First Trust Announces Adjournment of Special Shareholder Meeting to Approve the Reorganization of First Trust Mega Cap AlphaDEX® Fund into First Trust Dow 30 Equal Weight ETF

Rhea-AI Summary

First Trust Advisors L.P. announced the adjournment of the joint special meeting for shareholders of the First Trust Mega Cap AlphaDEX Fund (Nasdaq: FMK) and First Trust Dow 30 Equal Weight ETF (NYSE Arca: EDOW). This adjournment allows shareholders more time to vote on the proposed reorganization to combine FMK with EDOW. The reconvened meeting is scheduled for November 9, 2020. FMK seeks investment results corresponding to the Nasdaq AlphaDEX Mega Cap Index, while EDOW targets the Dow Jones Industrial Average Equal Weight Index. FTA manages approximately $149 billion in assets.

Positive

• Shareholder meeting adjourned to allow more voting time on FMK and EDOW reorganization.
• FMK aims for positive alpha returns via Nasdaq AlphaDEX Mega Cap Index.
• FTAs assets under management are around $149 billion, indicating strong market presence.

Negative

• Reorganization decision indicates possible strategic challenges in maintaining independent operations.
• Adjournments may signal shareholder indecision or lack of consensus on the reorganization.

WHEATON, Ill.--(BUSINESS WIRE)--First Trust Advisors L.P. (“FTA”) announced today that the joint special meeting of shareholders of First Trust Mega Cap AlphaDEX^® Fund (Nasdaq: FMK), a series of First Trust Exchange-Traded AlphaDEX^® Fund, and First Trust Dow 30 Equal Weight ETF (NYSE Arca: EDOW), a series of First Trust Exchange-Traded Fund, has been adjourned in order to allow shareholders additional time to vote on the reorganization transaction whereby FMK will be combined with EDOW, and to permit additional solicitation of shareholders. The shareholder meeting will reconvene on Monday, November 9, 2020 at 12:15 p.m. Central time at the offices of FTA at 120 East Liberty Drive, Suite 400, in Wheaton, Illinois.

FMK 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 Nasdaq AlphaDEX^® Mega Cap Index. FMK pursues this investment objective by investing at least 90% of its net assets (including investment borrowings) in the common stocks that comprise the index. The index is designed to select mega cap stocks from the NASDAQ US 500 Large Cap Index that may generate positive alpha, or risk-adjusted returns, relative to traditional indices through the use of the AlphaDEX® selection methodology.

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 (including investment borrowings) in the common stocks that comprise the index. The index is the equal weight version 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 $149 billion as of September 30, 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 FMK or EDOW. 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, FMK and EDOW undertake no responsibility to update publicly or revise any forward-looking statements.

In connection with the solicitation of proxies to approve the reorganization, FMK and EDOW have filed a combined proxy statement/prospectus (the “proxy statement”). Because the proxy statement contains important information, FMK and EDOW shareholders are urged to read the proxy statement and accompanying materials carefully. FMK and EDOW 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 FMK or EDOW, nor is it a solicitation of any proxy. FMK, EDOW, 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 FMK or EDOW may be found in the respective annual report previously filed with the SEC.

An investor should carefully consider the investment objectives, risks, charges and expenses of FMK or EDOW, as applicable, before investing. The prospectuses for FMK and EDOW contain this and other important information and are available free of charge by calling toll-free at 1-800-621-1675 or writing FMK or EDOW at 120 East Liberty Drive, Suite 400, Wheaton, IL 60187. The prospectus should be read carefully before investing.