FT Vest U.S. Equity Buffer & Premium Income ETF - September (XISE)
Investment Objective/Strategy - The investment objective of the FT Vest U.S. Equity Buffer & Premium Income ETF - September (the "Fund") is to seek to provide investors with a consistent level of income that, when annualized, is approximately 6.67% (before fees and expenses) while providing a buffer (before fees and expenses) against the first 10% of Underlying ETF losses, over the period from September 23, 2024 through September 19, 2025.
There can be no assurance that the Fund's investment objectives will be achieved.
Fund Overview
TickerXISE
Fund TypeTarget Outcome Strategies®
Investment AdvisorFirst Trust Advisors L.P.
Investor Servicing AgentBank of New York Mellon Corp
Portfolio Manager/Sub-AdvisorVest Financial, LLC
CUSIP33740F375
ISINUS33740F3753
Intraday NAVXISEIV
Fiscal Year-End08/31
ExchangeCboe BZX
Inception9/15/2023
Inception Price$30.15
Inception NAV$30.15
Total Expense Ratio*0.85%
* As of 1/2/2025
Current Fund Data (as of 6/27/2025)
Closing NAV1$30.41
Closing Market Price2$30.40
Bid/Ask Midpoint$30.39
Bid/Ask Discount0.07%
30-Day Median Bid/Ask Spread (as of 6/26/2025)30.26%
Total Net Assets$59,293,305
Outstanding Shares1,950,002
Daily Volume381
Average 30-Day Daily Volume6,646
Closing Market Price 52-Week High/Low$30.57 / $28.27
Closing NAV 52-Week High/Low$30.55 / $28.42
Number of Holdings (excluding cash)7
NAV History (Since Inception)
Past performance is not indicative of future results.
Top Holdings (as of 6/27/2025)*
Holding Percent
2025-09-19 SPDR® S&P 500® ETF Trust C 0.06 107.01%
2025-09-19 SPDR® S&P 500® ETF Trust P 568.24 1.04%
U.S. Treasury Bill, 0%, due 07/10/2025 0.48%
U.S. Treasury Bill, 0%, due 08/07/2025 0.48%
U.S. Treasury Bill, 0%, due 09/04/2025 0.48%
2025-09-19 SPDR® S&P 500® ETF Trust P 511.42 -0.38%
2025-09-19 SPDR® S&P 500® ETF Trust C 568.24 -9.96%

* Excluding cash.  Holdings are subject to change.

Bid/Ask Premium/Discount (as of 6/27/2025)
  2024 Q1 2025 Q2 2025 Q3 2025
Days Traded at Premium 109 28 33 ---
Days Traded at Discount 143 32 28 ---
Outcome Period Performance
Outcome Period Values
Series
September
Reference Asset
SPDR® S&P 500® ETF Trust
Outcome Period
9/23/2024 - 9/19/2025
Fund Target Income Level (Net)
6.67% (5.82%)
Buffer (Net)
10.00% (10.00%)
Starting Fund Value
$30.17
Fund Distribution (Net)
$2.0118 / $1.7560
 
Starting Reference Asset Value
$568.25
Buffer Start % / Reference Asset Value
0.00% / $568.24
Buffer End % / Reference Asset Value
-10.00% / $511.42
Current Values
(as of 6/27/2025 at 4:00 PM ET)
Remaining Outcome Period
84 days
Fund Value/Return
$30.39 / 0.71%
Reference Asset Value/Return
$614.86 / 8.20%
Paid / Remaining Distribution
$1.1704 / $0.5856
Max Remaining Total Return (Net)
1.42% (1.22%)
 
