FT Vest SPCX & Target Income ETF (XVSP)

The FT Vest SPCX & Target Income ETF (XVSP) is an exchange-traded fund sponsored by First Trust and sub-advised by Vest Financial. It provides exposure to the stock trading under the ticker SPCX, which the fund's name references as its underlying single stock, while pursuing a targeted level of income.

Like other funds in the FT Vest Target Income series, it pairs single-stock exposure with an options strategy, generally writing call options, to generate premium that supports regular distributions toward a stated target rate. Treasuries and FLEX options may form part of the portfolio.

Selling calls limits the fund's participation in large gains in the underlying shares, while the fund remains exposed to declines in their price.