Annual Report
For the Year Ended
August 31, 2023
 
First Trust Exchange-Traded Fund VIII
FT Cboe Vest U.S. Equity Buffer ETF - January (FJAN)
FT Cboe Vest U.S. Equity Deep Buffer ETF - January (DJAN)
FT Cboe Vest U.S. Equity Buffer ETF - February (FFEB)
FT Cboe Vest U.S. Equity Deep Buffer ETF - February (DFEB)
FT Cboe Vest U.S. Equity Buffer ETF - March (FMAR)
FT Cboe Vest U.S. Equity Deep Buffer ETF - March (DMAR)
FT Cboe Vest U.S. Equity Buffer ETF - April (FAPR)
FT Cboe Vest U.S. Equity Deep Buffer ETF - April (DAPR)
FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY)
FT Cboe Vest U.S. Equity Deep Buffer ETF - May (DMAY)
FT Cboe Vest U.S. Equity Buffer ETF - June (FJUN)
FT Cboe Vest U.S. Equity Deep Buffer ETF - June (DJUN)
FT Cboe Vest U.S. Equity Buffer ETF - July (FJUL)
FT Cboe Vest U.S. Equity Deep Buffer ETF - July (DJUL)
FT Cboe Vest U.S. Equity Buffer ETF - August (FAUG)
FT Cboe Vest U.S. Equity Deep Buffer ETF - August (DAUG)
FT Cboe Vest U.S. Equity Buffer ETF - September (FSEP)
FT Cboe Vest U.S. Equity Deep Buffer ETF - September (DSEP)
FT Cboe Vest U.S. Equity Buffer ETF - October (FOCT)
FT Cboe Vest U.S. Equity Deep Buffer ETF - October (DOCT)
FT Cboe Vest U.S. Equity Buffer ETF - November (FNOV)
FT Cboe Vest U.S. Equity Deep Buffer ETF - November (DNOV)
FT Cboe Vest U.S. Equity Buffer ETF - December (FDEC)
FT Cboe Vest U.S. Equity Deep Buffer ETF - December (DDEC)
FT Cboe Vest Buffered Allocation Defensive ETF (BUFT)
FT Cboe Vest Buffered Allocation Growth ETF (BUFG)

Table of Contents
First Trust Exchange-Traded Fund VIII
Annual Report
August 31, 2023
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Table of Contents
First Trust Exchange-Traded Fund VIII
Annual Report
August 31, 2023
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Caution Regarding Forward-Looking Statements
This report contains certain forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding the goals, beliefs, plans or current expectations of First Trust Advisors L.P. (“First Trust” or the “Advisor”) and/or Cboe VestSM Financial LLC (“Cboe Vest” or the “Sub-Advisor”) and their respective representatives, taking into account the information currently available to them. Forward-looking statements include all statements that do not relate solely to current or historical fact. For example, forward-looking statements include the use of words such as “anticipate,” “estimate,” “intend,” “expect,” “believe,” “plan,” “may,” “should,” “would” or other words that convey uncertainty of future events or outcomes.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the series of First Trust Exchange-Traded Fund VIII (the “Trust”) described in this report (each such series is referred to as a “Fund” and collectively, as the “Funds”) to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. When evaluating the information included in this report, you are cautioned not to place undue reliance on these forward-looking statements, which reflect the judgment of the Advisor and/or Sub- Advisor and their respective representatives only as of the date hereof. We undertake no obligation to publicly revise or update these forward-looking statements to reflect events and circumstances that arise after the date hereof.
Performance and Risk Disclosure
There is no assurance that any Fund described in this report will achieve its investment objective. Each Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund’s shares may therefore be less than what you paid for them. Accordingly, you can lose money investing in a Fund. See “Risk Considerations” in the Additional Information section of this report for a discussion of certain other risks of investing in the Funds.
Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit www.ftportfolios.com or speak with your financial advisor. Investment returns, net asset value and share price will fluctuate and Fund shares, when sold, may be worth more or less than their original cost.
The Advisor may also periodically provide additional information on Fund performance on each Fund’s webpage at www.ftportfolios.com.
How to Read This Report
This report contains information that may help you evaluate your investment. It includes details about each Fund and presents data and analysis that provide insight into each Fund’s performance and investment approach.
By reading the portfolio commentary from the portfolio management team(s) of the Funds, you may obtain an understanding of how the market environment affected each Fund’s performance. The statistical information that follows may help you understand each Fund’s performance compared to that of a relevant market benchmark.
It is important to keep in mind that the opinions expressed by personnel of the Advisor and/or Sub-Advisor are just that:informed opinions. They should not be considered to be promises or advice. The opinions, like the statistics, cover the period through the date on the cover of this report. The material risks of investing in each Fund are spelled out in the prospectus, statement of additional information, and other Fund regulatory filings.
Page 1

Shareholder Letter
First Trust Exchange-Traded Fund VIII
Annual Letter from the Chairman and CEO
August 31, 2023
Dear Shareholders:
First Trust is pleased to provide you with the annual report for certain series of the First Trust Exchange-Traded Fund VIII (the “Funds”), which contains detailed information about the Funds for the twelve months ended August 31, 2023.
As many investors are aware, the Federal Reserve (the “Fed”) remains locked in a closely watched battle with stubbornly high inflation. At their most recent meeting (September 20, 2023), the Federal Open Market Committee voted to keep the Federal Funds target rate (upper bound) unchanged at 5.5%, marking the second pause in a series of eleven increases that started on March 16, 2022. To be sure, the Fed has made considerable progress in reducing rising prices but has yet to see inflation fall to its 2.0% goal. Inflation, as measured by the twelve month trailing change in the rate of the Consumer Price Index, stood at 3.7% on August 31, 2023, down from its most recent high of 9.1% set on June 30, 2022, but up from its most recent low of 3.0% set on June 30, 2023.
One impact of rising prices and higher interest rates is that Americans’ excess savings, defined as the difference between the savings rate during the COVID-19 pandemic recession and its pre-recession trend, appear to be nearly depleted. The Federal Reserve Bank of San Francisco estimates that by June 2023, U.S. households held less than $190 billion of the excess savings they accumulated after the onset of the pandemic recession. At the current pace, the bank estimates that these excess savings will be depleted sometime in the third quarter of 2023. For comparison, excess savings peaked at nearly $2.1 trillion in August 2021. In our view, these excess savings are one reason consumer spending has remained robust in the face of elevated prices. Once these savings are gone, we could see the consumer struggle to manage their debt burden, in our opinion. In a potential harbinger of things to come, delinquency rates have already begun to rise. Data from the Federal Reserve Bank of New York revealed that the rate of new credit card and new auto loan delinquencies stood at 7.2% and 7.3%, respectively, in the second quarter of 2023, surpassing pre-pandemic levels.
Suffice it to say, the U.S. economy has remained resilient, registering positive changes to gross domestic product (“GDP”) in each of the past four quarters. Brian Wesbury, Chief Economist at First Trust, expects this growth to continue, estimating third quarter 2023 GDP could increase by as much as 4.0%. That said, Mr. Wesbury also notes that another quarter of economic growth does not mean that a recession is off the table. Several economic metrics continue to enjoy favorable comparisons to COVID-19-era lockdowns and recent governmental incentives, such as the CHIPS and Science Act of 2022, could be providing a temporary boost to economic growth.
Thank you for giving First Trust the opportunity to play a role in your financial future. We value our relationship with you and will report on the Funds again in six months.
Sincerely,
James A. Bowen
Chairman of the Board of Trustees
Chief Executive Officer of First Trust Advisors L.P.
Page 2

