QABA First Trust Nasdaq ABA Community Bank Index Fund

First Trust Advisors L.P. (�First Trust�) today announced the anticipated launch of the First Trust NASDAQ� ABA� Community Bank Index Fund. This new community bank exchange-traded fund (ETF) is anticipated to begin trading on July 1st on the NASDAQ� under the ticker symbol (NASDAQ:QABA). First Trust will be the investment advisor for the ETF.

�First Trust is pleased to introduce this new ETF that tracks NASDAQ� listed community banks,� said Robert Carey, CFA, and Chief Investment Officer of First Trust.

�There has been little distinction made between the stress-tested megabanks and the nearly 8,000 community banks throughout the country,� he continued. �Because these banks tend to practice more conservative banking strategies and have tended to stay away from subprime lending and exotic financial instruments, they have recently shown higher capital levels and healthier balance sheets as compared to larger financial institutions. Investors who want to take advantage of the financial sector as a market recovery takes hold may find community banks an attractive place to start,� Mr. Carey said.

The First Trust NASDAQ� ABA� Community Bank Index Fund will seek investment results that correspond generally to the price and yield (before the fund�s fees and expenses) of the NASDAQ OMX� ABA� Community Bank IndexSM (NASDAQ:ABQI), a market capitalization weighted index.

About the NASDAQ OMX� ABA� Community Bank IndexSM

The NASDAQ OMX� ABA� Community Bank IndexSM (the �Index�) is jointly owned and was developed by NASDAQ OMX� and the American Bankers Association. The Index is rebalanced quarterly and reconstituted semi-annually. The Index is calculated and maintained by NASDAQ OMX�. For purposes of the Index, a �community bank� is considered to be all U.S. banks and thrifts or their holding companies listed on NASDAQ�, excluding the 50 largest U.S. banks by asset size. Also excluded are banks that have an international specialization and those banks that have a credit-card specialization, as screened by the American Bankers Association based on the most recent data from the Federal Deposit Insurance Corporation. A security must also have a market capitalization of at least $200 million and a three-month average daily dollar trading volume of at least $500 thousand and must meet certain operating history, solvency, and financial statement requirements. As of June 8, 2009, there were 96 securities that comprised the Index.

About First Trust Advisors L.P.

Based in Wheaton, Illinois, First Trust Advisors L.P., and its affiliate First Trust Portfolios L.P., 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 $19 billion as of May 31, 2009 through closed-end funds, unit investment trusts, mutual funds, separate managed accounts and exchange-traded funds.

For more information, please visit www.ftportfolios.com.

Principal Risk Factors

The information in the prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. The prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

An investor should consider the fund�s investment objectives, risks, charges and expenses carefully before investing. For a copy of the prospectus or summary prospectus which contains this and other information about the fund, call First Trust at 1-800-621-1675. Please read the prospectus or summary prospectus carefully before investing.

RISKS

The fund�s shares will change in value, and you could lose money by investing in the fund. One of the principal risks of investing in the fund is market risk. Market risk is the risk that a particular stock owned by the fund, fund shares or stocks in general may fall in value.

The fund�s return may not match the return of the Index. The fund may not be fully invested at times. Securities held by the fund will generally not be bought or sold in response to market fluctuations. The fund may invest in small-cap and mid-cap 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 customary brokerage commissions. Investors who sell fund shares may receive less than the share�s net asset value. Shares may be sold throughout the day on the exchange through any brokerage account. However, shares may only be redeemed directly from the fund by authorized participants, in very large creation/redemption units.

The fund is concentrated in the securities of community banks, as defined by the Index, which involves additional risks, including limited diversification. These companies are subject to certain risks, including the adverse effects of volatile interest rates, economic recession, increased competition from new entrants in the field, and potential increased regulation. The financial performance of these companies may also be highly dependent upon the business environment in certain geographic regions of the U.S. and may be adversely impacted by any downturn or unfavorable economic or employment developments in their local markets and the U.S. as a whole. These companies may also be subject to interest rate risks and changes in monetary policy as their earnings are largely dependent upon their net interest income and lending risks that could further increase because of increases in interest rates and/or continuing economic weakness.

The fund is classified as �non-diversified.� A non-diversified fund generally may invest a larger percentage of its assets in the securities of a smaller number of issuers. As a result, the fund may be more susceptible to the risks associated with these particular companies, or to a single economic, political or regulatory occurrence affecting these companies.

NASDAQ�, OMX�, NASDAQ OMX�, American Bankers Association�, ABA�, and NASDAQ OMX� ABA� Community Bank IndexSM are trademarks of The NASDAQ OMX Group, Inc. and American Bankers Association, (NASDAQ OMX and ABA, collectively with their affiliates, are referred to as the �Corporations�) and are licensed for use by First Trust Advisors L.P. The fund has not been passed on by the Corporations as to its legality or suitability. The fund is not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

Not FDIC Insured � Not Bank Guaranteed � May Lose Value

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