FT Vest U.S. Equity Moderate Buffer ETF - January (GJAN)

The FT Vest U.S. Equity Moderate Buffer ETF - January (GJAN) is part of First Trust's target outcome fund lineup, sub-advised by Vest Financial. The fund seeks to deliver returns that track the SPDR S&P 500 ETF Trust up to a predetermined cap, while buffering a portion of losses over a one-year outcome period that begins each January.

To create this defined outcome profile, the fund holds FLexible EXchange (FLEX) options on the S&P 500 ETF. The moderate buffer is designed to absorb roughly the first 15 percent of declines in the reference ETF during the outcome period, and the upside cap is reset at the start of each new period based on market conditions.

Investors buying shares partway through a period may experience a different buffer and cap than stated. The ETF trades on Cboe BZX.