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