Board Approves Interim and New Investment Sub-Advisory Agreements for First Trust SSI Strategic Convertible Securities ETF

First Trust Advisors L.P. ("FTA") announced today that the Board of Trustees ("Board") of First Trust Exchange-Traded Fund IV (the "Trust"), on behalf of First Trust SSI Strategic Convertible Securities ETF FCVT (the "Fund"), a series of the Trust, voted to approve SSI Investment Management LLC ("SSI LLC") as investment sub-advisor to the Fund to replace SSI Investment Management Inc. ("SSI Inc."). SSI LLC will begin serving as investment sub-advisor to the Fund effective upon the closing of the Transaction described below. SSI Inc. intends to engage in an internal reorganization pursuant to which it will create a subsidiary, SSI LLC, and transfer its advisory business to SSI LLC. After such transfer, Resolute Investment Managers, Inc. ("Resolute") has agreed to acquire a majority interest in SSI LLC (the "Transaction"). The acquisition of the interests in SSI LLC by Resolute is expected to be considered an "assignment" (as defined in the Investment Company Act of 1940, as amended) which is anticipated to result in the automatic termination of the existing investment sub-advisory agreement among the Fund, FTA and SSI Inc. (the "Sub-Advisory Agreement"), in accordance with the terms of such Sub-Advisory Agreement. In light of the proposed Transaction, the Board approved a new investment sub-advisory agreement (the "New Agreement") among the Fund, FTA and SSI LLC. The New Agreement will be submitted to shareholders of the Fund for approval and would take effect upon such shareholder approval. If the Transaction closes prior to receipt of shareholder approval of the New Agreement terminating the existing Sub-Advisory Agreement, to avoid any interruption of services, the Board also approved an interim sub-advisory agreement among the Fund, FTA and SSI LLC which would be effective upon the consummation of the Transaction and remain in effect, in general terms, (a) for 150 days following the closing of the Transaction, (b) until shareholders approve the New Agreement, or (c) unless sooner terminated as provided by the terms of the interim sub-advisory agreement, whichever occurs first. The Transaction is not expected to impact the day-to-day operations of the Fund, and the portfolio managers of the Fund will remain the same. A special shareholder meeting of the Fund to vote on a proposal to approve the New Agreement is expected to be held in the second quarter of 2019. There can be no assurance that the shareholders of the Fund will vote to approve the New Agreement. The Transaction is expected to close during the second quarter of 2019.

The Fund is an actively managed exchange-traded fund that seeks total return as its investment objective by investing, under normal market conditions, at least 80% of its net assets (including investment borrowings) in a portfolio of U.S. and non-U.S. convertible securities.

FTA has served as the Fund's investment advisor since the Fund's inception. 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 $125 billion as of February 28, 2019 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.

SSI Inc. is an investment management firm and as the sub-advisor to the Fund, SSI Inc. is responsible for the selection and ongoing monitoring of the securities in the Fund's investment portfolio. SSI Inc. specializes in alternative investment solutions utilizing convertible assets, equity securities and hedging strategies. SSI Inc. was formed in 1973 and serves as investment advisor to investment portfolios with approximately $1.8 billion in assets which it managed as of December 31, 2018. SSI Inc. provides investment advisory services to pension and profit-sharing plans, corporations, foundations and endowments, Taft-Hartley plans, family offices, insurance companies, public funds, high-net worth individuals, private investment vehicles, religious organizations and mutual funds.

This press release contains certain forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding the goals, beliefs, plans or current expectations of FTA and/or SSI Inc. and their respective representatives, taking into account the information currently available to them. Forward-looking statements include all statements that do not relate solely to current or historical fact. For example, forward-looking statements include the use of words such as "anticipate," "estimate," "intend," "expect," "believe," "plan," "may," "should," "would" or other words that convey uncertainty of future events or outcomes. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Fund to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. When evaluating the information included in this press release, you are cautioned not to place undue reliance on these forward-looking statements, which reflect the judgment of FTA and SSI Inc. and their respective representatives only as of the date hereof. We undertake no obligation to publicly revise or update these forward-looking statements to reflect events and circumstances that arise after the date hereof.

In connection with the solicitation of proxies to approve the New Agreement, the Fund will file a proxy statement. Because the proxy statement will contain important information, the Fund's shareholders are urged to read the proxy statement and accompanying materials carefully when they receive them. The Fund's shareholders will also be able to obtain copies of these documents and other transaction-related documents, when available, by calling FTA toll-free at 800-621-1675. When filed with the SEC, the proxy statement will be available free of charge at the SEC's website, www.sec.gov. The foregoing is not an offer to sell, nor a solicitation of an offer to buy, shares of the Fund, nor is it a solicitation of any proxy. The Fund, FTA, SSI Inc. 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 the Fund may be found in its annual report previously filed with the SEC.

The Fund's daily 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.

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