First Trust Announces Shareholder Approval of Change to Investment Objective and a New Investment Management Agreement for First Trust NASDAQ-100 Equal Weighted Index Fund

First Trust Advisors L.P. ("FTA") announced today that shareholders of First Trust NASDAQ-100 Equal Weighted Index Fund (the "Fund") (NASDAQ:QQEW), a series of First Trust Exchange-Traded Fund (the "Trust"), have voted to approve a change to the Fund's investment objective and a new investment management agreement between the Trust, on behalf of the Fund, and FTA, as investment advisor.

The change to the Fund's investment objective is expected to occur on or around December 22, 2025 and will result in the Fund seeking investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an equity index called the Nasdaq-100 Select Equal Weight^™ Index (the "New Index"). Currently, the Fund 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-100 Equal Weighted^™ Index (the "Current Index"). According to Nasdaq, Inc., the index provider to the New Index, the New Index is an equally weighted index designed to track the performance of the 50 companies from the Nasdaq-100 Index^® with the highest combined "blended quality and growth scores." The companies are scored on metrics including 3-year revenue annualized growth, 3-year forward earnings per share estimate annualized growth, 3-year free cash flow annualized growth, return on equity, and profit margin. When the Fund's investment objective changes, the Fund will be renamed "First Trust Nasdaq-100 Select Equal Weight ETF" and the Fund's policy to invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Current Index will be modified as follows: The Fund will normally invest at least 80% of its net assets (including investment borrowings) in the securities that comprise the New Index. The Fund's cusip and ticker symbol are not expected to change.

The new investment management agreement (the "New Agreement"), which is expected to be implemented on or around December 22, 2025, will move the Fund to a unitary management fee starting at an annual rate equal to 0.55% of the Fund's average daily net assets (subject to reduction at certain levels of Fund net assets, if applicable). Under the New Agreement, in addition to being responsible for the overall management and administration of the Fund, FTA will also be responsible for the Fund's expenses (subject to certain exclusions). Currently, the Fund pays FTA an investment management fee starting at an annual rate equal to 0.40% of average daily net assets (subject to reduction at certain levels of Fund net assets, if applicable) and also pays other Fund operating expenses.

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 $299 billion as of September 30, 2025 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.

The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, FTA is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.

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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First Trust Advisors L.P.

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