First Trust Announces Shareholder Approval of First Trust Mega Cap AlphaDEX® Fund's Reorganization Into First Trust Dow 30 Equal Weight ETF

First Trust Advisors L.P. (“FTA”) announced today that shareholders of each of First Trust Mega Cap AlphaDEX® Fund (Nasdaq: FMK), an index based exchange-traded fund (“ETF”), managed by FTA, and First Trust Dow 30 Equal Weight ETF (NYSE Arca: EDOW), an index based ETF managed by FTA, have approved the reorganization of FMK into EDOW at a joint Special Meeting of Shareholders on November 9, 2020. As previously announced, the reorganization was approved by the Boards of Trustees of FMK and EDOW on January 30, 2020. Subject to the satisfaction of certain customary closing conditions, the reorganization of FMK into EDOW is expected to close by the end of 2020. No assurance can be given as to the exact timing of the closing of the transaction.

Upon the completion of the reorganization, which is expected to be tax-free, the assets of FMK will be transferred to, and the liabilities of FMK will be assumed by, EDOW. The shareholders of FMK will receive shares of EDOW with a value equal to the aggregate net asset value of the shares of FMK held by them.

EDOW is an index based ETF that seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the Dow Jones Industrial Average Equal Weight Index. EDOW pursues this investment objective by investing at least 90% of its net assets in the common stocks that comprise the index. The index is the equal weight version of and seeks to measure the performance of the Dow Jones Industrial AverageTM which is composed of 30 securities issued by blue-chip U.S. companies covering all industries, with the exception of transportation and utilities.

FTA is a federally registered investment advisor and serves as the investment advisor of FMK and EDOW. 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 $147 billion as of October 31, 2020 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.

Additional Information about the Proposed Reorganization and Where to Find It

This press release is not intended to, and shall not, constitute an offer to purchase or sell shares of FMK or EDOW. Certain statements made in this news release that are not historical facts are referred to as “forward-looking statements” under the U.S. federal securities laws. Actual future results or occurrences may differ significantly from those anticipated in any forward- looking statements due to numerous factors. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ from the historical experience of FTA and the funds managed by FTA and its present expectations or projections. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. FTA, FMK and EDOW undertake no responsibility to update publicly or revise any forward-looking statements.

An investor should carefully consider the investment objectives, risks, charges and expenses of FMK or EDOW, as applicable, before investing. The prospectuses for FMK and EDOW contain this and other important information and are available free of charge by calling toll-free at 1-800-621-1675 or writing FMK or EDOW at 120 East Liberty Drive, Suite 400, Wheaton, IL 60187. The prospectus should be read carefully before investing.

SOURCE: First Trust Advisors L.P.


Ryan Issakainen – (630) 765-8689

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