diff --git a/CHANGELOG.md b/CHANGELOG.md
index 285bfef..52f3260 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,9 @@
 # Release Notes for Digital Products
 
+## Unreleased
+
+- Fixed a bug where product fields content was not prepared for Craft 5.
+
 ## 4.0.0 - 2024-03-20
 
 - Digital Products now requires Craft Commerce 5.0.0-beta.1 or later.
diff --git a/src/Plugin.php b/src/Plugin.php
index 7d661f8..cd88f9d 100644
--- a/src/Plugin.php
+++ b/src/Plugin.php
@@ -69,7 +69,7 @@ class Plugin extends BasePlugin
     /**
      * @inheritDoc
      */
-    public string $schemaVersion = '3.0.3';
+    public string $schemaVersion = '4.0.0.1';
 
     /**
      * @inheritDoc
diff --git a/src/migrations/m240620_150738_content_refactor_elements.php b/src/migrations/m240620_150738_content_refactor_elements.php
new file mode 100644
index 0000000..9883bbe
--- /dev/null
+++ b/src/migrations/m240620_150738_content_refactor_elements.php
@@ -0,0 +1,39 @@
+<?php
+
+namespace craft\digitalproducts\migrations;
+
+use craft\db\Query;
+use craft\digitalproducts\db\Table;
+use craft\digitalproducts\Plugin;
+use craft\migrations\BaseContentRefactorMigration;
+
+/**
+ * m240620_150738_content_refactor_elements migration.
+ */
+class m240620_150738_content_refactor_elements extends BaseContentRefactorMigration
+{
+    /**
+     * @inheritdoc
+     */
+    public function safeUp(): bool
+    {
+        // Migrate digital products by product type
+        foreach (Plugin::getInstance()->getProductTypes()->getAllProductTypes() as $productType) {
+            $this->updateElements(
+                (new Query())->from(Table::PRODUCTS)->where(['typeId' => $productType->id]),
+                $productType->getProductFieldLayout()
+            );
+        }
+
+        return true;
+    }
+
+    /**
+     * @inheritdoc
+     */
+    public function safeDown(): bool
+    {
+        echo "m240620_150738_content_refactor_elements cannot be reverted.\n";
+        return false;
+    }
+}