First Trust Announces Completion of First Trust Mega Cap AlphaDEX® Fund’s Reorganization into First Trust Dow 30 Equal Weight ETF

WHEATON, Ill.--(BUSINESS WIRE)--First Trust Advisors L.P. (“FTA”) announced today that the reorganization of First Trust Mega Cap AlphaDEX^® Fund (Nasdaq: FMK), an index based exchange-traded fund (“ETF”), managed by FTA, into First Trust Dow 30 Equal Weight ETF (NYSE Arca: EDOW), an index based ETF managed by FTA, was completed prior to the open of the NYSE Arca on December 14, 2020.

As previously announced, the shareholders of FMK and EDOW approved FMK’s reorganization into EDOW at a Joint Special Meeting of Shareholders on November 9, 2020. The reorganization was approved by the Board of Trustees of each of FMK and EDOW on January 30, 2020.

In the reorganization, the assets of FMK were transferred to, and the liabilities of FMK were assumed by, EDOW. The shareholders of FMK received shares of EDOW with a value equal to the aggregate net asset value of the shares of FMK held by them. The exchange of shares took place based upon FMK’s and EDOW’s closing net asset values on December 11, 2020. The exchange ratio at which shares of FMK were exchanged for shares of EDOW is 1.595502.

EDOW 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 Dow Jones Industrial Average Equal Weight Index. EDOW pursues this investment objective by investing at least 90% of its net assets in the common stocks that comprise the index. The index is the equal weight version of and seeks to measure the performance of the Dow Jones Industrial Average^TM which is composed of 30 securities issued by blue-chip U.S. companies covering all industries, with the exception of transportation and utilities.

FTA is a federally registered investment advisor and serves as the investment advisor of FMK and EDOW. 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 $164 billion as of November 30, 2020 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate 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.

This press release is not intended to, and shall not, constitute an offer to purchase or sell shares of EDOW. An investor should carefully consider the investment objectives, risks, charges and expenses of EDOW before investing. The prospectus for EDOW contains this and other important information and is available free of charge by calling First Trust Portfolios L.P. at 1-800-621-1675 or visiting www.ftportfolios.com. The prospectus should be read carefully before investing.