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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). Cboe Vest Financial LLC created Target Outcome Strategies and is the sub-advisor and portfolio manager to the ETFs and serves as the portfolio consultant to the UITs.
Target Outcome ETFs
Cboe Vest Manager Profile
Frequently Asked Questions
Buffer Guide to Valuation
Deep Buffer Guide To Valuation
Investor Guide
Buffer Fund Product Brief
KNG Video
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?
Gold Strategy
New Target Outcome Period December 1, 2022
Ticker Fund Name Cap and Buffer
Investor Guide Prospectus
BGLD FT Cboe Vest Gold Strategy Quarterly Buffer ETF Link To Cap and Buffer Information Link To Investor Guide Link To Prospectus

New Target Outcome Period November 21, 2022
Ticker Fund Name Cap and Buffer
Investor Guide Prospectus
FNOV FT Cboe Vest U.S. Equity Buffer ETF - November Link To Cap and Buffer Information Link To Investor Guide Link To Prospectus
DNOV FT Cboe Vest U.S. Equity Deep Buffer ETF - November Link To Cap and Buffer Information Link To Investor Guide Link To Prospectus


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 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 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.

Cboe® is a registered trademark of Cboe Exchange, Inc., which has been licensed for use in the name of the funds. The funds are 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 funds.
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.
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.
First Trust Portfolios L.P.  Member SIPC and FINRA. (Form CRS)   •  First Trust Advisors L.P. (Form CRS)
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