FT Vest U.S. Equity Max Buffer ETF - April (APXM)

The FT Vest U.S. Equity Max Buffer ETF - April (APXM) is a defined outcome fund from First Trust, with Vest Financial serving as sub-adviser. It seeks returns that match the price return of the SPDR S&P 500 ETF Trust up to a cap, while aiming to buffer against losses over a one-year outcome period that begins in April.

The max buffer design is intended to protect against substantially all declines in the underlying ETF over the outcome period, which comes at the cost of a lower upside cap than standard buffer funds. The strategy is implemented with FLEX options referencing the S&P 500 ETF.

The buffer and cap apply to investors who hold the fund for the entire outcome period, after which the terms reset for a new year.