Fund Performance Overview (Unaudited)
FT Cboe Vest U.S. Equity Buffer ETF - January (FJAN)
The investment objective of the FT Cboe Vest U.S. Equity Buffer ETF - January (the “Fund”) is to seek to provide investors with returns (before fees, expenses and taxes) that match the price return of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”), up to a predetermined upside cap of 19.04% (before fees, expenses and taxes) and 18.19% (after fees and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee), while providing a buffer against the first 10% (before fees, expenses and taxes) of Underlying ETF losses, over the period from January 23, 2023 to January 19, 2024 (the “Outcome Period”).* Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange® Options (“FLEX Options”) that reference the price performance of the Underlying ETF. Subsequent Outcome Periods will begin on the day the prior Outcome Period ends and will end on the approximate one-year anniversary of that new Outcome Period. On the first day of each new Outcome Period, the Fund resets by investing in a new set of FLEX Options that are designed to provide a new cap for the new Outcome Period. This means that the cap will change for each Outcome Period based upon prevailing market conditions at the beginning of each Outcome Period. The Fund will be perpetually offered and not terminate after the current or any subsequent Outcome Period. An investor that purchases Fund shares other than on the first day of an Outcome Period and/or sells Fund shares prior to the end of an Outcome Period may experience results that are very different from the target outcomes sought by the Fund for that Outcome Period. The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended. The shares of the Fund are listed and traded on the Cboe BZX Exchange, Inc., under the ticker symbol “FJAN.”
Performance
 
 
Average Annual
Total Returns
Cumulative
Total Returns
 
1 Year
Ended
8/31/23
Inception
(1/15/21)
to 8/31/23
Inception
(1/15/21)
to 8/31/23
Fund Performance
NAV
16.45%
8.98%
25.32%
Market Price
16.55%
8.98%
25.32%
Index Performance
S&P 500® Index - Price Return
13.97%
7.06%
19.62%
(See Notes to Fund Performance Overview on page 29.)
Performance figures assume reinvestment of
all distributions and do not reflect the
deduction of taxes that a shareholder would
pay on Fund distributions or the redemption
or sale of Fund shares. An index is a statistical
composite that tracks a specified financial
market or sector. Unlike the Fund, the index
does not actually hold a portfolio of securities
and therefore does not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter) is available at https://www.ftportfolios.com/Retail/etf/home.aspx.

*
Prior to January 23, 2023, the Fund’s investment objective included an upside cap of 14.20% (before fees, expenses and taxes) and 13.35% (after
fees and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee)
and an Outcome Period of January 24, 2022 to January 20, 2023.
Page 3

Fund Performance Overview (Unaudited) (Continued)
FT Cboe Vest U.S. Equity Deep Buffer ETF - January (DJAN)
The investment objective of the FT Cboe Vest U.S. Equity Deep Buffer ETF - January (the “Fund”) is to seek to provide investors with returns (before fees, expenses and taxes) that match the price return of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”), up to a predetermined upside cap of 14.70% (before fees, expenses and taxes) and 13.85% (after fees and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee), while providing a buffer against Underlying ETF losses between -5% and -30% (before fees, expenses and taxes), over the period from January 23, 2023 to January 19, 2024 (the “Outcome Period”).* Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange® Options (“FLEX Options”) that reference the price performance of the Underlying ETF. Subsequent Outcome Periods will begin on the day the prior Outcome Period ends and will end on the approximate one-year anniversary of that new Outcome Period. On the first day of each new Outcome Period, the Fund resets by investing in a new set of FLEX Options that are designed to provide a new cap for the new Outcome Period. This means that the cap will change for each Outcome Period based upon prevailing market conditions at the beginning of each Outcome Period. The Fund will be perpetually offered and not terminate after the current or any subsequent Outcome Period. An investor that purchases Fund shares other than on the first day of an Outcome Period and/or sells Fund shares prior to the end of an Outcome Period may experience results that are very different from the target outcomes sought by the Fund for that Outcome Period. The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended. The shares of the Fund are listed and traded on the Cboe BZX Exchange, Inc., under the ticker symbol “DJAN.”
Performance
 
 
Average Annual
Total Returns
Cumulative
Total Returns
 
1 Year
Ended
8/31/23
Inception
(1/15/21)
to 8/31/23
Inception
(1/15/21)
to 8/31/23
Fund Performance
NAV
7.97%
3.85%
10.41%
Market Price
7.67%
3.76%
10.18%
Index Performance
S&P 500® Index - Price Return
13.97%
7.06%
19.62%
(See Notes to Fund Performance Overview on page 29.)
Performance figures assume reinvestment of
all distributions and do not reflect the
deduction of taxes that a shareholder would
pay on Fund distributions or the redemption
or sale of Fund shares. An index is a statistical
composite that tracks a specified financial
market or sector. Unlike the Fund, the index
does not actually hold a portfolio of securities
and therefore does not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter) is available at https://www.ftportfolios.com/Retail/etf/home.aspx.

*
Prior to January 23, 2023, the Fund’s investment objective included an upside cap of 9.03% (before fees, expenses and taxes) and 8.18% (after fees
and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee) and
an Outcome Period of January 24, 2022 to January 20, 2023.
Page 4

Fund Performance Overview (Unaudited) (Continued)
FT Cboe Vest U.S. Equity Buffer ETF - February (FFEB)
The investment objective of the FT Cboe Vest U.S. Equity Buffer ETF - February (the “Fund”) is to seek to provide investors with returns (before fees, expenses and taxes) that match the price return of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”), up to a predetermined upside cap of 19.25% (before fees, expenses and taxes) and 18.40% (after fees and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee), while providing a buffer against the first 10% (before fees, expenses and taxes) of Underlying ETF losses, over the period from February 21, 2023 to February 16, 2024 (the “Outcome Period”).* Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange® Options (“FLEX Options”) that reference the price performance of the Underlying ETF. Subsequent Outcome Periods will begin on the day the prior Outcome Period ends and will end on the approximate one-year anniversary of that new Outcome Period. On the first day of each new Outcome Period, the Fund resets by investing in a new set of FLEX Options that are designed to provide a new cap for the new Outcome Period. This means that the cap will change for each Outcome Period based upon prevailing market conditions at the beginning of each Outcome Period. The Fund will be perpetually offered and not terminate after the current or any subsequent Outcome Period. An investor that purchases Fund shares other than on the first day of an Outcome Period and/or sells Fund shares prior to the end of an Outcome Period may experience results that are very different from the target outcomes sought by the Fund for that Outcome Period. The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended. The shares of the Fund are listed and traded on the Cboe BZX Exchange, Inc., under the ticker symbol “FFEB.”
Performance
 
 
Average Annual
Total Returns
Cumulative
Total Returns
 
1 Year
Ended
8/31/23
Inception
(2/21/20)
to 8/31/23
Inception
(2/21/20)
to 8/31/23
Fund Performance
NAV
13.79%
8.07%
31.49%
Market Price
13.99%
8.07%
31.49%
Index Performance
S&P 500® Index - Price Return
13.97%
8.90%
35.05%
(See Notes to Fund Performance Overview on page 29.)
Performance figures assume reinvestment of
all distributions and do not reflect the
deduction of taxes that a shareholder would
pay on Fund distributions or the redemption
or sale of Fund shares. An index is a statistical
composite that tracks a specified financial
market or sector. Unlike the Fund, the index
does not actually hold a portfolio of securities
and therefore does not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter) is available at https://www.ftportfolios.com/Retail/etf/home.aspx.

