First Trust Announces Shareholder Approval of New Investment Sub-Advisory Agreement with SSI Investment Management LLC for First Trust SSI Strategic Convertible Securities ETF

First Trust Advisors L.P. ("FTA") announced today that shareholders of First Trust SSI Strategic Convertible Securities ETF FCVT (the "Fund"), a series of First Trust Exchange-Traded Fund IV (the "Trust"), voted at the special meeting of shareholders to approve a new investment sub-advisory agreement for the Fund among the Trust, FTA and SSI Investment Management LLC (the "New Sub-Advisory Agreement").

FTA previously announced that SSI Investment Management Inc. ("SSI Inc.") intended to engage in an internal reorganization pursuant to which it would create a subsidiary, SSI Investment Management LLC ("SSI LLC"), and transfer its advisory business to SSI LLC. Such transfer has occurred and, effective June 1, 2019, Resolute Investment Managers, Inc. ("Resolute") acquired a majority interest in SSI LLC (the "Transaction"). The acquisition of the interests in SSI LLC by Resolute was expected to be considered an "assignment" (as defined in the Investment Company Act of 1940, as amended) resulting in the termination of the then-existing investment sub-advisory agreement among the Trust, FTA and SSI Inc. (the "Prior Sub-Advisory Agreement"), in accordance with the terms of such Prior Sub-Advisory Agreement. To avoid any interruption of services, the Board of Trustees ("Board") of the Trust approved an interim sub-advisory agreement for the Fund among the Trust, FTA and SSI LLC which had been in effect since the closing of the Transaction. In light of the Transaction, the Board also approved the New Sub-Advisory Agreement. The New Sub-Advisory Agreement was submitted to shareholders of the Fund for approval and took effect today, upon shareholder approval.

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 $133 billion as of June 30, 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 LLC is an investment management firm and as the sub-advisor to the Fund, SSI LLC is responsible for the selection and ongoing monitoring of the securities in the Fund's investment portfolio. SSI LLC specializes in alternative investment solutions utilizing convertible assets, equity securities and hedging strategies. SSI was formed in 1973 and serves as investment advisor to investment portfolios with approximately $1.9 billion in assets which it managed as of June 30, 2019. SSI LLC 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.

Principal Risk Factors: Investment in the Fund involves authorized participant concentration risk; BDC risk; call risk; cash transactions risk; contingent convertible securities risk; convertible securities risk; counterparty risk; credit risk; currency risk; cyber security risk; debt securities risk; depositary receipts risk; derivatives risk; equity securities risk; ETN risk; extension risk; forward contracts risk; forward foreign currency exchange contracts risk; futures contracts risk; health care companies risk; high yield securities risk; income risk; index constituent risk; index credit default swaps risk; inflation risk; information technology companies risk; interest rate risk; liquidity risk; management risk; market maker risk; market risk; non-diversification risk; non-U.S. securities risk; preferred securities risk; premium/discount risk; prepayment risk; restricted securities risk; trading issues risk; valuation risk; and warrants risk. The risks of investing in the Fund are described in further detail in the Fund's prospectus, shareholder report and other regulatory filings. 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.

The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial advisors are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.

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.

This press release does not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of Fund securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

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