Kingdom. The United Kingdom has one of the largest economies in Europe and is heavily dependent on trade with the EU, and to a lesser extent the United States and China. As a result, the economy of the United Kingdom may be impacted by the institution of tariffs or other trade barriers as well as changes to the economic condition of EU member counties, the United States and China. The United Kingdom’s economy relies heavily on the export of financial services to the United States and other European countries and, therefore, a prolonged slowdown in the financial services sector may have a negative impact on the United Kingdom’s economy. Continued governmental involvement or control in certain sectors may stifle competition in certain sectors or cause adverse effects on economic growth. While the EU-United Kingdom Trade and Cooperation Agreement governs certain aspects of the EU’s and United Kingdom’s relationship following the United Kingdom’s withdrawal from the EU, the long-term impact of Brexit is unknown. Brexit has already resulted in periods of volatility in European and global financial markets and uncertainty about the integrity and functioning of the EU, both of which may persist for an extended period of time. Any such market disruption in the EU and globally may have a negative effect on the value of the Fund’s investments. Additionally, the risks related to Brexit could be more pronounced if one or more additional EU member states seek to leave the EU. Certain sectors within the United Kingdom’s economy may be </span><span style="font-family:Arial;font-size:9.00pt;">particularly affected by Brexit, including the automotive, chemicals, financial services and professional services.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold securities or other assets that may be valued on the basis of factors other than market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">quotations. This may occur because the asset or security does not trade on a centralized exchange, or in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. Fund investments that trade on non-U.S. exchanges that close prior to the close of the NYSE may be fair valued using a systematic fair valuation model. If these foreign investments meet certain criteria in relation to the valuation model, their valuation is systematically adjusted to reflect the impact of movement in the U.S. market after the close of certain foreign markets. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. The Fund’s ability to value investments may be impacted by technological issues or errors by pricing services or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">other third-party service providers.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUE STOCKS INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The intrinsic value of a stock with value characteristics may not be fully recognized by the market for a long time or a stock judged to be undervalued may actually be appropriately priced at a low level.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index and two </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">broad-based securities market indices. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">On October 13, 2015 the Fund’s underlying index changed from the Defined Europe Index to the Nasdaq AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Europe</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index. Therefore, the Fund’s performance and historical returns shown below are not necessarily indicative of the performance that the Fund, based on the Index, would have generated. Returns for an underlying index are only disclosed for those periods in which the index was in existence for the whole period. Because the Fund’s new underlying index had an inception date of February 11, 2015, it was not in existence for all of the periods disclosed. The new index is substantially similar to the Defined </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Europe Index.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index and two </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">broad-based securities market indices. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust Europe AlphaDEX</span><span style="font-family:Arial;font-size:7pt;font-weight:bold;position:relative;top:-3.25pt;">®</span><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;"> Fund</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">22.10%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">December 31, 2022</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-31.13%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.2210 2022-12-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.3113 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.5513 0.1091 0.0936 0.0716 2011-04-18 0.5286 0.0926 0.0803 0.0597 0.3251 0.0774 0.0688 0.0518 0.5605 0.1168 0.1004 0.3605 0.0990 0.0835 0.3541 0.1030 0.0852 0.0670 <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust Eurozone AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;"> ETF (FEUZ)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust Eurozone AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> ETF (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an index called the Nasdaq AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Eurozone</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0080 0.0000 0.0000 0.0080 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 82 255 444 990 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">91%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio.</span> 0.91 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is owned and is developed, maintained and sponsored by Nasdaq, Inc. (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider“</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index Provider may, from time to time, exercise reasonable discretion as it deems appropriate in order to ensure Index integrity.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is composed of securities issued by companies assigned to countries in the Eurozone, as classified by the Index Provider. The Index Provider assigns companies to a country primarily by their country of incorporation, domicile and primary exchange listing. The Index Provider's list of Eurozone countries includes Austria, Belgium, Germany, Spain, Finland, France, Greece, Ireland, Italy, Netherlands, Luxembourg and Portugal. According to the Index Provider, the Index employs the AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> security selection methodology to select and weight securities from the Nasdaq Eurozone</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Base Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index uses the AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> selection methodology which aims to select securities that may generate positive alpha, or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">risk-adjusted returns, relative to traditional indices. Alpha is an indication of how much an investment outperforms or underperforms on a risk-adjusted basis relative to its benchmark. The Base Index is a comprehensive, rules-based index designed to measure stock market performance of companies assigned to the Eurozone as determined by the Index Provider. The Fund may invest in common stocks, depositary receipts, securities denominated in non-U.S. currencies, real estate investment trusts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"REITs"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) and preferred securities. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">According to the Index Provider, security selection for the Index will be conducted in the following manner: </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">1.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The selection universe for the Index begins with all securities in the Base Index. </span><span style="font-family:Arial;font-size:9.00pt;">2.</span><span style="font-family:Arial;font-size:9.00pt;">The Index Provider then removes any duplicate (multiple share classes) securities and securities which do not meet the Index Provider’s liquidity screens; and stocks with a consolidated market capitalization less than or equal to the mid-cap breakpoint (50th percentile), as calculated by Nasdaq. As of March 31, 2026, the mid-cap breakpoint was $4.450 billion. The Index Provider may include stocks below the mid-cap breakpoint in order to reach a predetermined minimum number of eligible stocks. Securities from the same issuer will be subject to conditions controlled by the Index Provider to determine Index eligibility. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">3.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The remaining securities in the universe are then ranked on both growth and value factors. Each security receives the best style rank from this step as its selection score. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">4.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The top 150 securities based on the selection score determined in step 3 comprise the “selected securities.” The selected securities are then split into quintiles based on their selection score, with higher scoring quintiles receiving a greater weight in the Index. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">5.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Index is subject to industry/country weighting constraints which are set at 15% above the industry/country percentages of the Base Index. A security will be moved to a lower-weighted quintile when its weight, added to the weight assigned to all higher ranking securities in its industry/country, is greater than the industry/country weighting constraint. Securities that fail the industry/country weighting constraints at the lowest quintile will be removed from the Index. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is rebalanced and reconstituted semi-annually and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Index’s semi-annual rebalance and reconstitution schedule may cause the Fund to experience a higher rate of portfolio turnover. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 150 securities and the Fund had </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">significant investments in financial companies, industrial companies, German issuers and European issuers, although this may change from time to time.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s investments will change as the Index changes and, as a result, the Fund may have </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">significant investments in jurisdictions or investment sectors that it may not have had as of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026. To the extent </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund invests a significant portion of its assets in a given jurisdiction or investment sector, the Fund may be exposed to </span><span style="font-family:Arial;font-size:9.00pt;">the risks associated with that jurisdiction or investment sector.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 150 securities and the Fund had </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">significant investments in financial companies, industrial companies, German issuers and European issuers, although this may change from time to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENCY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Changes in currency exchange rates affect the value of investments denominated in a foreign currency, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and therefore the value of such investments in the Fund’s portfolio. The Fund’s net asset value could decline if a currency to which the Fund has exposure depreciates against the U.S. dollar or if there are delays or limits on repatriation of such currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">in the Fund may change quickly and without warning.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among </span><span style="font-family:Arial;font-size:9.00pt;">the United States, Israel, Iran, Hamas,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Hezbollah and other militant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the United States, and other nations. Such events may also disrupt global trade </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and supply chains, increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and </span><span style="font-family:Arial;font-size:9.00pt;">could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEPOSITARY RECEIPTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Depositary receipts represent equity interests in a foreign company that trade on a local stock </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange. Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert the equity shares into depositary receipts and vice versa. Such restrictions may cause the equity shares of the underlying issuer to trade at a discount or premium to the market price </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of the depositary receipts.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EUROPE RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to certain risks specifically associated with investments in the securities of European issuers. The economies and markets of European countries are often closely connected and interdependent, and political or economic </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">disruptions in European countries, even in countries in which the Fund is not invested, may adversely affect security values and thus the Fund’s holdings. A significant number of countries in Europe are member states in the European Union (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“EU”</span><span style="font-family:Arial;font-size:9.00pt;">), </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and the member states no longer control their own monetary policies by directing independent interest rates for their currencies. In these member states, the authority to direct monetary policies, including money supply and official interest rates for the Euro, is exercised by the European Central Bank. </span><span style="font-family:Arial;font-size:9.00pt;">Decreasing imports or exports, changes in governmental or EU regulations</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">on trade,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">changes in the exchange rate of the euro, the default or threat of default by an EU</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">member country on </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">its sovereign debt and/</span><span style="font-family:Arial;font-size:9.00pt;">or an economic recession in an EU member</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">country may have significant adverse effects on the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">economies of EU member countries</span><span style="font-family:Arial;font-size:9.00pt;"> and the EU and Europe as a whole.</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Separately,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the EU faces issues involving its membership, structure,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">procedures and policies.</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">The exit of one or more member countries from the EU,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">such as the departure of the United </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Kingdom referred to as</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">“Brexit,” could place the departing member’s currency and banking system under severe stress or </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">even in jeopardy. An exit by other member countries will likely result in increased volatility,</span><span style="font-family:Arial;font-size:9.00pt;"> illiquidity and potentially lower economic growth in the affected markets, which may adversely affect the Fund’s investments.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FINANCIAL COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Financial companies, such as retail and commercial banks, insurance companies and financial </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">services companies, are especially subject to the adverse effects of economic recession, currency exchange rates, extensive government regulation, decreases in the availability of capital, volatile interest rates, portfolio concentrations in geographic markets, industries or products (such as commercial and residential real estate loans), competition from new entrants and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">blurred distinctions in their fields of business.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">GERMANY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to certain risks specifically associated with investments in the securities of German issuers. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The German economy is </span><span style="font-family:Arial;font-size:9.00pt;">an industrial and export-dependent economy and therefore is dependent to a significant extent on </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the economies of certain key trading partners, including the United States, </span><span style="font-family:Arial;font-size:9.00pt;">China, the United Kingdom, France, Italy and other </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">European countries. Reduction in spending on German products and services, or changes in any of the economies may have an adverse impact on the German economy. In addition, heavy regulation of labor and product markets in Germany may have an adverse effect on German issuers. Such regulations may negatively impact economic growth or cause prolonged periods of recession. Concerns regarding the economic health of the EU have led to tremendous downward pressure on certain financial institutions, including German financial services companies. Secessionist movements, such as the Catalan movement in Spain, </span><span style="font-family:Arial;font-size:9.00pt;">may have an adverse effect on the German economy.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">GROWTH STOCKS INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Stocks exhibiting growth characteristics tend to be more volatile than certain other </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">types of stocks and their prices usually fluctuate more dramatically than the overall stock market. A stock with growth characteristics can have sharp price declines due to decreases in current or expected earnings and may lack dividend payments </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">that can help cushion its share price during declining markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDUSTRIALS COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Industrials companies convert unfinished goods into finished durables used to manufacture </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">other goods or provide services. Examples of industrials companies include companies involved in the production of electrical equipment and components, industrial products, manufactured housing and telecommunications equipment, as well as defense and aerospace companies. General risks of industrials companies include the general state of the economy, exchange rates, commodity prices, intense competition, consolidation, domestic and international politics, government regulation, import controls, excess capacity, consumer demand and spending trends. In addition, industrials companies may also be significantly affected by overall capital spending levels, economic cycles, rapid technological changes, delays in modernization, labor </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">relations, environmental liabilities, governmental and product liability and e-commerce initiatives.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INTERNATIONAL CLOSED MARKET TRADING RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Because securities held by the Fund trade on non-U.S. exchanges that </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are closed when the Fund’s primary listing exchange is open, there are likely to be deviations between the current price of an underlying security and the last quoted price for the underlying security (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, the Fund’s quote from the closed foreign market) </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">used for purposes of calculating the Fund's net asset value, resulting in premiums or discounts to the Fund’s net asset value that may be greater than those experienced by other exchange-traded funds. In addition, shareholders may not be able to purchase and sell shares of the Fund on the listing exchange for the Fund, on days when the net asset value of the Fund could </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">be significantly affected by events in the relevant foreign markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold certain investments that may be subject to restrictions on resale, trade over-the-counter </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or in limited volume, or lack an active trading market. Certain investments held by the Fund that trade on non-U.S. exchanges may be further subject to liquidity risk due to foreign market closures or unexpected impediments to trading on local markets. Accordingly, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value and the bid/ask spread on the Fund's shares </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MID CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Mid capitalization companies may be more vulnerable to adverse general market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments and thus may experience greater price volatility than more established large capitalization companies. Securities of mid capitalization companies may also be less liquid than securities of large capitalization companies and may have more limited trading volumes. Accordingly, such companies are generally subject to greater market risk than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">larger, more established companies.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund</span><span style="font-family:Arial;font-size:9.00pt;">’s portfolio may deviate from the composition of the Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-U.S. SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">by foreign governments, different legal or accounting standards, and less government supervision and regulation of securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchanges in foreign countries.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREFERRED SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Preferred securities combine some of the characteristics of both common stocks and bonds. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Preferred securities are typically subordinated to bonds and other debt securities in a company’s capital structure in terms of priority to corporate income, subjecting them to greater credit risk than those debt securities. Generally, holders of preferred securities have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may obtain limited rights. In certain circumstances, an issuer of preferred securities may defer payment on the securities and, in some cases, redeem the securities prior to a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">specified date. Preferred securities may also be substantially less liquid than other securities, including common stock.