GRID First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fd

First Trust Advisors L.P. (“FTA”) announced today that it will enter into interim investment management agreements with First Trust Exchange-Traded Fund, First Trust Exchange-Traded Fund II and First Trust Exchange-Traded AlphaDEX® Fund (each, a “Trust” and collectively, the “Trusts”). FTA is the investment advisor to each portfolio (each, a “Fund” and together the “Funds”) of each Trust.

On August 24, 2010, James A. Bowen, President of FTA, entered into a stock purchase agreement to purchase 100% of the general partnership interest of FTA (the “Transaction”). The Transaction is scheduled to be completed in October 2010 and is subject to normal closing conditions. The consummation of the Transaction may be deemed to be an “assignment” (as defined in the Investment Company Act of 1940, as amended) of the investment management agreement between each Trust and FTA, which would result in the automatic termination of the agreements. The Board of Trustees of each Trust has approved the interim investment management agreements, which will be entered into effective upon the closing of the Transaction and will be in effect for a maximum period of 150 days. New investment management agreements will be submitted to shareholders of each Fund for approval and would take effect upon such shareholder approval. The new agreements will be substantially similar to each Trust’s current agreement and the Transaction will not impact the day-to-day operations of any of the Funds. A special shareholder meeting of each Fund to vote on a proposal to approve the new investment management agreements is expected to be held later this year. There can be no assurance that the necessary percentage of the shareholders of the Funds will vote to approve the new investment management agreements.

FTA 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 $32 billion as of August 31, 2010 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 a Fund before investing. Prospectuses for the Funds 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.

Ticker   Exchange   Fund Name   First Trust Exchange-Traded Fund FDV NYSE Arca First Trust Strategic Value Index Fund FDN NYSE Arca First Trust Dow Jones Internet IndexSM Fund FDM NYSE Arca First Trust Dow Jones Select MicroCap IndexSM Fund FNI NYSE Arca First Trust ISE Chindia Index Fund FCG NYSE Arca First Trust ISE-Revere Natural Gas Index Fund FIW NYSE Arca First Trust ISE Water Index Fund FDL NYSE Arca First Trust Morningstar® Dividend LeadersSM Index Fund FBT NYSE Arca First Trust NYSE Arca Biotechnology Index Fund FRI NYSE Arca First Trust S&P REIT Index Fund FPX NYSE Arca First Trust US IPO Index Fund FVL NYSE Arca First Trust Value Line® 100 Exchange-Traded Fund FVD NYSE Arca First Trust Value Line® Dividend Index Fund FVI NYSE Arca First Trust Value Line® Equity Allocation Index Fund QQEW NASDAQ First Trust NASDAQ-100 Equal Weighted IndexSM Fund QQXT NASDAQ First Trust NASDAQ-100 Ex-Technology Sector IndexSM Fund QTEC NASDAQ First Trust NASDAQ-100-Technology Sector IndexSM Fund QABA NASDAQ First Trust NASDAQ® ABA Community Bank Index Fund QCLN NASDAQ First Trust NASDAQ® Clean Edge® Green Energy Index Fund   First Trust Exchange-Traded Fund II FGD NYSE Arca First Trust Dow Jones Global Select Dividend Index Fund FDD NYSE Arca First Trust Dow Jones STOXX® European Select Dividend Index Fund FFR NYSE Arca First Trust FTSE EPRA/NAREIT Developed Markets Real Estate Index Fund FLM NYSE Arca First Trust ISE Global Engineering and Construction Index Fund FAN NYSE Arca First Trust ISE Global Wind Energy Index Fund BICK NASDAQ First Trust BICK Index Fund CU NASDAQ First Trust ISE Global Copper Index Fund PLTM NASDAQ First Trust ISE Global Platinum Index Fund GRID NASDAQ First Trust NASDAQ® Clean Edge® Smart Grid Infrastructure Index Fund   First Trust Exchange-Traded AlphaDEX® Fund FXD NYSE Arca First Trust Consumer Discretionary AlphaDEX® Fund FXG NYSE Arca First Trust Consumer Staples AlphaDEX® Fund FXN NYSE Arca First Trust Energy AlphaDEX® Fund FXO NYSE Arca First Trust Financials AlphaDEX® Fund FXH NYSE Arca First Trust Health Care AlphaDEX® Fund FXR NYSE Arca First Trust Industrials/Producer Durables AlphaDEX® Fund FXZ NYSE Arca First Trust Materials AlphaDEX® Fund FXL NYSE Arca First Trust Technology AlphaDEX® Fund FXU NYSE Arca First Trust Utilities AlphaDEX® Fund FEX NYSE Arca First Trust Large Cap Core AlphaDEX® Fund FNX NYSE Arca First Trust Mid Cap Core AlphaDEX® Fund FYX NYSE Arca First Trust Small Cap Core AlphaDEX® Fund FTA NYSE Arca First Trust Large Cap Value Opportunities AlphaDEX® Fund FTC NYSE Arca First Trust Large Cap Growth Opportunities AlphaDEX® Fund FAB NYSE Arca First Trust Multi Cap Value AlphaDEX® Fund FAD NYSE Arca First Trust Multi Cap Growth AlphaDEX® Fund