FT Vest U.S. Equity Max Buffer ETF - January (JANM)

FT Vest U.S. Equity Max Buffer ETF - January is a defined outcome fund from First Trust, subadvised by Vest Financial, that seeks to track the price return of the SPDR S&P 500 ETF Trust up to a cap while providing a very large buffer against losses over an annual outcome period that resets in January.

The fund builds its payoff with FLEX options on the S&P 500 ETF. Its maximum-buffer design gives up more upside, through a lower cap, in exchange for protection against most or all of the reference ETF's declines during the period. The buffer and cap apply to investors who hold from the start to the end of the outcome period, and new terms are set at each reset.