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First Trust Exchange-Traded Fund V PROSPECTUS

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First Trust Exchange-Traded Fund V PROSPECTUS First Trust Exchange-Traded Fund V PROSPECTUS First Trust Managed Futures Strategy Fund Ticker Symbol: FMF Exchange: NYSE Arca First Trust Managed Futures Strategy Fund (the “Fund”) lists and principally trades its shares on NYSE Arca, Inc. ("NYSE Arca" or the "Exchange"). Market prices may differ to some degree from the net asset value of the shares. Unlike mutual funds, the Fund issues and redeems shares at net asset value, only in large blocks of shares called "Creation Units." The Fund is a series of First Trust Exchange-Traded Fund V (the “Trust”) and an actively managed exchange-traded fund organized as a separate series of a registered management investment company. Except when aggregated in Creation Units, the shares are not redeemable securities of the Fund. The Securities and Exchange Commission and Commodity Futures Trading Commission have not approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense. NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE May 3, 2021 Table of Contents SummaryInformation............................................................................... 3 Additional Information on the Fund's Investment Objective and Strategies . ................................13 FundInvestments...................................................................................13 RisksofInvestingintheFund.........................................................................14 Fund Organization ..................................................................................24 ManagementoftheFund.............................................................................24 How to Buy and Sell Shares ...........................................................................26 Dividends, Distributions and Taxes.....................................................................27 Federal Tax Matters .................................................................................27 DistributionPlan....................................................................................31 NetAssetValue.....................................................................................31 FundServiceProviders...............................................................................32 Premium/Discount Information .......................................................................32 TotalReturnInformation.............................................................................32 Financial Highlights .................................................................................34 OtherInformation...................................................................................35 SUMMARY INFORMATION Investment Objective The First Trust Managed Futures Strategy Fund (the "Fund") seeks to provide investors with positive returns. Fees and Expenses of the Fund The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Shareholder Fees (fees paid directly from your investment) Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) None Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fees 0.95% Distribution and Service (12b-1) Fees 0.00% Other Expenses 0.00% Total Annual Fund Operating Expenses 0.95% Example The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. This example does not take into account customary brokerage commissions that you pay when purchasing or selling shares of the Fund in the secondary market. The example assumes that you invest $10,000 in the Fund for the time periods indicated. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years $97 $303 $525 $1,166 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it or the Subsidiary (as defined below) buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio. Principal Investment Strategies The Fund is an actively managed exchange-traded fund that seeks to achieve positive returns that are not directly correlated to broad market equity or fixed income returns. Under normal market conditions, the Fund and a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”), invest significantly in a portfolio of exchange-listed futures (collectively, “Futures Instruments,” also referred to herein as “futures contracts”). The Fund expects to gain exposure to these investments directly and by investing in the Subsidiary. The Subsidiary is advised by First Trust Advisors L.P., the Fund’s investment advisor. The Fund’s investment in the Subsidiary is intended to provide the Fund with exposure to commodity markets within the limits of current federal income tax laws applicable to investment companies such as the Fund, which limit the ability of investment companies to invest directly in commodity Futures Instruments. The Subsidiary has the same investment objective as the Fund, but unlike the Fund, it may invest without limitation in commodity Futures Instruments. Except as otherwise noted, for purposes of this prospectus, references to the Fund’s investments include the Fund’s indirect investments through the Subsidiary. The Fund will invest up to 25% of its total assets in the Subsidiary. The Fund and the Subsidiary’s investments provide the Fund with exposure to U.S. and non-U.S. markets. 3 The Fund and the Subsidiary may hold futures contracts on a wide range of assets, including, but not limited to, equity indexes, other financial indexes, currencies and global debt, including U.S. Treasuries. In addition, the Subsidiary may hold futures contracts on commodities. The Fund and the Subsidiary attempt to capture the economic benefit derived from rising and declining prices across global futures markets by buying or selling futures contracts which are expected to rise or fall in price. The Fund uses a variety of qualitative and quantitative approaches to help it determine which markets are likely to rise in price and which markets are likely to fall in price. See “Additional Information on the Fund's Investment Objective and Strategies” for more information. Positioning may change frequently (up to daily) and as a result, the Fund may frequently trade futures contracts. To be “long” means to hold or be exposed to a security or instrument with the expectation that its value will increase over time. To be “short” means to sell or be exposed to a security or instrument with the expectation that it will fall in value. The Fund will benefit if it has a long position in a security or instrument that increases in value or a short position in a security or instrument that decreases in value. Conversely, the Fund will be adversely impacted if it holds a long position in a security or instrument that decreases in value and a short position that increases in value. The Fund is permitted to have an aggregate notional exposure to the futures markets that is greater than the Fund’s total assets. The notional exposure or notional value of a futures contract is the market value of the asset which the futures contract has price exposure to. Aggregate notional value is the sum of the absolute value of the Fund’s notional exposure to futures contracts. Such investments may result in significant portfolio leverage, which could result in the Fund losing more than it originally invested (see “Leverage Risk” for a discussion of the risks of increased portfolio leverage). The Fund will comply, at all times, with guidance from the Securities and Exchange Commission regarding asset segregation requirements to cover certain leveraged positions, including Futures Instruments. The remainder of the Fund’s assets will be generally invested in (1) short-term investment grade fixed income securities that include U.S. government and agency securities and sovereign debt obligations of non-U.S. countries, (2) money market instruments and (3) cash and other cash equivalents. The Fund may invest in U.S. Treasury securities with maturities of up to two (2) years. The Fund may also seek short exposure to the energy sector. The Fund uses fixed income securities as investments and to collateralize its futures exposure on a day-to-day basis. The Fund may also invest directly in exchange-traded funds (“ETFs”) and other investment companies, including closed-end funds, that provide exposure to commodities, equity securities and fixed income securities to the extent permitted under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund’s strategy involves frequently buying and selling Futures Instruments which may result in increased
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