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">REIT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> REITs typically own and operate income-producing real estate, such as residential or commercial buildings, or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">real-estate related assets, including mortgages. As a result, investments in REITs are subject to the risks associated with investing in real estate, which may include, but are not limited to: fluctuations in the value of underlying properties; defaults by borrowers or tenants; market saturation; changes in general and local operating expenses; and other economic, political or regulatory occurrences affecting companies in the real estate sector. REITs are also subject to the risk that the real estate market may experience an economic downturn generally, which may have a material effect on the real estate in which the REITs invest and their underlying portfolio securities. REITs may have also a relatively small market capitalization which may result in their shares experiencing less market liquidity and greater price volatility than larger companies. Increases in interest rates typically lower the present value of a REIT's future earnings stream, and may make financing property purchases and improvements more costly. Because the market price of REIT stocks may change based upon investors' collective perceptions of future </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">earnings, the value of the Fund will generally decline when investors anticipate or experience rising interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SMALL CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Small capitalization companies may be more vulnerable to adverse general </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">market or economic developments, and their securities may be less liquid and may experience greater price volatility than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">large and mid capitalization companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">generally subject to greater market risk than large and mid capitalization companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold securities or other assets that may be valued on the basis of factors other than market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">quotations. This may occur because the asset or security does not trade on a centralized exchange, or in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. Fund investments that trade on non-U.S. exchanges that close prior to the close of the NYSE may be fair valued using a systematic fair valuation model. If these foreign investments meet certain criteria in relation to the valuation model, their valuation is systematically adjusted to reflect the impact of movement in the U.S. market after the close of certain foreign markets. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. The Fund’s ability to value investments may be impacted by technological issues or errors by pricing services or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">other third-party service providers.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUE STOCKS INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The intrinsic value of a stock with value characteristics may not be fully recognized by the market for a long time or a stock judged to be undervalued may actually be appropriately priced at a low level.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index and two </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">broad-based securities market indices. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index and two </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">broad-based securities market indices. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust Eurozone AlphaDEX</span><span style="font-family:Arial;font-size:7pt;font-weight:bold;position:relative;top:-3.25pt;">®</span><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;"> ETF</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">23.61%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">December 31, 2022</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-29.55%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.2361 2022-12-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.2955 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.5657 0.1086 0.0936 0.0877 2014-10-21 0.5464 0.0963 0.0832 0.0780 0.3338 0.0793 0.0706 0.0663 0.5752 0.1151 0.0994 0.0941 0.4174 0.1050 0.0893 0.0806 0.4030 0.1055 0.0900 0.0799 <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust Germany AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;"> Fund (FGM)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust Germany AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Fund (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the Nasdaq AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Germany</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0080 0.0000 0.0000 0.0080 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 82 255 444 990 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">66%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio.</span> 0.66 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is owned and is developed, maintained and sponsored by Nasdaq, Inc. (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider“</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index Provider may, from time to time, exercise reasonable discretion as it deems appropriate in order to ensure Index integrity.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is composed of securities issued by companies assigned to Germany, as classified by the Index Provider. The Index Provider assigns companies to a country primarily by their country of incorporation, domicile and primary exchange listing. According to the Index Provider, the Index employs the AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> security selection methodology to select and weight </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">securities from the Nasdaq Germany</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Base Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index uses the AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> selection methodology which </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">aims to select securities that may generate positive alpha, or risk-adjusted returns, relative to traditional indices. Alpha is an indication of how much an investment outperforms or underperforms on a risk-adjusted basis relative to its benchmark. The Base Index is a comprehensive, rules-based index designed to measure stock market performance of companies assigned to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Germany as determined by the Index Provider. The Fund may invest in common stocks, depositary receipts, securities denominated in non-U.S. currencies, real estate investment trusts (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"REITs"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), preferred securities and small, mid and large cap companies.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">According to the Index Provider, security selection for the Index will be conducted in the following manner: </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">1.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The selection universe for the Index begins with all securities in the Base Index. </span><span style="font-family:Arial;font-size:9.00pt;">2.</span><span style="font-family:Arial;font-size:9.00pt;">The Index Provider then removes any duplicate (multiple share classes) securities and securities which do not meet the Index Provider’s liquidity screens; and stocks with a consolidated market capitalization less than or equal to the mid-cap breakpoint (50th percentile) as calculated by Nasdaq. As of March 31, 2026, the mid-cap breakpoint was $4.450 billion. The Index Provider may include stocks below the mid-cap breakpoint in order to reach a predetermined minimum number of eligible stocks. Securities from the same issuer will be subject to conditions controlled by the Index Provider to determine Index eligibility. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">3.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The remaining securities in the universe are then ranked on both growth and value factors. Each security receives the best style rank from this step as its selection score. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">4.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The top 40 securities based on the selection score determined in step 3 comprise the “selected securities.” The selected securities are then split into quintiles based on their selection score, with higher scoring quintiles receiving a greater weight in the Index. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">5.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Index is subject to industry weighting constraints which are set at 15% above the industry percentages of the Base Index. For example, if financial companies comprise 15% of the Base Index, the Index will be comprised of no more than 30% financials. A security will be moved to a lower weighted quintile when its weight, added to the weight assigned to all higher ranking securities in its industry, is greater than the industry weighting constraint. Securities that fail the industry weighting constraints at the lowest quintile will be removed from the Index.</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is rebalanced and reconstituted semi-annually and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Index’s semi-annual rebalance and reconstitution schedule may cause the Fund to experience a higher rate of portfolio turnover. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 40 securities and the Fund had </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">significant investments in </span><span style="font-family:Arial;font-size:9.00pt;">industrial companies and German issuers, although this may change from time to time.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">investments will change as the Index changes and, as a result, the Fund may have significant investments in jurisdictions or investment sectors that it may not have had as of March 31, </span><span style="font-family:Arial;font-size:9.00pt;">2026. To the extent the Fund invests a significant portion of its </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks associated with that jurisdiction or </span><span style="font-family:Arial;font-size:9.00pt;">investment sector.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 40 securities and the Fund had </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">significant investments in </span><span style="font-family:Arial;font-size:9.00pt;">industrial companies and German issuers, although this may change from time to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENCY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Changes in currency exchange rates affect the value of investments denominated in a foreign currency, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and therefore the value of such investments in the Fund’s portfolio. The Fund’s net asset value could decline if a currency to which the Fund has exposure depreciates against the U.S. dollar or if there are delays or limits on repatriation of such currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">in the Fund may change quickly and without warning.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among </span><span style="font-family:Arial;font-size:9.00pt;">the United States, Israel, Iran, Hamas,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Hezbollah and other militant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the United States, and other nations. Such events may also disrupt global trade </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and supply chains, increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and </span><span style="font-family:Arial;font-size:9.00pt;">could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEPOSITARY RECEIPTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Depositary receipts represent equity interests in a foreign company that trade on a local stock </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange. Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert the equity shares into depositary receipts and vice versa. Such restrictions may cause the equity shares of the underlying issuer to trade at a discount or premium to the market price </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of the depositary receipts.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EUROPE RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to certain risks specifically associated with investments in the securities of European issuers. The economies and markets of European countries are often closely connected and interdependent, and political or economic </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">disruptions in European countries, even in countries in which the Fund is not invested, may adversely affect security values and thus the Fund’s holdings. A significant number of countries in Europe are member states in the European Union (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“EU”</span><span style="font-family:Arial;font-size:9.00pt;">), </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and the member states no longer control their own monetary policies by directing independent interest rates for their currencies. In these member states, the authority to direct monetary policies, including money supply and official interest rates for the Euro, is exercised by the European Central Bank. </span><span style="font-family:Arial;font-size:9.00pt;">Decreasing imports or exports, changes in governmental or EU regulations</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">on trade,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">changes in the exchange rate of the euro, the default or threat of default by an EU</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">member country on </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">its sovereign debt and/</span><span style="font-family:Arial;font-size:9.00pt;">or an economic recession in an EU member</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">country may have significant adverse effects on the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">economies of EU member countries</span><span style="font-family:Arial;font-size:9.00pt;"> and the EU and Europe as a whole.</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Separately,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the EU faces issues involving its membership, structure,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">procedures and policies.</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">The exit of one or more member countries from the EU,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">such as the departure of the United </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Kingdom referred to as</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">“Brexit,” could place the departing member’s currency and banking system under severe stress or </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">even in jeopardy. An exit by other member countries will likely result in increased volatility,</span><span style="font-family:Arial;font-size:9.00pt;"> illiquidity and potentially lower economic growth in the affected markets, which may adversely affect the Fund’s investments.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">GERMANY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to certain risks specifically associated with investments in the securities of German issuers. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The German economy is </span><span style="font-family:Arial;font-size:9.00pt;">an industrial and export-dependent economy and therefore is dependent to a significant extent on </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the economies of certain key trading partners, including the United States, </span><span style="font-family:Arial;font-size:9.00pt;">China, the United Kingdom, France, Italy and other </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">European countries. Reduction in spending on German products and services, or changes in any of the economies may have an adverse impact on the German economy. In addition, heavy regulation of labor and product markets in Germany may have an adverse effect on German issuers. Such regulations may negatively impact economic growth or cause prolonged periods of recession. Concerns regarding the economic health of the EU have led to tremendous downward pressure on certain financial institutions, including German financial services companies. Secessionist movements, such as the Catalan movement in Spain, </span><span style="font-family:Arial;font-size:9.00pt;">may have an adverse effect on the German economy.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">GROWTH STOCKS INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Stocks exhibiting growth characteristics tend to be more volatile than certain other </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">types of stocks and their prices usually fluctuate more dramatically than the overall stock market. A stock with growth characteristics can have sharp price declines due to decreases in current or expected earnings and may lack dividend payments </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">that can help cushion its share price during declining markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDUSTRIALS COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Industrials companies convert unfinished goods into finished durables used to manufacture </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">other goods or provide services. Examples of industrials companies include companies involved in the production of electrical equipment and components, industrial products, manufactured housing and telecommunications equipment, as well as defense and aerospace companies. General risks of industrials companies include the general state of the economy, exchange rates, commodity prices, intense competition, consolidation, domestic and international politics, government regulation, import controls, excess capacity, consumer demand and spending trends. In addition, industrials companies may also be significantly affected by overall capital spending levels, economic cycles, rapid technological changes, delays in modernization, labor </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">relations, environmental liabilities, governmental and product liability and e-commerce initiatives.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INTERNATIONAL CLOSED MARKET TRADING RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Because securities held by the Fund trade on non-U.S. exchanges that </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are closed when the Fund’s primary listing exchange is open, there are likely to be deviations between the current price of an underlying security and the last quoted price for the underlying security (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, the Fund’s quote from the closed foreign market) </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">used for purposes of calculating the Fund's net asset value, resulting in premiums or discounts to the Fund’s net asset value that may be greater than those experienced by other exchange-traded funds. In addition, shareholders may not be able to purchase and sell shares of the Fund on the listing exchange for the Fund, on days when the net asset value of the Fund could </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">be significantly affected by events in the relevant foreign markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold certain investments that may be subject to restrictions on resale, trade over-the-counter </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or in limited volume, or lack an active trading market. Certain investments held by the Fund that trade on non-U.S. exchanges may be further subject to liquidity risk due to foreign market closures or unexpected impediments to trading on local markets. Accordingly, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value and the bid/ask spread on the Fund's shares </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MID CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Mid capitalization companies may be more vulnerable to adverse general market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments and thus may experience greater price volatility than more established large capitalization companies. Securities of mid capitalization companies may also be less liquid than securities of large capitalization companies and may have more limited trading volumes. Accordingly, such companies are generally subject to greater market risk than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">larger, more established companies.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund</span><span style="font-family:Arial;font-size:9.00pt;">’s portfolio may deviate from the composition of the Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-U.S. SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting standards, and less government supervision and regulation of securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchanges in foreign countries.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREFERRED SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Preferred securities combine some of the characteristics of both common stocks and bonds. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Preferred securities are typically subordinated to bonds and other debt securities in a company’s capital structure in terms of priority to corporate income, subjecting them to greater credit risk than those debt securities. Generally, holders of preferred securities have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may obtain limited rights. In certain circumstances, an issuer of preferred securities may defer payment on the securities and, in some cases, redeem the securities prior to a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">specified date. Preferred securities may also be substantially less liquid than other securities, including common stock.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">REIT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> REITs typically own and operate income-producing real estate, such as residential or commercial buildings, or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">real-estate related assets, including mortgages. As a result, investments in REITs are subject to the risks associated with investing in real estate, which may include, but are not limited to: fluctuations in the value of underlying properties; defaults by borrowers or tenants; market saturation; changes in general and local operating expenses; and other economic, political or regulatory occurrences affecting companies in the real estate sector. REITs are also subject to the risk that the real estate market may experience an economic downturn generally, which may have a material effect on the real estate in which the REITs invest and their underlying portfolio securities. REITs may have also a relatively small market capitalization which may result in their shares experiencing less market liquidity and greater price volatility than larger companies. Increases in interest rates typically lower the present value of a REIT's future earnings stream, and may make financing property purchases and improvements more costly. Because the market price of REIT stocks may change based upon investors' collective perceptions of future </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">earnings, the value of the Fund will generally decline when investors anticipate or experience rising interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SMALL CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Small capitalization companies may be more vulnerable to adverse general </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">market or economic developments, and their securities may be less liquid and may experience greater price volatility than large and mid capitalization companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">generally subject to greater market risk than large and mid capitalization companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold securities or other assets that may be valued on the basis of factors other than market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">quotations. This may occur because the asset or security does not trade on a centralized exchange, or in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. Fund investments that trade on non-U.S. exchanges that close prior to the close of the NYSE may be fair valued using a systematic fair valuation model. If these foreign investments meet certain criteria in relation to the valuation model, their valuation is systematically adjusted to reflect the impact of movement in the U.S. market after the close of certain foreign markets. