First Trust Advisors L.P. (“FTA”) announced today that shareholders of First Trust Horizon Managed Volatility Developed International ETF (NYSE Arca: HDMV) (the “Fund”), a series of First Trust Exchange-Traded Fund III (the “Trust”), voted to approve a new investment sub-advisory agreement with Horizon Investments, LLC (“Horizon”). ACP Horizon Holdings, L.P., an entity affiliated with Altamont Capital Partners, a private investment firm located in Palo Alto, California, acquired a majority ownership interest in Horizon (the “Transaction”), which closed in November 2021 (the “Closing”). The Closing operated as an “assignment” (as defined in the Investment Company Act of 1940, as amended) of the Fund’s existing investment sub-advisory agreement with Horizon (the “Current Sub-Advisory Agreement”), which resulted in the automatic termination of the Current Sub-Advisory Agreement in accordance with its terms. The Board previously approved a new investment sub-advisory agreement (the “New Sub-Advisory Agreement”) among the Trust, on behalf of the Fund, FTA and Horizon.

As the investment sub-advisor to the Fund, Horizon is responsible for the selection and ongoing monitoring of the securities in the Fund’s investment portfolio. The Transaction did not impact the day-to-day operations of the Fund, and the portfolio managers of the Fund remain the same. Horizon was formed in 1995 and serves as investment advisor to investment portfolios with approximately $6.96 billion in assets which it managed as of September 30, 2021. Horizon provides investment advisory services to mutual funds, collective investment trusts, other investment advisory accounts, including separately managed accounts (SMAs), unified managed accounts (UMAs) and wrap platforms and ERISA and other retirement plan assets.

FTA is a federally registered investment advisor and serves as the Fund’s investment advisor. 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 $210 billion as of February 28, 2022 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and SMAs. 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.

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 Horizon 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,” “will” 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 a 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/or Horizon and their respective representatives only as of the date hereof. No obligation will be undertaken to publicly revise or update these forward-looking statements to reflect events and circumstances that arise after the date hereof.

The Fund’s daily closing price and net asset value per share as well as other information can be found at www.ftportfolios.com.

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