Mutual Fund Summary Prospectus (497k)
April 13 2020 - 1:04PM
Edgar (US Regulatory)
Rule 497(k)
File No. 333-176976
FIRST TRUST EXCHANGE-TRADED FUND III
(the “Trust”)
FIRST TRUST CALIFORNIA MUNICIPAL HIGH
INCOME ETF
(the “Fund”)
SUPPLEMENT TO THE PROSPECTUS AND SUMMARY
PROSPECTUS
DATED APRIL 13, 2020
Notwithstanding anything
to the contrary in the Fund’s prospectus or summary prospectus, effective April 27, 2020, the following is deleted from the
penultimate sentence of the first paragraph of the section entitled “Principal Investment Strategies”:
however, under normal market conditions, the
Fund expects the weighted average maturity of the Fund will be less than or equal to 14 years.
PLEASE KEEP THIS SUPPLEMENT WITH YOUR
FUND PROSPECTUS
AND SUMMARY PROSPECTUS FOR FUTURE REFERENCE
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