Rule 497(e)
Registration Nos. 333-184918 and 811-22767

 

First Trust Exchange-Traded Fund VII

(the “Trust”)

First Trust Global Tactical Commodity Strategy Fund

First Trust Alternative Absolute Return Strategy ETF

(each, a “Fund”)

Supplement To each Fund’s Prospectus, Summary Prospectus
and Statement of Additional Information

November 1, 2022

Notwithstanding anything to the contrary in each Fund’s prospectus, summary prospectus or statement of additional information, effective November 1, 2022, as approved by the Trust’s Board of Trustees, the management fee paid to First Trust Advisors L.P. (the “Advisor”) will be reduced at certain levels of a Fund’s net assets (“breakpoints”) and calculated pursuant to the schedule below:

 

Management Fee Breakpoints
0.95000% Fund net assets up to and including $2.5 billion
0.92625% Fund net assets greater than $2.5 billion up to and including $5 billion
0.90250% Fund net assets greater than $5 billion up to and including $7.5 billion
0.87875% Fund net assets greater than $7.5 billion up to and including $10 billion
0.85500% Fund net assets greater than $10 billion

 

 

 

 

 

 

 

 

 

 

 

 

Please Keep this Supplement with your Fund Prospectus, Summary Prospectus

and Statement of Additional Information for Future Reference

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