The First Trust Value Line 100 ETF has begun trading on the AMEX. The fund started out as an closed-end fund, but has now found new life in the ETF format. The move was approved by the fund's shareholders on May 17.

The American Stock Exchange� (Amex�) today announced that it has launched trading in First Trust Value Line� 100 Exchange-Traded Fund (FVLETF). First Trust Advisors L.P. (First Trust) is the investment adviser to FVLETF. FVLETF is the second exchange traded fund (ETF) resulting from the conversion of a closed-end fund, First Trust Value Line� 100 Fund (FVLCEF). This move further demonstrates the increasing innovation emerging around the exchange traded fund format.

On May 17, 2007, First Trust announced that FVLCEF shareholders approved the reorganization of FVLCEF into an ETF. Under the terms of the reorganization, the assets of FVLCEF were transferred to, and the liabilities of FVLCEF were assumed by, FVLETF in exchange for shares of FVLETF. On Friday, June 15, 2007, the reorganization was effected and FVLCEF was delisted from the Amex at the market close. FVLETF will trade on the Amex under the �FVL� ticker symbol.

The conversion represents a new strategy to reduce or eliminate the discount to net asset value (NAV) at which shares of closed-end funds can trade. As an ETF, FVLETF�s share price is expected to trade very closely to NAV. In the event the share price trades at a significant deviation from NAV, arbitrageurs may effect trades that serve to align the ETF�s share price with NAV. In addition, FVLETF will have a lower expense ratio than FVLCEF for at least two years following the reorganization.

�We are very pleased to welcome First Trust back to the Amex as they launch trading in the second closed-end fund to convert into an ETF to date,� said Scott Ebner, Senior Vice President of the ETF Marketplace at the Amex. �The Amex and First Trust share a commitment to providing innovative solutions for investors.�

FVLETF seeks investment results that correspond generally to the price and yield (before the fund's fees and expenses) of an equity index called the Value Line� 100 Index (Symbol: VLFVL). The fund will normally invest at least 90% of its total assets in common stocks that comprise the Index. The Index is designed to objectively identify and select 100 stocks ranked #1 by Value Line, Inc.� in the Value Line� Timeliness(TM) Ranking System.

Dan Waldron, Senior Vice President of First Trust, says that �the conversion of FVLCEF into an ETF allows us to maintain the same investment strategy and the integrity of the process � two key benefits to investors.�

The specialist for the new ETF is Goldman Sachs Execution & Clearing, L.P.

About the American Stock Exchange The American Stock Exchange� (Amex�) offers trading across a full range of equities, options and exchange traded funds (ETFs), including structured products and HOLDRSSM. In addition to its role as a national equities market, the Amex is the pioneer of the ETF, responsible for bringing the first domestic product to market in 1993. Leading the industry in ETF listings, the Amex lists 321 ETFs to date. The Amex is also one of the largest options exchanges in the U.S., trading options on broad-based and sector indexes as well as domestic and foreign stocks. For more information, please visit HYPERLINK "http://www.amex.com" www.amex.com

About First Trust Advisors L.P. and First Trust Portfolios L.P. First Trust Advisors L.P. and its affiliate, First Trust Portfolios L.P., are privately-held investment services companies which were established in 1991 and operate nationwide and also in Canada and Europe. The firms provide a variety of investment services, including asset management, financial advisory services, and municipal and corporate investment banking. The firms currently have assets under management or supervision of over $30 billion through closed-end funds, unit investment trusts, open end funds, separate managed accounts and exchange-traded funds. You should consider the fund's investment objectives, risks, charges and expenses carefully before investing. Call 800-621-1675 to request a prospectus, which contains this and other information about the fund. Read it carefully before you invest or send money. Like all investment company securities, the shares of the fund are not insured by the FDIC or any other government agency, are not issued or guaranteed by any bank, and may lose value.

Edited by: Erin Kello

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