FT Vest U.S. Equity Dual Directional Buffer ETF - November (DLNV)

The FT Vest U.S. Equity Dual Directional Buffer ETF - November (DLNV) is a defined-outcome fund offered by First Trust and sub-advised by Vest Financial. Its returns are linked to the SPDR S&P 500 ETF Trust over a one-year outcome period that starts each November, and it builds that exposure with FLEX options on the reference ETF.

The strategy seeks upside participation in the large-cap U.S. equity market up to a cap, along with a buffer against a defined range of losses. When the reference ETF falls by an amount within that range, the fund is designed to produce a positive return equal to the size of the decline, giving it a dual directional profile. Declines beyond the buffer reduce the fund's value.

Cap and buffer levels are reset annually, and the intended outcomes assume shares are held for the entire period.