FT Cboe Vest Nasdaq-100® Buffer ETF

FT Cboe Vest Nasdaq-100® Buffer ETF - September (QSPT)

2021 Estimated Capital Gain Distributions

Certain First Trust Exchange-Traded Funds are expected to pay a short term and/or long-term capital gain distribution in December. For a list of exchange-traded funds expected to pay a capital gain distribution, please click here. Final determination of the source and tax status of all distributions paid in the current year are to be made after year-end and could differ from the expectations noted above.

Investment Objective/Strategy - The investment objective of the FT Cboe Vest Nasdaq-100® BufferETF - September (the "Fund") is to seek to provide investors with returns that match the price return of the Invesco QQQ Trust ^SM, Series 1 (the "Underlying ETF"), up to a predetermined upside cap of 13.65% (before fees, expenses and taxes) and 12.75% (after fees and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund's management fee), while providing a buffer against the first 10% (before fees, expenses and taxes) of Underlying ETF losses, over the period from September 20, 2021 through September 16, 2022. Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange® Options ("FLEX Options") that reference the price performance of the Underlying ETF.

There can be no assurance that the Fund's investment objectives will be achieved.

Fund Overview

Ticker	QSPT
Fund Type	Target Outcome Strategies
Investment Advisor	First Trust Advisors L.P.
Investor Servicing Agent	Bank of New York Mellon Corp
Portfolio Manager/Sub-Advisor	CBOE Vest Financial, LLC
CUSIP	33740U836
ISIN	US33740U8365
Intraday NAV	QSPTIV
Fiscal Year-End	08/31
Exchange	Cboe BZX
Inception	9/17/2021
Inception Price	$20.19
Inception NAV	$20.19
Expense Ratio	0.90%

Current Fund Data (as of 12/6/2021)

Closing NAV¹	$20.50
Closing Market Price²	$20.45
Bid/Ask Midpoint	$20.42
Bid/Ask Discount	0.39%
30-Day Median Bid/Ask Spread³	0.48%
Total Net Assets	$27,679,780
Outstanding Shares	1,350,002
Daily Volume	12,789
Average 30-Day Daily Volume	25,502
Closing Market Price 52-Week High/Low	$20.96 / $19.51
Closing NAV 52-Week High/Low	$21.01 / $19.62
Number of Holdings (excluding cash)	4

NAV History (Since Inception)

Past performance is not indicative of future results.

Top Holdings (as of 12/6/2021)*

Holding	Percent
2022-09-16 Invesco QQQ Trust, Series 1 C 3.74	100.72%
2022-09-16 Invesco QQQ Trust, Series 1 P 373.83	7.98%
2022-09-16 Invesco QQQ Trust, Series 1 C 424.86	-4.68%
2022-09-16 Invesco QQQ Trust, Series 1 P 336.45	-4.92%

* Excluding cash. Holdings are subject to change.

Bid/Ask Premium/Discount (as of 12/6/2021)

	2020	Q1 2021	Q2 2021	Q3 2021
Days Traded at Premium	---	---	---	2
Days Traded at Discount	---	---	---	7

Outcome Period Performance

Outcome Period Values
Series	September
Reference Asset	Invesco QQQ Trust, Series 1
Cap (Net)	13.65% (12.75%)
Buffer Start (Net)	0.00% (-0.90%)
Buffer End (Net)	-10.00% (-10.90%)
Outcome Period	9/20/2021 - 9/16/2022

Current Values (as of 12/7/2021 at 4:00 PM ET)
Fund Value/Return	$20.78 / 2.94%
Reference Asset Value/Return	$397.87 / 6.43%
Remaining Outcome Period	283 days
Remaining Cap (Net)	10.40% (9.53%)
Reference Asset Return to Realize the Cap	6.78%
Remaining Buffer
Reference Asset to Buffer End	15.44%
+ Unrealized Option Payoff	0.00%
+ Downside Before Buffer	-2.86%
Remaining Buffer (Net)	12.58% (11.71%)

Reference Asset and Fund Values

Cap Reference Asset Value	$424.86
Starting Reference Asset Value	$373.83
Buffer Start Reference Asset Value	$373.83
Buffer End Reference Asset Value	$336.45

Cap Fund Value^	$22.94
Starting Fund Value	$20.19
Buffer Start Fund Value^	$20.19
Buffer End Fund Value^	$20.19

Definitions

Net - After fees and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund's management fee.

Fund Value/Return - The current bid/ask midpoint of the Fund, and the return of the Fund since the start of the Outcome Period.

Reference Asset Value/Return - The current value and the price return of the Reference Asset since the start of the Outcome Period.

Remaining Outcome Period - The number of days remaining until the end of the Outcome Period.

Remaining Cap - Based on the Fund's current bid/ask midpoint, the best potential return if held to the end of the Outcome Period, assuming the Reference Asset meets or exceeds the Cap Reference Asset Value.

Reference Asset Return to Realize the Cap - The return of the Reference Asset currently needed in order for the Fund to realize the return of the Remaining Cap.

Remaining Buffer - The current amount of the Fund's stated buffer remaining which is the sum of Downside Before Buffer, Reference Asset to Buffer End, and Unrealized Option Payoff.

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 current bid/ask midpoint, the potential investment outcome of the Fund, before fees and expenses, if held to the end of the Target Outcome period assuming the current Reference Asset Value quoted above remains unchanged. This is due to the intrinsic value of the underlying options positions that create the Fund's buffer range.

Downside Before Buffer - Based on the Fund value, the amount of Fund loss that can be incurred prior to the buffer taking effect.

The "Reference Asset and Fund Values" represent the values that trigger the Cap and the Start and End of the Buffer range for the respective Reference Asset and Fund.

