FT Vest U.S. Equity Enhance & Moderate Buffer ETF - May

FT Vest U.S. Equity Enhance & Moderate Buffer ETF - May is an actively managed exchange-traded fund designed to provide exposure to large-cap U.S. equities through a defined-outcome options strategy. The fund primarily uses FLEX Options tied to the SPDR S&P 500 ETF Trust, aiming to deliver enhanced participation in positive market moves while incorporating a buffer against an initial portion of losses during its outcome period. It is built for investors seeking broad U.S. equity market exposure with a structured return profile rather than direct index replication. XMAY is part of First Trust’s target outcome ETF lineup and is managed with a rules-based framework that resets around a monthly outcome schedule. The portfolio is centered on U.S. stocks and cash-like collateral used to support the options-based strategy, making it a specialized tool for market participants looking for moderated downside exposure and capped upside participation.