First Trust Value Line(R) Equity Allocation Index Fund Declares Semi-Annual Distribution of $0.08 Per Share.

LISLE, Ill. -- First Trust Value Line([R]) Equity Allocation Index Fund (the "Fund") (AMEX:FVI) today declared its regularly scheduled semi-annual distribution of $0.08 per share.

The dividend will be payable on June 29, 2007 to shareholders of record as of June 25, 2007 with an expected ex-dividend date of June 21, 2007. The final determination of the source and tax status of all distributions paid in 2007 will be made after the end of 2007.

The Fund is a series of the First Trust Exchange-Traded Fund, an investment company and an exchange-traded "index fund" designed to seek investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an equity index called the Value Line([R])Equity Allocation Index.

First Trust Advisors L.P. acts as the fund's investment adviser and currently manages or supervises approximately $32 billion in assets.

Past performance is no assurance of future results. Investment return and market value of an investment in the Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost.

Principal Risk Factors: An investment in the Fund involves risks similar to those of investing in any fund of equity securities traded on exchanges. Investors buying or selling Fund shares on the secondary market may incur brokerage commissions. Please see the Fund's prospectus for additional information on the risks of investing in the Fund.

The Fund's daily American Stock Exchange closing price and net asset value per share as well as other information can be found at www.ftportfolios.com or by calling 1-800-988-5891.