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. The Fund’s ability to value investments may be impacted by technological issues or errors by pricing services or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">other third-party service providers.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUE STOCKS INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The intrinsic value of a stock with value characteristics may not be fully recognized by the market for a long time or a stock judged to be undervalued may actually be appropriately priced at a low level.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index and two </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">broad-based securities market indices. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">On July 14, 2015 the Fund’s underlying index changed from the Defined Germany Index to the Nasdaq AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Germany</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index. Therefore, the Fund’s performance and historical returns shown below are not necessarily indicative of the performance that the Fund, based on the Index, would have generated. Returns for an underlying index are only disclosed for those periods in which the index was in existence for the whole period. Because the Fund’s new underlying index had an inception date of December 15, 2014, it was not in existence for all of the periods disclosed. The new index is substantially similar to the Defined </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Germany Index.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index and two </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">broad-based securities market indices. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust Germany AlphaDEX</span><span style="font-family:Arial;font-size:7pt;font-weight:bold;position:relative;top:-3.25pt;">®</span><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;"> Fund</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">30.09%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-29.13%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.3009 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.2913 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.6348 0.0661 0.0794 0.0761 2012-02-14 0.6304 0.0550 0.0695 0.0671 0.3758 0.0453 0.0586 0.0575 0.6456 0.0678 0.0820 0.3625 0.0805 0.0715 0.3628 0.0861 0.0759 0.0749 <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust India NIFTY 50 Equal Weight ETF (NFTY)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust India NIFTY 50 Equal Weight ETF (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the NIFTY 50 Equal Weight Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0080 0.0000 0.0000 0.0080 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 82 255 444 990 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">22%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio.</span> 0.22 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is owned and is developed, maintained and sponsored by NSE Indices Limited (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider”)</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">. The Index Provider makes all decisions on additions and deletions of companies comprising the Index. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">According to the Index Provider, the Index aims to measure the performance of constituents forming the Nifty 50 Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;margin-left:0%;">“Benchmark Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Benchmark Index tracks the behavior of a portfolio of blue-chip companies, the largest and most </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">liquid Indian securities, includes 50 of all the companies listed and/or traded on the National Stock Exchange of India Ltd. ("</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">NSE</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">"), captures approximately 66% of its float-adjusted market capitalization and is a true reflection of the Indian stock </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">market according to the Index Provider. The Index includes the same 50</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> companies included in the Benchmark Index but </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">gives each an equal weight. According to the Index Provider, while the Index rebalances quarterly and reconstitutes </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">semi-annually, throughout the year, off-cycle rebalancing and reconstitution of the Index will be initiated in case any of the Index constituents ceases to form part of the Benchmark Index due to suspension, delisting or scheme of arrangement. The Fund may invest in emerging market companies, securities denominated in non-U.S. currencies and companies with various </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">market capitalizations. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is rebalanced quarterly and reconstituted semi-annually and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Index’s quarterly rebalance schedule may cause the Fund to experience a higher rate of portfolio turnover. According to the Index Provider, an unscheduled Index reconstitution may be undertaken if an Index constituent becomes subject to a merger, spin-off or delisting; or in specific cases of capital restructuring which may result in a change in the stock price of a constituent company. An unscheduled Index reconstitution may also be undertaken, at the discretion of the Index Provider, due to adverse regulatory findings or orders issued against any constituent that necessitates removal of such stock from the Index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the extent that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 50 securities and the Fund </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">had significant investments in financial companies and Indian issuers, although this may change from time to time.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">investments will change as the Index changes and, as a result, the Fund may have significant investments in jurisdictions or investment sectors that it may not have had as of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026. To the extent the Fund invests a significant portion of its </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks associated with that jurisdiction or </span><span style="font-family:Arial;font-size:9.00pt;">investment sector.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the extent that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 50 securities and the Fund </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">had significant investments in financial companies and Indian issuers, although this may change from time to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CASH TRANSACTIONS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will effect some or all of its creations and redemptions for cash rather than in-kind. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">As a result, an investment in the Fund may be less tax-efficient than an investment in an ETF that effects all of its creations and redemptions in-kind. Because the Fund may effect redemptions for cash, it may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. A sale of portfolio securities may result in capital gains </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or losses and may also result in higher brokerage costs.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENCY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Changes in currency exchange rates affect the value of investments denominated in a foreign currency, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and therefore the value of such investments in the Fund’s portfolio. The Fund’s net asset value could decline if a currency to which the Fund has exposure depreciates against the U.S. dollar or if there are delays or limits on repatriation of such currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">in the Fund may change quickly and without warning.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among </span><span style="font-family:Arial;font-size:9.00pt;">the United States, Israel, Iran, Hamas,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Hezbollah and other militant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the United States, and other nations. Such events may also disrupt global trade </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and supply chains, increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and </span><span style="font-family:Arial;font-size:9.00pt;">could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EMERGING MARKETS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Investments in securities issued by governments and companies operating in emerging market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">countries involve additional risks relating to political, economic, or regulatory conditions not associated with investments in securities and instruments issued by U.S. companies or by companies operating in other developed market countries. Investments in emerging markets securities are generally considered speculative in nature and are subject to the following heightened risks: smaller market capitalization of securities markets which may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; possible repatriation of investment income and capital; rapid inflation; and currency convertibility issues. Emerging market countries also often have less uniformity in accounting, auditing and reporting requirements, unsettled securities laws, unreliable securities valuation and greater risk associated with custody of securities. Financial and other reporting by companies and government entities also may be less reliable in emerging market countries. Shareholder claims that are available in the U.S., as well as regulatory oversight and authority that is common in the U.S., including for claims based on fraud, may be difficult or impossible for shareholders of securities in emerging market countries or for U.S. authorities to pursue. For funds that track an index or are managed based upon a benchmark, the index may not </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">weight the securities in emerging market countries on the basis of investor protection limitations, financial reporting quality or available oversight mechanisms. Furthermore, investors may be required to register the proceeds of sales and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">nationalization or creation of government monopolies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FINANCIAL COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Financial companies, such as retail and commercial banks, insurance companies and financial </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">services companies, are especially subject to the adverse effects of economic recession, currency exchange rates, extensive government regulation, decreases in the availability of capital, volatile interest rates, portfolio concentrations in geographic markets, industries or products (such as commercial and residential real estate loans), competition from new entrants and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">blurred distinctions in their fields of business.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDIA REGULATORY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is registered in India as a Foreign Portfolio Investor (“</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">FPI</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">”) with the Securities and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Exchange Board of India (“</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">SEBI</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">”). Only while maintaining FPI registration would the Fund be able to buy, sell or deal in Indian </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">securities. Investment by FPIs in Indian securities are subject to certain limits and restrictions under the applicable law, and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the applications of such limits and restrictions could adversely impact the ability of the Fund to make investments in India.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDIA RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to certain risks specifically associated with investments in the securities of Indian issuers. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">India is an emerging market and demonstrates significantly higher volatility from time to time in comparison to developed markets. Shareholder claims that are available in the U.S., as well as regulatory oversight and authority that is common in the U.S., including for claims based on fraud, may be difficult or impossible for shareholders of securities in India or for U.S. authorities to pursue. Investment in Indian securities involves risks in addition to those associated with investments in securities of issuers in more developed countries, which may adversely affect the value of the Fund’s assets. Such heightened risks include, among others, political and legal uncertainty, greater government control over the economy, currency fluctuations or blockage</span><span style="font-family:Arial;font-size:9.00pt;">, the risk of nationalization,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">expropriation of assets or the abrupt imposition of restrictions on foreign investments and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">repatriation of capital already invested</span><span style="font-family:Arial;font-size:9.00pt;">. In addition, religious and border disputes persist in India. Moreover, India has </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">experienced civil unrest and hostilities with neighboring countries, including Pakistan, and the Indian government has confronted separatist movements in several Indian states. The securities market of India is considered an emerging market that is characterized by a large number of listed companies that have significantly smaller market capitalizations, greater price volatility, greater delays and possibility of disruptions in settlement transactions, greater political uncertainties and greater dependence on international trade or development assistance and substantially less liquidity than companies in more developed markets. These factors, coupled with restrictions on foreign investment and other factors, limit the supply of securities available for investment by the Fund. This will affect the rate at which the Fund is able to invest in the securities of Indian companies, the purchase and sale prices for such securities and the timing of purchases and sales. Certain restrictions on foreign investments may decrease the liquidity of the Fund’s portfolio, subject the Fund to higher transaction costs</span><span style="font-family:Arial;font-size:9.00pt;">, or inhibit the Fund’s ability </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">to track the Index. Investments in Indian securities may also be limited or prevented, at times, due to the limits on foreign ownership imposed by the Reserve Bank of India (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“RBI”</span><span style="font-family:Arial;font-size:9.00pt;">) or the Securities and Exchange Board of India (</span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“SEBI”</span><span style="font-family:Arial;font-size:9.00pt;">). Further, certain </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Indian regulatory approvals, including approvals from the SEBI, the RBI, the central government and the tax authorities (to the extent that tax benefits need to be utilized), may be required before the Fund can make investments in the securities of Indian companies. Capital gains from Indian securities may be subject to local taxation.</span><span style="font-family:Arial;font-size:9.00pt;"> In addition, a natural or other disaster could occur in India that could affect the Indian economy or operations of the Fund, causing an adverse impact on the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INTERNATIONAL CLOSED MARKET TRADING RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Because securities held by the Fund trade on non-U.S. exchanges that </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are closed when the Fund’s primary listing exchange is open, there are likely to be deviations between the current price of an underlying security and the last quoted price for the underlying security (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, the Fund’s quote from the closed foreign market) </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">used for purposes of calculating the Fund's net asset value, resulting in premiums or discounts to the Fund’s net asset value that may be greater than those experienced by other exchange-traded funds. In addition, shareholders may not be able to purchase and sell shares of the Fund on the listing exchange for the Fund, on days when the net asset value of the Fund could </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">be significantly affected by events in the relevant foreign markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold certain investments that may be subject to restrictions on resale, trade over-the-counter </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or in limited volume, or lack an active trading market. Certain investments held by the Fund that trade on non-U.S. exchanges may be further subject to liquidity risk due to foreign market closures or unexpected impediments to trading on local markets. Accordingly, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value and the bid/ask spread on the Fund's shares </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MID CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Mid capitalization companies may be more vulnerable to adverse general market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments and thus may experience greater price volatility than more established large capitalization companies. Securities of mid capitalization companies may also be less liquid than securities of large capitalization companies and may have more limited trading volumes. Accordingly, such companies are generally subject to greater market risk than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">larger, more established companies.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund</span><span style="font-family:Arial;font-size:9.00pt;">’s portfolio may deviate from the composition of the Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-U.S. SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting standards, and less government supervision and regulation of securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchanges in foreign countries.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SMALL CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Small capitalization companies may be more vulnerable to adverse general </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">market or economic developments, and their securities may be less liquid and may experience greater price volatility than large and mid capitalization companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">generally subject to greater market risk than large and mid capitalization companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TAX RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be subject to tax in India on the purchase and sale of Indian securities held by the Fund, which will </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">reduce the Fund’s returns. For more information regarding the tax implications of investing in Indian securities, please see </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the section entitled “Federal Tax Matters.”</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold securities or other assets that may be valued on the basis of factors other than market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">quotations. This may occur because the asset or security does not trade on a centralized exchange, or in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. Fund investments that trade on non-U.S. exchanges that close prior to the close of the NYSE may be fair valued using a systematic fair valuation model. If these foreign investments meet certain criteria in relation to the valuation model, their valuation is systematically adjusted to reflect the impact of movement in the U.S. market after the close of certain foreign markets. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. The Fund’s ability to value investments may be impacted by technological issues or errors by pricing services or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">other third-party service providers.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index, a market index </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and a </span><span style="font-family:Arial;font-size:9.00pt;">broad-based securities market index. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">On April 17, 2018</span><span style="font-family:Arial;font-size:9.00pt;">, the Fund’s underlying index changed from the Nasdaq AlphaDEX</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:9.00pt;"> Taiwan</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="font-family:Arial;font-size:9.00pt;"> Index to the NIFTY 50 Equal </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Weight Index. Therefore, the Fund’s performance and historical returns shown below are not necessarily indicative of the performance that the Fund, based on the Index, would have generated. Returns for an </span><span style="font-family:Arial;font-size:9.00pt;">index are only disclosed for those periods in which the index was in existence for the whole period.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index, a market index </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and a </span><span style="font-family:Arial;font-size:9.00pt;">broad-based securities market index. