FT Vest U.S. Equity Max Buffer ETF - September (SEPM)

The FT Vest U.S. Equity Max Buffer ETF - September is a defined-outcome exchange-traded fund from First Trust Advisors, subadvised 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 buffering against losses over an outcome period that resets each September.

The fund's max buffer design is intended to protect against the full decline of the reference ETF over the outcome period, before fees and expenses, which means its upside cap is typically lower than those of buffer funds with smaller protection levels. The strategy is implemented with FLEX options on the reference ETF, and an investor's result depends on when shares are purchased relative to the start of the period.