First Trust NASDAQ® Clean Edge® Smart Grid Infrastructure Index Fund

First Trust Advisors L.P. (“First Trust”) today announced the anticipated launch of the First Trust NASDAQ ^® Clean Edge ^® Smart Grid Infrastructure Index Fund. This exchange-traded fund (ETF) is expected to begin trading on November 17 on The NASDAQ ^® Stock Market under the ticker symbol (GRID). This ETF 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 OMX ^® Clean Edge ^® Smart Grid Infrastructure Index ^SM. The Index is designed to act as a transparent and liquid benchmark for the grid and energy infrastructure sector.

"With a growing demand for electricity and the increasingly inefficient infrastructure, the current power grid is unable to keep up with 21 ^st century technology," according to Ryan Issakainen, Vice President and ETF Analyst at First Trust. "There's a growing movement towards a next generation power grid - Smart Grid. Electricity is one of the largest and most capital-intensive sectors in our economy and we are tremendously excited about the potential that an investment in this industry represents."

The Index includes companies that are primarily engaged and involved in electric grid, electric meters and devices, networks, energy storage and management, and enabling software used by the smart grid infrastructure sector. First Trust will be the investment advisor for the ETF.

About The Clean Edge ^® Smart Grid Infrastructure Index Fund

The Index is a modified-market capitalization weighted index that includes companies that are primarily engaged and involved in electric grid, electric meters and devices, networks, energy storage and management, and industry-related software. The index is jointly owned by the NASDAQ OMX Group, Inc. and Clean Edge, Inc. The index is administered by NASDAQ OMX Group, Inc.

About First Trust Advisors L.P.

Based in Wheaton, Illinois, First Trust Advisors L.P., 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 $24 billion as of October 30, 2009 through closed-end funds, unit investment trusts, mutual funds, separate managed accounts and exchange-traded funds.

For more information, please visit www.ftportfolios.com.

Principal Risk Factors

The information in the prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. The prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

An investor should consider the fund’s investment objectives, risks, charges and expenses carefully before investing. Contact First Trust Portfolios L.P. at 1-800-621-1675 or visit www.ftportfolios.com to obtain a prospectus or summary prospectus which contains this and other information about the fund. The prospectus or summary prospectus should be read carefully before investing.

An investor could lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.

MARKET RISK. Market risk is the risk that a particular stock owned by the Fund, Shares of the Fund or stocks in general may fall in value. Shares are subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in interest rates and perceived trends in stock prices. Overall stock values could decline generally or could underperform other investments.

NON-CORRELATION RISK. The Fund’s return may not match the return of the Index for a number of reasons. For example, the Fund incurs operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index.

REPLICATION MANAGEMENT RISK. The Fund is exposed to additional market risk due to its policy of investing principally in the securities included in the Index. As a result of this policy, securities held by the Fund will generally not be bought or sold in response to market fluctuations and the Fund will be concentrated in smart grid companies. Therefore, the Fund will generally not sell a stock because the stock’s issuer is in financial trouble, unless that stock is removed or is anticipated to be removed from the Index.

NON-DIVERSIFICATION RISK. The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”). As a result, the Fund is only limited as to the percentage of its assets which may be invested in the securities of any one issuer by the diversification requirements imposed by the Internal Revenue Code of 1986, as amended (the “Code”). The Fund may invest a relatively high percentage of its assets in a limited number of issuers.

SMART GRID RISK. The Fund will be concentrated in smart grid companies. Smart grid companies can be negatively affected by high costs of research and development, high capital requirements for implementation, uncertain government regulations and input, limited ability of industrial and utility companies to quickly transform their businesses in order to implement new technologies and uncertainty of the ability of new products to penetrate established industries. Smart grid companies are often reliant upon contracts with government and commercial customers which may expire from time to time. Such companies are also affected by the general business conditions within the industrial, utility, information technology and telecommunications sectors and the overall global economy.

NON-U.S. SECURITIES RISK. The Fund invests in securities of non-U.S. issuers. Such securities are subject to higher volatility than securities of domestic issuers due to possible adverse political, social or economic developments; restrictions on foreign investment or exchange of securities; lack of liquidity; excessive taxation; government seizure of assets; different legal or accounting standards; and less government supervision and regulation of exchanges in foreign countries.

CURRENCY RISK. Because the Fund’s NAV is determined on the basis of U.S. dollars, an investor may lose money if the local currency of a foreign market depreciates against the U.S. dollar, even if the local currency value of a Fund’s holdings goes up.

NASDAQ ^®, NASDAQ OMX ^®, and Clean Edge ^® are the registered trademarks (the “Marks”) of The NASDAQ OMX Group, Inc. (“NASDAQ OMX”) and Clean Edge, Inc. (“Clean Edge”) respectively. NASDAQ OMX ^® and Clean Edge ^® are, collectively with their affiliates, the “Corporations”. The Marks are licensed for use by First Trust Advisors L.P. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. The Fund should not be construed in any way as investment advice by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

Not FDIC Insured • Not Bank Guaranteed • May Lose Value