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust India NIFTY 50 Equal Weight ETF</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">25.64%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">December 31, 2020</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-35.46%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.2564 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.3546 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.0573 0.1079 0.0941 0.0706 2012-02-14 0.0531 0.0995 0.0857 0.0620 0.0346 0.0818 0.0725 0.0530 0.0936 0.1462 0.0657 0.1002 0.1062 0.0859 0.0262 0.0988 0.0970 0.0774 <span style="color:#000000;font-family:Arial;font-size:8.10pt;font-style:italic;">On April 17, 2018, the Fund's underlying index changed from the Nasdaq AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:5.5pt;font-style:italic;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:8.10pt;font-style:italic;"> Taiwan Index to the NIFTY 50 Equal Weight Index. On July 14, 2015, the Fund’s underlying index changed from the Defined Taiwan Index to the Nasdaq AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:5.5pt;font-style:italic;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:8.10pt;font-style:italic;"> Taiwan Index. Therefore, the Fund’s performance and total returns shown for the periods prior to April 17, 2018, are not necessarily indicative of the performance that the Fund, based on the current index, would have generated. Since the Fund’s new underlying index had an inception date of September 29, 2017, it was not in existence for all the periods disclosed.</span> <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust Japan AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;"> Fund (FJP)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust Japan AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Fund (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the Nasdaq AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Japan</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0080 0.0000 0.0000 0.0080 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 82 255 444 990 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">91%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio.</span> 0.91 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is owned and is developed, maintained and sponsored by Nasdaq, Inc. (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider“</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index Provider may, from time to time, exercise reasonable discretion as it deems appropriate in order to ensure Index integrity.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is composed of securities issued by companies assigned to Japan as classified by the Index Provider. The Index Provider assigns companies to a country primarily by their country of incorporation, domicile and primary exchange listing. According to the Index Provider, the Index employs the AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> security selection methodology to select and weight </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">securities from the Nasdaq Japan</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Base Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index uses the AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> selection methodology which </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">aims to select securities that may generate positive alpha, or risk-adjusted returns, relative to traditional indices. Alpha is an indication of how much an investment outperforms or underperforms on a risk-adjusted basis relative to its benchmark. The </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Base Index is a comprehensive, rules-based index designed to measure stock market performance of companies assigned to Japan as determined by the Index Provider. The Fund may invest in common stocks, depositary receipts, securities denominated </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">in non-U.S. currencies, real estate investment trusts (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"REITs"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), preferred securities and small, mid and large cap companies.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">According to the Index Provider, security selection for the Index will be conducted in the following manner: </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">1.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The selection universe for the Index begins with all securities in the Base Index. </span><span style="font-family:Arial;font-size:9.00pt;">2.</span><span style="font-family:Arial;font-size:9.00pt;">The Index Provider then removes any duplicate (multiple share classes) securities and securities which do not meet the Index Provider’s liquidity screens; and stocks with a consolidated market capitalization less than or equal to the mid-cap breakpoint (50th percentile) as calculated by Nasdaq. As of March 31, 2026, the mid-cap breakpoint was $4.450 billion. The Index Provider may include stocks below the mid-cap breakpoint in order to reach a predetermined minimum number of eligible stocks. Securities from the same issuer will be subject to conditions controlled by the Index Provider to determine Index eligibility. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">3.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The remaining securities in the universe are then ranked on both growth and value factors. Each security receives the best style rank from this step as its selection score. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">4.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The top 100 securities based on the selection score determined in step 3 comprise the “selected securities.” The selected securities are then split into quintiles based on their selection score, with higher scoring quintiles receiving a greater weight in the Index. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">5.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Index is subject to industry weighting constraints which are set at 15% above the industry percentages of the Base Index. For example, if financial companies comprise 15% of the Base Index, the Index will be comprised of no more than 30% financials. A security will be moved to a lower weighted quintile when its weight, added to the weight assigned to all higher ranking securities in its industry, is greater than the industry weighting constraint. Securities that fail the industry weighting constraints at the lowest quintile will be removed from the Index.</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is rebalanced and reconstituted semi-annually and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Index’s semi-annual rebalance and reconstitution schedule may cause the Fund to experience a higher rate of portfolio turnover. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 100 securities and the Fund had </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">significant investments in </span><span style="font-family:Arial;font-size:9.00pt;">industrial companies and Japanese issuers, although this may change from time to time.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">investments will change as the Index changes and, as a result, the Fund may have significant investments in jurisdictions or investment sectors that it may not have had as of March 31, </span><span style="font-family:Arial;font-size:9.00pt;">2026. To the extent the Fund invests a significant portion of its </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks associated with that jurisdiction or </span><span style="font-family:Arial;font-size:9.00pt;">investment sector.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 100 securities and the Fund had </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">significant investments in </span><span style="font-family:Arial;font-size:9.00pt;">industrial companies and Japanese issuers, although this may change from time to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">ASIA RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to certain risks specifically associated with investments in the securities of Asian issuers. Many </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Asian economies have experienced rapid growth and industrialization, and there is no assurance that this growth rate will be maintained. </span><span style="font-family:Arial;font-size:9.00pt;">Many Asian countries can be characterized as either developing or newly industrialized economies and tend to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">experience more volatile economic cycles than developed countries.</span><span style="font-family:Arial;font-size:9.00pt;"> Some Asian economies are highly dependent on </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">international </span><span style="font-family:Arial;font-size:9.00pt;">trade, and economic conditions in other countries within and outside Asia can impact these economies. Certain </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">of these economies may be adversely affected by trade or policy disputes with its major trade partners. There is also a high concentration of market capitalization and trading volume in a small number of issuers representing a limited number of industries, as well as a high concentration of investors and financial intermediaries. Certain Asian countries have experienced and may in the future experience expropriation and nationalization of assets, confiscatory taxation, currency manipulation, political instability, armed conflict and social instability as a result of religious, ethnic, socio-economic and/or political unrest. In particular, escalated tensions involving North Korea and any outbreak of hostilities involving North Korea could have a severe adverse effect on Asian economies. </span><span style="font-family:Arial;font-size:9.00pt;">Other examples include China’s territorial dispute regarding the sovereignty of Taiwan </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and its pledge to take control of Taiwan, ethnic and sectarian violence in Indonesia and India, armed conflict between India and Pakistan, and insurgencies in the Philippines.</span><span style="font-family:Arial;font-size:9.00pt;"> Governments of certain Asian countries have exercised, and continue to </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">exercise, substantial influence over many aspects of the private sector. In certain cases, the government owns or controls </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">many companies, including the largest in the country. Accordingly, government actions could have a significant effect on the issuers of the Fund’s securities or on economic conditions generally. Recent developments in relations between the U.S. and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international trade, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">which could have a negative impact on the economy of Asian countries and a commensurately negative impact on the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENCY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Changes in currency exchange rates affect the value of investments denominated in a foreign currency, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and therefore the value of such investments in the Fund’s portfolio. The Fund’s net asset value could decline if a currency to which the Fund has exposure depreciates against the U.S. dollar or if there are delays or limits on repatriation of such currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">in the Fund may change quickly and without warning.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among </span><span style="font-family:Arial;font-size:9.00pt;">the United States, Israel, Iran, Hamas,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Hezbollah and other militant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the United States, and other nations. Such events may also disrupt global trade </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and supply chains, increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and </span><span style="font-family:Arial;font-size:9.00pt;">could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEPOSITARY RECEIPTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Depositary receipts represent equity interests in a foreign company that trade on a local stock </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange. Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert the equity shares into depositary receipts and vice versa. Such restrictions may cause the equity shares of the underlying issuer to trade at a discount or premium to the market price </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of the depositary receipts.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">GROWTH STOCKS INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Stocks exhibiting growth characteristics tend to be more volatile than certain other </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">types of stocks and their prices usually fluctuate more dramatically than the overall stock market. A stock with growth characteristics can have sharp price declines due to decreases in current or expected earnings and may lack dividend payments </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">that can help cushion its share price during declining markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDUSTRIALS COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Industrials companies convert unfinished goods into finished durables used to manufacture </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">other goods or provide services. Examples of industrials companies include companies involved in the production of electrical equipment and components, industrial products, manufactured housing and telecommunications equipment, as well as defense and aerospace companies. General risks of industrials companies include the general state of the economy, exchange rates, commodity prices, intense competition, consolidation, domestic and international politics, government regulation, import controls, excess capacity, consumer demand and spending trends. In addition, industrials companies may also be significantly affected by overall capital spending levels, economic cycles, rapid technological changes, delays in modernization, labor </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">relations, environmental liabilities, governmental and product liability and e-commerce initiatives.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INTERNATIONAL CLOSED MARKET TRADING RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Because securities held by the Fund trade on non-U.S. exchanges that </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are closed when the Fund’s primary listing exchange is open, there are likely to be deviations between the current price of an underlying security and the last quoted price for the underlying security (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, the Fund’s quote from the closed foreign market) </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">used for purposes of calculating the Fund's net asset value, resulting in premiums or discounts to the Fund’s net asset value that may be greater than those experienced by other exchange-traded funds. In addition, shareholders may not be able to purchase and sell shares of the Fund on the listing exchange for the Fund, on days when the net asset value of the Fund could </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">be significantly affected by events in the relevant foreign markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">JAPAN RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to certain risks specifically associated with investments in the securities of Japanese issuers. </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Japanese economy may be subject to considerable degrees of economic, political and social instability, which could have a negative impact on Japanese securities. Japan’s economy is characterized by government intervention and protectionism, reliance on oil imports, an unstable financial services sector</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">low domestic consumption, corporate structural weaknesses, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relatively high unemployment</span><span style="font-family:Arial;font-size:9.00pt;"> and an aging workforce. Since 2000, Japan has experienced relatively low economic growth, </span><span style="font-family:Arial;font-size:9.00pt;">lagging that of its Asian neighbors and other major developed economies, and it may remain low in the future. Its economy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">is heavily dependent on international trade and has been adversely affected by trade tariffs and competition from emerging economies. As such, economic growth is heavily dependent on continued growth in international trade, relatively low commodities prices, government support of the financial services sector and other government policies. Any changes or trends in these economic factors could have a significant impact on Japanese markets overall and may negatively affect the Fund's investments. Japan’s economy and equity market also share a strong correlation with </span><span style="font-family:Arial;font-size:9.00pt;">its largest trading partners, the U.S. and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">China, and </span><span style="font-family:Arial;font-size:9.00pt;">the Japanese economy may be affected by economic problems in the U.S. and China. Despite a strengthening in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the economic relationship between Japan and China, the countries’ political relationship has at times been strained. Should political tension increase, it could adversely affect the economy and destabilize the region as a whole. Additionally, escalated tensions involving North Korea and any outbreak of hostilities involving North Korea could have a severe adverse effect on Japan’s economy. Japan’s geography also subjects it to an increased risk of natural disasters, such as earthquakes, volcanic </span><span style="font-family:Arial;font-size:9.00pt;">eruptions, typhoons and tsunamis, all of which could negatively impact the Fund's investments.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold certain investments that may be subject to restrictions on resale, trade over-the-counter </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or in limited volume, or lack an active trading market. Certain investments held by the Fund that trade on non-U.S. exchanges may be further subject to liquidity risk due to foreign market closures or unexpected impediments to trading on local markets. Accordingly, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value and the bid/ask spread on the Fund's shares </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MID CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Mid capitalization companies may be more vulnerable to adverse general market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments and thus may experience greater price volatility than more established large capitalization companies. Securities of mid capitalization companies may also be less liquid than securities of large capitalization companies and may have more limited trading volumes. Accordingly, such companies are generally subject to greater market risk than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">larger, more established companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund</span><span style="font-family:Arial;font-size:9.00pt;">’s portfolio may deviate from the composition of the Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-U.S. SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting standards, and less government supervision and regulation of securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchanges in foreign countries.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREFERRED SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Preferred securities combine some of the characteristics of both common stocks and bonds. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Preferred securities are typically subordinated to bonds and other debt securities in a company’s capital structure in terms of priority to corporate income, subjecting them to greater credit risk than those debt securities. Generally, holders of preferred securities have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may obtain limited rights. In certain circumstances, an issuer of preferred securities may defer payment on the securities and, in some cases, redeem the securities prior to a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">specified date. Preferred securities may also be substantially less liquid than other securities, including common stock.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">REIT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> REITs typically own and operate income-producing real estate, such as residential or commercial buildings, or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">real-estate related assets, including mortgages. As a result, investments in REITs are subject to the risks associated with investing in real estate, which may include, but are not limited to: fluctuations in the value of underlying properties; defaults by borrowers or tenants; market saturation; changes in general and local operating expenses; and other economic, political or regulatory occurrences affecting companies in the real estate sector. REITs are also subject to the risk that the real estate market may experience an economic downturn generally, which may have a material effect on the real estate in which the REITs invest and their underlying portfolio securities. REITs may have also a relatively small market capitalization which may result in their </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">shares experiencing less market liquidity and greater price volatility than larger companies. Increases in interest rates typically lower the present value of a REIT's future earnings stream, and may make financing property purchases and improvements more costly. Because the market price of REIT stocks may change based upon investors' collective perceptions of future </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">earnings, the value of the Fund will generally decline when investors anticipate or experience rising interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SMALL CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Small capitalization companies may be more vulnerable to adverse general </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">market or economic developments, and their securities may be less liquid and may experience greater price volatility than large and mid capitalization companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">generally subject to greater market risk than large and mid capitalization companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold securities or other assets that may be valued on the basis of factors other than market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">quotations. This may occur because the asset or security does not trade on a centralized exchange, or in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. Fund investments that trade on non-U.S. exchanges that close prior to the close of the NYSE may be fair valued using a systematic fair valuation model. If these foreign investments meet certain criteria in relation to the valuation model, their valuation is systematically adjusted to reflect the impact of movement in the U.S. market after the close of certain foreign markets. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. The Fund’s ability to value investments may be impacted by technological issues or errors by pricing services or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">other third-party service providers.