WHEATON, Ill.--(BUSINESS WIRE)--First Trust Advisors L.P. (“FTA”) announced today that the special meeting of shareholders of First Trust Value Line® 100 Exchange-Traded Fund (NYSE Arca: FVL), a series of First Trust Exchange-Traded Fund (the “Trust”), has been adjourned in order to allow shareholders additional time to vote on the reorganization transaction whereby FVL will be combined with First Trust Value Line® Dividend Index Fund (NYSE Arca: FVD), a series of the Trust, and to permit additional solicitation of shareholders. The shareholder meeting will reconvene on Monday, October 19, 2020 at 12:00 p.m. Central time at the offices of FTA at 120 East Liberty Drive, Suite 400, in Wheaton, Illinois.
FVL 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 Value Line® 100 Index. FVL pursues this investment objective by investing at least 90% of its net assets (including investment borrowings) in the common stocks and depositary receipts that comprise the index. The index seeks to measure the performance of the 100 highest ranked securities according to Value Line Publishing, LLC’s (the “Index Provider”) proprietary Value Line Timeliness Ranking System.
FVD 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 Value Line® Dividend Index. FVD pursues this investment objective by investing at least 90% of its net assets (including investment borrowings) in the common stocks and depositary receipts that comprise the index. The index seeks to measure the performance of certain ranked securities according to the Index Provider’s proprietary Value Line® SafetyTM Ranking System that are also still expected to provide above-average dividend yield.
FTA is a federally registered investment advisor and serves as the investment advisor of FVL and FVD. 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 $152 billion as of August 31, 2020 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separately 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 / Forward-Looking Statements
This press release is not intended to, and shall not, constitute an offer to purchase or sell shares of FVL or FVD. 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, FVL and FVD undertake no responsibility to update publicly or revise any forward-looking statements.
In connection with the solicitation of proxies to approve the reorganization, FVL has filed a proxy statement/prospectus (the “proxy statement”). Because the proxy statement contains important information, FVL’s shareholders are urged to read the proxy statement and accompanying materials carefully. FVL’s shareholders are also able to obtain copies of these documents and other transaction-related documents by calling FTA toll-free at 800-621-1675. The proxy statement is available free of charge at the website of the Securities and Exchange Commission (“SEC”), www.sec.gov. The foregoing is not an offer to sell, nor a solicitation of an offer to buy, shares of the FVL or FVD, nor is it a solicitation of any proxy. FVL, FTA and certain of their respective directors/trustees, officers and affiliates may be deemed under the rules of the SEC to be participants in the solicitation of proxies from shareholders in connection with the matters described above. Information about the trustees and officers of FVL may be found in its annual report previously filed with the SEC.
An investor should carefully consider the investment objectives, risks, charges and expenses of FVL or FVD, as applicable, before investing. The prospectuses for FVL and FVD contain this and other important information and are available free of charge by calling toll-free at 1-800-621-1675 or writing FVL or FVD at 120 East Liberty Drive, Suite 400, Wheaton, IL 60187. The prospectus should be read carefully before investing.