*
Prior to February 21, 2023, the Fund’s investment objective included an upside cap of 14.25% (before fees, expenses and taxes) and 13.40% (after
fees and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee)
and an Outcome Period of February 22, 2022 to February 17, 2023.
Page 5

Fund Performance Overview (Unaudited) (Continued)
FT Cboe Vest U.S. Equity Deep Buffer ETF - February (DFEB)
The investment objective of the FT Cboe Vest U.S. Equity Deep Buffer ETF - February (the “Fund”) is to seek to provide investors with returns (before fees, expenses and taxes) that match the price return of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”), up to a predetermined upside cap of 14.97% (before fees, expenses and taxes) and 14.12% (after fees and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee), while providing a buffer against Underlying ETF losses between -5% and -30% (before fees, expenses and taxes), over the period from February 21, 2023 to February 16, 2024 (the “Outcome Period”).* Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange® Options (“FLEX Options”) that reference the price performance of the Underlying ETF. Subsequent Outcome Periods will begin on the day the prior Outcome Period ends and will end on the approximate one-year anniversary of that new Outcome Period. On the first day of each new Outcome Period, the Fund resets by investing in a new set of FLEX Options that are designed to provide a new cap for the new Outcome Period. This means that the cap will change for each Outcome Period based upon prevailing market conditions at the beginning of each Outcome Period. The Fund will be perpetually offered and not terminate after the current or any subsequent Outcome Period. An investor that purchases Fund shares other than on the first day of an Outcome Period and/or sells Fund shares prior to the end of an Outcome Period may experience results that are very different from the target outcomes sought by the Fund for that Outcome Period. The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended. The shares of the Fund are listed and traded on the Cboe BZX Exchange, Inc., under the ticker symbol “DFEB.”
Performance
 
 
Average Annual
Total Returns
Cumulative
Total Returns
 
1 Year
Ended
8/31/23
Inception
(2/21/20)
to 8/31/23
Inception
(2/21/20)
to 8/31/23
Fund Performance
NAV
5.68%
4.55%
16.98%
Market Price
5.58%
4.47%
16.66%
Index Performance
S&P 500® Index - Price Return
13.97%
8.90%
35.05%
(See Notes to Fund Performance Overview on page 29.)
Performance figures assume reinvestment of
all distributions and do not reflect the
deduction of taxes that a shareholder would
pay on Fund distributions or the redemption
or sale of Fund shares. An index is a statistical
composite that tracks a specified financial
market or sector. Unlike the Fund, the index
does not actually hold a portfolio of securities
and therefore does not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter) is available at https://www.ftportfolios.com/Retail/etf/home.aspx.

*
Prior to February 21, 2023, the Fund’s investment objective included an upside cap of 9.30% (before fees, expenses and taxes) and 8.45% (after
fees and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee)
and an Outcome Period of February 22, 2022 to February 17, 2023.
Page 6

Fund Performance Overview (Unaudited) (Continued)
FT Cboe Vest U.S. Equity Buffer ETF - March (FMAR)
The investment objective of the FT Cboe Vest U.S. Equity Buffer ETF - March (the “Fund”) is to seek to provide investors with returns that match the price return of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”), up to a predetermined upside cap of 19.35% (before fees and expenses) and 18.50% (after fees and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee), while providing a buffer against the first 10% (before fees and expenses) of Underlying ETF losses, over the period from March 20, 2023 to March 15, 2024 (the “Outcome Period”).* Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange® Options (“FLEX Options”) that reference the price performance of the Underlying ETF. Subsequent Outcome Periods will begin on the day the prior Outcome Period ends and will end on the approximate one-year anniversary of that new Outcome Period. On the first day of each new Outcome Period, the Fund resets by investing in a new set of FLEX Options that are designed to provide a new cap for the new Outcome Period. This means that the cap will change for each Outcome Period based upon prevailing market conditions at the beginning of each Outcome Period. The Fund will be perpetually offered and not terminate after the current or any subsequent Outcome Period. An investor that purchases Fund shares other than on the first day of an Outcome Period and/or sells Fund shares prior to the end of an Outcome Period may experience results that are very different from the target outcomes sought by the Fund for that Outcome Period. The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended. The shares of the Fund are listed and traded on the Cboe BZX Exchange, Inc., under the ticker symbol “FMAR.”
Performance
 
 
Average Annual
Total Returns
Cumulative
Total Returns
 
1 Year
Ended
8/31/23
Inception
(3/19/21)
to 8/31/23
Inception
(3/19/21)
to 8/31/23
Fund Performance
NAV
15.28%
8.38%
21.82%
Market Price
15.50%
8.40%
21.86%
Index Performance
S&P 500® Index - Price Return
13.97%
5.94%
15.19%
(See Notes to Fund Performance Overview on page 29.)
Performance figures assume reinvestment of
all distributions and do not reflect the
deduction of taxes that a shareholder would
pay on Fund distributions or the redemption
or sale of Fund shares. An index is a statistical
composite that tracks a specified financial
market or sector. Unlike the Fund, the index
does not actually hold a portfolio of securities
and therefore does not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter) is available at https://www.ftportfolios.com/Retail/etf/home.aspx.

*
Prior to March 20, 2023, the Fund’s investment objective included an upside cap of 14.78% (before fees and expenses) and 13.93% (after fees and
expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee) and an
Outcome Period of March 21, 2022 to March 17, 2023.
Page 7

Fund Performance Overview (Unaudited) (Continued)
FT Cboe Vest U.S. Equity Deep Buffer ETF - March (DMAR)
The investment objective of the FT Cboe Vest U.S. Equity Deep Buffer ETF - March (the “Fund”) is to seek to provide investors with returns that match the price return of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”), up to a predetermined upside cap of 14.36% (before fees and expenses) and 13.51% (after fees and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee), while providing a buffer against Underlying ETF losses between -5% and -30% (before fees and expenses), over the period from March 20, 2023 to March 15, 2024 (the “Outcome Period”).* Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange® Options (“FLEX Options”) that reference the price performance of the Underlying ETF. Subsequent Outcome Periods will begin on the day the prior Outcome Period ends and will end on the approximate one-year anniversary of that new Outcome Period. On the first day of each new Outcome Period, the Fund resets by investing in a new set of FLEX Options that are designed to provide a new cap for the new Outcome Period. This means that the cap will change for each Outcome Period based upon prevailing market conditions at the beginning of each Outcome Period. The Fund will be perpetually offered and not terminate after the current or any subsequent Outcome Period. An investor that purchases Fund shares other than on the first day of an Outcome Period and/or sells Fund shares prior to the end of an Outcome Period may experience results that are very different from the target outcomes sought by the Fund for that Outcome Period. The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended. The shares of the Fund are listed and traded on the Cboe BZX Exchange, Inc., under the ticker symbol “DMAR.”
Performance
 
 
Average Annual
Total Returns
Cumulative
Total Returns
 
1 Year
Ended
8/31/23
Inception
(3/19/21)
to 8/31/23
Inception
(3/19/21)
to 8/31/23
Fund Performance
NAV
7.74%
4.16%
10.51%
Market Price
7.41%
4.05%
10.24%
Index Performance
S&P 500® Index - Price Return
13.97%
5.94%
15.19%
(See Notes to Fund Performance Overview on page 29.)
Performance figures assume reinvestment of
all distributions and do not reflect the
deduction of taxes that a shareholder would
pay on Fund distributions or the redemption
or sale of Fund shares. An index is a statistical
composite that tracks a specified financial
market or sector. Unlike the Fund, the index
does not actually hold a portfolio of securities
and therefore does not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter) is available at https://www.ftportfolios.com/Retail/etf/home.aspx.