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUE STOCKS INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The intrinsic value of a stock with value characteristics may not be fully recognized by the market for a long time or a stock judged to be undervalued may actually be appropriately priced at a low level.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index and two </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">broad-based securities market indices. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">On July 14, 2015 the Fund’s underlying index changed from the Defined Japan Index to the Nasdaq AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Japan</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Therefore, the Fund’s performance and historical returns shown below are not necessarily indicative of the performance that the Fund, based on the Index, would have generated. Returns for an underlying index are only disclosed for those periods in which the index was in existence for the whole period. Because the Fund’s new underlying index had an inception date of December 15, 2014, it was not in existence for all of the periods disclosed. The new index is substantially similar to the Defined </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">Japan Index.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index and two </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">broad-based securities market indices. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust Japan AlphaDEX</span><span style="font-family:Arial;font-size:7pt;font-weight:bold;position:relative;top:-3.25pt;">®</span><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;"> Fund</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">14.30%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">December 31, 2022</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-20.55%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.1430 2022-12-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.2055 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.3214 0.0838 0.0587 0.0549 2011-04-18 0.3068 0.0716 0.0491 0.0471 0.1900 0.0595 0.0417 0.0403 0.3290 0.0899 0.0642 0.2478 0.0647 0.0739 0.2460 0.0660 0.0762 0.0725 <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust Latin America AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;"> Fund (FLN)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust Latin America AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Fund (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally to the price </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and yield (before the Fund’s fees and expenses) of an equity index called the Nasdaq AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Latin America</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0080 0.0000 0.0000 0.0080 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 82 255 444 990 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">100%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its </span><span style="font-family:Arial;font-size:9.00pt;">portfolio.</span> 1 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is owned and is developed, maintained and sponsored by Nasdaq, Inc. (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider“</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index Provider may, from time to time, exercise reasonable discretion as it deems appropriate in order to ensure Index integrity.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is composed of securities issued by companies assigned to Latin America, as classified by the Index Provider. The Index Provider assigns companies to a country primarily by their country of incorporation, domicile and primary exchange listing. Securities issued by companies operating in Brazil, Mexico and other emerging market countries may comprise a significant portion of the Fund. According to the Index Provider, the Index employs the AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> security selection </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">methodology to select and weight securities from the Nasdaq Latin America</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Base Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index uses the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> selection methodology which aims to select securities that may generate positive alpha, or risk-adjusted returns, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">relative to traditional indices. Alpha is an indication of how much an investment outperforms or underperforms on a risk-adjusted basis relative to its benchmark. The Base Index is a comprehensive, rules-based index designed to measure stock market performance of companies assigned to Latin America, as determined by the Index Provider. The Fund may invest in common stocks, depositary receipts, securities denominated in non-U.S. currencies, real estate investment trusts (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"REITs"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), preferred securities and small, mid and large cap companies.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">According to the Index Provider, security selection for the Index will be conducted in the following manner: </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">1.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The selection universe for the Index begins with all securities in the Base Index. </span><span style="font-family:Arial;font-size:9.00pt;">2.</span><span style="font-family:Arial;font-size:9.00pt;">The Index Provider then removes any duplicate (multiple share classes) securities and securities which do not meet the Index Provider’s liquidity screens; and stocks with a consolidated market capitalization less than or equal to the mid-cap breakpoint (50th percentile) as calculated by Nasdaq. As of March 31, 2026, the mid-cap breakpoint was $4.450 billion. The Index Provider may include stocks below the mid-cap breakpoint in order to reach a predetermined minimum number of eligible stocks. Securities from the same issuer will be subject to conditions controlled by the Index Provider to determine Index eligibility. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">3.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The remaining securities in the universe are then ranked on both growth and value factors. Each security receives the best style rank from this step as its selection score. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">4.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The top 50 securities based on the selection score determined in step 3 comprise the “selected securities.” The selected securities are then split into quintiles based on their selection score, with higher scoring quintiles receiving a greater weight in the Index. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">5.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Index is subject to industry/country weighting constraints which are set at 15% above the industry/country percentages of the Base Index. A security will be moved to a lower-weighted quintile when its weight, added to the weight assigned to all higher ranking securities in its industry/country, is greater than the industry/country weighting constraint. Securities that fail the industry/country weighting constraints at the lowest quintile will be removed from the Index.</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is rebalanced and reconstituted semi-annually and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Index’s semi-annual rebalance and reconstitution schedule may cause the Fund to experience a higher rate of portfolio turnover. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 50 securities and the Fund had </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">significant investments in </span><span style="font-family:Arial;font-size:9.00pt;">financial companies, Brazilian issuers and Latin American issuers, although this may change from </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">time to time.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s investments will change as the Index changes and, as a result, the Fund may have significant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">investments in jurisdictions or investment sectors that it may not have had as of March 31, </span><span style="font-family:Arial;font-size:9.00pt;">2026. To the extent the Fund </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">invests a significant portion of its assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks </span><span style="font-family:Arial;font-size:9.00pt;">associated with that jurisdiction or investment sector.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 50 securities and the Fund had </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">significant investments in </span><span style="font-family:Arial;font-size:9.00pt;">financial companies, Brazilian issuers and Latin American issuers, although this may change from </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">time to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">BRAZIL RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is subject to certain risks specifically associated with investments in the securities of Brazilian issuers. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Brazil is an emerging market and demonstrates significantly higher volatility from time to time in comparison to developed markets. Shareholder claims that are available in the U.S., as well as regulatory oversight and authority that is common in the U.S., including for claims based on fraud, may be difficult or impossible for shareholders of securities in Brazil or for U.S. authorities to pursue. Investing in Brazil may involve a higher degree of risk and special considerations not typically associated </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">with investing in more established economies or securities markets. Investment exposure to Brazil may subject the Fund, to a greater extent than if investments were made in developed countries, to the risks of adverse securities markets, exchange rates and social, political, regulatory, economic, or environmental events and natural disasters which may occur in Brazil. The economy, industries, and securities and currency markets of Brazil may be adversely affected by protectionist trade policies, slow economic activity worldwide, political and social instability and regional and global conflicts. Brazil has experienced security concerns, such as terrorism and strained international relations. Incidents involving the country’s or region’s security may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cause uncertainty in Brazilian markets and may adversely affect its economy and the Fund’s investments.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CASH TRANSACTIONS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will effect some or all of its creations and redemptions for cash rather than in-kind. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">As a result, an investment in the Fund may be less tax-efficient than an investment in an ETF that effects all of its creations and redemptions in-kind. Because the Fund may effect redemptions for cash, it may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. A sale of portfolio securities may result in capital gains </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">or losses and may also result in higher brokerage costs.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENCY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Changes in currency exchange rates affect the value of investments denominated in a foreign currency, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and therefore the value of such investments in the Fund’s portfolio. The Fund’s net asset value could decline if a currency to which the Fund has exposure depreciates against the U.S. dollar or if there are delays or limits on repatriation of such currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">in the Fund may change quickly and without warning.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has </span><span style="font-family:Arial;font-size:9.00pt;">begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among </span><span style="font-family:Arial;font-size:9.00pt;">the United States, Israel, Iran, Hamas,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Hezbollah and other militant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the United States, and other nations. Such events may also disrupt global trade </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and supply chains, increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and </span><span style="font-family:Arial;font-size:9.00pt;">could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEPOSITARY RECEIPTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Depositary receipts represent equity interests in a foreign company that trade on a local stock </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange. Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert the equity shares into depositary receipts and vice versa. Such restrictions may cause the equity shares of the underlying issuer to trade at a discount or premium to the market price </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of the depositary receipts.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EMERGING MARKETS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Investments in securities issued by governments and companies operating in emerging market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">countries involve additional risks relating to political, economic, or regulatory conditions not associated with investments in securities and instruments issued by U.S. companies or by companies operating in other developed market countries. Investments in emerging markets securities are generally considered speculative in nature and are subject to the following heightened risks: smaller market capitalization of securities markets which may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; possible repatriation of investment income and capital; rapid inflation; and currency convertibility issues. Emerging market countries also often have less uniformity in accounting, auditing and reporting requirements, unsettled securities laws, unreliable securities valuation and greater risk associated with custody of securities. Financial and other reporting by companies and government entities also may be less reliable in emerging market countries. Shareholder claims that are available in the U.S., as well as regulatory oversight and authority that is common in the U.S., including for claims based on fraud, may be difficult or impossible for shareholders of securities in emerging market countries or for U.S. authorities to pursue. For funds that track an index or are managed based upon a benchmark, the index may not weight the securities in emerging market countries on the basis of investor protection limitations, financial reporting quality or available oversight mechanisms. Furthermore, investors may be required to register the proceeds of sales and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">nationalization or creation of government monopolies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FINANCIAL COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Financial companies, such as retail and commercial banks, insurance companies and financial </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">services companies, are especially subject to the adverse effects of economic recession, currency exchange rates, extensive government regulation, decreases in the availability of capital, volatile interest rates, portfolio concentrations in geographic markets, industries or products (such as commercial and residential real estate loans), competition from new entrants and </span><span style="font-family:Arial;font-size:9.00pt;">blurred distinctions in their fields of business.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">GROWTH STOCKS INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Stocks exhibiting growth characteristics tend to be more volatile than certain other </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">types of stocks and their prices usually fluctuate more dramatically than the overall stock market. A stock with growth characteristics can have sharp price declines due to decreases in current or expected earnings and may lack dividend payments </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">that can help cushion its share price during declining markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INTERNATIONAL CLOSED MARKET TRADING RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Because securities held by the Fund trade on non-U.S. exchanges that </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are closed when the Fund’s primary listing exchange is open, there are likely to be deviations between the current price of an underlying security and the last quoted price for the underlying security (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, the Fund’s quote from the closed foreign market) </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">used for purposes of calculating the Fund's net asset value, resulting in premiums or discounts to the Fund’s net asset value that may be greater than those experienced by other exchange-traded funds. In addition, shareholders may not be able to purchase and sell shares of the Fund on the listing exchange for the Fund, on days when the net asset value of the Fund could </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">be significantly affected by events in the relevant foreign markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LATIN AMERICA RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is subject to certain risks specifically associated with investments in the securities of Latin </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">American issuers. The economies of Latin American countries have in the past experienced considerable difficulties, including high inflation rates, high interest rates, high unemployment, government overspending and political instability. International economic conditions, particularly those in the United States, Europe and Asia, as well as world prices for oil and other commodities may also influence the development of Latin American economies. Many Latin American countries are highly reliant on the exportation of commodities and their economies may be significantly impacted by fluctuations in commodity prices and the global demand for certain commodities. Investments in Latin American countries may be subject to currency risks, such as restrictions on the flow of money in and out of a country, extreme volatility relative to the U.S. dollar, and devaluation, all of which could decrease the value of investments in Latin American companies. Other Latin American investment risks may include inadequate investor protection, less developed regulatory, accounting, auditing and financial standards, unfavorable changes in laws or regulations, natural disasters, corruption and military activity. The governments of many Latin American countries may also exercise substantial influence over many aspects of the private sector, and any such exercise could have a significant effect on companies in which the Fund invests. Securities of companies in Latin America may also be </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">subject to significant price volatility.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold certain investments that may be subject to restrictions on resale, trade over-the-counter </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or in limited volume, or lack an active trading market. Certain investments held by the Fund that trade on non-U.S. exchanges may be further subject to liquidity risk due to foreign market closures or unexpected impediments to trading on local markets. Accordingly, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value and the bid/ask spread on the Fund's shares </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MID CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Mid capitalization companies may be more vulnerable to adverse general market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments and thus may experience greater price volatility than more established large capitalization companies. Securities of mid capitalization companies may also be less liquid than securities of large capitalization companies and may have more limited trading volumes. Accordingly, such companies are generally subject to greater market risk than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">larger, more established companies.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund</span><span style="font-family:Arial;font-size:9.00pt;">’s portfolio may deviate from the composition of the Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-U.S. SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting standards, and less government supervision and regulation of securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchanges in foreign countries.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREFERRED SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Preferred securities combine some of the characteristics of both common stocks and bonds. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Preferred securities are typically subordinated to bonds and other debt securities in a company’s capital structure in terms of priority to corporate income, subjecting them to greater credit risk than those debt securities. Generally, holders of preferred securities have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may obtain limited rights. In certain circumstances, an issuer of preferred securities may defer payment on the securities and, in some cases, redeem the securities prior to a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">specified date. Preferred securities may also be substantially less liquid than other securities, including common stock.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">REIT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> REITs typically own and operate income-producing real estate, such as residential or commercial buildings, or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">real-estate related assets, including mortgages. As a result, investments in REITs are subject to the risks associated with investing in real estate, which may include, but are not limited to: fluctuations in the value of underlying properties; defaults by borrowers or tenants; market saturation; changes in general and local operating expenses; and other economic, political or regulatory occurrences affecting companies in the real estate sector. REITs are also subject to the risk that the real estate market may experience an economic downturn generally, which may have a material effect on the real estate in which the REITs invest and their underlying portfolio securities. REITs may have also a relatively small market capitalization which may result in their shares experiencing less market liquidity and greater price volatility than larger companies. Increases in interest rates typically lower the present value of a REIT's future earnings stream, and may make financing property purchases and improvements more costly. Because the market price of REIT stocks may change based upon investors' collective perceptions of future </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">earnings, the value of the Fund will generally decline when investors anticipate or experience rising interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SMALL CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Small capitalization companies may be more vulnerable to adverse general </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">market or economic developments, and their securities may be less liquid and may experience greater price volatility than large and mid capitalization companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">generally subject to greater market risk than large and mid capitalization companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold securities or other assets that may be valued on the basis of factors other than market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">quotations. This may occur because the asset or security does not trade on a centralized exchange, or in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. Fund investments that trade on non-U.S. exchanges that close prior to the close of the NYSE may be fair valued using a systematic fair valuation model. If these foreign investments meet certain criteria in relation to the valuation model, their valuation is systematically adjusted to reflect the impact of movement in the U.S. market after the close of certain foreign markets. