First Trust Announces Expected Effective Date of First Trust Mega Cap AlphaDEX® Fund’s Reorganization into First Trust Dow 30 Equal Weight ETF

WHEATON, Ill.--(BUSINESS WIRE)--First Trust Advisors L.P. (“FTA”) announced today that, subject to the satisfaction of certain customary closing conditions, the reorganization of First Trust Mega Cap AlphaDEX^® Fund (Nasdaq: FMK), an index based exchange-traded fund (“ETF”), managed by FTA, into First Trust Dow 30 Equal Weight ETF (NYSE Arca: EDOW), an index based ETF managed by FTA, is expected to become effective immediately before the opening of the NYSE Arca on December 14, 2020.

As previously announced, the shareholders of FMK and EDOW approved the FMK’s reorganization into EDOW at a Joint Special Meeting of Shareholders on November 9, 2020. The reorganization was approved by the Board of Trustees of each of FMK and EDOW on January 30, 2020.

Upon the completion of the transaction, which is expected to be tax-free, the assets of FMK will be transferred to, and the liabilities of FMK will be assumed by, EDOW. The shareholders of FMK will receive shares of EDOW with a value equal to the aggregate net asset value of the shares of FMK held by them.

EDOW is an index based ETF that seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the Dow Jones Industrial Average Equal Weight Index. EDOW pursues this investment objective by investing at least 90% of its net assets in the common stocks that comprise the index. The index is the equal weight version of and seeks to measure the performance of the Dow Jones Industrial Average^TM which is composed of 30 securities issued by blue-chip U.S. companies covering all industries, with the exception of transportation and utilities.

FMK is an index based ETF that seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the NASDAQ AlphaDEX® Mega Cap Index. FMK pursues this investment objective by investing at least 90% of its net assets in the common stocks that comprise the index. The index is designed to select mega cap stocks from the NASDAQ US 500 Large Cap Index that may generate positive alpha, or risk-adjusted returns, relative to traditional indices through the use of the AlphaDEX® selection methodology.

FTA is a federally registered investment advisor and serves as the investment advisor of FMK and EDOW. 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 $164 billion as of November 30, 2020 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts. 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.

Additional Information / Forward-Looking Statements

This press release is not intended to, and shall not, constitute an offer to purchase or sell shares of FMK or EDOW. Certain statements made in this news release that are not historical facts are referred to as “forward-looking statements” under the U.S. federal securities laws. Actual future results or occurrences may differ significantly from those anticipated in any forward- looking statements due to numerous factors. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ from the historical experience of FTA and the funds managed by FTA and its present expectations or projections. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. FTA, FMK and EDOW undertake no responsibility to update publicly or revise any forward-looking statements.

An investor should carefully consider the investment objectives, risks, charges and expenses of FMK or EDOW, as applicable, before investing. The prospectuses for FMK and EDOW contain this and other important information and are available free of charge by calling toll-free at 1-800-621-1675 or writing FMK or EDOW at 120 East Liberty Drive, Suite 400, Wheaton, IL 60187. The prospectus should be read carefully before investing.