*
Prior to March 20, 2023, the Fund’s investment objective included an upside cap of 10.02% (before fees and expenses) and 9.17% (after fees and
expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee) and an
Outcome Period of March 21, 2022 to March 17, 2023.
Page 8

Fund Performance Overview (Unaudited) (Continued)
FT Cboe Vest U.S. Equity Buffer ETF - April (FAPR)
The investment objective of the FT Cboe Vest U.S. Equity Buffer ETF - April (the “Fund”) is to seek to provide investors with returns that match the price return of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”), up to a predetermined upside cap of 18.48% (before fees and expenses) and 17.63% (after fees and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee), while providing a buffer (before fees and expenses) against the first 10% of Underlying ETF losses, over the period from April 24, 2023 to April 19, 2024 (the “Outcome Period”).* Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange® Options (“FLEX Options”) that reference the price performance of the Underlying ETF. Subsequent Outcome Periods will begin on the day the prior Outcome Period ends and will end on the approximate one-year anniversary of that new Outcome Period. On the first day of each new Outcome Period, the Fund resets by investing in a new set of FLEX Options that are designed to provide a new cap for the new Outcome Period. This means that the cap will change for each Outcome Period based upon prevailing market conditions at the beginning of each Outcome Period. The Fund will be perpetually offered and not terminate after the current or any subsequent Outcome Period. An investor that purchases Fund shares other than on the first day of an Outcome Period and/or sells Fund shares prior to the end of an Outcome Period may experience results that are very different from the target outcomes sought by the Fund for that Outcome Period. The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended. The shares of the Fund are listed and traded on the Cboe BZX Exchange, Inc., under the ticker symbol “FAPR.”
Performance
 
 
Average Annual
Total Returns
Cumulative
Total Returns
 
1 Year
Ended
8/31/23
Inception
(4/16/21)
to 8/31/23
Inception
(4/16/21)
to 8/31/23
Fund Performance
NAV
13.10%
4.37%
10.69%
Market Price
13.25%
4.35%
10.65%
Index Performance
S&P 500® Index - Price Return
13.97%
3.17%
7.70%
(See Notes to Fund Performance Overview on page 29.)
Performance figures assume reinvestment of
all distributions and do not reflect the
deduction of taxes that a shareholder would
pay on Fund distributions or the redemption
or sale of Fund shares. An index is a statistical
composite that tracks a specified financial
market or sector. Unlike the Fund, the index
does not actually hold a portfolio of securities
and therefore does not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter) is available at https://www.ftportfolios.com/Retail/etf/home.aspx.

*
Prior to April 24, 2023, the Fund’s investment objective included an upside cap of 16.35% (before fees and expenses) and 15.48% (after fees and
expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee) and an
Outcome Period of April 18, 2022 to April 21, 2023.
Page 9

Fund Performance Overview (Unaudited) (Continued)
FT Cboe Vest U.S. Equity Deep Buffer ETF - April (DAPR)
The investment objective of the FT Cboe Vest U.S. Equity Deep Buffer ETF - April (the “Fund”) is to seek to provide investors with returns that match the price return of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”), up to a predetermined upside cap of 14.05% (before fees and expenses) and 13.20% (after fees and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee), while providing a buffer (before fees and expenses) against Underlying ETF losses between -5% and -30%, over the period from April 24, 2023 to April 19, 2024 (the “Outcome Period”).* Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange® Options (“FLEX Options”) that reference the price performance of the Underlying ETF. Subsequent Outcome Periods will begin on the day the prior Outcome Period ends and will end on the approximate one-year anniversary of that new Outcome Period. On the first day of each new Outcome Period, the Fund resets by investing in a new set of FLEX Options that are designed to provide a new cap for the new Outcome Period. This means that the cap will change for each Outcome Period based upon prevailing market conditions at the beginning of each Outcome Period. The Fund will be perpetually offered and not terminate after the current or any subsequent Outcome Period. An investor that purchases Fund shares other than on the first day of an Outcome Period and/or sells Fund shares prior to the end of an Outcome Period may experience results that are very different from the target outcomes sought by the Fund for that Outcome Period. The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended. The shares of the Fund are listed and traded on the Cboe BZX Exchange, Inc., under the ticker symbol “DAPR.”
Performance
 
 
Average Annual
Total Returns
Cumulative
Total Returns
 
1 Year
Ended
8/31/23
Inception
(4/16/21)
to 8/31/23
Inception
(4/16/21)
to 8/31/23
Fund Performance
NAV
4.18%
1.50%
3.60%
Market Price
4.06%
1.39%
3.33%
Index Performance
S&P 500® Index - Price Return
13.97%
3.17%
7.70%
(See Notes to Fund Performance Overview on page 29.)
Performance figures assume reinvestment of
all distributions and do not reflect the
deduction of taxes that a shareholder would
pay on Fund distributions or the redemption
or sale of Fund shares. An index is a statistical
composite that tracks a specified financial
market or sector. Unlike the Fund, the index
does not actually hold a portfolio of securities
and therefore does not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter) is available at https://www.ftportfolios.com/Retail/etf/home.aspx.

*
Prior to April 24, 2023, the Fund’s investment objective included an upside cap of 10.96% (before fees and expenses) and 10.09% (after fees and
expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee) and an
Outcome Period of April 18, 2022 to April 21, 2023.
Page 10

Fund Performance Overview (Unaudited) (Continued)
FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY)
The investment objective of the FT Cboe Vest U.S. Equity Buffer ETF - May (the “Fund”) is to seek to provide investors with returns (before fees, expenses and taxes) that match the price return of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”), up to a predetermined upside cap of 17.65% (before fees, expenses and taxes) and 16.80% (after fees and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee), while providing a buffer against the first 10% (before fees, expenses and taxes) of Underlying ETF losses, over the period from May 22, 2023 to May 17, 2024 (the “Outcome Period”).* Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange® Options (“FLEX Options”) that reference the price performance of the Underlying ETF. Subsequent Outcome Periods will begin on the day the prior Outcome Period ends and will end on the approximate one-year anniversary of that new Outcome Period. On the first day of each new Outcome Period, the Fund resets by investing in a new set of FLEX Options that are designed to provide a new cap for the new Outcome Period. This means that the cap will change for each Outcome Period based upon prevailing market conditions at the beginning of each Outcome Period. The Fund will be perpetually offered and not terminate after the current or any subsequent Outcome Period. An investor that purchases Fund shares other than on the first day of an Outcome Period and/or sells Fund shares prior to the end of an Outcome Period may experience results that are very different from the target outcomes sought by the Fund for that Outcome Period. The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended. The shares of the Fund are listed and traded on the Cboe BZX Exchange, Inc., under the ticker symbol “FMAY.”
Performance
 
 
Average Annual
Total Returns
Cumulative
Total Returns
 
1 Year
Ended
8/31/23
Inception
(5/15/20)
to 8/31/23
Inception
(5/15/20)
to 8/31/23
Fund Performance
NAV
10.49%
8.26%
29.89%
Market Price
10.73%
8.26%
29.89%
Index Performance
S&P 500® Index - Price Return
13.97%
14.76%
57.41%
(See Notes to Fund Performance Overview on page 29.)
Performance figures assume reinvestment of
all distributions and do not reflect the
deduction of taxes that a shareholder would
pay on Fund distributions or the redemption
or sale of Fund shares. An index is a statistical
composite that tracks a specified financial
market or sector. Unlike the Fund, the index
does not actually hold a portfolio of securities
and therefore does not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter) is available at https://www.ftportfolios.com/Retail/etf/home.aspx.

*
Prior to May 22, 2023, the Fund’s investment objective included an upside cap of 20.45% (before fees, expenses and taxes) and 19.60% (after fees
and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee) and
an Outcome Period of May 23, 2022 to May 19, 2023.
Page 11

Fund Performance Overview (Unaudited) (Continued)
FT Cboe Vest U.S. Equity Deep Buffer ETF - May (DMAY)
The investment objective of the FT Cboe Vest U.S. Equity Deep Buffer ETF - May (the “Fund”) is to seek to provide investors with returns (before fees, expenses and taxes) that match the price return of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”), up to a predetermined upside cap of 13.67% (before fees, expenses and taxes) and 12.82% (after fees and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee), while providing a buffer against Underlying ETF losses between -5% and -30% (before fees, expenses and taxes), over the period from May 22, 2023 to May 17, 2024 (the “Outcome Period”).* Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange® Options (“FLEX Options”) that reference the price performance of the Underlying ETF. Subsequent Outcome Periods will begin on the day the prior Outcome Period ends and will end on the approximate one-year anniversary of that new Outcome Period. On the first day of each new Outcome Period, the Fund resets by investing in a new set of FLEX Options that are designed to provide a new cap for the new Outcome Period. This means that the cap will change for each Outcome Period based upon prevailing market conditions at the beginning of each Outcome Period. The Fund will be perpetually offered and not terminate after the current or any subsequent Outcome Period. An investor that purchases Fund shares other than on the first day of an Outcome Period and/or sells Fund shares prior to the end of an Outcome Period may experience results that are very different from the target outcomes sought by the Fund for that Outcome Period. The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended. The shares of the Fund are listed and traded on the Cboe BZX Exchange, Inc., under the ticker symbol “DMAY.”
Performance
 
 
Average Annual
Total Returns
Cumulative
Total Returns
 
1 Year
Ended
8/31/23
Inception
(5/15/20)
to 8/31/23
Inception
(5/15/20)
to 8/31/23
Fund Performance
NAV
9.90%
4.18%
14.46%
Market Price
9.77%
4.07%
14.07%
Index Performance
S&P 500® Index - Price Return
13.97%
14.76%
57.41%
(See Notes to Fund Performance Overview on page 29.)
Performance figures assume reinvestment of
all distributions and do not reflect the
deduction of taxes that a shareholder would
pay on Fund distributions or the redemption
or sale of Fund shares. An index is a statistical
composite that tracks a specified financial
market or sector. Unlike the Fund, the index
does not actually hold a portfolio of securities
and therefore does not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter) is available at https://www.ftportfolios.com/Retail/etf/home.aspx.

