FT Cboe Vest Fund of Deep Buffer ETFs

Cboe: BUFD

Listed January 21, 2021

The Fund seeks to achieve its investment objective by providing investors with US large-cap equity market exposure while attempting to limit downside risk through a laddered portfolio of four FT Cboe Vest U.S. Equity Deep Buffer ETFs (the "Underlying ETFs"). The term "laddered portfolio" refers to the Fund's investment in multiple Underlying ETFs that have target outcome period expiration dates which occur on a rolling, or periodic, basis. See below for a discussion of "target outcome periods" and their meaning within the strategies of the Underlying ETFs. The Fund's "laddered" approach means that, at any given time, the Fund will generally hold one Underlying ETF that will reset its cap and refresh its buffer (see discussion below) within three months, a second Underlying ETF that will reset its cap and refresh its buffer within six months, a third Underlying ETF that will reset its cap and refresh its buffer within nine months and finally a fourth Underlying ETF that will reset its cap and refresh its buffer within twelve months. The rolling or laddered nature of the investments in the Underlying ETFs creates diversification of investment time period compared to the risk of buying or selling any one Underlying ETF at any one time. This diversification of investment time period is intended to mitigate the risk of failing to benefit from the buffer of a single Underlying ETF due to the timing of investment in such Underlying ETF and the relative price of the reference asset. The Fund's laddered approach is intended to allow the Fund to continue to benefit from increases in the value of SPY and to provide a level of downside protection for at least a portion of the Fund's portfolio at any given time. Depending on when the Fund purchases shares of an Underlying ETF, even with a laddered approach, the cap and/or buffer of an Underlying ETF may be exhausted unless the Fund buys shares at the beginning of a Target Outcome Period (as defined below). The Fund does not typically buy shares at the beginning of the Target Outcome Period. The Fund intends only to purchase shares of Underlying ETFs in the secondary market and will not engage in any principal transactions with the Underlying ETFs.

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About First Trust Advisors L.P.

First Trust Advisors L.P. (“FTA”), with its affiliates in the US and Europe (together, “First Trust”), provides a variety of investment services. FTA is an investment adviser to over 130 exchange-traded funds, and also manages closed-end funds, mutual funds, unit investment trusts and separate managed accounts, and is the evaluator to unit investment trusts. In addition, FTA’s affiliate First Trust Portfolios L.P., a registered broker-dealer, is a leading sponsor of unit investment trusts. First Trust is a leader in actively managed exchange-traded funds and has investment teams specializing in equities, municipal securities, leveraged finance, alternatives, and mortgage-backed securities. For more information, please visit the First Trust website at www.ftportfolios.com. For more information, please visit .