FVD First Trust Value Line Dividend Index Fund

First Trust Exchange-Traded Fund (�Trust�), an open-end management investment company currently consisting of 17 exchange-traded funds, announced regular quarterly distributions today for two exchange-traded funds (�Funds�) in the Trust. The following dates apply to today�s distribution declarations: � � � � Ex-Dividend Date � � � � � � March 24, 2008 Record Date March 26, 2008 Payable Date March 31, 2008 Ticker � Fund Name � Amount FDL First Trust Morningstar(R) Dividend Leaders Index Fund $0.2060 FVD First Trust Value Line(R) Dividend Index Fund $0.1045 First Trust Advisors L.P.,(�FTA) the Funds� investment advisor, along with its affiliate First Trust Portfolios L.P. (�FTP�), 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 $33 billion as of February 29, 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 risks similar to those of investing in any fund of equity securities traded on exchanges. A Fund seeks investment 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.