First Trust Announces Completion of First Trust RiverFront Dynamic Asia Pacific ETF's Reorganization into First Trust RiverFront Dynamic Developed International ETF

First Trust Advisors L.P. ("FTA") announced today that the reorganization of First Trust RiverFront Dynamic Asia Pacific ETF (NASDAQ:RFAP), an actively managed exchange-traded fund ("ETF"), managed by FTA and sub-advised by RiverFront Investment Group LLC ("RiverFront"), into First Trust RiverFront Dynamic Developed International ETF (NASDAQ:RFDI), another actively managed ETF managed by FTA and sub-advised by RiverFront, was completed prior to the open of the Nasdaq on August 30, 2021.

As previously announced, the reorganization was approved by the Board of Trustees of RFAP and RFDI on January 15, 2021.

In the reorganization, the assets of RFAP were transferred to, and the liabilities of RFAP were assumed by, RFDI. The shareholders of RFAP received shares of RFDI with a value equal to the aggregate net asset value of the shares of RFAP held by them. The exchange of shares took place based upon RFAP's and RFDI's closing net asset values on August 27, 2021. The exchange ratio at which shares of RFAP were exchanged for shares of RFDI is 0.782867.

RFDI is an actively managed ETF that seeks to provide capital appreciation. Under normal market conditions, RFDI pursues this investment objective by investing at least 80% of its net assets (including investment borrowings) in a portfolio of equity securities of developed market companies, including through investments in common stock, depositary receipts and common and preferred shares of REITs, and forward foreign currency exchange contracts and currency spot transactions used to hedge RFDI's exposure to the currencies in which the equity securities of such developed market companies are denominated. Developed market countries currently include the countries comprising the Morgan Stanley Capital International World Index or countries considered to be developed by the World Bank, the International Finance Corporation or the United Nations. Under normal market conditions, RFDI will invest in at least three countries and at least 40% of its net assets in countries other than the United States. The securities in which RFDI may invest must be listed on a U.S. or non-U.S. securities exchange. RFDI may invest in small, mid and large capitalization companies.

FTA is a federally registered investment advisor and serves as the investment advisor of RFAP and RFDI. 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 $207 billion as of July 31, 2021 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.

RiverFront Investment Group LLC is a is a global asset manager utilizing a dynamic investment approach with uncommon transparency and serves as the sub-advisor of RFAP and RFDI. RiverFront is a registered investment advisor whose employees maintain majority ownership. The team averages 20 years in the investment industry with an emphasis on relationships with retail clients and advisors. RiverFront has an unwavering commitment to meet the evolving needs of its financial advisor partners and their clients.

This press release is not intended to, and shall not, constitute an offer to purchase or sell shares of RFDI. An investor should carefully consider the investment objectives, risks, charges and expenses of RFDI before investing. The prospectus for RFDI 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.

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