Rule 497(k)
File No. 333-181507
First Trust Exchange-Traded Fund V
(the “Trust”)
First Trust Managed Futures Strategy Fund
(the “Fund”)
Supplement To
the Fund’s Prospectus, Summary Prospectus
and Statement of Additional Information
November 1, 2022
Notwithstanding anything to the contrary in the 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 Fund 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