Target Outcome Funds

Target Outcome Investments

Target Outcome Investments® are designed to provide investors with a solution to target investment objectives such as limiting downside losses, potential for growth and/or income within a specified time period. First Trust Target Outcome Strategies® provide access to a broad range of asset classes and market sectors and are available at First Trust through exchange-traded funds (ETFs) and unit investment trusts (UITs). Vest Financial LLC created Target Outcome Strategies® and is the sub-advisor and portfolio manager to the ETFs and serves as the sub-portfolio supervisor to the UITs.

New and Upcoming FundsResources

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star New Fund Launch: May 19, 2025

Ticker	Fund Name	Reference Asset	Buffer	Cap (Net)	More Info	Prospectus
MAYM	FT Vest U.S. Equity Max Buffer ETF - May	SPY	100%	7.02% (6.17%)

restart_alt Target Outcome Period: May 19, 2025

Ticker	Fund Name	Reference Asset	Buffer	Cap (Net)
DMAY	FT Vest U.S. Equity Deep Buffer ETF - May	SPY	25%	12.30% (11.45%)
FHDG	FT Vest U.S. Equity Quarterly Dynamic Buffer ETF	SPY	7.5%	4.12% (3.91%)
FMAY	FT Vest U.S. Equity Buffer ETF - May	SPY	10%	14.95% (14.10%)
GMAY	FT Vest U.S. Equity Moderate Buffer ETF - May	SPY	15%	12.32% (11.48%)
QMMY	FT Vest Nasdaq-100® Moderate Buffer ETF - May	QQQ	15%	15.20% (14.30%)
SMAY	FT Vest U.S. Small Cap Moderate Buffer ETF - May	IWM	15%	16.50% (15.60%)
XMAY	FT Vest U.S. Equity Enhance & Moderate Buffer ETF - May	SPY	15%	10.38% (9.53%)

Definitions

Target Outcome Period - The period between when the FLEX Options were purchased and when they will expire.

Gross - Before fees, expenses and taxes.

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

Buffer - The amount of downside protection the fund seeks to provide if held for the full Target Outcome Period. For Max Buffer ETFs, if the fund is not able to set the buffer to the percentage indicated, then it would seek the maximum buffer that allows for a cap of 7%. If it can set the buffer to the indicated percentage, it will seek a cap that exceeds 7%. When conditions prevent the MAX buffer ETF from achieving the 7% cap, it will lower the cap range to seek to produce a minimum buffer of 20%.

Cap - Maximum possible return that the fund can provide at the end of the Target Outcome Period.

Target Income Level - The Target Income Level shown is annualized. For tax purposes, distributions may consist of ordinary income, capital gains or return of capital. A return of capital will reduce an investor's principle investment.

Cap Range/Target Income Level Range - Any cap ranges or target income ranges shown reflect the high and low upside cap or target income level based on model pricing for the options package representing a fund's underlying strategy as of the date shown. The ranges are not actual upside caps or income levels but are based on a model that seeks to replicate similar market factors utilized when pricing this option trade for market participants quoting FLEX Options. The actual upside cap or target income level for a fund will be determined at the inception date of the Target Outcome Period and may be higher or lower than the ranges shown due to prevailing market conditions at the time of the trade. The cap or income level investors will experience may be different than what is illustrated herein.

Upside Deductible - Minimum price return the reference asset must achieve for the Fund to participate in positive returns.

Upside Rate of Return after Deductible - The predetermined upside participation rate for the Fund for every 1% price return of the Reference Asset after the Upside Deductible End over the Outcome Period.

Reference Asset - The underlying ETF which the fund provides exposure to, and which the FLEX Options prices are based on.

EFA - The iShares MSCI EAFE ETF is an exchange-traded fund based on the MSCI EAFE Index, which is composed of large- and mid-capitalization developed market equities, excluding the U.S. and Canada.

GLD - The SPDR® Gold Trust is an exchange-traded investment trust that holds physical gold bars and seeks to provide investment results that correspond to the price performance of gold bullion.

QQQ - Invesco QQQ Trust^SM, Series 1 is an exchange-traded fund based on the Nasdaq-100 Index®, which is an unmanaged index that includes 100 of the largest domestic and international nonfinancial companies listed on the Nasdaq Stock Market based on market capitalization.

SPY - SPDR® S&P 500® ETF Trust is an exchange-traded fund based on the S&P 500 Index, which is an unmanaged index of 500 companies used to measure large-cap U.S. stock market performance.

IWM - iShares Russell 2000 ETF is an exchange-traded fund based on the Russell 2000 Index which is composed of small-capitalization U.S. equities.

RSP - The Invesco S&P 500® Equal Weight ETF is an exchange-traded fund that is designed to track the returns of the S&P 500® Equal Weight Index. The S&P 500® Equal Weight Index is designed to be a size neutral version of the S&P 500® Index, an unmanaged index of 500 companies used to measure large-cap U.S. stock market performance.

EEM - iShares MSCI Emerging Markets ETF is an exchange-traded fund based on the MSCI Emerging Markets Index that seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities.

CBTX - The Cboe Bitcoin U.S. ETF Index is a modified market capitalization-weighted index that is designed to track the performance of a basket of Bitcoin ETPs listed on U.S. exchanges.

The outcome values may only be realized for an investor who holds shares for the fund’s stated target outcome period. More information can be found by clicking on the fund's name.

Links
Vest Manager Profile
Frequently Asked Questions
Investor Guide
Buffer Fund Product Brief
Buffer ETF Positioning Guide

Videos
What is a Target Outcome ETF®?
Target Outcome Buffer ETFs
Target Outcome Enhance & Moderate Buffer ETFs
How do Target Outcome ETFs Behave Over the Entire Outcome Period?
What are Flex Options?

Target Outcome Buffer Funds

Seek to maintain a level of protection in down markets through a downside buffer while taking advantage of growth opportunities in up markets to a predetermined maximum cap.

Target Outcome Buffer & Premium Income Funds

Seek to provide a level of protection in down markets through a downside buffer while providing monthly income potential.

Target Outcome Enhance & Moderate Funds

Seek to provide returns of approximately twice any positive price return of the underlying reference asset while also providing a downside buffer.

Target Outcome Max Buffer Funds

Seek to maximize the buffer against losses while setting the predetermined upside cap of at least 7%. When conditions prevent them from achieving a 7% cap, the fund will lower the cap range to seek to produce a minimum buffer of at least 20%.

Target Outcome Growth Funds

Seek to enhance returns for a targeted upside range.

Target Outcome Floor Funds

Seek to provide a maximum loss of the reference asset losses over each outcome period.

Target Income Funds

Seek to provide a consistent level of income while maintaining the opportunity for price appreciation.

Fund of Target Outcome Funds

While not themselves Target Outcome Funds, each "Fund of Funds" invests in a portfolio of underlying Target Outcome Buffer ETFs. Any buffer is provided only by the underlying Target Outcome Buffer ETFs in which a Fund of Funds invests. The Funds of Funds themselves do not provide any buffer against losses. Each Fund of Funds simply seeks to provide diversified exposure to all the underlying Target Outcome Buffer ETFs in a single investment.

Target Outcome Tools

Tools and resources for financial professionals to help evaluate Target Outcome investment opportunities and make informed decisions. Logon to access education modules, investment insights and tools to analyze current and historical Target Outcome Period performance, calculate Target Outcome Period values and view hypothetical Target Outcome scenarios.

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

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.