FT Vest U.S. Equity Max Buffer ETF - December (DECM)

The FT Vest U.S. Equity Max Buffer ETF - December (DECM) is a target outcome fund from First Trust Advisors, with Vest Financial serving as sub-advisor. It seeks returns that match the price return of the SPDR S&P 500 ETF Trust up to a cap over a one-year outcome period beginning each December.

The fund's distinguishing feature is its maximum buffer: it is designed to protect against the full extent of the reference ETF's price declines over the outcome period, before fees and expenses. In exchange for that broad downside protection, the cap on upside participation tends to be lower than in funds offering smaller buffers.

The strategy is built with FLexible EXchange (FLEX) options on the S&P 500 ETF, and the cap is reset annually. Shares purchased after the outcome period begins may not receive the full intended buffer or cap.