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First Trust Announces Change To Anticipated Closing Of ETF Reorganization

First Trust Advisors L.P.

First Trust Advisors L.P. ("FTA") previously announced that shareholders of each of EquityCompass Tactical Risk Manager ETF (NYSE Arca: TERM), an actively managed exchange-traded fund ("ETF"), managed by FTA, and EquityCompass Risk Manager ETF (NYSE Arca: ERM), an actively managed ETF managed by FTA, approved the reorganization of TERM into ERM at a joint Special Meeting of Shareholders on September 13, 2021 and that the reorganization is expected to close on or around October 8, 2021. FTA is changing the anticipated closing date of the reorganization to October 18, 2021, or as soon thereafter as practicable. No assurance can be given as to the exact timing of the closing of the transaction. ERM and TERM are both managed by FTA and sub-advised by EquityCompass Investment Management, LLC.

Upon the completion of the reorganization, which is expected to be tax-free, the assets of TERM will be transferred to, and the liabilities of TERM will be assumed by, ERM. The shareholders of TERM will receive shares of ERM with a value equal to the aggregate net asset value of the shares of TERM held by them.

TERM is an actively managed ETF that seeks to provide long term capital appreciation with capital preservation as a secondary objective. TERM pursues these investment objectives by investing in equity securities of companies domiciled in the United States or listed on a U.S. securities exchange. TERM may also invest all or a portion of its assets in cash, cash equivalents and short-term fixed income exchange-traded funds. TERM may also invest all or a significant portion of its assets in securities designed to provide short exposure to broad U.S. market indices including by investing in inverse ETFs.

ERM is an actively managed ETF that seeks to provide long term capital appreciation with capital preservation as a secondary objective. ERM pursues these investment objectives by investing in equity securities of companies domiciled in the United States or listed on a U.S. securities exchange. ERM may also invest all or a portion of its assets in cash, cash equivalents and short-term fixed income exchange-traded funds.

FTA is a federally registered investment advisor and serves as the Fund's investment advisor. FTA and its affiliate First Trust Portfolios L.P. ("FTP"), a FINRA registered broker-dealer, are privately-held companies that provide a variety of investment services. FTA has collective assets under management or supervision of approximately $213 billion as of August 31, 2021 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts. FTA is the supervisor of the First Trust unit investment trusts, while FTP is the sponsor. FTP is also a distributor of mutual fund shares and exchange-traded fund creation units. FTA and FTP are based in Wheaton, Illinois.

Additional Information about the Proposed Reorganization and Where to Find It

This press release is not intended to, and shall not, constitute an offer to purchase or sell shares of TERM or ERM. Certain statements made in this news release that are not historical facts are referred to as "forward-looking statements" under the U.S. federal securities laws. Actual future results or occurrences may differ significantly from those anticipated in any forward- looking statements due to numerous factors. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will" and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ from the historical experience of FTA and the funds managed by FTA and its present expectations or projections. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. FTA, TERM and ERM undertake no responsibility to update publicly or revise any forward-looking statements.

An investor should carefully consider the investment objectives, risks, charges and expenses of TERM or ERM, as applicable, before investing. The prospectuses for TERM and ERM contain this and other important information and are available free of charge by calling toll-free at 1-800-621-1675 or writing TERM or ERM at 120 East Liberty Drive, Suite 400, Wheaton, IL 60187. The prospectus should be read carefully before investing.

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