First Trust Exchange-Traded Fund VIII - FT Vest U.S. Equity Dual Directional Buffer ETF - February
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- First Trust Exchange-Traded Fund VIII – FT Vest U.S. Equity Dual Directional Buffer ETF – February is a non-diversified, actively managed target-outcome exchange-traded fund that seeks to provide defined, options-based exposure to the price performance of the State Street SPDR S&P 500 ETF Trust (SPY) over approximately one-year outcome periods beginning in February. The fund principally invests substantially all of its assets in exchange-traded Flexible Exchange Options (FLEX Options) referencing SPY, including customized call and put option contracts designed to provide positive participation in SPY price gains up to a predetermined cap and positive returns equal to the absolute value of SPY losses up to an inverse-performance threshold; the strategy also seeks to provide a buffer against losses beyond that threshold, subject to fund expenses, option pricing and holding-period considerations. For the outcome period from February 23, 2026 through February 19, 2027, the fund established a 12.40% starting upside cap and targets inverse performance for SPY declines of up to approximately 10%, with a buffer applying to losses from 0% to approximately -9.99% at the end of the outcome period. The portfolio’s holdings consist primarily of SPY-referenced FLEX Options and cash, and the fund targets investors seeking structured large-cap U.S. equity exposure with capped upside and defined downside/inverse-return characteristics rather than direct ownership of constituent equities. The fund is advised by First Trust Advisors L.P. and distributed by its affiliate, First Trust Portfolios L.P.; its Target Outcome strategy uses trademarks of Vest Financial LLC. The fund represents a recent product launch and expansion of First Trust’s FT Vest Dual Directional Buffer ETF range, commencing operations on February 20, 2026, with its inaugural February outcome period beginning February 23, 2026.