Definitive Materials Filed by Investment Companies. (497)
October 03 2022 - 12:10PM
Edgar (US Regulatory)
Rule 497(e)
Registration Nos. 333-184918 and 811-22767
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
First Trust Series Fund
First Trust Variable
Insurance Trust
(the
“Trusts,” and each series of the Trusts, a “Fund”)
SUPPLEMENT TO
EACH FUND’S PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION
OCTOBER
3, 2022
Notwithstanding anything to the contrary
in each Fund’s Prospectus and Statement of Additional Information, effective September 8, 2022, securities held by the Funds are
valued in accordance with policies and procedures established by the Advisor as the “Valuation Designee” pursuant to Rule
2a-5 under the Investment Company Act of 1940 (the “1940 Act”) and approved by and subject to the oversight of each
Trust’s Board of Trustees (the “Valuation Procedures”). If market quotations are not readily available or are
not reliable, Fund securities or other assets will be valued at their fair value as determined in good faith by the Advisor in accordance
with the Valuation Procedures.
Additionally, notwithstanding anything to
the contrary in each Fund’s Prospectus and Statement of Additional Information, effective August 19, 2022, Funds that enter into
derivatives transactions and certain other transactions notwithstanding the restrictions on the issuance of “senior securities”
under Section 18 of the 1940 Act (“Derivatives Transactions”), will be permitted to do so pursuant to Rule 18f-4 under
the 1940 Act (“Rule 18f-4”).
Unless a Fund does not engage in Derivatives
Transactions, the Fund must comply with the requirements of Rule 18f-4. Rule 18f-4, among other things, requires a Fund to adopt and implement
a written Derivatives Risk Management Program (“DRMP”) and comply with a limit on Fund leverage risk. Rule 18f-4 provides
an exception from the DRMP, leverage limit, and certain other requirements if a Fund’s “derivatives exposure” (as defined
in Rule 18f-4) is limited to 10% or less of its net assets and the Fund adopts and implements written policies and procedures reasonably
designed to manage its derivatives risks (the “Limited Derivatives User Exception”). Funds that do not engage in Derivatives
Transactions will not be subject to the requirements of Rule 18f-4 or the Limited Derivatives User Exception.
PLEASE KEEP
THIS SUPPLEMENT WITH YOUR FUND PROSPECTUS AND
STATEMENT OF ADDITIONAL INFORMATION FOR FUTURE REFERENCE
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