First Trust Exchange-Traded Fund VIII - FT Vest U.S. Equity Max Buffer ETF - May
MAYM
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- First Trust Exchange-Traded Fund VIII - FT Vest U.S. Equity Max Buffer ETF - May is an actively managed U.S. exchange-traded fund that seeks to provide investors with exposure to the price return of the SPDR S&P 500 ETF Trust, up to a predetermined upside cap, while seeking to buffer against declines in the reference ETF over approximately one-year target outcome periods. The fund principally invests in customized flexible exchange options, or FLEX Options, referencing SPY, including call and put option positions designed to establish the applicable cap and downside buffer. It is a non-diversified target-outcome investment vehicle intended for investors and financial intermediaries seeking defined-return U.S. large-cap equity exposure with options-based risk management, rather than direct ownership of S&P 500 constituent securities. The fund commenced operations on May 16, 2025, trades under the ticker MAYM, and is part of the FT Vest U.S. Equity Max Buffer ETF series. First Trust Advisors L.P. serves as investment adviser and is affiliated with First Trust Portfolios L.P., the fund distributor; the fund uses Target Outcome trademarks licensed from Vest Financial LLC. The fund operates in the United States and is offered through U.S. securities exchanges and intermediary distribution channels. MAYM’s principal product is a May-series, annual target-outcome ETF employing SPY-linked FLEX Options; capped-upside equity participation; downside buffering over the stated outcome period; exchange-traded fund shares available through broker-dealers and other secondary-market participants. Its strategy establishes a new cap and buffer at the beginning of each target outcome period based on prevailing market conditions. The current target outcome period began on May 18, 2026 and ends on May 21, 2027; it has a 7.00% starting cap and seeks to buffer the first 100% of SPY losses during the full period, before fees and expenses. The fund’s stated outcomes are contingent on an investor purchasing shares at the beginning of the applicable period and holding them until the FLEX Options expire; investors purchasing or selling at other times may experience different outcomes. Recent operational developments include the commencement of MAYM in May 2025 as the May-dated addition to First Trust’s FT Vest U.S. Equity Max Buffer ETF lineup and the reset of its target outcome structure for the May 2026-May 2027 period. The May 2026 reset established a new 7.00% starting upside cap and a maximum, 100% downside buffer for the applicable annual outcome period, reflecting the series’ periodic recalibration of option positions, caps and buffers in response to market conditions.