First Trust Announces Changes in Investment Strategies and Other Related Matters for First Trust Total US Market AlphaDEX® ETF

First Trust Advisors L.P. ("FTA") announced today that First Trust Total US Market AlphaDEX^® ETF (NASDAQ:TUSA) (the "Fund"), a series of First Trust Exchange-Traded Fund (the "Trust"), will change its investment objective, name and other related matters, effective April 29, 2022. The Fund will begin to seek investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an index called The Dividend Strength Index (the "New Index"). The Fund expects to begin tracking the New Index on April 29, 2022. Currently, the Fund seeks investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an index called the NASDAQ AlphaDEX^® Total US Market Index, which is designed to provide exposure to companies that exhibit growth and value factors and appear to have the greatest potential for capital appreciation. The New Index will be composed of approximately 50 U.S. equity securities and is designed to provide exposure to well-capitalized companies with a history of increasing their dividend. Concurrently, the Fund's name will change to "First Trust Dividend Strength ETF" and its new ticker symbol will be "FTDS". The Fund's shares will continue to be listed for trading on The Nasdaq Stock Market LLC. Nasdaq, Inc. will serve as the Fund's index provider. The Fund's CUSIP is not expected to change.

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 $216 billion as of March 31, 2022 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and SMAs. 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.

This press release contains certain forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding the goals, beliefs, plans or current expectations of FTA and its respective representatives, taking into account the information currently available to them. Forward-looking statements include all statements that do not relate solely to current or historical fact. For example, forward-looking statements include the use of words such as "anticipate," "estimate," "intend," "expect," "believe," "plan," "may," "should," "would," "will" or other words that convey uncertainty of future events or outcomes. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of a Fund to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. When evaluating the information included in this press release, you are cautioned not to place undue reliance on these forward-looking statements, which reflect the judgment of FTA and its respective representatives only as of the date hereof. No obligation will be undertaken to publicly revise or update these forward-looking statements to reflect events and circumstances that arise after the date hereof.

The Fund's daily closing price and net asset value per share as well as other information can be found at www.ftportfolios.com.

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