Shareholders of First Trust Value Line® Equity Allocation Index Fund Approve Changes to Investment Objective

First Trust Value Line® Equity Allocation Index Fund (NYSE Arca: FVI) (the “Fund”), an exchange-traded index fund and series of First Trust Exchange-Traded Fund (the “Trust”), announced today that the shareholders of the Fund have approved changes to the Fund’s investment objective. On or about January 9, 2015, 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 NASDAQ AlphaDEX® Total US Market Index (“New Index”). The New Index is developed, maintained and sponsored by The NASDAQ OMX Group, Inc. (“NASDAQ”). The New Index is designed to objectively identify and select stocks across market capitalizations (including large-cap, mid-cap and small-cap companies) that exhibit growth and value factors and appear to have the greatest potential for capital appreciation. The New Index is a modified equal-dollar weighted index comprised of U.S. exchange-listed securities of companies with capital appreciation potential. The Fund’s current investment objective is to seek investment results that correspond generally to the price and yield (before fees and expenses) of the Value Line® Equity Allocation Index (“Value Line Index”). The Fund will continue to seek investment results that correspond generally to the Value Line Index until the investment objective changes on or about January 9, 2015.

Shareholders of the Fund have also approved the reclassification of the Fund’s investment objective from “fundamental” to “non-fundamental” meaning that, after January 9, 2015, changes to the Fund’s investment objective can be implemented upon 60 days’ advance written notice to shareholders. Furthermore, the Fund will change its name to First Trust Total US Market AlphaDEX® ETF. Subject to regulatory approval, on or about January 9, 2015, the Fund will no longer list and trade its shares on the NYSE Arca under the ticker symbol “FVI” and the Fund will instead list and trade its shares on The NASDAQ Stock Market LLC under the ticker symbol “TUSA”. In addition, at the opening of business on January 9, 2015, the Fund’s shares will no longer trade under the CUSIP number 336919105 and will trade under the new CUSIP number 33733E708.

The New Index has been licensed for use by the Fund. AlphaDEX® is a trademark owned by First Trust Portfolios L.P. and has been licensed to NASDAQ for use in the name of the New Index. The Fund is not sponsored, endorsed, sold or promoted by NASDAQ and NASDAQ makes no representation or warranty regarding the advisability of investing in the Fund or as to the result to be obtained by any person from use of the New Index in connection with the trading of the Fund.

First Trust Advisors L.P. has served as the Fund’s investment advisor since the Fund’s inception. First Trust Advisors L.P., 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 $105 billion as of November 30, 2014, 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 First Trust Advisors L.P. 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.

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.