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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.
Target Outcome UITs
Overview
Product Brief
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Target Outcome ETFs
Target Outcome Unit Investment Trusts
Trust Name Approx. Buffer Level
(% of NAV)*		 Reference
Asset**		 Approx. Term Pre-Ticketing Deadline Pricing Date Terms
Vest Large Cap Deep Buffered 20, 81 20% SPY 15 Months 5/16/2025 5/19/2025 Cap and Buffer Information
Vest Large Cap Deep Buffered 30, 39 30% SPY 15 Months 5/20/2025 5/21/2025 Cap and Buffer Information
Vest Nasdaq 100 Buffered 10, 18 10% QQQ 15 Months 5/22/2025 5/23/2025 Cap and Buffer Information
Vest Enhanced Large Cap Buffered 15, 27 15% SPY 15 Months 5/27/2025 5/28/2025 Cap and Buffer Information
Vest Large Cap Deep Buffered 20, 82 20% SPY 15 Months 5/29/2025 5/30/2025 Cap and Buffer Information
Vest Large Cap Buffered 10, 80 10% SPY 15 Months 6/2/2025 6/3/2025 Cap and Buffer Information
Vest Small Cap Buffered 20, 11 20% IWM 15 Months 6/4/2025 6/5/2025 Cap and Buffer Information
Vest Large Cap Deep Buffered 20, 83 20% SPY 15 Months 6/6/2025 6/9/2025 Cap and Buffer Information
Vest Large Cap Deep Buffered 30, 40 30% SPY 15 Months 6/10/2025 6/11/2025 Cap and Buffer Information
Vest 2-Year Large Cap Buffered 20, 23 20% SPY 2 Years 6/12/2025 6/13/2025 Cap and Buffer Information
Vest Nasdaq 100 Buffered 20, 23 20% QQQ 15 Months 6/16/2025 6/17/2025 Cap and Buffer Information
Vest Large Cap Deep Buffered 20, 84 20% SPY 15 Months 6/18/2025 6/20/2025 Cap and Buffer Information
Vest Large Cap Buffered 10, 81 10% SPY 15 Months 6/23/2025 6/24/2025 Cap and Buffer Information
Vest Enhanced Large Cap Buffered 15, 28 15% SPY 15 Months 6/25/2025 6/26/2025 Cap and Buffer Information
Vest Large Cap Deep Buffered 30, 41 30% SPY 15 Months 6/27/2025 6/30/2025 Cap and Buffer Information
Vest Nasdaq 100 Buffered 10, 19 10% QQQ 15 Months 7/01/2025 7/02/2025 Cap and Buffer Information
Vest Large Cap Deep Buffered 20, 85 20% SPY 15 Months 7/03/2025 7/07/2025 Cap and Buffer Information
Vest Large Cap Buffered 10, 82 10% SPY 15 Months 7/09/2025 7/10/2025 Cap and Buffer Information
Vest Nasdaq 100 Buffered 20, 24 20% QQQ 15 Months 7/11/2025 7/14/2025 Cap and Buffer Information
Vest Large Cap Deep Buffered 30, 42 30% SPY 15 Months 7/15/2025 7/16/2025 Cap and Buffer Information
Vest Large Cap Deep Buffered 20, 86 20% SPY 15 Months 7/17/2025 7/18/2025 Cap and Buffer Information
Vest Large Cap Buffered 10, 83 10% SPY 15 Months 7/21/2025 7/22/2025 Cap and Buffer Information
Vest Small Cap Buffered 20, 12 20% IWM 15 Months 7/23/2025 7/24/2025 Cap and Buffer Information
Vest Enhanced Large Cap Buffered 15, 29 15% SPY 15 Months 7/25/2025 7/28/2025 Cap and Buffer Information
Vest Nasdaq 100 Buffered 10, 20 10% QQQ 15 Months 7/25/2025 7/28/2025 Cap and Buffer Information
Vest Large Cap Deep Buffered 20, 87 20% SPY 15 Months 7/30/2025 7/31/2025 Cap and Buffer Information

 
Previous Target Outcome Unit Investment Trusts
A list of previous Target Outcome Unit Investment Trusts (UITs) can be found below:
 
*The buffers are fixed levels that are calculated in relation to the price of the underlying ETF as of the time the FLEX Options are executed on the trust’s initial date of deposit. Any change in the market value of a trust’s assets between the time the FLEX Options are executed and the evaluation time on the initial date of deposit will result in unitholders experiencing a buffer different from what is described above. The buffer level does not account for sales charges, organization costs, trust fees and expenses. A trust’s ability to provide returns with a capped upside and partial downside protection is dependent on unit holders purchasing units at a price equal to the initial net asset value and holding them until the trust’s termination date.
**Reference Asset Descriptions:
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.
QQQ - Invesco QQQ™ 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.
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.
The Target Outcome registered trademarks are registered trademarks of Vest Financial LLC.

The Sponsor may elect to postpone the trust if certain adverse market conditions occur that affect volatility and pricing of the FLEX Options.

The information in the prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. The prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

You should carefully consider the trust's investment objectives, risks, and charges and expenses before investing. Contact your financial professional or call First Trust Portfolios, L.P. at 1.800.621.1675 to request a prospectus, which contains this and other information about the trust. Read it carefully before you invest.

 
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.
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