WHEATON, Ill.--(BUSINESS WIRE)--First Trust Advisors L.P. (“First Trust”) announced today that the Board of Trustees (“Board”) of First Trust Exchange-Traded Fund (the “Trust”), on behalf of First Trust ISE-Revere Natural Gas Index Fund (the “Fund”), an index-based exchange-traded fund (NYSE Arca: FCG) approved a 1 for 5 reverse share split.
The reverse share split will result in every five outstanding shares being converted into one share, thereby reducing the number of shares outstanding. Fractional shares will be paid out in cash to the beneficial shareholder. Once the reverse share split is complete, each shareholder’s account will reflect one-fifth fewer shares with a net asset value per share that reflects the combined shares. The Fund’s shares will continue to trade under the same ticker symbol, FCG. The Fund’s current CUSIP number 33734J102 will be replaced by a new CUSIP number, 33733E807. First Trust currently anticipates the reverse share split will be effective as of the opening of business on NYSE Arca, Inc. on or about May 2, 2016, subject to all regulatory requirements and other conditions being satisfied.
The Fund launched on May 8, 2007. The Fund’s investment objective is to seek investment results that correspond generally to the price and yield, before fees and expenses, of an equity index called the ISE-REVERE Natural Gas Index™.
First Trust Advisors L.P., the Fund’s investment advisor, along with its affiliate, First Trust Portfolios L.P., are privately-held companies which provide a variety of investment services, including asset management and financial advisory services, with collective assets under management or supervision of approximately $96 billion as of March 31, 2016 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts.
You should consider the investment objective, risk, charges and expenses of the Fund before investing. The prospectus for the Fund contains this and other important information and is available free of charge by calling toll-free 1-800-621-1675 or visiting http://www.ftportfolios.com. The prospectus should be read carefully before investing.