New York, May 10, 2007— Today the American Stock Exchange® (Amex®) launched trading in options on the following Amex-listed exchange traded funds:

• The First Trust Consumer Discretionary AlphaDEX™ Fund (Symbol: FXD)
• The First Trust Consumer Staples AlphaDEX™ Fund (Symbol: FXG)
• The First Trust Energy AlphaDEX™ Fund (Symbol: FXN)
• The First Trust Materials AlphaDEX™ Fund (Symbol: FXZ)
• The First Trust Technology AlphaDEX™ Fund (Symbol: FXL)
• The First Trust Utilities AlphaDEX™ Fund (Symbol: FXU)
• The First Utilities AlphaDEX™ Fund (Symbol: FRI)

The First Trust Consumer Discretionary AlphaDEX™ Fund options will open with strike prices of
(15- 25) 1 pt increments) and position limits of 2,500,000 shares. The options will trade on the March expiration cycle. The specialist will be Susquehanna Investment Group. The Fund seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the StrataQuant™ Consumer Discretionary Index (Symbol: STRQCD) (the “Consumer Discretionary Index”). The Consumer Discretionary Index is a modified equal-dollar weighted index designed by the Amex to objectively identify and select stocks from the Russell 1000® Index that may have greater capital appreciation potential through the use of the AlphaDEX™ screening methodology.

The First Trust Consumer Staples AlphaDEX™ Fund options will open with strike prices of (15- 25) 1 pt increments) and position limits of 2,500,000 shares. The options will trade on the March expiration cycle. The specialist will be Susquehanna Investment Group. The Fund seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the StrataQuant™ Consumer Staples Index (Symbol: STRQCS) (the “Consumer Staples Index”). The Consumer Staples Index is a modified equal-dollar weighted index designed by the Amex to objectively identify and select stocks from the Russell 1000® Index that may have greater capital appreciation potential through the use of the AlphaDEX™ screening methodology.

The First Trust Energy AlphaDEX™ Fund options will open with strike prices of (15- 25) 1 pt increments) and position limits of 2,500,000 shares. The options will trade on the March expiration cycle. The specialist will be Susquehanna Investment Group. The Fund seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the StrataQuant™ Energy Index (Symbol: STRQEN) (the “Energy Index”). The Energy Index is a modified equal-dollar weighted index designed by the Amex to objectively identify and select stocks from the Russell 1000® Index that may have greater capital appreciation potential through the use of the AlphaDEX™ screening methodology.

The First Trust Materials AlphaDEX™ Fund options will open with strike prices of (15- 25) 1 pt increments) and position limits of 2,500,000 shares. The options will trade on the March expiration cycle. The specialist will be Susquehanna Investment Group. The Fund seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the StrataQuant™ Materials Index (Symbol: STRQMT) (the “Materials Index”). The Materials Index is a modified equal-dollar weighted index designed by the Amex to objectively identify and select stocks from the Russell 1000® Index that may have greater capital appreciation potential through the use of the AlphaDEX™ screening methodology.

The First Trust Technology AlphaDEX™ Fund options will open with strike prices of (15- 25) 1 pt increments) and position limits of 2,500,000 shares. The options will trade on the March expiration cycle. The specialist will be Susquehanna Investment Group. The Fund seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the StrataQuant™ Technology Index (Symbol: STRQTC) (the “Technology Index”). The Technology Index is a modified equal-dollar weighted index designed by the Amex to objectively identify and select stocks from the Russell 1000® Index that may have greater capital appreciation potential through the use of the AlphaDEX™ screening methodology.

The First Trust Utilities AlphaDEX™ Fund options will open with strike prices of (15- 25) 1 pt increments) and position limits of 2,500,000 shares.  The options will trade on the March expiration cycle. The specialist will be Susquehanna Investment Group. The Fund seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the StrataQuant™ Utilities Index (Symbol: STRQUT) (the “Utilities Index”). The Utilities Index is a modified equal-dollar weighted index designed by the Amex to objectively identify and select stocks from the Russell 1000® Index that may have greater capital appreciation potential through the use of the AlphaDEX™ screening methodology.

The First Utilities AlphaDEX™ Fund options will open with strike prices of (15- 25) 1 pt increments) and position limits of 2,500,000 shares. The options will trade on the March expiration cycle. The specialist will be Jane Street Specialists, LLC. The Fund seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an equity index called the S&P REIT Composite Index. The Index is compiled and maintained by Standard & Poor’s (“S&P”). The Index covers approximately 89% of the U.S. REIT market capitalization, and maintains a constituency that reflects the market overall composition. The Index contains securities selected for market representation according to geography and property type. Equity REITs currently compose approximately 95% of the Index. Hybrid and mortgage REITs balance out the remainder of the Index, but will gradually be phased out so that the Index will focus exclusively on the equity REIT market.