FT Vest U.S. Equity Enhance & Moderate Buffer ETF - May (XMAY)

The FT Vest U.S. Equity Enhance & Moderate Buffer ETF - May (XMAY) is an exchange-traded fund sponsored by First Trust and sub-advised by Vest Financial. It belongs to a family of defined-outcome funds that reset their terms once a year, with this series beginning its annual outcome period in May.

The fund seeks to provide returns linked to a large-cap U.S. equity benchmark tied to the S&P 500, using a portfolio of FLexible EXchange (FLEX) options. The option structure is designed to offer enhanced participation in upside price moves of the reference asset up to a cap, while providing a moderate buffer against a portion of losses over the full outcome period.

Because the payoff profile is defined for the entire outcome period, results for shareholders who buy or sell partway through a period can differ from the stated targets. The cap is set again at the start of each new period based on market conditions.