*
Prior to May 22, 2023, the Fund’s investment objective included an upside cap of 13.93% (before fees, expenses and taxes) and 13.08% (after fees
and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee) and
an Outcome Period of May 23, 2022 to May 19, 2023.
Page 12

Fund Performance Overview (Unaudited) (Continued)
FT Cboe Vest U.S. Equity Buffer ETF - June (FJUN)
The investment objective of the FT Cboe Vest U.S. Equity Buffer ETF - June (the “Fund”) is to seek to provide investors with returns (before fees, expenses and taxes) that match the price return of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”), up to a predetermined upside cap of 18.25% (before fees, expenses and taxes) and 17.39% (after fees and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee), while providing a buffer against the first 10% (before fees, expenses and taxes) of Underlying ETF losses, over the period from June 20, 2023 to June 21, 2024 (the “Outcome Period”).* Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange® Options (“FLEX Options”) that reference the price performance of the Underlying ETF. Subsequent Outcome Periods will begin on the day the prior Outcome Period ends and will end on the approximate one-year anniversary of that new Outcome Period. On the first day of each new Outcome Period, the Fund resets by investing in a new set of FLEX Options that are designed to provide a new cap for the new Outcome Period. This means that the cap will change for each Outcome Period based upon prevailing market conditions at the beginning of each Outcome Period. The Fund will be perpetually offered and not terminate after the current or any subsequent Outcome Period. An investor that purchases Fund shares other than on the first day of an Outcome Period and/or sells Fund shares prior to the end of an Outcome Period may experience results that are very different from the target outcomes sought by the Fund for that Outcome Period. The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended. The shares of the Fund are listed and traded on the Cboe BZX Exchange, Inc., under the ticker symbol “FJUN.”
Performance
 
 
Average Annual
Total Returns
Cumulative
Total Returns
 
1 Year
Ended
8/31/23
Inception
(6/19/20)
to 8/31/23
Inception
(6/19/20)
to 8/31/23
Fund Performance
NAV
15.71%
10.90%
39.24%
Market Price
15.67%
10.79%
38.81%
Index Performance
S&P 500® Index - Price Return
13.97%
12.44%
45.51%
(See Notes to Fund Performance Overview on page 29.)
Performance figures assume reinvestment of
all distributions and do not reflect the
deduction of taxes that a shareholder would
pay on Fund distributions or the redemption
or sale of Fund shares. An index is a statistical
composite that tracks a specified financial
market or sector. Unlike the Fund, the index
does not actually hold a portfolio of securities
and therefore does not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter) is available at https://www.ftportfolios.com/Retail/etf/home.aspx.

*
Prior to June 20, 2023, the Fund’s investment objective included an upside cap of 22.20% (before fees, expenses and taxes) and 21.35% (after fees
and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee) and
an Outcome Period of June 21, 2022 to June 16, 2023.
Page 13

Fund Performance Overview (Unaudited) (Continued)
FT Cboe Vest U.S. Equity Deep Buffer ETF - June (DJUN)
The investment objective of the FT Cboe Vest U.S. Equity Deep Buffer ETF - June (the “Fund”) is to seek to provide investors with returns (before fees, expenses and taxes) that match the price return of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”), up to a predetermined upside cap of 14.70% (before fees, expenses and taxes) and 13.84% (after fees and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee), while providing a buffer against Underlying ETF losses between -5% and -30% (before fees, expenses and taxes), over the period from June 20, 2023 to June 21, 2024 (the “Outcome Period”).* Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange® Options (“FLEX Options”) that reference the price performance of the Underlying ETF. Subsequent Outcome Periods will begin on the day the prior Outcome Period ends and will end on the approximate one-year anniversary of that new Outcome Period. On the first day of each new Outcome Period, the Fund resets by investing in a new set of FLEX Options that are designed to provide a new cap for the new Outcome Period. This means that the cap will change for each Outcome Period based upon prevailing market conditions at the beginning of each Outcome Period. The Fund will be perpetually offered and not terminate after the current or any subsequent Outcome Period. An investor that purchases Fund shares other than on the first day of an Outcome Period and/or sells Fund shares prior to the end of an Outcome Period may experience results that are very different from the target outcomes sought by the Fund for that Outcome Period. The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended. The shares of the Fund are listed and traded on the Cboe BZX Exchange, Inc., under the ticker symbol “DJUN.”
Performance
 
 
Average Annual
Total Returns
Cumulative
Total Returns
 
1 Year
Ended
8/31/23
Inception
(6/19/20)
to 8/31/23
Inception
(6/19/20)
to 8/31/23
Fund Performance
NAV
12.15%
5.94%
20.26%
Market Price
12.56%
5.94%
20.30%
Index Performance
S&P 500® Index - Price Return
13.97%
12.44%
45.51%
(See Notes to Fund Performance Overview on page 29.)
Performance figures assume reinvestment of
all distributions and do not reflect the
deduction of taxes that a shareholder would
pay on Fund distributions or the redemption
or sale of Fund shares. An index is a statistical
composite that tracks a specified financial
market or sector. Unlike the Fund, the index
does not actually hold a portfolio of securities
and therefore does not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter) is available at https://www.ftportfolios.com/Retail/etf/home.aspx.

*
Prior to June 20, 2023, the Fund’s investment objective included an upside cap of 15.59% (before fees, expenses and taxes) and 14.74% (after fees
and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee) and
an Outcome Period of June 21, 2022 to June 16, 2023.
Page 14

Fund Performance Overview (Unaudited) (Continued)
FT Cboe Vest U.S. Equity Buffer ETF - July (FJUL)
The investment objective of the FT Cboe Vest U.S. Equity Buffer ETF - July (the “Fund”) is to seek to provide investors with returns (before fees, expenses and taxes) that match the price return of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”), up to a predetermined upside cap of 17.46% (before fees, expenses and taxes) and 16.61% (after fees and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee), while providing a buffer against the first 10% (before fees, expenses and taxes) of Underlying ETF losses, over the period from July 24, 2023 to July 19, 2024 (the “Outcome Period”).* Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange® Options (“FLEX Options”) that reference the price performance of the Underlying ETF. Subsequent Outcome Periods will begin on the day the prior Outcome Period ends and will end on the approximate one-year anniversary of that new Outcome Period. On the first day of each new Outcome Period, the Fund resets by investing in a new set of FLEX Options that are designed to provide a new cap for the new Outcome Period. This means that the cap will change for each Outcome Period based upon prevailing market conditions at the beginning of each Outcome Period. The Fund will be perpetually offered and not terminate after the current or any subsequent Outcome Period. An investor that purchases Fund shares other than on the first day of an Outcome Period and/or sells Fund shares prior to the end of an Outcome Period may experience results that are very different from the target outcomes sought by the Fund for that Outcome Period. The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended. The shares of the Fund are listed and traded on the Cboe BZX Exchange, Inc., under the ticker symbol “FJUL.”
Performance
 
 
Average Annual
Total Returns
Cumulative
Total Returns
 
1 Year
Ended
8/31/23
Inception
(7/17/20)
to 8/31/23
Inception
(7/17/20)
to 8/31/23
Fund Performance
NAV
14.05%
9.04%
31.02%
Market Price
14.47%
9.04%
31.05%
Index Performance
S&P 500® Index - Price Return
13.97%
11.32%
39.78%
(See Notes to Fund Performance Overview on page 29.)
Performance figures assume reinvestment of
all distributions and do not reflect the
deduction of taxes that a shareholder would
pay on Fund distributions or the redemption
or sale of Fund shares. An index is a statistical
composite that tracks a specified financial
market or sector. Unlike the Fund, the index
does not actually hold a portfolio of securities
and therefore does not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter) is available at https://www.ftportfolios.com/Retail/etf/home.aspx.

