FT Vest U.S. Equity Dual Directional Buffer ETF - February (DLFE)

The FT Vest U.S. Equity Dual Directional Buffer ETF - February (DLFE) is a target outcome fund from First Trust Advisors, with Vest Financial serving as sub-advisor. It references the SPDR S&P 500 ETF Trust over a one-year outcome period that begins each February.

The fund seeks to provide upside participation in the reference ETF up to a cap, combined with a downside buffer. Under its dual directional design, if the reference ETF falls by no more than the buffer amount over the outcome period, the fund aims to return a positive amount roughly equal to that decline, converting moderate losses into gains. Declines larger than the buffer lead to losses beyond the protected range.

The strategy is built with FLexible EXchange (FLEX) options, and its cap is reset at the start of each outcome period. Investors buying shares mid-period may realize outcomes that differ from the targets.