First Trust's Exchange-Traded Funds Receive 1940 Act Relief from SEC

  
    
  
  
    
      First Trust Advisors L.P. (“First Trust”) 
      announced today that First Trust Exchange-Traded Fund, First Trust 
      Exchange-Traded Fund II and First Trust Exchange-Traded AlphaDEXTM 
      Fund (collectively, the “Trusts”) 
      have received exemptive relief from the U.S. Securities and Exchange 
      Commission (“SEC”) 
      permitting other registered investment companies to invest in existing 
      and future series of the Trusts operating as exchange-traded funds (“ETFs”) 
      in excess of the limitations of Section 12(d)(1) of the Investment 
      Company Act of 1940, as amended (the “1940 Act”), 
      subject to certain conditions.
    
    
      Section 12(d)(1)(A) of the 1940 Act prohibits a registered investment 
      company from acquiring more than 3 percent of the total outstanding 
      voting stock of another investment company, investing more than 5 
      percent of its total assets in a single investment company, and 
      investing more than 10 percent of its total assets in two or more 
      investment companies. Without the exemptive relief from the SEC, 
      investments in the Trusts would otherwise be subject to these 
      restrictions. The exemptive relief will enable registered investment 
      companies to invest in the ETFs managed by First Trust in excess of 
      these Section 12(d)(1)(A) limitations, providing them with additional 
      flexibility to achieve their asset allocation and investment strategies.
    
    
      “First Trust is extremely pleased to receive 
      this exemptive relief as it allows the use of our innovative and 
      creative ETFs in other financial products,” 
      said Dan Waldron, Senior Vice President-ETFs for First Trust.
    
    
      As part of the exemptive relief, a registered investment company must 
      agree to certain terms and conditions before investing in a First Trust 
      ETF in excess of the 1940 Act limitations. For example, it must enter 
      into an agreement with the Trusts, refrain from exercising undue 
      influence over the ETF, and comply with the investment company’s 
      own investment restrictions and policies. A form of agreement and other 
      information about the exemptive relief can be obtained by contacting 
      First Trust at (866)-848-9727.
    
    
      About First Trust
    
    
      First Trust and 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 $33 billion as of January 31, 2008 
      through closed-end funds, unit investment trusts, mutual funds, separate 
      managed accounts and exchange-traded funds.
    
    
      You should consider the investment objectives, risks, charges and 
      expenses of an ETF before investing. Prospectuses for the ETFs contain 
      this and other important information and are available free of charge by 
      calling toll-free at 1-800-621-1675 or visiting www.ftportfolios.com. 
      A prospectus should be read carefully before investing.