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. The Fund’s ability to value investments may be impacted by technological issues or errors by pricing services or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">other third-party service providers.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUE STOCKS INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The intrinsic value of a stock with value characteristics may not be fully recognized by the market for a long time or a stock judged to be undervalued may actually be appropriately priced at a low level.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index and two </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">broad-based securities market indices. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">On October 13, 2015 the Fund’s underlying index changed from the Defined Latin America Index to the Nasdaq AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">® </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Latin America</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index. Therefore, the Fund’s performance and historical returns shown below are not necessarily indicative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the performance that the Fund, based on the Index, would have generated. Returns for an underlying index are only disclosed for those periods in which the index was in existence for the whole period. Because the Fund’s new underlying index had an inception date of February 11, 2015, it was not in existence for all of the periods disclosed. The new index is substantially </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">similar to the Defined Latin America Index.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index and two </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">broad-based securities market indices. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust Latin America AlphaDEX</span><span style="font-family:Arial;font-size:7pt;font-weight:bold;position:relative;top:-3.25pt;">®</span><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;"> Fund</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">30.58%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">December 31, 2020</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-46.21%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.3058 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.4621 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.5467 0.0814 0.1005 0.0193 2011-04-18 0.5236 0.0610 0.0816 0.0039 0.3223 0.0532 0.0718 0.0068 0.5710 0.0959 0.1141 0.5495 0.0772 0.0859 0.5481 0.0865 0.0879 0.0058 <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust Switzerland AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;"> Fund (FSZ)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust Switzerland AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Fund (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the Nasdaq AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Switzerland</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0080 0.0000 0.0000 0.0080 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 82 255 444 990 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">80%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio.</span> 0.80 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is owned and is developed, maintained and sponsored by Nasdaq, Inc. (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider“</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index Provider may, from time to time, exercise reasonable discretion as it deems appropriate in order to ensure Index integrity.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is composed of securities issued by companies assigned to Switzerland, as classified by the Index Provider. The Index Provider assigns companies to a country primarily by their country of incorporation, domicile and primary exchange listing. According to the Index Provider, the Index employs the AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> security selection methodology to select and weight </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">securities from the Nasdaq Switzerland</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Base Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index uses the AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> selection methodology </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">which aims to select securities that may generate positive alpha, or risk-adjusted returns, relative to traditional indices. Alpha is an indication of how much an investment outperforms or underperforms on a risk-adjusted basis relative to its benchmark. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Base Index is a comprehensive, rules-based index designed to measure stock market performance of companies assigned to Switzerland, as determined by the Index Provider. The Fund may invest in common stocks, depositary receipts, securities denominated in non-U.S. currencies, real estate investment trusts (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"REITs"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), preferred securities and small, mid and large cap companies.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">According to the Index Provider, security selection for the Index will be conducted in the following manner: </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">1.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The selection universe for the Index begins with all securities in the Base Index. </span><span style="font-family:Arial;font-size:9.00pt;">2.</span><span style="font-family:Arial;font-size:9.00pt;">The Index Provider then removes any duplicate (multiple share classes) securities and securities which do not meet the Index Provider’s liquidity screens; and stocks with a consolidated market capitalization less than or equal to the mid-cap breakpoint (50th percentile) as calculated by Nasdaq. As of March 31, 2026, the mid-cap breakpoint was $4.450 billion. The Index Provider may include stocks below the mid-cap breakpoint in order to reach a predetermined minimum number of eligible stocks. Securities from the same issuer will be subject to conditions controlled by the Index Provider to determine Index eligibility. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">3.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The remaining securities in the universe are then ranked on both growth and value factors. Each security receives the best style rank from this step as its selection score. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">4.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The top 40 securities based on the selection score determined in step 3 comprise the “selected securities.” The selected securities are then split into quintiles based on their selection score, with higher scoring quintiles receiving a greater weight in the Index. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">5.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Index is subject to industry weighting constraints which are set at 15% above the industry percentages of the Base Index. For example, if financial companies comprise 15% of the Base Index, the Index will be comprised of no more than 30% financials. A security will be moved to a lower weighted quintile when its weight, added to the weight assigned to all higher ranking securities in its industry, is greater than the industry weighting constraint. Securities that fail the industry weighting constraints at the lowest quintile will be removed from the Index.</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is rebalanced and reconstituted semi-annually and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Index’s semi-annual rebalance and reconstitution schedule may cause the Fund to experience a higher rate of portfolio turnover. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 40 securities and the Fund had </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">significant investments in </span><span style="font-family:Arial;font-size:9.00pt;">health care companies, industrials companies and Swiss issuers, although this may change from </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">time to time.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s investments will change as the Index changes and, as a result, the Fund may have significant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">investments in jurisdictions or investment sectors that it may not have had as of March 31, </span><span style="font-family:Arial;font-size:9.00pt;">2026. To the extent the Fund </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">invests a significant portion of its assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks </span><span style="font-family:Arial;font-size:9.00pt;">associated with that jurisdiction or investment sector.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 40 securities and the Fund had </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">significant investments in </span><span style="font-family:Arial;font-size:9.00pt;">health care companies, industrials companies and Swiss issuers, although this may change from </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">time to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENCY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Changes in currency exchange rates affect the value of investments denominated in a foreign currency, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and therefore the value of such investments in the Fund’s portfolio. The Fund’s net asset value could decline if a currency to which the Fund has exposure depreciates against the U.S. dollar or if there are delays or limits on repatriation of such currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">in the Fund may change quickly and without warning.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has</span><span style="font-family:Arial;font-size:9.00pt;"> begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among </span><span style="font-family:Arial;font-size:9.00pt;">the United States, Israel, Iran, Hamas,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Hezbollah and other militant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the United States, and other nations. Such events may also disrupt global trade </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and supply chains, increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and </span><span style="font-family:Arial;font-size:9.00pt;">could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEPOSITARY RECEIPTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Depositary receipts represent equity interests in a foreign company that trade on a local stock </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange. Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert the equity shares into depositary receipts and vice versa. Such restrictions may cause the equity shares of the underlying issuer to trade at a discount or premium to the market price </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of the depositary receipts.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EUROPE RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to certain risks specifically associated with investments in the securities of European issuers. The economies and markets of European countries are often closely connected and interdependent, and political or economic </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">disruptions in European countries, even in countries in which the Fund is not invested, may adversely affect security values and thus the Fund’s holdings. A significant number of countries in Europe are member states in the European Union (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“EU”</span><span style="font-family:Arial;font-size:9.00pt;">), </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and the member states no longer control their own monetary policies by directing independent interest rates for their currencies. In these member states, the authority to direct monetary policies, including money supply and official interest rates for the Euro, is exercised by the European Central Bank. </span><span style="font-family:Arial;font-size:9.00pt;">Decreasing imports or exports, changes in governmental or EU regulations</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">on trade,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">changes in the exchange rate of the euro, the default or threat of default by an EU</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">member country on </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">its sovereign debt and/</span><span style="font-family:Arial;font-size:9.00pt;">or an economic recession in an EU member</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">country may have significant adverse effects on the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">economies of EU member countries</span><span style="font-family:Arial;font-size:9.00pt;"> and the EU and Europe as a whole.</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Separately,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the EU faces issues involving its membership, structure,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">procedures and policies.</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">The exit of one or more member countries from the EU,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">such as the departure of the United </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Kingdom referred to as</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">“Brexit,” could place the departing member’s currency and banking system under severe stress or </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">even in jeopardy. An exit by other member countries will likely result in increased volatility,</span><span style="font-family:Arial;font-size:9.00pt;"> illiquidity and potentially lower economic growth in the affected markets, which may adversely affect the Fund’s investments.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">GROWTH STOCKS INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Stocks exhibiting growth characteristics tend to be more volatile than certain other </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">types of stocks and their prices usually fluctuate more dramatically than the overall stock market. A stock with growth characteristics can have sharp price declines due to decreases in current or expected earnings and may lack dividend payments </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">that can help cushion its share price during declining markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">HEALTH CARE COMPANIES RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Health care companies, such as companies providing medical and healthcare goods and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">services, companies engaged in manufacturing medical equipment, supplies and pharmaceuticals, as well as operating health care facilities and the provision of managed health care, may be affected by government regulations and government health care programs, increases or decreases in the cost of medical products and services and product liability claims, among other factors. Many health care companies are heavily dependent on patent protection, and the expiration of a company’s patent may adversely affect that company’s profitability. Health care companies are also subject to competitive forces that may result </span><span style="font-family:Arial;font-size:9.00pt;">in price discounting, may be thinly capitalized and susceptible to product obsolescence.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDUSTRIALS COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Industrials companies convert unfinished goods into finished durables used to manufacture </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">other goods or provide services. Examples of industrials companies include companies involved in the production of electrical equipment and components, industrial products, manufactured housing and telecommunications equipment, as well as defense and aerospace companies. General risks of industrials companies include the general state of the economy, exchange rates, commodity prices, intense competition, consolidation, domestic and international politics, government regulation, import controls, excess capacity, consumer demand and spending trends. In addition, industrials companies may also be significantly affected by overall capital spending levels, economic cycles, rapid technological changes, delays in modernization, labor </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">relations, environmental liabilities, governmental and product liability and e-commerce initiatives.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INTERNATIONAL CLOSED MARKET TRADING RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Because securities held by the Fund trade on non-U.S. exchanges that </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are closed when the Fund’s primary listing exchange is open, there are likely to be deviations between the current price of an underlying security and the last quoted price for the underlying security (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, the Fund’s quote from the closed foreign market) </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">used for purposes of calculating the Fund's net asset value, resulting in premiums or discounts to the Fund’s net asset value that may be greater than those experienced by other exchange-traded funds. In addition, shareholders may not be able to purchase and sell shares of the Fund on the listing exchange for the Fund, on days when the net asset value of the Fund could </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">be significantly affected by events in the relevant foreign markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold certain investments that may be subject to restrictions on resale, trade over-the-counter </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or in limited volume, or lack an active trading market. Certain investments held by the Fund that trade on non-U.S. exchanges may be further subject to liquidity risk due to foreign market closures or unexpected impediments to trading on local markets. Accordingly, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value and the bid/ask spread on the Fund's shares </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MID CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Mid capitalization companies may be more vulnerable to adverse general market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments and thus may experience greater price volatility than more established large capitalization companies. Securities of mid capitalization companies may also be less liquid than securities of large capitalization companies and may have more limited trading volumes. Accordingly, such companies are generally subject to greater market risk than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">larger, more established companies.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund</span><span style="font-family:Arial;font-size:9.00pt;">’s portfolio may deviate from the composition of the Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-U.S. SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting standards, and less government supervision and regulation of securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchanges in foreign countries.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREFERRED SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Preferred securities combine some of the characteristics of both common stocks and bonds. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Preferred securities are typically subordinated to bonds and other debt securities in a company’s capital structure in terms of priority to corporate income, subjecting them to greater credit risk than those debt securities. Generally, holders of preferred securities have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may obtain limited rights. In certain circumstances, an issuer of preferred securities may defer payment on the securities and, in some cases, redeem the securities prior to a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">specified date. Preferred securities may also be substantially less liquid than other securities, including common stock.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">REIT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> REITs typically own and operate income-producing real estate, such as residential or commercial buildings, or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">real-estate related assets, including mortgages. As a result, investments in REITs are subject to the risks associated with investing in real estate, which may include, but are not limited to: fluctuations in the value of underlying properties; defaults by borrowers or tenants; market saturation; changes in general and local operating expenses; and other economic, political or regulatory occurrences affecting companies in the real estate sector. REITs are also subject to the risk that the real estate market may experience an economic downturn generally, which may have a material effect on the real estate in which the REITs invest and their underlying portfolio securities. REITs may have also a relatively small market capitalization which may result in their shares experiencing less market liquidity and greater price volatility than larger companies. Increases in interest rates typically lower the present value of a REIT's future earnings stream, and may make financing property purchases and improvements more costly. Because the market price of REIT stocks may change based upon investors' collective perceptions of future </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">earnings, the value of the Fund will generally decline when investors anticipate or experience rising interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SMALL CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Small capitalization companies may be more vulnerable to adverse general </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">market or economic developments, and their securities may be less liquid and may experience greater price volatility than large and mid capitalization companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">generally subject to greater market risk than large and mid capitalization companies.