FT Vest U.S. Equity Max Buffer ETF - February (FEBM)

The FT Vest U.S. Equity Max Buffer ETF - February (FEBM) is a defined-outcome fund from First Trust, with Vest Financial as sub-adviser. It launched in 2025 and resets each February.

The fund seeks to provide returns tied to the SPDR S&P 500 ETF (SPY) over a one-year outcome period, with a buffer designed to absorb the full downside of SPY over that period, before fees and expenses. In exchange for this protection, the fund's upside is capped at a level set at the start of each outcome period.

The fund builds its exposure with FLEX options on SPY. Investors who buy after an outcome period begins may receive a different buffer and cap than the stated amounts, and the full buffer applies only to a holding over the entire period.