FT Vest U.S. Equity Max Buffer ETF - May (MAYM)

FT Vest U.S. Equity Max Buffer ETF - May is a defined outcome fund from First Trust, with Vest Financial serving as sub-adviser. It seeks to provide returns that match the price performance of the SPDR S&P 500 ETF Trust up to a cap, while buffering against the full amount of that fund's losses over a one-year outcome period that begins each May.

The fund builds this payoff with FLEX options on the S&P 500 ETF. In exchange for the very deep downside buffer, upside is limited to a cap set at the start of each outcome period, which is typically modest. Returns are based on price performance, so dividends from the underlying stocks are not captured.

Investors who buy shares after the outcome period begins may have a different buffer and cap than the stated amounts.