Form 497 EQ ADVISORS TRUST

EQ ADVISORS TRUST^SM

EQ/Aggressive Growth Strategy Portfolio

EQ/Balanced Strategy Portfolio

EQ/Conservative Growth Strategy Portfolio

EQ/Conservative Strategy Portfolio

EQ/Growth Strategy Portfolio

EQ/Moderate Growth Strategy Portfolio

EQ/Ultra Conservative Strategy Portfolio

SUPPLEMENT DATED AUGUST 12, 2022 TO THE PROSPECTUS DATED MAY 1, 2022, AS SUPPLEMENTED

This Supplement updates certain information contained in the Prospectus dated May 1, 2022, as supplemented, of EQ Advisors Trust (“Trust”). You should read this Supplement in conjunction with the Prospectus and retain it for future reference. You may obtain this document, free of charge, by writing to the Trust at 1290 Avenue of the Americas, New York, New York 10104, or you can view, print, and download the document at the Trust’s website at www.equitable-funds.com.

The purpose of this supplement is to provide you with information regarding certain lower breakpoint levels and fee rates in the contractual advisory fee rate schedule applicable to the Strategic Allocation Series Portfolios, effective October 1, 2022.

Effective October 1, 2022, the section of the Prospectus entitled “Management of the Trust — Advisory Fees” is amended to add the following information:

Effective October 1, 2022, the contractual rate of the advisory fee (as a percentage of a Portfolio’s average daily net assets) payable by each Strategic Allocation Series Portfolio changed to the contractual fee rate shown in the following table.

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