Remaining Buffer (Net)
16.12% (16.12%)
Reference Asset to Buffer End
-16.82%
 
Unrealized Option Payoff (Net)
-0.70% (-0.70%)
Definitions
Net - After fees and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund's management fee.
Reference Asset - The underlying ETF which the fund provides exposure to, and which the FLEX Options prices are based on.
Target Outcome Period - The period between when the FLEX Options were purchased and when they will expire.
Fund Target Income Level - The fund's targeted income level, on a percentage basis, over the course of the Target Outcome Period measured as the Fund Distribution per share divided by the Starting Fund Value at the beginning of the Target Outcome Period as stated in the fund's prospectus.
Buffer - The amount of downside protection the fund seeks to provide if held for the full Target Outcome Period.
Starting Fund Value - The Net Asset Value (NAV) of the Fund at the start of the Target Outcome Period.
Fund Distribution - The approximate dollar amount per share to be paid out over the Target Outcome Period based on the Fund Distribution Rate target.
Starting Reference Asset Value - The value of the Reference Asset at the start of the Target Outcome Period.
Buffer Start / Buffer End - The percent shown represents the range of losses on the price return of the Reference Asset, before fees and expenses, that the buffer seeks to protect against. The values represent the reference asset values that trigger the start and end of the Buffer range.
Remaining Outcome Period - The number of days remaining until the end of the Outcome Period.
Fund Value/Return - The value and the price return of the Fund since the start of the Outcome Period.
Reference Asset/Value Return - The value and the price return of the Reference Asset since the start of the Outcome Period.
Paid / Remaining Distribution - The amount of the Fund Distribution that has been paid out since the start of the Target Outcome Period and the distribution the fund seeks to pay out over the remaining Target Outcome Period.
Max Remaining Total Return - The maximum remaining total return if purchased at the fund's current Fund Value shown above and held to the end of the Target Outcome Period assuming the Reference Asset meets or exceeds the Buffer End Reference Asset Value. This return is based on the Fund Value relative to the Starting Fund Value plus any Remaining Distribution. Investors do not participate in any price appreciation of the Reference Asset above the Starting Fund Value and will be subject to losses of the Underlying ETF below the Buffer End level.
Remaining Buffer - The current amount of the Fund's stated Buffer remaining based on the Fund's current value.
Reference Asset to Buffer End - The loss of the Reference Asset from its current value to the Buffer End Reference Asset Value.
Unrealized Option Payoff - Based on the Fund's value, the potential price return of the Fund, before fees and expenses, if held to the end of the Target Outcome period assuming the current Reference Asset Value remains unchanged. This is due to the intrinsic value of the underlying options positions that create the Fund's Buffer range.
Please Note - The Fund values shown are based on the Fund’s bid/ask midpoint as of the date and time stated.
The outcome values may only be realized for an investor who holds shares for the outcome period shown.
There is no guarantee that the Fund will be successful in achieving the Fund Distribution Rate for any Target Outcome Period. Additionally, the Fund may not distribute the same amount of income at each monthly distribution and the distribution amount that investors receive may differ throughout the Target Outcome Period. Distributions in excess of the Fund's current and accumulated earnings and profits will be treated as a return of capital. A return of capital distribution generally will not be taxable but will reduce the shareholder's cost basis and will result in a higher capital gain or lower capital loss when those Fund shares on which the distribution was received are sold. Because the Fund's distributions may consist of return of capital, the Fund may not be an appropriate investment for investors who do not want their principal investment in the Fund to decrease over time or who do not wish to receive return of capital in a given period. For a breakdown of the fund’s distribution rate resulting from a return of capital see the fund’s annual report.
Performance data quoted represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate and shares when sold or redeemed, may be worth more or less than their original cost.
Market Data by Xignite
Month End Performance (as of 5/30/2025)
  3 Month YTD 1 Year 3 Year 5 Year 10 Year Since
Fund
Inception4
Fund Performance *
Net Asset Value (NAV) 1.30% 2.32% 5.55% N/A N/A N/A 6.71%
After Tax Held 0.70% 1.31% 2.82% N/A N/A N/A 4.04%
After Tax Sold 0.77% 1.36% 3.23% N/A N/A N/A 3.97%
Market Price 1.30% 2.46% 5.52% N/A N/A N/A 6.70%
Index Performance **
S&P 500® Index -0.37% 1.06% 13.52% N/A N/A N/A 19.75%
Quarter End Performance (as of 3/31/2025)
  3 Month YTD 1 Year 3 Year 5 Year 10 Year Since
Fund
Inception4
Fund Performance *
Net Asset Value (NAV) 0.62% 0.62% 4.78% N/A N/A N/A 6.30%
After Tax Held 0.03% 0.03% 1.98% N/A N/A N/A 3.63%
After Tax Sold 0.37% 0.37% 2.79% N/A N/A N/A 3.67%
Market Price 0.76% 0.76% 4.85% N/A N/A N/A 6.30%
Index Performance **
S&P 500® Index -4.27% -4.27% 8.25% N/A N/A N/A 17.89%

*Performance data quoted represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate and shares when sold or redeemed, may be worth more or less than their original cost.