*
Prior to July 24, 2023, the Fund’s investment objective included an upside cap of 21.30% (before fees, expenses and taxes) and 20.44% (after fees
and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee) and
an Outcome Period of July 18, 2022 to July 21, 2023.
Page 15

Fund Performance Overview (Unaudited) (Continued)
FT Cboe Vest U.S. Equity Deep Buffer ETF - July (DJUL)
The investment objective of the FT Cboe Vest U.S. Equity Deep Buffer ETF - July (the “Fund”) is to seek to provide investors with returns (before fees, expenses and taxes) that match the price return of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”), up to a predetermined upside cap of 14.79% (before fees, expenses and taxes) and 13.94% (after fees and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee), while providing a buffer against Underlying ETF losses between -5% and -30% (before fees, expenses and taxes), over the period from July 24, 2023 to July 19, 2024 (the “Outcome Period”).* Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange® Options (“FLEX Options”) that reference the price performance of the Underlying ETF. Subsequent Outcome Periods will begin on the day the prior Outcome Period ends and will end on the approximate one-year anniversary of that new Outcome Period. On the first day of each new Outcome Period, the Fund resets by investing in a new set of FLEX Options that are designed to provide a new cap for the new Outcome Period. This means that the cap will change for each Outcome Period based upon prevailing market conditions at the beginning of each Outcome Period. The Fund will be perpetually offered and not terminate after the current or any subsequent Outcome Period. An investor that purchases Fund shares other than on the first day of an Outcome Period and/or sells Fund shares prior to the end of an Outcome Period may experience results that are very different from the target outcomes sought by the Fund for that Outcome Period. The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended. The shares of the Fund are listed and traded on the Cboe BZX Exchange, Inc., under the ticker symbol “DJUL.”
Performance
 
 
Average Annual
Total Returns
Cumulative
Total Returns
 
1 Year
Ended
8/31/23
Inception
(7/17/20)
to 8/31/23
Inception
(7/17/20)
to 8/31/23
Fund Performance
NAV
12.34%
4.75%
15.61%
Market Price
12.79%
4.79%
15.74%
Index Performance
S&P 500® Index - Price Return
13.97%
11.32%
39.78%
(See Notes to Fund Performance Overview on page 29.)
Performance figures assume reinvestment of
all distributions and do not reflect the
deduction of taxes that a shareholder would
pay on Fund distributions or the redemption
or sale of Fund shares. An index is a statistical
composite that tracks a specified financial
market or sector. Unlike the Fund, the index
does not actually hold a portfolio of securities
and therefore does not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter) is available at https://www.ftportfolios.com/Retail/etf/home.aspx.

*
Prior to July 24, 2023, the Fund’s investment objective included an upside cap of 15.02% (before fees, expenses and taxes) and 14.16% (after fees
and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee) and
an Outcome Period of July 18, 2022 to July 21, 2023.
Page 16

Fund Performance Overview (Unaudited) (Continued)
FT Cboe Vest U.S. Equity Buffer ETF - August (FAUG)
The investment objective of the FT Cboe Vest U.S. Equity Buffer ETF - August (the “Fund”) is to seek to provide investors with returns (before fees, expenses and taxes) that match the price return of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”), up to a predetermined upside cap of 18.70% (before fees, expenses and taxes) and 17.85% (after fees and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee), while providing a buffer against the first 10% (before fees, expenses and taxes) of Underlying ETF losses, over the period from August 21, 2023 to August 16, 2024 (the “Outcome Period”).* Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange® Options (“FLEX Options”) that reference the price performance of the Underlying ETF. Subsequent Outcome Periods will begin on the day the prior Outcome Period ends and will end on the approximate one-year anniversary of that new Outcome Period. On the first day of each new Outcome Period, the Fund resets by investing in a new set of FLEX Options that are designed to provide a new cap for the new Outcome Period. This means that the cap will change for each Outcome Period based upon prevailing market conditions at the beginning of each Outcome Period. The Fund will be perpetually offered and not terminate after the current or any subsequent Outcome Period. An investor that purchases Fund shares other than on the first day of an Outcome Period and/or sells Fund shares prior to the end of an Outcome Period may experience results that are very different from the target outcomes sought by the Fund for that Outcome Period. The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended. The shares of the Fund are listed and traded on the Cboe BZX Exchange, Inc., under the ticker symbol “FAUG.”
Performance
 
 
Average Annual
Total Returns
Cumulative
Total Returns
 
1 Year
Ended
8/31/23
Inception
(11/6/19)
to 8/31/23
Inception
(11/6/19)
to 8/31/23
Fund Performance
NAV
9.41%
6.74%
28.31%
Market Price
9.90%
6.76%
28.37%
Index Performance
S&P 500® Index - Price Return
13.97%
10.52%
46.51%
(See Notes to Fund Performance Overview on page 29.)
Performance figures assume reinvestment of
all distributions and do not reflect the
deduction of taxes that a shareholder would
pay on Fund distributions or the redemption
or sale of Fund shares. An index is a statistical
composite that tracks a specified financial
market or sector. Unlike the Fund, the index
does not actually hold a portfolio of securities
and therefore does not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter) is available at https://www.ftportfolios.com/Retail/etf/home.aspx.

*
Prior to August 21, 2023, the Fund’s investment objective included an upside cap of 20.46% (before fees, expenses and taxes) and 19.61% (after
fees and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee)
and an Outcome Period of August 22, 2022 to August 18, 2023.
Page 17

Fund Performance Overview (Unaudited) (Continued)
FT Cboe Vest U.S. Equity Deep Buffer ETF - August (DAUG)
The investment objective of the FT Cboe Vest U.S. Equity Deep Buffer ETF - August (the “Fund”) is to seek to provide investors with returns (before fees, expenses and taxes) that match the price return of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”), up to a predetermined upside cap of 15.24% (before fees, expenses and taxes) and 14.39% (after fees and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee), while providing a buffer against Underlying ETF losses between -5% and -30% (before fees, expenses and taxes), over the period from August 21, 2023 to August 16, 2024 (the “Outcome Period”).* Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange® Options (“FLEX Options”) that reference the price performance of the Underlying ETF. Subsequent Outcome Periods will begin on the day the prior Outcome Period ends and will end on the approximate one-year anniversary of that new Outcome Period. On the first day of each new Outcome Period, the Fund resets by investing in a new set of FLEX Options that are designed to provide a new cap for the new Outcome Period. This means that the cap will change for each Outcome Period based upon prevailing market conditions at the beginning of each Outcome Period. The Fund will be perpetually offered and not terminate after the current or any subsequent Outcome Period. An investor that purchases Fund shares other than on the first day of an Outcome Period and/or sells Fund shares prior to the end of an Outcome Period may experience results that are very different from the target outcomes sought by the Fund for that Outcome Period. The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended. The shares of the Fund are listed and traded on the Cboe BZX Exchange, Inc., under the ticker symbol “DAUG.”
Performance
 
 
Average Annual
Total Returns
Cumulative
Total Returns
 
1 Year
Ended
8/31/23
Inception
(11/6/19)
to 8/31/23
Inception
(11/6/19)
to 8/31/23
Fund Performance
NAV
7.76%
3.27%
13.09%
Market Price
7.85%
3.19%
12.76%
Index Performance
S&P 500® Index - Price Return
13.97%
10.52%
46.51%
(See Notes to Fund Performance Overview on page 29.)
Performance figures assume reinvestment of
all distributions and do not reflect the
deduction of taxes that a shareholder would
pay on Fund distributions or the redemption
or sale of Fund shares. An index is a statistical
composite that tracks a specified financial
market or sector. Unlike the Fund, the index
does not actually hold a portfolio of securities
and therefore does not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter) is available at https://www.ftportfolios.com/Retail/etf/home.aspx.

