First Trust Exchange-Traded Fund VIII - FT Vest Nasdaq-100 Moderate Buffer ETF - November

QMNV uses FLEX options in an effort to moderate losses on the Invesco QQQ Trust over a one-year period, starting each November. The fund foregoes some upside return on QQQs price performance in exchange for preventing the realization of the first 15% losses. Should QQQ's share price decline by more than 15%, investors participate in the downside performance on a $1 for $1 basis. At the end of the target outcome period, the fund will reset for a new outcome period tied to the same index and buffer, but the cap may change based on market rates. Investors who buy at any other time than the annual reset day may have a significantly different protection and buffer zone. The issuer publishes effective interim levels daily on its website. The fund must be held until the end of the period to achieve the intended results. The targeted buffers and caps do not include the fund's expense ratio.