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SWITZERLAND RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to certain risks specifically associated with investments in the securities of Swiss </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">issuers. Switzerland’s economy is heavily dependent on trading relationships with certain key trading partners, including the United States, United Kingdom, China, France and Germany. </span><span style="font-family:Arial;font-size:9.00pt;">Switzerland’s economic growth generally mirrors slowdowns </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and growth spurts experienced in such countries.</span><span style="font-family:Arial;font-size:9.00pt;"> Future changes in the price or the demand for Swiss products or services </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">by the United States, United Kingdom, China, France and Germany or changes in these countries’ economies, trade regulations or currency exchange rates could adversely impact the Swiss economy and the issuers to which the Fund has exposure. Switzerland’s economy relies heavily on the banking sector, and in recent years, Switzerland has responded to increasing pressure from neighboring countries and trading partners to reform its banking secrecy laws. Recently, allegations have surfaced that certain Swiss banking institutions marketed and sold offshore tax evasion services to U.S. citizens. Future litigation or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">settlements arising from these accusations may have a negative impact on certain companies to which the Fund has exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold securities or other assets that may be valued on the basis of factors other than market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">quotations. This may occur because the asset or security does not trade on a centralized exchange, or in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. Fund investments that trade on non-U.S. exchanges that close prior to the close of the NYSE may be fair valued using a systematic fair valuation model. If these foreign investments meet certain criteria in relation to the valuation model, their valuation is systematically adjusted to reflect the impact of movement in the U.S. market after the close of certain foreign markets. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. The Fund’s ability to value investments may be impacted by technological issues or errors by pricing services or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">other third-party service providers.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUE STOCKS INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The intrinsic value of a stock with value characteristics may not be fully recognized by the market for a long time or a stock judged to be undervalued may actually be appropriately priced at a low level.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index and two </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">broad-based securities market indices. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">On July 14, 2015 the Fund’s underlying index changed from the Defined Switzerland Index to the Nasdaq AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">® </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Switzerland</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index. Therefore, the Fund’s performance and historical returns shown below are not necessarily indicative of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the performance that the Fund, based on the Index, would have generated. Returns for an underlying index are only disclosed for those periods in which the index was in existence for the whole period. Because the Fund’s new underlying index had an inception date of December 15, 2014, it was not in existence for all of the periods disclosed. The new index is substantially </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">similar to the Defined Switzerland Index.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index and two </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">broad-based securities market indices. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust Switzerland AlphaDEX</span><span style="font-family:Arial;font-size:7pt;font-weight:bold;position:relative;top:-3.25pt;">®</span><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;"> Fund</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">18.16%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-22.08%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.1816 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.2208 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.3016 0.0818 0.0951 0.0954 2012-02-14 0.2918 0.0719 0.0858 0.0864 0.1783 0.0592 0.0726 0.0746 0.3086 0.0857 0.0989 0.3336 0.0802 0.0857 0.3347 0.0808 0.0873 0.0907 <span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;">First Trust United Kingdom AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:12.60pt;font-weight:bold;"> Fund (FKU)</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The First Trust United Kingdom AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Fund (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Fund”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) seeks investment results that correspond generally to the price </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and yield (before the Fund’s fees and expenses) of an equity index called the Nasdaq AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> United Kingdom</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">).</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Investors may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">the table and example below.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(fees paid directly from your investment)</span> 0 <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0080 0.0000 0.0000 0.0080 <span style="font-family:Arial;font-size:8.10pt;font-style:italic;">Expenses have been restated to reflect the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">assumptions your costs would be:</span> 82 255 444 990 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="font-family:Arial;font-size:9.00pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.00pt;">65%</span><span style="font-family:Arial;font-size:9.00pt;"> of the average value of its portfolio.</span> 0.65 <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is owned and is developed, maintained and sponsored by Nasdaq, Inc. (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Index Provider“</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index Provider may, from time to time, exercise reasonable discretion as it deems appropriate in order to ensure Index integrity.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is composed of securities issued by companies assigned to the United Kingdom as classified by the Index Provider. The Index Provider assigns companies to a country primarily by their country of incorporation, domicile and primary exchange listing. According to the Index Provider, the Index employs the AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> security selection methodology to select and weight </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">securities from the Nasdaq United Kingdom</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index (the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">“Base Index”</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">). The Index uses the AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> selection methodology </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">which aims to select securities that may generate positive alpha, or risk-adjusted returns, relative to traditional indices. Alpha </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">is an indication of how much an investment outperforms or underperforms on a risk-adjusted basis relative to its benchmark. The Base Index is a comprehensive, rules-based index designed to measure stock market performance of companies assigned to the United Kingdom as determined by the Index Provider. The Fund may invest in common stocks, depositary receipts, securities denominated in non-U.S. currencies, real estate investment trusts (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">"REITs"</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">), preferred securities and small, mid and large cap companies.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">According to the Index Provider, security selection for the Index will be conducted in the following manner: </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">1.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The selection universe for the Index begins with all securities in the Base Index. </span><span style="font-family:Arial;font-size:9.00pt;">2.</span><span style="font-family:Arial;font-size:9.00pt;">The Index Provider then removes any duplicate (multiple share classes) securities and securities which do not meet the Index Provider’s liquidity screens; and stocks with a consolidated market capitalization less than or equal to the mid-cap breakpoint (50th percentile) as calculated by Nasdaq. As of March 31, 2026, the mid-cap breakpoint was $4.450 billion. The Index Provider may include stocks below the mid-cap breakpoint in order to reach a predetermined minimum number of eligible stocks. Securities from the same issuer will be subject to conditions controlled by the Index Provider to determine Index eligibility. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">3.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The remaining securities in the universe are then ranked on both growth and value factors. Each security receives the best style rank from this step as its selection score. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">4.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The top 75 securities based on the selection score determined in step 3 comprise the “selected securities.” The selected securities are then split into quintiles based on their selection score, with higher scoring quintiles receiving a greater weight in the Index. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">5.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Index is subject to industry weighting constraints which are set at 15% above the industry percentages of the Base Index. For example, if financial companies comprise 15% of the Base Index, the Index will be comprised of no more than 30% financials. A security will be moved to a lower weighted quintile when its weight, added to the weight assigned to all higher ranking securities in its industry, is greater than the industry weighting constraint. Securities that fail the industry weighting constraints at the lowest quintile will be removed from the Index.</span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The Index is rebalanced and reconstituted semi-annually and the Fund will make corresponding changes to its portfolio shortly after the Index changes are made public. The Index’s semi-annual rebalance and reconstitution schedule may cause the Fund to experience a higher rate of portfolio turnover. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 75 securities and the Fund had </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">significant investments in financial companies and issuers located in the United Kingdom</span><span style="font-family:Arial;font-size:9.00pt;">, although this may change from </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">time to time.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s investments will change as the Index changes and, as a result, the Fund may have significant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">investments in jurisdictions or investment sectors that it may not have had as of March 31, </span><span style="font-family:Arial;font-size:9.00pt;">2026. To the extent the Fund </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">invests a significant portion of its assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks </span><span style="font-family:Arial;font-size:9.00pt;">associated with that jurisdiction or investment sector.</span> <span style="font-family:Arial;font-size:9.00pt;">The Fund will be concentrated in an industry or a group of industries to the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">extent that the Index is so concentrated. As of March</span><span style="font-family:Arial;font-size:9.00pt;"> 31, 2026, the Index was composed of 75 securities and the Fund had </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">significant investments in financial companies and issuers located in the United Kingdom</span><span style="font-family:Arial;font-size:9.00pt;">, although this may change from </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">time to time.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">An investment in the Fund is not a deposit of a bank and is not insured or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANT CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund’s shares may trade at a premium or discount (the difference between the market price of the Fund's shares and the Fund's net asset value) and possibly face delisting and the bid/ask spread (the difference between the price that someone is willing to pay for shares of the Fund at a specific point in time versus </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the price at which someone is willing to sell) on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENCY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Changes in currency exchange rates affect the value of investments denominated in a foreign currency, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and therefore the value of such investments in the Fund’s portfolio. The Fund’s net asset value could decline if a currency to which the Fund has exposure depreciates against the U.S. dollar or if there are delays or limits on repatriation of such currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">in the Fund may change quickly and without warning.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CURRENT MARKET CONDITIONS RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> Current market conditions risk is the risk that a particular investment, or shares of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, </span><span style="font-family:Arial;font-size:9.00pt;">the Federal Reserve and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">certain foreign central banks have raised interest rates; however, the Federal Reserve has</span><span style="font-family:Arial;font-size:9.00pt;"> begun to lower interest rates and </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. </span><span style="font-family:Arial;font-size:9.00pt;">Potential future bank failures could result in disruption to the broader banking industry or markets </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including </span><span style="font-family:Arial;font-size:9.00pt;">high interest rates, declining valuations </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:9.00pt;">elevated vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among </span><span style="font-family:Arial;font-size:9.00pt;">the United States, Israel, Iran, Hamas,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Hezbollah and other militant </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East</span><span style="font-family:Arial;font-size:9.00pt;">,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the United States, and other nations. Such events may also disrupt global trade </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and supply chains, increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and </span><span style="font-family:Arial;font-size:9.00pt;">could result in disruptions in the trading markets.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">CYBER SECURITY RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is susceptible to operational,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">information security and related risks through breaches in </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity</span><span style="font-family:Arial;font-size:9.00pt;">, any of which could result in a material adverse </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the Fund or its shareholders</span><span style="font-family:Arial;font-size:9.00pt;">. Such events could cause the Fund to incur regulatory penalties, reputational damage, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. </span><span style="font-family:Arial;font-size:9.00pt;">Emerging threats like ransomware or zero-day exploits could also cause disruptions to Fund operations. In addition, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">cyber security breaches of the issuers of securities in which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, </span><span style="font-family:Arial;font-size:9.00pt;">among many other third-party service providers, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">can also subject the Fund to many of the same risks associated with direct cyber security breaches. </span><span style="font-family:Arial;font-size:9.00pt;">Further, errors, misconduct, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">or compromise of accounts of employees of the Fund or its third-party service providers can also create material cybersecurity risks.</span><span style="font-family:Arial;font-size:9.00pt;"> Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.</span><span style="font-family:Arial;font-size:9.00pt;"> Cyber security incidents may also trigger Fund obligations under data privacy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">laws, potentially increasing notification and compliance burdens. Cyber security incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such issuers, and in turn, the value of the </span><span style="font-family:Arial;font-size:9.00pt;">Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">DEPOSITARY RECEIPTS RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Depositary receipts represent equity interests in a foreign company that trade on a local stock </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">exchange. Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert the equity shares into depositary receipts and vice versa. Such restrictions may cause the equity shares of the underlying issuer to trade at a discount or premium to the market price </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">of the depositary receipts.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EQUITY SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The value of the Fund's shares will fluctuate with changes in the value of the equity securities in </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">which it invests. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">company, industry or sector of the market.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">EUROPE RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to certain risks specifically associated with investments in the securities of European issuers. The economies and markets of European countries are often closely connected and interdependent, and political or economic </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">disruptions in European countries, even in countries in which the Fund is not invested, may adversely affect security values and thus the Fund’s holdings. A significant number of countries in Europe are member states in the European Union (the </span><span style="font-family:Arial;font-size:9.00pt;font-style:italic;">“EU”</span><span style="font-family:Arial;font-size:9.00pt;">), </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">and the member states no longer control their own monetary policies by directing independent interest rates for their currencies. In these member states, the authority to direct monetary policies, including money supply and official interest rates for the Euro, is exercised by the European Central Bank. </span><span style="font-family:Arial;font-size:9.00pt;">Decreasing imports or exports, changes in governmental or EU regulations</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">on trade,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">changes in the exchange rate of the euro, the default or threat of default by an EU</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">member country on </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">its sovereign debt and/</span><span style="font-family:Arial;font-size:9.00pt;">or an economic recession in an EU member</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">country may have significant adverse effects on the </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">economies of EU member countries</span><span style="font-family:Arial;font-size:9.00pt;"> and the EU and Europe as a whole.</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Separately,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the EU faces issues involving its membership, structure,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">procedures and policies.</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">The exit of one or more member countries from the EU,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">such as the departure of the United </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Kingdom referred to as</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">“Brexit,” could place the departing member’s currency and banking system under severe stress or </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">even in jeopardy. An exit by other member countries will likely result in increased volatility,</span><span style="font-family:Arial;font-size:9.00pt;"> illiquidity and potentially lower economic growth in the affected markets, which may adversely affect the Fund’s investments.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">FINANCIAL COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Financial companies, such as retail and commercial banks, insurance companies and financial </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">services companies, are especially subject to the adverse effects of economic recession, currency exchange rates, extensive government regulation, decreases in the availability of capital, volatile interest rates, portfolio concentrations in geographic markets, industries or products (such as commercial and residential real estate loans), competition from new entrants and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">blurred distinctions in their fields of business.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">GROWTH STOCKS INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Stocks exhibiting growth characteristics tend to be more volatile than certain other </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">types of stocks and their prices usually fluctuate more dramatically than the overall stock market. A stock with growth characteristics can have sharp price declines due to decreases in current or expected earnings and may lack dividend payments </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">that can help cushion its share price during declining markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX CONCENTRATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund will be concentrated in an industry or a group of industries to the extent that the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund’s returns would be more greatly influenced by the returns of </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">the stock(s) with the larger exposure.