CHAPMAN AND CUTLER LLP                                   111 WEST MONROE STREET
                                                        CHICAGO, ILLINOIS 60603


                                 April 4, 2014


Securities and Exchange Commission
100 F Street, N.E.
Washington, DC 20549


      Re:            First Trust Exchange-Traded Fund III
                 (Registration Nos. 333-176976 and 811-22245)
             ----------------------------------------------------


Ladies and Gentlemen:

      On behalf of First Trust Exchange-Traded Fund III (the "Registrant"), we
are transmitting for electronic filing pursuant to Rule 497(e) under the
Securities Act of 1933, as amended, the exhibits containing interactive data
format risk/return summary information that mirrors the risk/return summary
information in the supplement to the Prospectus for the Registrant filed
pursuant to Rule 497(e) on March 31, 2014. The Registration Statement relates to
First Trust Preferred Securities and Income ETF, a series of the Registrant.

      If you have any questions or comments, please telephone the undersigned at
(312) 845-3484.


                                             Very truly yours,

                                             CHAPMAN AND CUTLER LLP


                                             By: /s/ Morrison C. Warren
                                                -------------------------------
                                                     Morrison C. Warren

Enclosures