HYLS First Trust Tactical High Yield

Please replace the release dated March 14, 2013 with the following corrected version due to multiple revisions.

The corrected release reads:

FIRST TRUST ADVISORS L.P. ANNOUNCES INITIAL DISTRIBUTION FOR FIRST TRUST HIGH YIELD LONG/SHORT ETF

First Trust Advisors L.P. (“FTA”) announces the declaration of the regular monthly distribution for the following exchange-traded fund advised by FTA.

The following dates apply to today’s distribution declaration:

      Expected Ex-Dividend Date:     March 21, 2013 Record Date: March 25, 2013 Payable Date: March 28, 2013                                 Per Share

Ticker

Exchange

Fund Name

Frequency

Amount

 

First Trust Exchange-Traded Fund IV

HYLS NASDAQ First Trust High Yield Long/Short ETF Monthly $ 0.2800  

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 $69 billion as of February 28, 2013, through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts.

You should consider the investment objectives, risks, charges and expenses of a Fund before investing. Prospectuses for the Funds contain this and other important information and are available free of charge by calling toll-free at 1-800-621-1675 or visiting www.ftportfolios.com. A prospectus should be read carefully before investing.

The First Trust High Yield Long/Short ETF is an actively managed exchange-traded fund. The Fund's primary investment objective is to provide current income. The Fund's secondary investment objective is to provide capital appreciation. Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in high yield debt securities that are rated below investment grade at the time of purchase or unrated securities deemed by the Fund's advisor to be of comparable quality.

Past performance is no assurance of future results. Principal Risk Factors: A Fund’s shares will change in value, and you could lose money by investing in a Fund. The risks of investing in the Fund are spelled out in its prospectus, shareholder report, and other regulatory filings.

Investors buying or selling Fund shares on the secondary market may incur brokerage commissions. Investors who sell Fund shares may receive less than the share’s net asset value. Unlike shares of open-end mutual funds, investors are generally not able to purchase Fund shares directly from the Fund and individual shares are not redeemable. However, specified large blocks of shares called “creation units” can be purchased from, or redeemed to, the Fund.