WHEATON, Ill., Apr 22, 2010 (BUSINESS WIRE) –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(TM) (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(R) 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(TM). 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(TM).

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.

You should consider the Fund’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 Fund’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 Fund’s return may not match the return of the 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 share’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 “non-diversified.” 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.

SOURCE: first Trust DB Strategic value Index Fund

First Trust DB Strategic value Index Fund Press Inquiries: Jane Doyle, 630-765-8775 Analyst Inquiries: Eric Anderson, 630-517-7676 Broker Inquiries: Ryan Issakainen, 630-765-8689

Copyright Business Wire 2010

First Trust DB Strategic Value Index Fund Announces New Fund Name and …