New Fund Name And New Index Take Effect For First Trust DB Strategic Value Index Fund

First Trust DB Strategic Value Index Fund (NYSE Arca: FDV) (the “Fund”), an exchange-traded index fund and a series of First Trust Exchange-Traded Fund (the “Trust”), 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 HOLT™ (the “New Index”).

The Fund previously announced the approval by the Board of Trustees of the Trust (the “Board”) of the New Index to follow the termination of the license agreement for the Fund’s use of the previous index, the Deutsche Bank CROCI ^® US+ Index ^TM. The Board also approved corresponding changes to the Fund’s following non-fundamental investment policies, which may be changed by the Board without shareholder approval upon 60 days’ prior written notice to shareholders. Effective following the close of trading today, the Fund’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 HOLT™. 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 “Index Provider”). 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 company’s true economic performance and enable comparisons across sectors and regions and over time. The New Index is calculated and maintained by Standard & Poor’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 Fund’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.