WHEATON, Ill.--(BUSINESS WIRE)--First Trust Advisors L.P. (“FTA”) announced today that the shareholders of First Trust Taiwan AlphaDEX® Fund (Nasdaq: FTW) (the “Fund”), an exchange-traded index fund and a series of First Trust Exchange-Traded AlphaDEX® Fund II, have voted to approve a new investment objective for the Fund.
FTA previously announced that it was seeking shareholder approval for the changes to the Fund’s investment objective. Effective on or about the close of business on April 17, 2018, the Fund’s new investment objective will be to seek 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 “Index”). The Index is compiled, calculated and maintained by India Index Services & Products Limited (“IISL”), a wholly owned subsidiary of the National Stock Exchange of India. In addition, the Fund will change its name to First Trust India NIFTY 50 Equal Weight ETF. The Fund will continue to list and trade its shares on The Nasdaq Stock Market LLC but will change its ticker symbol to “NFTY.” When these changes are effective, the Fund’s shares will also trade under a new CUSIP number.
The Index is an equally weighted total return index designed to provide diversified exposure to the NIFTY 50 index, the main index for Indian equity securities. The NIFTY 50 index is a market capitalization-weighted index comprising the 50 largest and most liquid Indian equity securities. All constituents of the NIFTY 50 index will be included in the Index, but will be equally weighted.
The Index has been licensed for use by the Fund. The Fund is not sponsored, endorsed, sold or promoted by IISL. IISL does not make any representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of the Index to track general stock market performance in India. IISL does not have any obligation to take the needs of the Fund or the owners of the Fund into consideration in determining, composing or calculating the Index. IISL is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Fund to be issued or in the determination or calculation of the equation by which the Fund is to be converted into cash. IISL has no obligation or liability in connection with the administration, marketing or trading of the Fund.
IISL does not guarantee the accuracy and/or the completeness of the Index or any data included therein and it shall have no liability for any errors, omissions, or interruptions therein. IISL makes no warranty, express or implied, as to results to be obtained by the Fund, owners of the Fund, or any other person or entity from the use of the Index or any data included therein. IISL makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the Index or any data included therein. Without limiting any of the foregoing, IISL expressly disclaims any and all liability for any damages or losses arising out of or related to the Fund, including any and all direct, special, punitive, indirect or consequential damages (including lost profits), even if notified of the possibility of such damages.
An investor, by subscribing or purchasing an interest in the Fund, will be regarded as having acknowledged, understood and accepted the disclaimer as mentioned hereinabove and will be bound by it to the extent permitted by applicable law.
FTA has served as the Fund’s investment advisor since the Fund’s inception. FTA, along with its affiliate First Trust Portfolios L.P., are privately-held companies which provide a variety of investment services, including asset management and financial advisory services, with collective assets under management or supervision of approximately $122 billion as of February 28, 2018, through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts.
You should consider the Fund’s investment objective, risks, charges and expenses carefully before investing. You can download a prospectus or contact FTA to request a prospectus, which contains other information about the Fund. Read it carefully before you invest. The risks of investing in the Fund are spelled out in its prospectus, shareholder reports and other regulatory filings.
The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA and the Internal Revenue Code. First Trust has no knowledge of and has not been provided any information regarding any investor. Financial advisors must determine whether particular investments are appropriate for their clients. First Trust believes the financial advisor is a fiduciary, is capable of evaluating investment risks independently and is responsible for exercising independent judgment with respect to its retirement plan clients.
This press release does not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.