First Trust Exchange-Traded Fund VIII – FT Vest U.S. Equity Quarterly 15 Buffer ETF is a U.S.-domiciled exchange-traded fund that seeks to provide investors with exposure to the price performance of the SPDR S&P 500 ETF Trust, subject to a predetermined upside cap and a targeted 15% downside buffer over quarterly outcome periods. The fund invests primarily through customized flexible exchange options, or FLEX Options, referencing the S&P 500 Index and/or SPY, rather than through direct holdings of underlying portfolio companies; it provides large-cap U.S. equity-market exposure across diversified sectors and is designed for investors seeking a defined-risk, target-outcome equity strategy. The fund is launched and managed by First Trust Advisors L.P. and co-managed by Vest Financial LLC; it forms part of First Trust’s Target Outcome Investments Buffer Fund series, which offers capped-upside and buffered-downside strategies tied to specified reference assets and outcome periods. SQBA commenced operations on August 21, 2026, trades on the NYSE under the ticker SQBA, and carries a 0.85% expense ratio. Its latest major development is its August 2026 launch as a quarterly S&P 500-linked 15% buffer strategy; the initial outcome period runs from August 24, 2026 through November 20, 2026, during which the fund is structured to absorb the first 15% of reference-asset losses, before fees and expenses, while limiting gains to the applicable outcome-period cap.