Home Logon FTA Investment Managers Blog Subscribe About Us Contact Us

Search by Ticker, Keyword or CUSIP       
FT Cboe Vest U.S. Equity Buffer & Premium Income ETF - September (XISE)
Investment Objective/Strategy - The investment objective of the FT Cboe 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 8.19% (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 18, 2023 through September 20, 2024. 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 and short-term (one year or less) U.S. Treasury securities.
There can be no assurance that the Fund's investment objectives will be achieved.
Fund Overview
Fund TypeTarget Outcome Strategies
Investment AdvisorFirst Trust Advisors L.P.
Investor Servicing AgentBank of New York Mellon Corp
Portfolio Manager/Sub-AdvisorCBOE Vest Financial, LLC
Fiscal Year-End08/31
ExchangeCboe BZX
Inception Price$30.15
Inception NAV$30.15
Expense Ratio*0.85%
* As of 9/18/2023
The Investment Advisor has implemented fee breakpoints, which reduce the fund's investment management fee at certain assets levels. Please see the fund's Statement of Additional Information for full details.
Current Fund Data (as of 9/26/2023)
Closing NAV1$29.93
Closing Market Price2$29.88
Bid/Ask Midpoint$29.90
Bid/Ask Discount0.10%
30-Day Median Bid/Ask Spread30.30%
Total Net Assets$5,986,659
Outstanding Shares200,002
Daily Volume10,407
Closing Market Price 52-Week High/Low$30.21 / $29.88
Closing NAV 52-Week High/Low$30.24 / $29.93
Number of Holdings (excluding cash)16
NAV History (Since Inception)
Past performance is not indicative of future results.
Top Holdings (as of 9/26/2023)*
Holding Percent
2024-09-20 SPDR® S&P 500® ETF Trust C 0.04 95.79%
2024-09-20 SPDR® S&P 500® ETF Trust P 443.35 6.15%
U.S. Treasury Bill, 0%, due 01/02/2024 0.61%
U.S. Treasury Bill, 0%, due 10/31/2023 0.61%
U.S. Treasury Bill, 0%, due 11/30/2023 0.61%
U.S. Treasury Bill, 0%, due 02/01/2024 0.60%
U.S. Treasury Bill, 0%, due 02/29/2024 0.60%
U.S. Treasury Bill, 0%, due 03/21/2024 0.60%
U.S. Treasury Bill, 0%, due 04/18/2024 0.60%
U.S. Treasury Bill, 0%, due 05/16/2024 0.59%

* Excluding cash.  Holdings are subject to change.

Bid/Ask Premium/Discount (as of 9/26/2023)
  2022 Q1 2023 Q2 2023 Q3 2023
Days Traded at Premium --- --- --- 2
Days Traded at Discount --- --- --- 5
Outcome Period Performance
Outcome Period Values
Series September
Reference Asset SPDR® S&P 500® ETF Trust
Outcome Period 9/18/2023 - 9/20/2024
Fund Distribution Rate (Net) 8.19% (7.32%)
Buffer (Net) 10.00% (10.00%)
Starting Fund Value $30.15
Fund Distribution (Net) $2.47 / $2.21

Starting Reference Asset Value $443.37
Buffer Start % / Reference Asset Value 0.00% / $443.35
Buffer End % / Reference Asset Value -10.01% / $399.01
Current Values
(as of 9/27/2023 at 4:00 PM ET)
Remaining Outcome Period 359 days
Fund Value/Return $29.93 / -0.73%
Reference Asset Value/Return $426.05 / -3.91%
Paid / Remaining Distribution $0.00 / $2.21
Max Remaining Total Return (Net) 8.95% (8.11%)
Remaining Buffer (Net) 7.07% (7.07%)
Reference Asset to Buffer End -6.35%
Unrealized Option Payoff (Net) 0.73% (0.73%)
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 Distribution Rate - 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
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.

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. As a means to fight inflation, the Federal Reserve and certain foreign central banks have raised interest rates and expect to continue to do so, and the Federal Reserve has announced that it intends to reverse previously implemented quantitative easing. Recent and potential future bank failures could result in disruption to the broader banking industry or markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. In February 2022, Russia invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, and the United States. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain fund investments as well as fund performance and liquidity. The COVID-19 global pandemic, or any future public health crisis, and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects.

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. 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 fund and shall have no liability whatsoever in connection with the fund.

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, ©2023 CUSIP Global Services. "CUSIP" is a registered trademark of the American Bankers Association.

Not FDIC Insured • Not Bank Guaranteed • May Lose Value
The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.
Follow First Trust:  
First Trust Portfolios L.P.  Member SIPC and FINRA. (Form CRS)   •  First Trust Advisors L.P. (Form CRS)
Home |  Important Legal Information |  Privacy Policy |  California Privacy Policy |  Business Continuity Plan |  FINRA BrokerCheck
Copyright © 2023 All rights reserved.