FIRST TRUST VEST U.S. EQUITY BUFFER UCITS ETF APRIL FAPR.GB

First Trust Vest U.S. Equity Buffer UCITS ETF - April employs an actively managed strategy intended to produce a predetermined outcome over a fixed period (approximately one year).

It seeks returns tied to the performance of the S&P 500 Index, via a reference or "Underlying ETF," up to a set upside cap, while offering a buffer against a limited percentage of losses on the Underlying ETF. Those outcome terms - including both the cap on gains and the buffer against losses - are established at the start of each new outcome period.

To implement this strategy, the fund invests substantially all of its assets in FLEX Options - customised equity or index call and put options cleared by the OCC - that reference the S&P 500 Index or the Underlying ETF. These options are structured to deliver the specified upside and downside protections during each outcome period.

Over multiple outcome periods, the cap and buffer reset, which may limit recovery from past losses or constrain upside once a cap is reached. The fund's asset class is U.S. equity exposure with a buffered risk-return profile.

It is a UCITS‐compliant ETF domiciled in Ireland, managed by First Trust Global Portfolios (as part of First Trust) with Vest Financial LLC serving as sub-advisor. It uses physical replication for its reference exposure (through the Underlying ETF), combined with derivatives (FLEX Options) to generate the buffer and cap features.