FT Vest U.S. Equity Buffer ETF - November

FT Vest U.S. Equity Buffer ETF - November 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 participate in the underlying market’s price returns up to a preset upside cap while aiming to buffer the first portion of losses over its annual target outcome period. It uses FLEX Options and collateral as the core of its portfolio, creating a rules-based structure that is distinct from traditional index-tracking ETFs. FNOV is used by investors seeking a packaged outcome profile within a single fund, with exposure centered on broad U.S. equity market performance. As a First Trust product, it plays a role in the growing defined-outcome ETF segment, where strategy, downside buffer, and capped participation are embedded directly into the fund design.