FIRST TRUST EXCHANGE-TRADED ALPHADEX
FUND
FIRST TRUST EXCHANGE-TRADED ALPHADEX
FUND II
FIRST TRUST EXCHANGE-TRADED FUND
FIRST TRUST EXCHANGE-TRADED FUND II
FIRST TRUST EXCHANGE-TRADED FUND III
FIRST TRUST EXCHANGE-TRADED FUND IV
FIRST TRUST EXCHANGE-TRADED FUND V
FIRST TRUST EXCHANGE-TRADED FUND VI
FIRST TRUST EXCHANGE-TRADED FUND VII
FIRST TRUST EXCHANGE-TRADED FUND VIII
(the “Trusts,”
and each series of the Trusts, a “Fund”)
SUPPLEMENT TO EACH FUND’S
SUMMARY PROSPECTUS, PROSPECTUS
AND STATEMENT OF ADDITIONAL INFORMATION
DATED OCTOBER 6, 2020
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1.
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Notwithstanding anything to the contrary in each Fund’s summary prospectus and prospectus,
the section entitled “Fees and Expenses of the Fund” is deleted in its entirety and replaced with the following:
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The following table describes
the fees and expenses you may pay if you buy, hold and sell shares of the Fund. Investors may pay other fees, such as brokerage
commissions and other fees to financial intermediaries, which are not reflected in the table and example below.
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2.
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Notwithstanding anything to the contrary in each Fund’s summary prospectus and prospectus,
the section entitled “Purchase and Sale of Fund Shares” is deleted in its entirety and replaced with the following:
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The
Fund issues and redeems shares on a continuous basis, at net asset value, only in large blocks of shares called “Creation
Units.” Individual shares of the Fund may only be purchased and sold on the secondary market through a broker-dealer. Since
shares of the Fund trade on securities exchanges in the secondary market at their market price rather than their net asset value,
the Fund’s shares may trade at a price greater than (premium) or less than (discount) the Fund’s net asset value. An
investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares
of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares
in the secondary market (the “bid-ask spread”). Recent information, including the Fund’s net asset value, market
price, premiums and discounts, and bid-ask spreads, is available online at https://www.ftportfolios.com/Retail/etf/home.aspx.
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3.
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Notwithstanding anything to the contrary in each Fund’s prospectus, the first paragraph of
the section entitled “How to Buy and Sell Shares” is deleted in its entirety and replaced with the following:
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Most investors buy and sell
shares of the Fund in secondary market transactions through brokers. Shares of the Fund are listed for trading on the secondary
market on one or more national securities exchanges. Shares can be bought and sold throughout the trading day like other publicly
traded shares. There is no minimum investment when buying shares on the Exchange. Although shares are generally purchased and sold
in “round lots” of 100 shares, brokerage firms typically permit investors to purchase or sell shares in smaller “odd
lots,” at no per-share price differential. When buying or selling shares through a broker, investors should expect to pay
brokerage commissions, investors may receive less than the net asset value of the shares because shares are bought and sold at
market prices rather than at net asset value, and investors may pay some or all of the bid-ask spread for each transaction (purchase
or sale) of Fund shares. Share prices are reported in dollars and cents per share.
Under normal circumstances,
the Fund will pay out redemption proceeds to a redeeming authorized participant within two days after the authorized participant’s
redemption request is received, in accordance with the process set forth in the Fund’s SAI and in the agreement between the
authorized participant and the Fund’s distributor. However, the Fund reserves the right, including under stressed market
conditions, to take up to seven days after the receipt of a redemption request to pay an authorized participant, all as permitted
by the 1940 Act. If the Fund has foreign investments in a country where a local market holiday, or series of consecutive holidays,
or the extended delivery cycles for transferring foreign investments to redeeming authorized participants prevents the Fund from
delivering such foreign investments to an authorized participant in response to a redemption request, the Fund may take up to 15
days after the receipt of the redemption request to deliver such investments to the authorized participant.
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4.
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Notwithstanding anything to the contrary in each Fund’s prospectus, the second paragraph
of the section entitled “How to Buy and Sell Shares – Share Trading Prices” is deleted in its entirety.
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5.
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Notwithstanding anything to the contrary in each Fund’s prospectus, the section entitled
“Premium/Discount Information” is deleted in its entirety and replaced with the following:
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Information showing the
number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s
net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life
of the Fund, if shorter), is available at https://www.ftportfolios.com/Retail/etf/home.aspx.
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6.
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Notwithstanding anything to the contrary in each Fund’s statement of additional information,
each Fund relies on Rule 6c-11 under the 1940 Act for its operations, including utilizing custom baskets when effectuating creations
and redemptions of Fund shares. In general, “custom baskets” are baskets that are composed of a non-representative
selection of a Fund’s portfolio securities.
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7.
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Pursuant to Rule 6c-11 under the 1940 Act, information regarding each Fund’s current portfolio
holdings will be available on a daily basis at https://www.ftportfolios.com/Retail/etf/home.aspx.
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PLEASE KEEP THIS SUPPLEMENT FOR FUTURE
REFERENCE