FT Vest U.S. Equity Max Buffer ETF - November (NOVM)

The FT Vest U.S. Equity Max Buffer ETF - November (NOVM) is a defined outcome fund from First Trust, sub-advised by Vest Financial. It seeks to provide returns that match the price return of the SPDR S&P 500 ETF Trust up to a cap, while protecting against the entire downside of that ETF over a one-year outcome period beginning each November.

The fund builds this payoff with FLEX options on the S&P 500 ETF. Because the buffer covers essentially all losses for the full outcome period, the upside cap tends to be lower than on funds with smaller buffers, and it resets at the start of each period.

The outcome profile applies only to shares held for the entire period, and the fund does not receive the dividends of the underlying index.