FT Vest U.S. Equity Moderate Buffer ETF - October
GOCT
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- FT Vest U.S. Equity Moderate Buffer ETF - October (GOCT) is an actively managed exchange-traded fund that seeks to provide investors with returns, before fees and expenses, that match the price return of the SPDR S&P 500 ETF Trust up to a predetermined upside cap, while offering a buffer against the first 15% of losses in the underlying ETF over a one-year Target Outcome Period. The fund invests substantially all of its assets in FLEX Options referencing the SPDR S&P 500 ETF Trust (SPY), employing a target outcome strategy that establishes a new cap at the start of each annual period from mid-October to mid-October, such as the current period from October 21, 2024, through October 17, 2025, where the gross cap stands at 11.66% and the buffer at 15% before fees. Launched on October 20, 2023, and domiciled in the United States, GOCT is advised by First Trust Advisors L.P., an affiliate of First Trust Portfolios L.P., with additional offices in Austin, Texas, and Franklin, Tennessee; the firm, founded in 1991, is headquartered at 120 East Liberty Drive, Suite 400, Wheaton, Illinois. The ETF operates within the defined outcome segment of the exchange-traded funds industry, targeting individual investors, financial advisors, and institutions seeking large-cap U.S. equity exposure with downside protection and capped upside participation, primarily through its holdings in U.S. stocks (approximately 99%), cash, and minimal non-U.S. stocks. It trades on U.S. exchanges with a net expense ratio of 0.85%, total net assets of about $219 million, and daily pricing, with managers Karan Sood since inception and Trevor Lack since January 2, 2025. GOCT forms part of First Trust's broader lineup of over 111 Target Outcome ETFs, which collectively manage more than $28 billion in assets as of early 2025. Recent developments include the establishment of a new Target Outcome Period commencing October 21, 2024, with updated cap and buffer levels filed via prospectus supplement on October 20, 2025, reflecting prevailing market conditions that may cause caps to fluctuate across periods. First Trust expanded its Target Outcome offerings with launches such as the FT Vest Bitcoin Strategy Floor15 ETF series in April 2025 and the UCITS-compliant First Trust Vest U.S. Equity Buffer ETF – October (FOCT) on the London Stock Exchange in October 2025, alongside a proposed reorganization of four Vest-advised mutual funds into First Trust-advised funds announced in October 2025, pending shareholder approval. These initiatives underscore ongoing product innovation and strategic growth in buffered and outcome-based strategies by the sponsor.