^ The Cap Fund Value, Buffer Start Fund Value and Buffer End Fund Value are all calculated before fees and expenses.

The Outcome Period Values are shown both gross and net of fees. The outcome values may only be realized for an investor who holds shares for the outcome period shown.

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 11/30/2021)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁴
Fund Performance *
Net Asset Value (NAV)	N/A	N/A	N/A	N/A	N/A	N/A	2.82%
After Tax Held	N/A	N/A	N/A	N/A	N/A	N/A	2.82%
After Tax Sold	N/A	N/A	N/A	N/A	N/A	N/A	1.67%
Market Price	N/A	N/A	N/A	N/A	N/A	N/A	2.28%

Index Performance **
Nasdaq 100 Stock Index	N/A	N/A	N/A	N/A	N/A	N/A	5.23%

Quarter End Performance (as of 9/30/2021)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁴
Fund Performance *
Net Asset Value (NAV)	N/A	N/A	N/A	N/A	N/A	N/A	-2.38%
After Tax Held	N/A	N/A	N/A	N/A	N/A	N/A	-2.38%
After Tax Sold	N/A	N/A	N/A	N/A	N/A	N/A	-1.41%
Market Price	N/A	N/A	N/A	N/A	N/A	N/A	-2.48%

Index Performance **
Nasdaq 100 Stock Index	N/A	N/A	N/A	N/A	N/A	N/A	-4.20%

*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.

**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.

Nasdaq 100 Stock Index - The Index includes 100 of the largest domestic and international non-financial companies listed on the Nasdaq Stock Market based on market capitalization. The returns shown are price only.

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 9/17/2021

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

A Target Outcome fund has characteristics unlike many other traditional investment products and may not be appropriate for all investors.

Investors buying or selling fund shares on the secondary market may incur customary brokerage commissions. Market prices may differ to some degree from the net asset value of the shares. Investors who sell fund shares may receive less than the share's net asset value. Shares may be sold throughout the day on the exchange through any brokerage account. However, unlike mutual funds, shares may only be redeemed directly from a fund by authorized participants in very large creation/redemption units. If a fund's authorized participants are unable to proceed with creation/redemption orders and no other authorized participant is able to step forward to create or redeem, fund shares may trade at a discount to a fund's net asset value and possibly face delisting.

A fund's shares will change in value, and you could lose money by investing in a fund. One of the principal risks of investing in a fund is market risk. Market risk is the risk that a particular stock owned by a fund, fund shares or stocks in general may fall in value. There can be no assurance that a fund's investment objective will be achieved. The outbreak of the respiratory disease designated as COVID-19 in December 2019 has caused significant volatility and declines in global financial markets, which have caused losses for investors. While the development of vaccines has slowed the spread of the virus and allowed for the resumption of "reasonably" normal business activity in the United States, many countries continue to impose lockdown measures in an attempt to slow the spread. Additionally, there is no guarantee that vaccines will be effective against emerging variants of the disease.

In managing a fund's investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not have the desired result.

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

The investment strategy is designed to deliver returns that match the reference asset if a fund's shares are bought on the day on which a fund enters into the Flexible Exchange Options® ("FLEX Options") (i.e., the first day of a Target Outcome Period) and held until those FLEX Options expire at the end of the Target Outcome Period. If an investor does not hold its fund shares for an entire Target Outcome Period, the returns realized by that investor may not match those a fund seeks to achieve. In the event an investor purchases fund shares after the first day of a Target Outcome Period or sells shares prior to the expiration of the Target Outcome Period, the value of that investor's investment in fund shares may not be buffered against a decline in the value of the reference asset and may not participate in a gain in the value of the reference asset up to the cap for the investor's investment period.

A new cap is established at the beginning of each Target Outcome Period and is dependent on prevailing market conditions. As a result, the cap 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 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.

As the use of Internet technology has become more prevalent in the course of business, funds have become more susceptible to potential operational risks through breaches in cyber security.

A fund may invest in FLEX Options that reference an ETF, which subjects a fund to certain of the risks of owning shares of an ETF as well as the types of instruments in which the reference ETF invests. Because a fund may hold FLEX Options that reference the index and/or reference ETFs, a fund has exposure to the equity securities markets. The FLEX Options held by a fund 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. 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.

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

Stocks with growth characteristics tend to be more volatile than certain other stocks and their prices may fluctuate more dramatically than the overall stock market.

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

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 use of derivatives, including options can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the derivatives.

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.

If the underlying ETF experiences gains during a Target Outcome Period, a fund will not participate in those gains on a one-to-one basis or beyond the cap. In the event an investor purchases fund shares after the first day of a Target Outcome Period and a fund has risen in value to a level near to the cap, there may be little or no ability for that investor to experience an investment gain on their fund shares. Similarly, in the event an investor purchases fund shares after the first day of a Target Outcome Period, the buffer a fund seeks to provide may not be available. A shareholder may lose their entire investment.

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

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

Cboe® is a registered trademark of Cboe Exchange, Inc., which has been licensed for use in the name of the fund. The fund is not sponsored, endorsed, sold or marketed by Cboe Exchange, Inc. or any of its affiliates ("Cboe") or their respective third-party providers, and Cboe and its third-party providers make no representation regarding the advisability of investing in the funds and shall have no liability whatsoever in connection with the fund.
MSCI EAFE ETF, BFA, or MSCI Inc., (together with their affiliates hereinafter referred to as the “Corporations”) have not passed on the legality or suitability of, or the accuracy or adequacy of, descriptions and disclosures relating to 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 iShares MSCI EAFE ETF. The Corporations have no liability in connection with the management, administration, marketing or trading of the fund or the FLEX Options.

Not FDIC Insured • Not Bank Guaranteed • May Lose Value