*
Prior to August 21, 2023, the Fund’s investment objective included an upside cap of 14.47% (before fees, expenses and taxes) and 13.62% (after
fees and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee)
and an Outcome Period of August 22, 2022 to August 18, 2023.
Page 18

Fund Performance Overview (Unaudited) (Continued)
FT Cboe Vest U.S. Equity Buffer ETF - September (FSEP)
The investment objective of the FT Cboe Vest U.S. Equity Buffer ETF - September (the “Fund”) is to seek to provide investors with returns (before fees, expenses and taxes) that match the price return of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”), up to a predetermined upside cap of 23.41% (before fees, expenses and taxes) and 22.56% (after fees and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee), while providing a buffer against the first 10% (before fees, expenses and taxes) of Underlying ETF losses, over the period from September 19, 2022 to September 15, 2023 (the “Outcome Period”).* Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange® Options (“FLEX Options”) that reference the price performance of the Underlying ETF. Subsequent Outcome Periods will begin on the day the prior Outcome Period ends and will end on the approximate one-year anniversary of that new Outcome Period. On the first day of each new Outcome Period, the Fund resets by investing in a new set of FLEX Options that are designed to provide a new cap for the new Outcome Period. This means that the cap will change for each Outcome Period based upon prevailing market conditions at the beginning of each Outcome Period. The Fund will be perpetually offered and not terminate after the current or any subsequent Outcome Period. An investor that purchases Fund shares other than on the first day of an Outcome Period and/or sells Fund shares prior to the end of an Outcome Period may experience results that are very different from the target outcomes sought by the Fund for that Outcome Period. The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended. The shares of the Fund are listed and traded on the Cboe BZX Exchange, Inc., under the ticker symbol “FSEP.”
Performance
 
 
Average Annual
Total Returns
Cumulative
Total Returns
 
1 Year
Ended
8/31/23
Inception
(9/18/20)
to 8/31/23
Inception
(9/18/20)
to 8/31/23
Fund Performance
NAV
15.34%
9.11%
29.33%
Market Price
15.17%
9.11%
29.33%
Index Performance
S&P 500® Index - Price Return
13.97%
10.93%
35.79%
(See Notes to Fund Performance Overview on page 29.)
Performance figures assume reinvestment of
all distributions and do not reflect the
deduction of taxes that a shareholder would
pay on Fund distributions or the redemption
or sale of Fund shares. An index is a statistical
composite that tracks a specified financial
market or sector. Unlike the Fund, the index
does not actually hold a portfolio of securities
and therefore does not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter) is available at https://www.ftportfolios.com/Retail/etf/home.aspx.

*
Prior to September 19, 2022, the Fund’s investment objective included an upside cap of 12.20% (before fees, expenses and taxes) and 11.35%
(after fees and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management
fee) and an Outcome Period of September 20, 2021 to September 16, 2022.
Page 19

Fund Performance Overview (Unaudited) (Continued)
FT Cboe Vest U.S. Equity Deep Buffer ETF - September (DSEP)
The investment objective of the FT Cboe Vest U.S. Equity Deep Buffer ETF - September (the “Fund”) is to seek to provide investors with returns (before fees, expenses and taxes) that match the price return of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”), up to a predetermined upside cap of 16.98% (before fees, expenses and taxes) and 16.13% (after fees and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee), while providing a buffer against Underlying ETF losses between -5% and -30% (before fees, expenses and taxes), over the period from September 19, 2022 to September 15, 2023 (the “Outcome Period”).* Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange® Options (“FLEX Options”) that reference the price performance of the Underlying ETF. Subsequent Outcome Periods will begin on the day the prior Outcome Period ends and will end on the approximate one-year anniversary of that new Outcome Period. On the first day of each new Outcome Period, the Fund resets by investing in a new set of FLEX Options that are designed to provide a new cap for the new Outcome Period. This means that the cap will change for each Outcome Period based upon prevailing market conditions at the beginning of each Outcome Period. The Fund will be perpetually offered and not terminate after the current or any subsequent Outcome Period. An investor that purchases Fund shares other than on the first day of an Outcome Period and/or sells Fund shares prior to the end of an Outcome Period may experience results that are very different from the target outcomes sought by the Fund for that Outcome Period. The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended. The shares of the Fund are listed and traded on the Cboe BZX Exchange, Inc., under the ticker symbol “DSEP.”
Performance
 
 
Average Annual
Total Returns
Cumulative
Total Returns
 
1 Year
Ended
8/31/23
Inception
(9/18/20)
to 8/31/23
Inception
(9/18/20)
to 8/31/23
Fund Performance
NAV
14.79%
5.58%
17.37%
Market Price
14.72%
5.56%
17.31%
Index Performance
S&P 500® Index - Price Return
13.97%
10.93%
35.79%
(See Notes to Fund Performance Overview on page 29.)
Performance figures assume reinvestment of
all distributions and do not reflect the
deduction of taxes that a shareholder would
pay on Fund distributions or the redemption
or sale of Fund shares. An index is a statistical
composite that tracks a specified financial
market or sector. Unlike the Fund, the index
does not actually hold a portfolio of securities
and therefore does not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter) is available at https://www.ftportfolios.com/Retail/etf/home.aspx.

*
Prior to September 19, 2022, the Fund’s investment objective included an upside cap of 7.43% (before fees, expenses and taxes) and 6.58% (after
fees and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee)
and an Outcome Period of September 20, 2021 to September 16, 2022.
Page 20

Fund Performance Overview (Unaudited) (Continued)
FT Cboe Vest U.S. Equity Buffer ETF - October (FOCT)
The investment objective of the FT Cboe Vest U.S. Equity Buffer ETF - October (the “Fund”) is to seek to provide investors with returns (before fees, expenses and taxes) that match the price return of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”), up to a predetermined upside cap of 27.12% (before fees, expenses and taxes) and 26.27% (after fees and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee), while providing a buffer against the first 10% (before fees, expenses and taxes) of Underlying ETF losses, over the period from October 24, 2022 to October 20, 2023 (the “Outcome Period”).* Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange® Options (“FLEX Options”) that reference the price performance of the Underlying ETF. Subsequent Outcome Periods will begin on the day the prior Outcome Period ends and will end on the approximate one-year anniversary of that new Outcome Period. On the first day of each new Outcome Period, the Fund resets by investing in a new set of FLEX Options that are designed to provide a new cap for the new Outcome Period. This means that the cap will change for each Outcome Period based upon prevailing market conditions at the beginning of each Outcome Period. The Fund will be perpetually offered and not terminate after the current or any subsequent Outcome Period. An investor that purchases Fund shares other than on the first day of an Outcome Period and/or sells Fund shares prior to the end of an Outcome Period may experience results that are very different from the target outcomes sought by the Fund for that Outcome Period. The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended. The shares of the Fund are listed and traded on the Cboe BZX Exchange, Inc., under the ticker symbol “FOCT.”
Performance
 
 
Average Annual
Total Returns
Cumulative
Total Returns
 
1 Year
Ended
8/31/23
Inception
(10/16/20)
to 8/31/23
Inception
(10/16/20)
to 8/31/23
Fund Performance
NAV
16.39%
9.02%
28.16%
Market Price
16.42%
9.02%
28.16%
Index Performance
S&P 500® Index - Price Return
13.97%
9.38%
29.39%
(See Notes to Fund Performance Overview on page 29.)
Performance figures assume reinvestment of
all distributions and do not reflect the
deduction of taxes that a shareholder would
pay on Fund distributions or the redemption
or sale of Fund shares. An index is a statistical
composite that tracks a specified financial
market or sector. Unlike the Fund, the index
does not actually hold a portfolio of securities
and therefore does not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter) is available at https://www.ftportfolios.com/Retail/etf/home.aspx.