After Tax Held returns represent return after taxes on distributions. Assumes shares have not been sold. After Tax Sold returns represent the return after taxes on distributions and the sale of fund shares. Returns do not represent the returns you would receive if you traded shares at other times. Market Price returns are determined by using the midpoint of the national best bid offer price ("NBBO") as of the time that the fund's NAV is calculated. Returns are average annualized total returns, except those for periods of less than one year, which are cumulative.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

**Performance information for each listed index is for illustrative purposes only and does not represent actual fund performance. Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the performance shown. Indexes are unmanaged and an investor cannot invest directly in an index.

S&P 500® Index - The Index is an unmanaged index of 500 companies used to measure large-cap U.S. stock market performance.
Footnotes
1 The NAV represents the fund's net assets (assets less liabilities) divided by the fund's outstanding shares.
2 Fund shares are purchased and sold on an exchange at their market price rather than net asset value (NAV), which may cause the shares to trade at a price greater than NAV (premium) or less than NAV (discount).
3 The median bid-ask spread is calculated by identifying the national best bid and national best offer ("NBBO") for the fund as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified and that value is expressed as a percentage rounded to the nearest hundredth.
4 Inception Date is 9/15/2023

You should consider the fund's investment objectives, risks, and charges and expenses carefully before investing. You can download a prospectus or summary prospectus, or contact First Trust Portfolios L.P. at 1-800-621-1675 to request a prospectus or summary prospectus which contains this and other information about the fund. The prospectus or summary prospectus should be read carefully before investing.

Risk Considerations

You could lose money by investing in a fund. An investment in a fund is not a deposit of a bank and is not insured or guaranteed. There can be no assurance that a fund's objective(s) will be achieved. Investors buying or selling shares on the secondary market may incur customary brokerage commissions. Please refer to each fund's prospectus and Statement of Additional Information for additional details on a fund's risks. The order of the below risk factors does not indicate the significance of any particular risk factor.

There can be no assurance that an active trading market for fund shares will develop or be maintained.

A fund that uses FLEX Options to employ a "target outcome strategy" has characteristics unlike many other traditional investment products and may not be appropriate for all investors. There can be no guarantee that a target outcome fund will be successful in its strategy to buffer against losses. A shareholder may lose their entire investment. In the event an investor purchases shares after the first day of the target outcome period defined in the fund's prospectus ("Target Outcome Period") or sells shares prior to the end of the Target Outcome Period, the buffer that a fund seeks to provide may not be available.

A fund that effects all or a portion of its creations and redemptions for cash rather than in-kind may be less tax-efficient.

A fund may be subject to the risk that a counterparty will not fulfill its obligations which may result in significant financial loss to a fund.

Current market conditions risk is the risk that a particular investment, or shares of the fund in general, may fall in value due to current market conditions. For example, changes in governmental fiscal and regulatory policies, disruptions to banking and real estate markets, actual and threatened international armed conflicts and hostilities, and public health crises, among other significant events, could have a material impact on the value of the fund's investments.

A fund is susceptible to operational risks through breaches in cyber security. Such events could cause a fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss.

A fund normally pays its income as distributions and therefore, a fund may be required to reduce its distributions if it has insufficient income. Additionally at times, a fund may need to sell securities when it would not otherwise do so and could cause distributions from that sale to constitute return of capital. Because of this, a fund may not be an appropriate investment for investors who do not want their principal investment in a fund to decrease over time or who do not wish to receive return of capital in a given period.

Trading FLEX Options involves risks different from, or possibly greater than, the risks associated with investing directly in securities. A fund may experience substantial downside from specific FLEX Option positions and certain FLEX Option positions may expire worthless. There can be no guarantee that a liquid secondary trading market will exist for the FLEX Options and FLEX options may be less liquid than exchange-traded options.

FLEX Options are subject to correlation risk and a FLEX Option's value may be highly volatile, and may fluctuate substantially during a short period of time. FLEX Options will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or other recognized pricing methods. In the absence of readily available market quotations for fund holdings, a fund's advisor may determine the fair value of the holding, which requires the advisor's judgement and is subject to the risk of mispricing or improper valuation.

A fund's income may decline when interest rates fall or if there are defaults in its portfolio.

In the event an investor purchased fund shares after the first day of a Target Outcome Period and the fund has already distributed a significant amount of the targeted income for the Target Outcome Period, there may be little or no ability for that investor to experience an investment gain on their fund shares, however, the investor will remain vulnerable to downside risks. Because the value of, and interest received from, the U.S. Treasury securities held by the fund may fluctuate and decrease over the Target Outcome Period, the fund may not be able to meet the targeted income level.

