Mutual Fund Summary Prospectus (497k)
May 01 2020 - 12:11PM
Edgar (US Regulatory)
Rule 497(k)
Registration Nos. 333-125751 and 811-21774
FIRST TRUST EXCHANGE-TRADED FUND
(the “Trust”)
FIRST TRUST VALUE LINE®
DIVIDEND INDEX FUND
FIRST TRUST VALUE LINE® 100 EXCHANGE-TRADED FUND
(each a “Fund” and collectively, the “Funds”)
SUPPLEMENT TO EACH FUND’S PROSPECTUS,
SUMMARY PROSPECTUS
AND STATEMENT OF ADDITIONAL INFORMATION
DATED MAY 1, 2020
The Board of Trustees of First Trust Exchange-Traded Fund (the
“Trust”), has approved a transaction to combine the First Trust Value Line® 100 Exchange-Traded
Fund (“FVL”), an exchange-traded index fund that seeks investment results that correspond generally to the price and
yield (before fees and expenses) of an equity index called the Value Line® 100 Index, with First Trust Value Line®
Dividend Index Fund (“FVD”), an exchange-traded index fund that seeks investment results that correspond generally
to the price and yield (before fees and expenses) of an equity index called the Value Line® Dividend Index. Pursuant
to this transaction, FVL shareholders will become shareholders of FVD.
In order for the transaction to occur, the shareholders of
FVL must approve the transaction. If approved, shares of FVL would be exchanged, on a tax-free basis for federal income tax purposes,
for shares of FVD with an equal aggregate net asset value, and FVL shareholders will become shareholders of FVD.
A special meeting of shareholders of FVL for the purpose of
voting on the transaction will be held. If the required approval is obtained, it is anticipated that the transaction will be consummated
shortly after the special shareholder meeting.
The Funds will continue sales and redemptions of shares as
described in the Funds’ prospectuses. Holders of shares of FVL purchased after the record date set for the special meeting
of shareholders will not be entitled to vote those shares at the special meeting.
PLEASE KEEP THIS SUPPLEMENT WITH YOUR FUND
PROSPECTUS, SUMMARY PROSPECTUS
AND STATEMENT OF ADDITIONAL INFORMATION FOR FUTURE REFERENCE
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