First Trust Announces Shareholder Approval of Changes in Investment Strategies and Other Related Matters for First Trust Municipal CEF Income Opportunity ETF

First Trust Advisors L.P. ("FTA") announced today shareholders of First Trust Municipal CEF Income Opportunity ETF (NASDAQ:MCEF) (the "Fund"), a series of First Trust Exchange-Traded Fund VIII (the "Trust"), voted at a shareholder meeting to approve certain changes to the Fund's principal investment strategies. The Fund will convert from its current fund-of-funds investment strategy to one that seeks to provide the same investment objective of current income by investing directly in municipal debt securities. The Fund will still have the ability to invest up to 10% of its net assets in closed-end investment companies that invest primarily in municipal debt securities. Furthermore, the Fund will be renamed "First Trust Flexible Municipal High Income ETF" and the Fund's ticker symbol will change to "MFLX." In connection with the implementation of the proposed strategy changes, the following persons will serve as additional members of the Fund's portfolio management team and will manage the Fund's non-closed-end fund investments: Tom Futrell, CFA, Senior Vice President and Senior Portfolio Manager of FTA, Johnathan N. Wilhelm, Senior Vice President and Senior Portfolio Manager of FTA and Tom Byron, Senior Vice President and Senior Portfolio Manager of FTA. The Fund's name change and ticker change are expected to be effective on Thursday, April 14, 2022. The Fund's CUSIP is not expected to change.

In order to implement the Fund's revised investment strategy, there will be an invest-up period of approximately 30 to 60 days from the date of this press release in which the Fund will depart from certain investment policies described in the Fund's revised prospectus (to be effective on April 14, 2022) in order to transition the Fund's assets to meet the new investment strategy.

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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