FT Vest U.S. Equity Dual Directional Buffer ETF - May

FT Vest U.S. Equity Dual Directional Buffer ETF - May is an exchange-traded fund designed to provide defined-outcome exposure to U.S. large-cap equities through options linked to the SPDR S&P 500 ETF Trust. The fund seeks to deliver either the S&P 500’s positive price return up to a preset cap or the absolute value of moderate downside moves within a specified threshold, while also aiming to provide a 10% buffer against losses beyond that threshold over an approximate one-year outcome period. Its strategy uses FLEX Options to create a structured payoff profile that is reset on a recurring annual cycle beginning in May. The ETF is intended for investors looking for a rules-based equity strategy that combines upside participation, downside conditioning, and a limited buffer within a single portfolio vehicle. As a target outcome fund, it plays a specialized role in the market by offering a packaged alternative to direct index exposure.