FT Vest U.S. Small Cap Moderate Buffer ETF - February (SFEB)

The FT Vest U.S. Small Cap Moderate Buffer ETF - February is a defined-outcome exchange-traded fund from First Trust Advisors, with Vest Financial as subadvisor. It seeks to provide returns that track the price return of the iShares Russell 2000 ETF, up to a cap, while buffering a moderate portion of losses over a one-year outcome period that resets each February.

The fund builds its payoff with FLEX options on the reference ETF, giving exposure to U.S. small-capitalization stocks with a predefined level of downside protection in exchange for limited upside. The cap is reset at the start of each outcome period, and investors who buy partway through a period may experience a different buffer and cap than those who hold for the full period.