December 22, 2008 at 18:35 PM EST
First Trust Exchange-Traded Fund Series of Exchange-Traded Funds Announces Distributions

First Trust Exchange-Traded Fund (“Trust”), a registered management investment company currently consisting of 17 exchange-traded funds, announced regular quarterly and semi-annual distributions today for 11 exchange-traded funds (“Funds”) in the Trust.

The following dates apply to today’s distribution declarations:

Expected Ex-Dividend Date December 23, 2008
Record Date December 26, 2008
Payable Date December 31, 2008
Ordinary

Ticker

Exchange

Fund Name

Frequency

Income

FDM NYSE Arca First Trust Dow Jones Select MicroCap IndexSM Fund Semi-Annually $0.1150
FDL NYSE Arca First Trust Morningstar® Dividend Leaders IndexSM Fund Quarterly $0.1800
FPX NYSE Arca First Trust IPOX-100 Index fund Semi-Annually $0.1245
FDN NYSE Arca First Trust Dow Jones Internet IndexSM Fund Semi-Annually $0.0125
FDV NYSE Arca First Trust DB Strategic Value Index Fund Semi-Annually $0.1520
FVI NYSE Arca First Trust Value Line® Equity Allocation Index Fund Semi-Annually $0.1415
FVD NYSE Arca First Trust Value Line® Dividend Index Fund Quarterly $0.1260
FRI NYSE Arca First Trust S&P REIT Index Fund Semi-Annually $0.1010
FIW NYSE Arca First Trust ISE Water Index Fund Semi-Annually $0.0875
FCG NYSE Arca First Trust ISE-Revere Natural Gas Index Fund Semi-Annually $0.1065
FNI NYSE Arca First Trust ISE Chindia Index Fund Semi-Annually $0.0715

The majority, and possibly all, of this distribution will be paid out of net investment income earned by the Fund. A portion of this distribution may come from net short-term realized capital gains or return of capital. The final determination of the source and tax status of 2008 distributions will be made after the end of 2008.

First Trust Advisors L.P., the Funds’ investment advisor, along with 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 $17 billion as of November 30, 2008 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.

Principal Risk Factors: A Fund’s shares will change in value, and you could lose money by investing in a Fund. An investment in a Fund involves risk similar to those of investing in any fund of equity securities traded on exchanges. A Fund seeks investments results that correspond generally to the price and yield of an index. You should anticipate that the value of a Fund’s shares will decline, more or less, in correlation with any decline in the value of the index. A Fund’s return may not match the return of the index. A Fund may invest in small capitalization and mid capitalization companies. Such companies may experience greater price volatility than larger, more established companies.

Investors buying or selling Fund shares on the secondary market may incur brokerage commissions. Investors who sell Fund shares may receive less than the share’s net asset value. Unlike shares of open-end mutual funds, investors are generally not able to purchase Fund shares directly from the Fund and individual shares are not redeemable. However, specified large blocks of shares called “creation units” can be purchased from, or redeemed to, the Fund.

Contacts:

First Trust Exchange-Traded Fund
Press Inquiries: Jane Doyle, 630-765-8775
Analyst Inquiries: Eric Anderson, 630-517-7676
Broker Inquiries: Jeff Margolin, 630-915-6784
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