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

FCVT)

First Trust Advisors L.P. (“FTA”) announced today that, in light of the anticipated closing of the transaction described below, the Board of Trustees (the “Board”) of First Trust Exchange-Traded Fund IV (the “Trust”) has voted to approve a new investment sub-advisory agreement with SSI Investment Management LLC (“SSI”) for First Trust SSI Strategic Convertible Securities ETF (Nasdaq: FCVT) (the “Fund”), a series of the Trust, subject to shareholder approval. Resolute Investment Managers, Inc. (“RIM”), an indirect wholly-owned subsidiary of Resolute Investment Holdings, LLC (“RIH”), currently holds a majority ownership interest in SSI, the Fund’s investment sub-advisor. In July 2023, (i) RIH, RIM and certain of their affiliates and (ii) the current owners of approximately 93% of RIH entered into a transaction agreement (the “Transaction Agreement”) with certain creditors of RIM (the “Lender Group”) to strengthen the capital structure of RIH. Pursuant to the Transaction Agreement, (i) all equity interests in RIH would be cancelled; (ii) new RIH equity interests would be issued to members of the Lender Group; and (iii) the existing credit agreements between RIM and the Lender Group would be terminated and a new credit agreement would be executed (the “Transaction”). Subject to satisfaction of certain conditions, the Transaction is currently expected to close in the fourth quarter of 2023 (the “Closing”).

The Closing may operate as an “assignment” (as defined in the Investment Company Act of 1940, as amended) of the Fund’s existing investment sub-advisory agreement with SSI, which may result in the automatic termination of such agreement in accordance with its terms. Therefore, in anticipation of the Closing, the Board approved a new investment sub-advisory agreement (the “New Sub-Advisory Agreement”) among the Trust, on behalf of the Fund, FTA and SSI. A special meeting of shareholders of the Fund will be held at which the New Sub-Advisory Agreement will be submitted to shareholders of the Fund for approval. There can be no assurance that the necessary percentage of the shareholders of the Fund will vote to approve the New Sub-Advisory Agreement. In addition, to avoid any interruption of investment sub-advisory services if the Closing occurs prior to the receipt of shareholder approval of the New Sub-Advisory Agreement, the Board approved an interim investment sub-advisory agreement with SSI which would be effective upon the Closing and remain in effect for a maximum period of 150 days.