First Trust Exchange-Traded Fund VIII - FT Vest U.S. Equity Max Buffer ETF - November

First Trust Exchange-Traded Fund VIII - FT Vest U.S. Equity Max Buffer ETF - November

NOVM
First Trust Exchange-Traded Fund VIII - FT Vest U.S. Equity Max Buffer ETF - Novemberundefined flagChicago Board Options Exchange
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Business
First Trust Exchange-Traded Fund VIII - FT Vest U.S. Equity Max Buffer ETF - November (Cboe BZX: NOVM) is a non-diversified, actively managed U.S. exchange-traded fund that seeks to provide investors with exposure to the SPDR S&P 500 ETF Trust (SPY) while limiting potential upside participation and buffering a specified portion of downside performance over an approximately one-year Target Outcome Period. The Fund’s principal investment products consist of customized FLexible EXchange Options (FLEX Options) referencing SPY, including call-option and put-option positions designed to establish an upside cap and a maximum-loss buffer; it may also hold cash, cash equivalents and short-term instruments, including U.S. government securities, certificates of deposit, bankers’ acceptances, repurchase agreements, time deposits, commercial paper and money market fund shares. NOVM primarily serves U.S. retail and institutional investors, financial advisers and other market participants seeking defined-outcome equity exposure through exchange-traded fund shares, which trade on Cboe BZX and are created and redeemed in Creation Units by authorized participants. The Fund is a series of First Trust Exchange-Traded Fund VIII, a Massachusetts business trust organized in 2016, and commenced operations on November 15, 2024. First Trust Advisors L.P., headquartered in Wheaton, Illinois, acts as investment adviser; Vest Financial LLC acts as sub-adviser; and First Trust Portfolios L.P., also based in Wheaton, Illinois, distributes the Fund. The Target Outcome trademarks are owned by Vest Financial LLC. In its latest material operational update, NOVM reset its defined-outcome portfolio for the November 24, 2025 to November 20, 2026 Target Outcome Period, establishing a 7.00% starting upside cap and a buffer intended to absorb the first 57.95% of losses in SPY, before Fund fees and expenses, subject to the terms and limitations of the FLEX Options strategy. The Fund generally invests substantially all of its assets in SPY-linked FLEX Options, and its cap and buffer are re-established for each subsequent Target Outcome Period in response to prevailing market conditions.