First Trust Morningstar(R) Dividend Leaders(SM) Index Fund Declares Quarterly Distribution of $0.20 Per Share

  
    
  
  
    
      First Trust Morningstar® 
      Dividend Leaderssm Index Fund (the “Fund”) 
      (AMEX: FDL) today declared its regularly scheduled quarterly 
      distribution of $0.20 per share.
    
    
      Based on the Fund’s market price of $23.31 on 
      March 19, 2007, the Fund’s regular 
      distribution equates to an annualized distribution rate of 3.43%.
    
    
      The distribution will be payable on March 30, 2007 to shareholders of 
      record on March 27, 2007, with an expected ex-dividend date of March 23, 
      2007. The final determination of the source and tax status of all 
      distributions paid in 2007 will be made after the end of 2007.
    
    
      The Fund is a series of the First Trust Exchange-Traded Fund, an 
      investment company and an exchange-traded “index 
      fund” designed to seek investment results 
      that correspond generally to the price and yield (before the Fund’s 
      fees and expenses) of an equity index called the Morningstar® 
      Dividend Leaderssm Index.
    
    
      First Trust Advisors L.P. acts as the fund’s 
      investment adviser and currently manages or supervises approximately $28 
      billion in assets.
    
    
      Past performance is no assurance of future results. Investment return 
      and market value of an investment in the Fund will fluctuate. Shares, 
      when sold, may be worth more or less than their original cost.
    
    
      Principal Risk Factors: An investment in the Fund involves risks similar 
      to those of investing in any Fund of equity securities traded on an 
      exchange. The Fund is concentrated in stocks of companies in the 
      financial services industry. You should be aware that an investment in a 
      portfolio which is concentrated in a particular industry involves 
      additional risks, including limited diversification. Investors buying or 
      selling Fund shares on the secondary market may incur brokerage 
      commissions. In addition, investors who sell Fund shares may receive 
      less than the share’s net asset value. Please 
      see the Fund’s prospectus for additional 
      information on the risks of investing in the Fund.
    
    
      The Fund’s daily American Stock Exchange 
      closing price and net asset value per share as well as other information 
      can be found at www.ftportfolios.com 
      or by calling 1-800-988-5891.