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX OR MODEL CONSTITUENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may be a constituent of one or more indices or ETF models. As a result, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving the Fund’s shares, the size of the Fund and the market volatility of the Fund. Inclusion in an index could increase demand for the Fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, the Fund’s net asset value could be negatively impacted and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">the Fund’s market price may be below the Fund’s net asset value during certain periods. In addition, index rebalances may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">potentially result in increased trading activity in the Fund's shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INDEX PROVIDER RISK. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Advisor’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Advisor relies upon the Index provider and its agents to accurately compile, maintain, construct, reconstitute, rebalance, compose, calculate and disseminate the Index accurately. Therefore, losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors in respect of the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisors. For example, during a period where the Index contains incorrect constituents, the Fund tracking the Index would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Advisor can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of index </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">constituents.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INFLATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Inflation risk is the risk that the value of assets or income from investments will be less in the future as </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">INTERNATIONAL CLOSED MARKET TRADING RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Because securities held by the Fund trade on non-U.S. exchanges that </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are closed when the Fund’s primary listing exchange is open, there are likely to be deviations between the current price of an underlying security and the last quoted price for the underlying security (</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">, the Fund’s quote from the closed foreign market) </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">used for purposes of calculating the Fund's net asset value, resulting in premiums or discounts to the Fund’s net asset value that may be greater than those experienced by other exchange-traded funds. In addition, shareholders may not be able to purchase and sell shares of the Fund on the listing exchange for the Fund, on days when the net asset value of the Fund could </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">be significantly affected by events in the relevant foreign markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LARGE CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Large capitalization companies may grow at a slower rate and be less able to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">cycles.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">LIQUIDITY RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold certain investments that may be subject to restrictions on resale, trade over-the-counter </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or in limited volume, or lack an active trading market. Certain investments held by the Fund that trade on non-U.S. exchanges may be further subject to liquidity risk due to foreign market closures or unexpected impediments to trading on local markets. Accordingly, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value and the bid/ask spread on the Fund's shares </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">may widen.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET MAKER RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund shares due to a limited number of market </span><span style="font-family:Arial;font-size:9.00pt;">makers. Decisions by market makers or authorized participants to reduce their </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on the Exchange, which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in Fund shares trading at a </span><span style="font-family:Arial;font-size:9.00pt;">discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MARKET RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">MID CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Mid capitalization companies may be more vulnerable to adverse general market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">or economic developments and thus may experience greater price volatility than more established large capitalization companies. Securities of mid capitalization companies may also be less liquid than securities of large capitalization companies and may have more limited trading volumes. Accordingly, such companies are generally subject to greater market risk than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">larger, more established companies.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-CORRELATION RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund</span><span style="font-family:Arial;font-size:9.00pt;">’s portfolio may deviate from the composition of the Index. Accordingly, the Fund's return may underperform the return of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">NON-U.S. SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting standards, and less government supervision and regulation of securities </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">exchanges in foreign countries.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">OPERATIONAL RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to risks arising from various operational factors, including, but not limited to, human </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. </span><span style="font-family:Arial;font-size:9.00pt;">These errors or failures may adversely affect the Fund’s operations, </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">including its ability to execute its investment process, calculate or disseminate its NAV or intraday indicative optimized portfolio value in a timely manner, and process creations or redemptions.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund relies on third-parties for a range of services, including </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">custody</span><span style="font-family:Arial;font-size:9.00pt;">, valuation, administration, transfer services, securities lending and accounting, among many others. Any delay or failure </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, </span><span style="font-family:Arial;font-size:9.00pt;">there is no way to completely protect against such risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PASSIVE INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund is not actively managed. The Fund invests in securities included in or representative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">materially changed, the Fund will seek to engage a replacement index.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PORTFOLIO TURNOVER RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> High portfolio turnover may result in the Fund paying higher levels of transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">may generate greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">expected.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREFERRED SECURITIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Preferred securities combine some of the characteristics of both common stocks and bonds. </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Preferred securities are typically subordinated to bonds and other debt securities in a company’s capital structure in terms of priority to corporate income, subjecting them to greater credit risk than those debt securities. Generally, holders of preferred securities have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may obtain limited rights. In certain circumstances, an issuer of preferred securities may defer payment on the securities and, in some cases, redeem the securities prior to a </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">specified date. Preferred securities may also be substantially less liquid than other securities, including common stock.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">PREMIUM/DISCOUNT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The market price of the Fund’s shares will generally fluctuate in accordance with changes in the </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Fund’s net asset value as well as the relative supply of and demand for shares on the Exchange. The Fund’s investment advisor cannot predict whether shares will trade below, at or above their net asset value because the shares trade on the Exchange at market prices and not at net asset value. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their net asset value), the Fund’s investment advisor believes that large discounts or premiums to the net asset value of shares should not be sustained. During stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying portfolio holdings, which could in turn lead to differences between the market price of the Fund’s shares and their net asset </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">value and the bid/ask spread on the Fund’s shares may widen.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">REIT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> REITs typically own and operate income-producing real estate, such as residential or commercial buildings, or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">real-estate related assets, including mortgages. As a result, investments in REITs are subject to the risks associated with investing in real estate, which may include, but are not limited to: fluctuations in the value of underlying properties; defaults by borrowers or tenants; market saturation; changes in general and local operating expenses; and other economic, political or regulatory occurrences affecting companies in the real estate sector. REITs are also subject to the risk that the real estate market may experience an economic downturn generally, which may have a material effect on the real estate in which the REITs invest and their underlying portfolio securities. REITs may have also a relatively small market capitalization which may result in their shares experiencing less market liquidity and greater price volatility than larger companies. Increases in interest rates typically lower the present value of a REIT's future earnings stream, and may make financing property purchases and improvements more costly. Because the market price of REIT stocks may change based upon investors' collective perceptions of future </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">earnings, the value of the Fund will generally decline when investors anticipate or experience rising interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">SMALL CAPITALIZATION COMPANIES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Small capitalization companies may be more vulnerable to adverse general </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">market or economic developments, and their securities may be less liquid and may experience greater price volatility than large and mid capitalization companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">generally subject to greater market risk than large and mid capitalization companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">TRADING ISSUES RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.</span> <span style="font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">UNITED KINGDOM RISK.</span><span style="font-family:Arial;font-size:9.00pt;"> The Fund is subject to certain risks specifically associated with investments in the securities of United </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Kingdom issuers. Investments in issuers located in the United Kingdom may subject the Fund to regulatory, political, currency, security and economic risk specific to the United Kingdom. The United Kingdom has one of the largest economies in Europe and is heavily dependent on trade with the </span><span style="font-family:Arial;font-size:9.00pt;">EU, and to a lesser extent the United States and China. As a result, the economy </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">of the United Kingdom may be impacted by </span><span style="font-family:Arial;font-size:9.00pt;">the institution of tariffs or other trade barriers as well as changes to the economic condition of EU member counties, the United States and China. The United Kingdom’s economy relies heavily on the export of financial services to the United States and other European countries and, therefore, a prolonged slowdown in the financial </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">services sector may have a</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">negative impact on the United Kingdom’s economy.</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Continued governmental involvement or control </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">in certain sectors may stifle competition in certain sectors or cause adverse effects on economic growth. While the EU-</span><span style="font-family:Arial;font-size:9.00pt;">United </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">Kingdom Trade and Cooperation Agreement governs certain aspects of the EU’</span><span style="font-family:Arial;font-size:9.00pt;">s and United Kingdom’s relationship following </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">the United Kingdom’s withdrawal </span><span style="font-family:Arial;font-size:9.00pt;">from the EU,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the long-term impact of Brexit is unknown.</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Brexit has already resulted in periods </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">of volatility in European and global</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">financial markets and uncertainty</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">about the integrity and functioning of the EU, both of </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">which</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">may persist for an extended period of time.</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Any such market disruption in the EU and globally may have a negative </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">effect on the value of the Fund</span><span style="font-family:Arial;font-size:9.00pt;">’s investments.</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">Additionally,</span><span style="font-family:Arial;font-size:9.00pt;line-height:10.80pt;"> </span><span style="font-family:Arial;font-size:9.00pt;">the risks related to Brexit could be more pronounced if one or </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">more additional EU member states seek to leave the EU</span><span style="font-family:Arial;font-size:9.00pt;">. Certain sectors within the United Kingdom’s economy may be particularly affected by Brexit, including the automotive, chemicals, financial services and professional services.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUATION RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The Fund may hold securities or other assets that may be valued on the basis of factors other than market </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">quotations. This may occur because the asset or security does not trade on a centralized exchange, or in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. Fund investments that trade on non-U.S. exchanges that close prior to the close of the NYSE may be fair valued using a systematic fair valuation model. If these foreign investments meet certain criteria in relation to the valuation model, their valuation is systematically adjusted to reflect the impact of movement in the U.S. market after the close of certain foreign markets. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. The Fund’s ability to value investments may be impacted by technological issues or errors by pricing services or </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">other third-party service providers.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;margin-left:0%;">VALUE STOCKS INVESTMENT RISK.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> The intrinsic value of a stock with value characteristics may not be fully recognized by the market for a long time or a stock judged to be undervalued may actually be appropriately priced at a low level.</span> <span style="color:#000000;font-family:Arial;font-size:9.90pt;font-weight:bold;">Annual Total Return</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index and two </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">broad-based securities market indices. </span><span style="font-family:Arial;font-size:9.00pt;">The Fund’s updated performance information is accessible on the Fund’s website at </span><span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span><span style="font-family:Arial;font-size:9.00pt;">.</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">On July 14, 2015 the Fund’s underlying index changed from the Defined United Kingdom Index to the Nasdaq AlphaDEX</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">® </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">United Kingdom</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">TM</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;"> Index. Therefore, the Fund’s performance and historical returns shown below are not necessarily indicative </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">of the performance that the Fund, based on the Index, would have generated. Returns for an underlying index are only disclosed for those periods in which the index was in existence for the whole period. Because the Fund’s new underlying index had an inception date of May 18, 2015, it was not in existence for all of the periods disclosed. The new index is substantially similar </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">to the Defined United Kingdom Index.</span> <span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">The bar chart and table below illustrate the annual calendar year returns of the Fund based on net asset value as well as the average annual Fund and Index returns. The bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual total returns based on net asset value </span><span style="font-family:Arial;font-size:9.00pt;">for years 1, 5, 10 (as applicable) and since inception compared to those of the Index and two </span><span style="font-family:Arial;font-size:9.00pt;margin-left:0%;">broad-based securities market indices. </span> <span style="font-family:Arial;font-size:9.00pt;">http://www.ftportfolios.com</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">First Trust United Kingdom AlphaDEX</span><span style="font-family:Arial;font-size:7pt;font-weight:bold;position:relative;top:-3.25pt;">®</span><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;"> Fund</span> <br/><span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Calendar Year Total Returns as of 12/31</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-weight:bold;">Period Ended</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">23.45%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">December 31, 2022</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">-40.79%</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Best Quarter</span> 0.2345 2022-12-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0.0pt;">Worst Quarter</span> -0.4079 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:9.00pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;">Returns after taxes on distributions reflect the taxed return on the payment of dividends </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. Returns for an index do not include expenses, which are </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">deducted from Fund returns, or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:9.00pt;margin-left:0%;">Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts </span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">(</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;font-style:italic;">IRAs</span><span style="color:#000000;font-family:Arial;font-size:9.00pt;">) or employee-sponsored retirement plans.</span> <span style="font-family:Arial;font-size:9.90pt;font-weight:bold;">Average Annual Total Returns for the Periods Ended December 31, 2025</span> 0.3760 0.1030 0.0610 0.0740 2012-02-14 0.3587 0.0852 0.0457 0.0593 0.2217 0.0717 0.0399 0.0521 0.3919 0.1166 0.0730 0.3513 0.1212 0.0747 0.3511 0.1333 0.0783 0.0658 Expenses have been restated to reflect the current fiscal year. Performance data is not available for all the periods shown in the table for the index because performance data does not exist for some of the entire periods. Expenses have been restated to reflect the current fiscal year. Performance data is not available for all the periods shown in the table for the index because performance data does not exist for some of the entire periods. Expenses have been restated to reflect the current fiscal year. On April 17, 2018, the Fund's underlying index changed from the Nasdaq AlphaDEX® Taiwan Index to the NIFTY 50 Equal Weight Index. On July 14, 2015, the Fund’s underlying index changed from the Defined Taiwan Index to the Nasdaq AlphaDEX® Taiwan Index. Therefore, the Fund’s performance and total returns shown for the periods prior to April 17, 2018, are not necessarily indicative of the performance that the Fund, based on the current index, would have generated. Since the Fund’s new underlying index had an inception date of September 29, 2017, it was not in existence for all the periods disclosed. Expenses have been restated to reflect the current fiscal year. Performance data is not available for all the periods shown in the table for the index because performance data does not exist for some of the entire periods. Expenses have been restated to reflect the current fiscal year. Expenses have been restated to reflect the current fiscal year. Performance data is not available for all the periods shown in the table for the index because performance data does not exist for some of the entire periods. Expenses have been restated to reflect the current fiscal year. Performance data is not available for all the periods shown in the table for the index because performance data does not exist for some of the entire periods. Expenses have been restated to reflect the current fiscal year. Performance data is not available for all the periods shown in the table for the index because performance data does not exist for some of the entire periods. Expenses have been restated to reflect the current fiscal year. Performance data is not available for all the periods shown in the table for the index because performance data does not exist for some of the entire periods. Expenses have been restated to reflect the current fiscal year. Performance data is not available for all the periods shown in the table for the index because performance data does not exist for some of the entire periods. Performance data is not available for all the periods shown in the table for the index because performance data does not exist for some of the entire periods. Expenses have been restated to reflect the current fiscal year. Performance data is not available for all the periods shown in the table for the index because performance data does not exist for some of the entire periods. Expenses have been restated to reflect the current fiscal year. Performance data is not available for all the periods shown in the table for the index because performance data does not exist for some of the entire periods. Expenses have been restated to reflect the current fiscal year. Performance data is not available for all the periods shown in the table for the index because performance data does not exist for some of the entire periods.