First Trust DB Strategic Value Index Fund Announces New Fund Name And Replacement Index To Take Effect In June

First Trust DB Strategic Value Index Fund (NYSE Arca: FDV) (the “Fund”), an exchange-traded index fund and series of First Trust Exchange-Traded Fund (the “Trust”), announced today that the Board of Trustees of the Trust (the “Board”) has approved a change in Fund’s name along with a change in the non-fundamental investment objective of the Fund. Effective on or about June 21, 2010, the name of the Fund will change to “First Trust Strategic Value Index Fund.”

On April 19, 2010, the Board approved the engagement of a replacement index for the Fund, the Credit Suisse U.S. Value Index, Powered by HOLT™ (the “Replacement Index”) following the previously announced June 21, 2010 termination of the license agreement for the Fund’s use of the current index, the Deutsche Bank CROCI ^® US+ Index ^TM. The Board also approved corresponding changes to the Fund’s following non-fundamental investment policies. The Fund’s investment objective and the 90% investment policy are non-fundamental policies and may be changed by the Board without shareholder approval upon 60 days’ prior written notice to shareholders. On or about June 21, 2010, the Fund’s investment objective will be 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 HOLT™. Also, the Fund will normally invest at least 90% of its net assets in common stocks that comprise the Credit Suisse U.S. Value Index, Powered by HOLT™.

First Trust, 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 $30 billion as of March 31, 2010 through closed-end funds, unit investment trusts, mutual funds, separate managed accounts and exchange-traded funds.