First Trust Advisors Announces Approval of Interim Advisory Agreements for Exchange-Traded Funds

First Trust Advisors L.P. (“FTA”) announced today that it will enter into interim investment management agreements with First Trust Exchange-Traded Fund, First Trust Exchange-Traded Fund II and First Trust Exchange-Traded AlphaDEX® Fund (each, a “Trust” and collectively, the “Trusts”). FTA is the investment advisor to each portfolio (each, a “Fund” and together the “Funds”) of each Trust.

On August 24, 2010, James A. Bowen, President of FTA, entered into a stock purchase agreement to purchase 100% of the general partnership interest of FTA (the “Transaction”). The Transaction is scheduled to be completed in October 2010 and is subject to normal closing conditions. The consummation of the Transaction may be deemed to be an “assignment” (as defined in the Investment Company Act of 1940, as amended) of the investment management agreement between each Trust and FTA, which would result in the automatic termination of the agreements. The Board of Trustees of each Trust has approved the interim investment management agreements, which will be entered into effective upon the closing of the Transaction and will be in effect for a maximum period of 150 days. New investment management agreements will be submitted to shareholders of each Fund for approval and would take effect upon such shareholder approval. The new agreements will be substantially similar to each Trust’s current agreement and the Transaction will not impact the day-to-day operations of any of the Funds. A special shareholder meeting of each Fund to vote on a proposal to approve the new investment management agreements is expected to be held later this year. There can be no assurance that the necessary percentage of the shareholders of the Funds will vote to approve the new investment management agreements.

FTA and its affiliate First Trust Portfolios L.P. are privately-held companies which provide a variety of investment services, including asset management, financial advisory services, and municipal and corporate investment banking, with collective assets under management or supervision of over $32 billion as of August 31, 2010 through closed-end funds, unit investment trusts, mutual funds, separate managed accounts and exchange-traded funds.

You should consider the investment objectives, risks, charges and expenses of a Fund before investing. Prospectuses for the Funds contain this and other important information and are available free of charge by calling toll-free at 1-800-621-1675 or visiting www.ftportfolios.com.A prospectus should be read carefully before investing.