First Trust Value Line(R) Dividend Index Fund Declares Quarterly Distribution of $0.11 Per Share

  
    
  
  
    
      First Trust Value Line® 
      Dividend Index Fund (the “Fund”) 
      (AMEX: FVD) today declared its regularly scheduled quarterly 
      distribution of $0.11 per share payable on June 29, 2007 to shareholders 
      of record as of June 25, 2007. The ex-dividend date is expected to be 
      June 21, 2007. The quarterly distribution information for the Fund 
      appears below.
    
    First Trust Value Line(R) Dividend Index Fund (FVD):
Distribution per share:..........................................$0.11
Distribution Rate based on the June 19, 2007 NAV of $17.39:......2.53%
Distribution Rate based on the June 19, 2007 closing market price of
$17.37:..........................................................2.53%
    
      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 Value Line® 
      Dividend Index.
    
    
      First Trust Advisors L.P. acts as the fund’s 
      investment adviser and currently manages or supervises approximately $32 
      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 
      exchanges. Investors buying or selling Fund shares on the secondary 
      market may incur brokerage commissions. 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.