Exchange Bulletin

First Trust Short Duration High Yield Bond ETF (FHY) To Trade On Toronto Stock Exchange


June 27, 2014

First Trust Short Duration High Yield Bond ETF (the "ETF") - An application has been granted for the original listing in the Industrial category of 200,000 common units (the "Common Units") and 50,000 advisor class units (the "Advisor Class Units") of the ETF (collectively, the "Units"), all of which will be issued and outstanding upon completion of an initial public offering (the "Offering").

Listing of the Units will become effective at 5:01 p.m. on Friday, June 27, 2014 in anticipation of the Offering closing prior to the opening of business on Monday, June 30, 2014. The Units will be posted for trading at the opening of business on, Monday, June 30, 2014 upon confirmation of the closing.

The ETF is authorized to issue an unlimited number of Units, each of which represents an equal, undivided interest in the net assets of the ETF. Units of the ETF are being issued and sold on a continuous basis and there is no maximum number of Units that may be issued.

Registration of interests in, and transfers of, the Units will be made only through the book-entry only system of CDS Clearing and Depository Services Inc. ("CDS"). Units must be purchased, transferred and surrendered for exchange or redemption only through a CDS Participant. All rights of an owner of Units must be exercised through, and all payments or other property to which such owner is entitled will be made or delivered by, CDS or the CDS Participant through which the owner holds such Units. Upon purchase of any Units, the owner will receive only the customary confirmation and physical certificates evidencing ownership will not be issued.

Additional information on the Units may be found in the prospectus dated June 19, 2014 (the "Prospectus"), which is available at www.SEDAR.com. Capitalized terms not otherwise defined herein are as defined in the Prospectus.


Common Units

Stock Symbol: "FHY" CUSIP: 33739R 10 9 Trading Currency: CDN$


Advisor Class Units

Stock Symbol: "FHY.A" CUSIP: 33739R 20 8 Trading Currency: CDN$



Designated Market Maker: BMO Nesbitt Burns Inc.
Other Markets: None.
Head Office Address: 330 Bay Street
Suite 1300
Toronto, Ontario
M5H 2S8
Email Address: fraserhowell@firsttrust.ca
Website: www.firsttrust.ca
Head Office Telephone Number: (416) 865-8065
Fax Number: (416) 865-8058
Investor Relations: Fraser Howell
Tel: (416) 865-8065
Email: fraserhowell@firsttrust.ca
Chief Financial Officer: James M. Dykas
Corporate Secretary: Fraser Howell
Incorporation: The ETF has been established under the laws of the Province of Ontario on June 19, 2014 pursuant to a master declaration of trust.
Fiscal Year End: December 31
Nature of Business: The ETF seeks to provide Unitholders with a high level of current income by investing primarily in a diversified portfolio of below investment grade debt securities as rated by Moody's Investor Services, Inc., and Standard & Poors (Ba1/BB+ or below) or a similar rating by an approved credit rating organization (as such defined in NI 81-102).
Transfer Agent & Registrar: Equity Financial Trust Company, at its principal offices in Toronto.
Common Units and Advisor Class Units: The only difference between Common Units and Advisor Class Units is the service fee component of the management fee payable by the ETF in respect of the Units of each class. Accordingly, the net asset value per Unit of each class may not be the same as a result of the different fees allocable to each class of Units.
Conversion of Units: Unitholders may convert Advisor Class Units into Common Units of the ETF or Common Units into Advisor Class Units of the ETF in any month. To do so, Units must be surrendered and the Unitholder's CDS Participant must deliver to CDS (at its office in the City of Toronto) on behalf of the Unitholder, notice of the Unitholder's intention to convert at any time during the period from the first day of a month until 5:00 p.m. (Toronto time) on the last business day prior to the 16th day of such month. Units surrendered for conversion will be converted on the last Trading Day of the month (the "Conversion Date"). For each Common Unit so converted, a holder will receive a number of Advisor Class Units equal to the Net Asset Value of a Common Unit as of the Trading Day divided by the Net Asset Value per Advisor Class Unit as of the Conversion Date. For each Advisor Class Unit so converted, a holder will receive a number of Common Units equal to the Net Asset Value of an Advisor Class Unit as of the Trading Day divided by the Net Asset Value per Common Unit as of the Conversion Date.
Distributions and Automatic Reinvestment:

Cash distributions on Units of the ETF will be made monthly.

To the extent that the expenses of the ETF exceed the income generated by the ETF in any given month, quarter or year, as the case may be, it is not expected that a monthly distribution will be paid.

On an annual basis, the ETF will ensure that the net income and net realized capital gains of the ETF have been distributed to Unitholders to such an extent that the ETF will not be liable for ordinary income tax thereon. To the extent that the ETF has not distributed the full amount of its net income or capital gains in any year, the difference between such amount and the amount actually distributed by the ETF will be paid as a "reinvested distribution". Reinvested distributions, net of any required withholding tax, will be reinvested automatically in additional Units at a price equal to the NAV per Unit of the ETF and the Units will be immediately consolidated such that the number of outstanding Units following the distribution will equal the number of Units outstanding prior to the distribution.

Initial Issuance of Units: Pursuant to the Prospectus, Units will be issued and sold on a continuous basis and there will be no maximum number of Units that may be issued. Units sold in connection with the Offering for the ETF will amount to 200,000 Common Units and 50,000 Advisor Class Units at a price of $20.00 per Unit.