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New Fund Name and New Index Take Effect for First Trust DB Strategic Value Index Fund

^{Published on 2010-06-18 13:30:32 - Market Wire}
 

WHEATON, Ill.--([ BUSINESS WIRE ])--First Trust DB Strategic Value Index Fund (NYSE Arca: FDV) (the aFunda), an exchange-traded index fund and a series of First Trust Exchange-Traded Fund (the aTrusta), announces, effective following the close of trading today, that the name of the Fund has changed to First Trust Strategic Value Index Fund and the new index for the Fund is Credit Suisse U.S. Value Index, Powered by HOLTa" (the aNew Indexa).

The Fund previously announced the approval by the Board of Trustees of the Trust (the aBoarda) of the New Index to follow the termination of the license agreement for the Funda™s use of the previous index, the Deutsche Bank CROCI^® US+ Index^TM. The Board also approved corresponding changes to the Funda™s following non-fundamental investment policies, which may be changed by the Board without shareholder approval upon 60 daysa™ prior written notice to shareholders. Effective following the close of trading today, the Funda™s investment objective is to seek investment results that correspond generally to the price and yield (before fees and expenses) of an equity index called the Credit Suisse U.S. Value Index, Powered by HOLTa". Additionally, the Fund will normally invest at least 90% of its net assets in common stocks that comprise the New Index.

The New Index is developed, maintained and sponsored by Credit Suisse Securities (USA) LLC and Credit Suisse Group AG (collectively, the aIndex Providera). In constructing the Index, the Index Provider utilizes HOLT, a proprietary methodology that offers unique insights into corporate performance and valuation. The HOLT methodology aims to convert accounting data into cash, as measured by Cash Flow Return on Investment (CFROI^®), to closely reflect a companya™s true economic performance and enable comparisons across sectors and regions and over time. The New Index is calculated and maintained by Standard & Poora™s Financial Services LLC, a subsidiary of The McGraw-Hill Companies. Further information regarding the composition and compilation methodology of the New Index is available at the Funda™s website at [ www.ftportfolios.com ].

First Trust Advisors L.P., investment advisor for the Fund, along with 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 $29 billion as of May 28, 2010 through closed-end funds, unit investment trusts, mutual funds, separate managed accounts and exchange-traded funds.

You should consider the Funda™s investment objective, risks, charges and expenses carefully before investing. You can download a prospectus or contact First Trust Portfolios L.P. at 1-800-621-1675 to request a prospectus, which contains this and 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 Funda™s shares will change in value, and you could lose money by investing in the Fund. One of the principal risks of investing in the Fund is market risk. Market risk is the risk that a particular stock owned by the Fund, Fund shares or stocks in general may fall in value.

The Funda™s return may not match the return of the New Index. The Fund may not be fully invested at times. Securities held by the Fund will generally not be bought or sold in response to market fluctuations and the securities may be issued by companies concentrated in a particular industry.

Investors buying or selling Fund shares on the secondary market may incur brokerage commissions. Investors who sell Fund shares may receive less than the sharea™s net asset value. Shares may be sold throughout the day on the exchange through any brokerage account. However, shares may only be redeemed directly from the Fund by authorized participants, in very large creation/redemption units.

The Fund is classified as anon-diversified.a A non-diversified Fund generally may invest a larger percentage of its assets in the securities of a smaller number of issuers. As a result, the Fund may be more susceptible to the risks associated with these particular companies, or to a single economic, political or regulatory occurrence affecting these companies.

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.