Depending on market conditions, the fund's income level may rise or fall from one Target Outcome Period to the next and is unlikely to remain the same for consecutive Target Outcome Periods.

A fund may be a constituent of one or more indices or models which could greatly affect a fund's trading activity, size and volatility.

As inflation increases, the present value of a fund's assets and distributions may decline.

Information technology companies are subject to certain risks, including rapidly changing technologies, short product life cycles, fierce competition, aggressive pricing and reduced profit margins, loss of patent, copyright and trademark protections, cyclical market patterns, evolving industry standards and regulation and frequent new product introductions.

Large capitalization companies may grow at a slower rate than the overall market.

The portfolio managers of an actively managed portfolio will apply investment techniques and risk analyses that may not have the desired result.

Market risk is the risk that a particular security, or shares of a fund in general may fall in value. Securities are subject to market fluctuations caused by such factors as general economic conditions, political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of a fund could decline in value or underperform other investments as a result. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious disease or other public health issues, recessions, natural disasters or other events could have significant negative impact on a fund.

Large inflows and outflows may impact a new fund's market exposure for limited periods of time.

A fund classified as "non-diversified" may invest a relatively high percentage of its assets in a limited number of issuers. As a result, a fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly concentrated in certain issuers.

A fund and a fund's advisor may seek to reduce various operational risks through controls and procedures, but it is not possible to completely protect against such risks. The fund also relies on third parties for a range of services, including custody, and any delay or failure related to those services may affect the fund's ability to meet its objective.

The prices of options are volatile and the effective use of options depends on a fund's ability to terminate option positions at times deemed desirable to do so. There is no assurance that a fund will be able to effect closing transactions at any particular time or at an acceptable price.

The market price of a fund's shares will generally fluctuate in accordance with changes in the fund's net asset value ("NAV") as well as the relative supply of and demand for shares on the exchange, and a fund's investment advisor cannot predict whether shares will trade below, at or above their NAV.

If, in any year, a fund which intends to qualify as a Registered Investment Company (RIC) under the applicable tax laws fails to do so, it would be taxed as an ordinary corporation.

A target outcome fund's investment strategy is designed to deliver returns if shares are bought on the first day that the fund enters into the FLEX Options and are held until the FLEX Options expire at the end of the Target Outcome Period subject to the cap.

Trading on an exchange may be halted due to market conditions or other reasons. There can be no assurance that a fund's requirements to maintain the exchange listing will continue to be met or be unchanged.

A fund that invests in FLEX Options that reference an ETF is subject to certain of the risks of owning shares of an ETF as well as the risks of the types of instruments in which the reference ETF invests.

An underlying ETF with investments that are concentrated in a single asset class, country, region, industry, or sector may be more affected by adverse events than the market as a whole.

A fund that invests in FLEX Options that reference an ETF has exposure to the equity securities market. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, company, industry or sector of the market.

Securities issued or guaranteed by federal agencies and U.S. government sponsored instrumentalities may or may not be backed by the full faith and credit of the U.S. government.

A fund may hold securities or other assets that may be valued on the basis of factors other than market quotations. This may occur because the asset or security does not trade on a centralized exchange, or in times of market turmoil or reduced liquidity. Portfolio holdings that are valued using techniques other than market quotations, including "fair valued" assets or securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. There is no assurance that a fund could sell or close out a portfolio position for the value established for it at any time.

First Trust Advisors L.P. (FTA) is the adviser to the First Trust fund(s). FTA is an affiliate of First Trust Portfolios L.P., the distributor of the fund(s).

The Target Outcome registered trademarks are registered trademarks of Vest Financial LLC.

The fund is not sponsored, endorsed, sold or promoted by SPDR® S&P 500® ETF Trust, PDR, or Standard & Poor's® (together with their affiliates hereinafter referred to as the "Corporations"). The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of, descriptions and disclosures relating to the fund or the FLEX Options. The Corporations make no representations or warranties, express or implied, regarding the advisability of investing in the fund or the FLEX Options or results to be obtained by the fund or the FLEX Options, shareholders or any other person or entity from use of the SPDR® S&P 500® ETF Trust. The Corporations have no liability in connection with the management, administration, marketing or trading of the fund or the FLEX Options.

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by FactSet Research Systems Inc. and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, ©2025 CUSIP Global Services. "CUSIP" is a registered trademark of the American Bankers Association.

Not FDIC Insured • Not Bank Guaranteed • May Lose Value