FT Vest U.S. Equity Moderate Buffer ETF - August (GAUG)

The FT Vest U.S. Equity Moderate Buffer ETF - August (GAUG) is a defined outcome exchange-traded fund advised by First Trust and subadvised by Vest Financial. It seeks to provide returns that match those of the SPDR S&P 500 ETF Trust up to a predetermined cap, while buffering against a portion of losses over a one-year outcome period.

The fund's outcome period resets each August. To build its payoff profile, the fund holds FLexible EXchange (FLEX) options that reference the SPDR S&P 500 ETF Trust. The moderate buffer is designed to absorb the first 15% of losses on that fund over the outcome period, before fees, in exchange for a cap on upside participation that is set at the start of each period. Shares bought after a period begins may experience different results.