FT Cboe Vest U.S. Equity Buffer ETF

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	Fact Sheet
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	Cap and Buffer Information
	Performance Recap
	Product Brief

FT Cboe Vest U.S. Equity Buffer ETF - November (FNOV)

Fund Summary

Investment Objective/Strategy - The investment objective of the FT Cboe Vest U.S. Equity Buffer ETF - November is to seek to provide investors with returns (before fees, expenses and taxes) that match those of the SPDR® S&P 500® ETF Trust (the "Underlying ETF"), up to a predetermined upside cap of 23.77% (before fees, expenses and taxes) and 22.92% (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 November 21, 2022 to November 17, 2023. Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange® Options that reference the performance of the SPDR® S&P 500® ETF Trust. The terms of the Fund's investment objective described above are with reference to the price return of the Underlying ETF.

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

Fund Overview

Ticker	FNOV
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	33740F847
ISIN	US33740F8471
Intraday NAV	FNOVIV
Fiscal Year-End	08/31
Exchange	Cboe BZX
Inception	11/15/2019
Inception Price	$30.56
Inception NAV	$30.56
Expense Ratio*	0.85%

* As of 1/3/2023

The Investment Advisor has implemented fee breakpoints, which reduce the fund's investment management fee at certain assets levels. Please see the fund's SAI for full details.

Current Fund Data (as of 5/26/2023)

Closing NAV¹	$38.37
Closing Market Price²	$38.33
Bid/Ask Midpoint	$38.34
Bid/Ask Discount	0.08%
30-Day Median Bid/Ask Spread³	0.18%
Total Net Assets	$393,330,152
Outstanding Shares	10,250,002
Daily Volume	8,353
Average 30-Day Daily Volume	28,495
Closing Market Price 52-Week High/Low	$38.33 / $32.89
Closing NAV 52-Week High/Low	$38.37 / $32.89
Number of Holdings (excluding cash)	4

NAV History (Since Inception)

Past performance is not indicative of future results.

Overall Morningstar Rating^TM (as of 4/30/2023)⁴

Among 142 funds in the Options Trading category. This fund was rated 4 stars/142 funds (3 years) based on risk adjusted returns.

Top Holdings (as of 5/26/2023)*

Holding	Percent
2023-11-17 SPDR® S&P 500® ETF Trust C 3.96	98.18%
2023-11-17 SPDR® S&P 500® ETF Trust P 396.03	2.44%
2023-11-17 SPDR® S&P 500® ETF Trust C 490.17	-0.16%
2023-11-17 SPDR® S&P 500® ETF Trust P 356.43	-1.20%

* Excluding cash. Holdings are subject to change.

Bid/Ask Premium/Discount (as of 5/26/2023)

	2022	Q1 2023	Q2 2023	Q3 2023
Days Traded at Premium	68	21	6	---
Days Traded at Discount	183	41	33	---

Outcome Period Performance

Click Here to View Historical Outcome Periods

Outcome Period Values
Series	November
Reference Asset	SPDR® S&P 500® ETF Trust
Cap (Net)	23.77% (22.92%)
Buffer Start (Net)	0.00% (-0.85%)
Buffer End (Net)	-10.00% (-10.85%)
Outcome Period	11/21/2022 - 11/17/2023

Current Values (as of 5/26/2023)
Fund Value/Return	$38.37 / 6.24%
Reference Asset Value/Return	$420.02 / 6.06%
Remaining Outcome Period	175 days
Remaining Cap (Net)	16.09% (15.70%)
Reference Asset Return to Realize the Cap	16.70%
Remaining Buffer
Reference Asset to Buffer End	15.14%
+ Unrealized Option Payoff	0.00%
+ Downside Before Buffer	-6.29%
Remaining Buffer (Net)	8.85% (8.47%)

Reference Asset and Fund Values

Cap Reference Asset Value	$490.17
Starting Reference Asset Value	$396.03
Buffer Start Reference Asset Value	$396.03
Buffer End Reference Asset Value	$356.43

Cap Fund Value^	$44.71
Starting Fund Value	$36.12
Buffer Start Fund Value^	$36.12
Buffer End Fund Value^	$36.12

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 most recent closing NAV of the Fund, and the NAV return of the Fund since the start of the Outcome Period. An intraday bid/ask midpoint will be shown during hours when the market is open.

Reference Asset Value/Return - The most recent 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 NAV, 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 NAV, 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.

Month End Performance (as of 4/28/2023)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁵
Fund Performance *
Net Asset Value (NAV)	2.23%	7.26%	6.30%	9.16%	N/A	N/A	6.59%
After Tax Held	2.23%	7.26%	6.30%	9.16%	N/A	N/A	6.59%
After Tax Sold	1.32%	4.30%	3.73%	7.12%	N/A	N/A	5.12%
Market Price	2.12%	7.18%	6.76%	9.05%	N/A	N/A	6.56%

Index Performance **
S&P 500® Index - Price Return	2.28%	8.59%	0.91%	12.70%	N/A	N/A	8.75%

Quarter End Performance (as of 3/31/2023)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁵
Fund Performance *
Net Asset Value (NAV)	5.91%	5.91%	-0.97%	11.69%	N/A	N/A	6.36%
After Tax Held	5.91%	5.91%	-0.97%	11.69%	N/A	N/A	6.36%
After Tax Sold	3.50%	3.50%	-0.58%	9.13%	N/A	N/A	4.93%
Market Price	5.88%	5.88%	-0.74%	11.22%	N/A	N/A	6.34%

Index Performance **
S&P 500® Index - Price Return	7.03%	7.03%	-9.29%	16.71%	N/A	N/A	8.50%

3-Year Statistics (as of 4/28/2023)

	Standard Deviation	Alpha	Beta	Sharpe Ratio	Correlation
FNOV	12.15%	0.43	0.64	0.70	0.95
S&P 500® Index - Price Return	18.00%	---	1.00	0.70	1.00

Standard Deviation is a measure of price variability (risk). Alpha is an indication of how much an investment outperforms or underperforms on a risk-adjusted basis relative to its benchmark.Beta is a measure of price variability relative to the market. Sharpe Ratio is a measure of excess reward per unit of volatility. Correlation is a measure of the similarity of performance.

*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 - Price Return - The Index is an unmanaged index of 500 companies used to measure large-cap U.S. stock market performance. 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	The Morningstar Rating^TM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
⁵	Inception Date is 11/15/2019

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 SAI 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 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 Target Outcome Fund will not participate in gains beyond the cap. In the event an investor purchases fund shares after the first day of a Target Outcome Period and the fund has risen in value to a level near the cap, 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 risk.

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.

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.

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

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. 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 could have a significant impact on certain fund investments as well as fund performance. The COVID-19 global pandemic 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. While vaccines have been developed, there is no guarantee that vaccines will be effective against future variants of the disease. 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.

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.

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.

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.

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Not FDIC Insured • Not Bank Guaranteed • May Lose Value