First Trust Exchange-Traded Fund

05/18/2026 | Press release | Distributed by Public on 05/18/2026 10:10

Prospectus by Investment Company (Form 497)

Rule 497(e)
Registration Nos. 333-125751 and 811-21774

First Trust Exchange-Traded Fund

(the "Trust")

FT Vest Gold Strategy Quarterly Buffer ETF

(the "Fund")

Supplement To the Fund's Prospectus

Dated May 18, 2026

As described in the Fund's prospectus, Fund shareholders are subject to an upside return cap that represents the maximum percentage return an investor can achieve from an investment in the Fund for a given Target Outcome Period. On May 29, 2026, the Fund's current Target Outcome Period will end, and a new Target Outcome Period will begin as of June 1, 2026. The new Target Outcome Period will end on August 31, 2026. While the actual caps will not be determined until the first day of the new Target Outcome Period, set forth below are the anticipated cap ranges for the Fund for the Target Outcome Period beginning on June 1, 2026. A supplement to the Fund's prospectus will be filed on June 1, 2026 that will include the actual cap for the new Target Outcome Period, which may be higher or lower than the anticipated cap ranges set forth below.

Fund

Anticipated cap range

(before fees and expenses)

Anticipated cap range

(after fees and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund's management fee)

FT Vest Gold Strategy Quarterly Buffer ETF (BGLD) 8.50% - 10.60% 8.27% - 10.37%

Please Keep this Supplement with your Fund Prospectus for Future Reference

First Trust Exchange-Traded Fund published this content on May 18, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on May 18, 2026 at 16:10 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]