Filed by First Trust Value Line(R) 100 Fund
                           Pursuant to Rule 425 under the Securities Act of 1933
                              and deemed filed Pursuant to Rule 14a-12 under the
                                                 Securities Exchange Act of 1934

                             Subject Company: First Trust Value Line(R) 100 Fund
                                                         (File Number 811-21336)




PRESS RELEASE

SOURCE:  First Trust Value Line(R) 100 Fund

FIRST TRUST VALUE LINE(R) 100 FUND BOARD APPROVES REORGANIZATION INTO
EXCHANGE-TRADED FUND

LISLE, IL - (BUSINESS WIRE) - February 6, 2007 - First Trust Advisors L.P. (FTA)
announced today that the Board of Trustees of First Trust Value Line(R) 100 Fund
(AMEX: FVL) and the Board of Trustees of First Trust Exchange-Traded Fund
(FTETF) have voted to approve the reorganization of FVL into First Trust Value
Line(R) 100 Exchange-Traded Fund (FVLEF), an exchange-traded fund and newly
created series of FTETF. Under the terms of the proposed reorganization, which
is expected to be tax-free, the assets of FVL would be transferred to, and the
liabilities of FVL would be assumed by, FVLEF in exchange for shares of FVLEF.
The FVLEF shares would then be distributed to FVL shareholders and FVL would be
terminated. The reorganization is subject to certain conditions, including that
the reorganization be approved by the shareholders of FVL. A meeting of FVL
shareholders is expected to be scheduled for a date on or before May 18, 2007.
Any solicitation of proxies by FVL in connection with this shareholder meeting
will only be made pursuant to separate proxy materials filed with the U.S.
Securities and Exchange Commission (SEC) under applicable federal securities
laws. There can be no assurance that the necessary percentage of the
shareholders of FVL will vote in favor of the proposed reorganization. Assuming
the reorganization is approved by FVL shareholders, the reorganization is
anticipated to take place no later than June 25, 2007 and would be effected
based upon the respective net asset values of FVL and FVLEF on the immediately
preceding business day.

FVL is a diversified closed-end management investment company. FVL's investment
objective is to provide capital appreciation. It seeks to outperform the
Standard & Poor's 500 Composite Stock Price Index by investing in a diversified
portfolio of the 100 common stocks ranked #1 in Value Line's(R) Timeliness(TM)
Ranking System. FTA is the investment adviser for FVL.

FVLEF is a diversified series of FTETF, an exchange-traded fund. The investment
objective of FVLEF is to seek investment results that correspond generally to
the price and yield (before the fund's fees and expenses) of an equity index
called the Value Line(R) 100 Index. The stock selection methodology for the
Index is similar to the investment strategy utilized for FVL. The investment
adviser for FVLEF will be FTA.

In connection with the proposed reorganization, FVL and FTETF, on behalf of
FVLEF, intend to file relevant materials with the SEC, including a Form N-14
combined proxy statement for FVL and prospectus for FVLEF. Because the proxy
statement/prospectus will contain important information, FVL's shareholders are
urged to read it carefully when it becomes available. When filed with the SEC,
the proxy statement/prospectus will be available free of charge at the SEC's
website, www.sec.gov. FVL'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. The foregoing is not an offer to sell,
nor a solicitation of an offer to buy, shares of any fund, nor is it a
solicitation of any proxy.



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CONTACT:  Jeff Margolin - 630-915-6784

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SOURCE:  First Trust Value Line(R) 100 Fund