FT Vest U.S. Equity Max Buffer ETF - July (JULM)

The FT Vest U.S. Equity Max Buffer ETF - July (JULM) is a defined-outcome fund from First Trust, with Vest Financial serving as sub-adviser. It seeks to provide returns linked to the SPDR S&P 500 ETF Trust up to a cap, while aiming to buffer against the entire decline of that fund over a one-year outcome period beginning in July.

The fund uses FLexible EXchange options to create its payoff. Because the buffer is designed to cover essentially all losses in the reference fund, the upside cap tends to be considerably lower than on funds with smaller buffers.

The stated buffer and cap apply to investors who hold shares for the entire outcome period, after which the fund resets with new options and a new cap.