FT Vest U.S. Equity Dual Directional Buffer ETF - May (DLMY)

The FT Vest U.S. Equity Dual Directional Buffer ETF - May (DLMY) is a defined-outcome fund from First Trust, with Vest Financial serving as sub-advisor. It seeks to deliver returns tied to the SPDR S&P 500 ETF Trust over a one-year outcome period that begins each May, using a portfolio of FLEX options on that reference ETF.

The dual directional design aims to provide upside participation up to a predetermined cap while also buffering a set range of losses. Within the buffered range, a decline in the reference ETF is intended to translate into a positive return for shareholders, which is the dual directional feature. Losses beyond the buffer are borne by the investor, and the cap and buffer levels are reset at the start of each new outcome period.

The stated outcomes apply only to investors who hold shares for the full outcome period.