FVD First Trust Value Line Dividend Index Fund

First Trust Value Line� Dividend Index Fund (the �Fund�) (AMEX: FVD) today declared its regularly scheduled quarterly distribution of $0.11 per share. Based on the Fund�s market price of $16.80 on March 19, 2007, the Fund�s regular distribution equates to an annualized distribution rate of 2.62%. The distribution will be payable on March 30, 2007 to shareholders of record on March 27, 2007, with an expected ex-dividend date of March 23, 2007. The final determination of the source and tax status of all distributions paid in 2007 will be made after the end of 2007. The Fund is a series of the First Trust Exchange-Traded Fund, an investment company and an exchange-traded �index fund� designed to seek 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� Dividend Index. First Trust Advisors L.P. acts as the fund�s investment adviser and currently manages or supervises approximately $28 billion in assets. Past performance is no assurance of future results. Investment return and market value of an investment in the Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost. Principal Risk Factors: An investment in the Fund involves risks similar to those of investing in any fund of equity securities traded on exchanges. Investors buying or selling Fund shares on the secondary market may incur brokerage commissions. Please see the Fund�s prospectus for additional information on the risks of investing in the Fund. The Fund�s daily American Stock Exchange closing price and net asset value per share as well as other information can be found at www.ftportfolios.com or by calling 1-800-988-5891.