BUFR — First Trust Cboe Vest Fund of Buffer ETFs ☆

The investment seeks to provide investors with capital appreciation. The fund seeks to achieve its investment objective by providing investors with U.S. large-cap equity market exposure while limiting downside risk through a laddered portfolio of four FT Cboe Vest U.S. Equity Buffer ETFs. Under normal market conditions, it will invest substantially all of its assets in the Underlying ETFs, which seek to provide investors with returns that match the price return of the SPDR S&P 500 ETF Trust ("SPY"), up to a predetermined upside cap, while providing a buffer against the first 10% of SPY losses, over a defined one-year period. The fund is non-diversified.