*
Prior to October 24, 2022, the Fund’s investment objective included an upside cap of 11.70% (before fees, expenses and taxes) and 10.84% (after
fees and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee)
and an Outcome Period of October 18, 2021 to October 21, 2022.
Page 21

Fund Performance Overview (Unaudited) (Continued)
FT Cboe Vest U.S. Equity Deep Buffer ETF - October (DOCT)
The investment objective of the FT Cboe Vest U.S. Equity Deep Buffer ETF - October (the “Fund”) is to seek to provide investors with returns (before fees, expenses and taxes) that match the price return of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”), up to a predetermined upside cap of 19.20% (before fees, expenses and taxes) and 18.35% (after fees and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee), while providing a buffer against Underlying ETF losses between -5% and -30% (before fees, expenses and taxes), over the period from October 24, 2022 to October 20, 2023 (the “Outcome Period”).* Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange® Options (“FLEX Options”) that reference the price performance of the Underlying ETF. Subsequent Outcome Periods will begin on the day the prior Outcome Period ends and will end on the approximate one-year anniversary of that new Outcome Period. On the first day of each new Outcome Period, the Fund resets by investing in a new set of FLEX Options that are designed to provide a new cap for the new Outcome Period. This means that the cap will change for each Outcome Period based upon prevailing market conditions at the beginning of each Outcome Period. The Fund will be perpetually offered and not terminate after the current or any subsequent Outcome Period. An investor that purchases Fund shares other than on the first day of an Outcome Period and/or sells Fund shares prior to the end of an Outcome Period may experience results that are very different from the target outcomes sought by the Fund for that Outcome Period. The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended. The shares of the Fund are listed and traded on the Cboe BZX Exchange, Inc., under the ticker symbol “DOCT.”
Performance
 
 
Average Annual
Total Returns
Cumulative
Total Returns
 
1 Year
Ended
8/31/23
Inception
(10/16/20)
to 8/31/23
Inception
(10/16/20)
to 8/31/23
Fund Performance
NAV
16.05%
6.20%
18.88%
Market Price
15.99%
6.17%
18.78%
Index Performance
S&P 500® Index - Price Return
13.97%
9.38%
29.39%
(See Notes to Fund Performance Overview on page 29.)
Performance figures assume reinvestment of
all distributions and do not reflect the
deduction of taxes that a shareholder would
pay on Fund distributions or the redemption
or sale of Fund shares. An index is a statistical
composite that tracks a specified financial
market or sector. Unlike the Fund, the index
does not actually hold a portfolio of securities
and therefore does not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter) is available at https://www.ftportfolios.com/Retail/etf/home.aspx.

*
Prior to October 24, 2022, the Fund’s investment objective included an upside cap of 7.22% (before fees, expenses and taxes) and 6.36% (after
fees and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee)
and an Outcome Period of October 18, 2021 to October 21, 2022.
Page 22

Fund Performance Overview (Unaudited) (Continued)
FT Cboe Vest U.S. Equity Buffer ETF - November (FNOV)
The investment objective of the FT Cboe Vest U.S. Equity Buffer ETF - November (the “Fund”) is to seek to provide investors with returns (before fees, expenses and taxes) that match the price return of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”), up to a predetermined upside cap of 23.77% (before fees, expenses and taxes) and 22.92% (after fees and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee), while providing a buffer against the first 10% (before fees, expenses and taxes) of Underlying ETF losses, over the period from November 21, 2022 to November 17, 2023 (the “Outcome Period”).* Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange® Options (“FLEX Options”) that reference the price performance of the Underlying ETF. Subsequent Outcome Periods will begin on the day the prior Outcome Period ends and will end on the approximate one-year anniversary of that new Outcome Period. On the first day of each new Outcome Period, the Fund resets by investing in a new set of FLEX Options that are designed to provide a new cap for the new Outcome Period. This means that the cap will change for each Outcome Period based upon prevailing market conditions at the beginning of each Outcome Period. The Fund will be perpetually offered and not terminate after the current or any subsequent Outcome Period. An investor that purchases Fund shares other than on the first day of an Outcome Period and/or sells Fund shares prior to the end of an Outcome Period may experience results that are very different from the target outcomes sought by the Fund for that Outcome Period. The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended. The shares of the Fund are listed and traded on the Cboe BZX Exchange, Inc., under the ticker symbol “FNOV.”
Performance
 
 
Average Annual
Total Returns
Cumulative
Total Returns
 
1 Year
Ended
8/31/23
Inception
(11/15/19)
to 8/31/23
Inception
(11/15/19)
to 8/31/23
Fund Performance
NAV
15.01%
7.95%
33.67%
Market Price
14.78%
7.89%
33.38%
Index Performance
S&P 500® Index - Price Return
13.97%
10.19%
44.45%
(See Notes to Fund Performance Overview on page 29.)
Performance figures assume reinvestment of
all distributions and do not reflect the
deduction of taxes that a shareholder would
pay on Fund distributions or the redemption
or sale of Fund shares. An index is a statistical
composite that tracks a specified financial
market or sector. Unlike the Fund, the index
does not actually hold a portfolio of securities
and therefore does not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter) is available at https://www.ftportfolios.com/Retail/etf/home.aspx.

*
Prior to November 21, 2022, the Fund’s investment objective included an upside cap of 12.10% (before fees, expenses and taxes) and 11.25%
(after fees and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management
fee) and an Outcome Period of November 22, 2021 to November 18, 2022.
Page 23

Fund Performance Overview (Unaudited) (Continued)
FT Cboe Vest U.S. Equity Deep Buffer ETF - November (DNOV)
The investment objective of the FT Cboe Vest U.S. Equity Deep Buffer ETF - November (the “Fund”) is to seek to provide investors with returns (before fees, expenses and taxes) that match the price return of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”), up to a predetermined upside cap of 17.19% (before fees, expenses and taxes) and 16.34% (after fees and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee), while providing a buffer against Underlying ETF losses between -5% and -30% (before fees, expenses and taxes), over the period from November 21, 2022 to November 17, 2023 (the “Outcome Period”).* Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange® Options (“FLEX Options”) that reference the price performance of the Underlying ETF. Subsequent Outcome Periods will begin on the day the prior Outcome Period ends and will end on the approximate one-year anniversary of that new Outcome Period. On the first day of each new Outcome Period, the Fund resets by investing in a new set of FLEX Options that are designed to provide a new cap for the new Outcome Period. This means that the cap will change for each Outcome Period based upon prevailing market conditions at the beginning of each Outcome Period. The Fund will be perpetually offered and not terminate after the current or any subsequent Outcome Period. An investor that purchases Fund shares other than on the first day of an Outcome Period and/or sells Fund shares prior to the end of an Outcome Period may experience results that are very different from the target outcomes sought by the Fund for that Outcome Period. The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended. The shares of the Fund are listed and traded on the Cboe BZX Exchange, Inc., under the ticker symbol “DNOV.”
Performance
 
 
Average Annual
Total Returns
Cumulative
Total Returns
 
1 Year
Ended
8/31/23
Inception
(11/15/19)
to 8/31/23
Inception
(11/15/19)
to 8/31/23
Fund Performance
NAV
12.62%
5.13%
20.92%
Market Price
12.44%
5.09%
20.72%
Index Performance
S&P 500® Index - Price Return
13.97%
10.19%
44.45%
(See Notes to Fund Performance Overview on page 29.)
Performance figures assume reinvestment of
all distributions and do not reflect the
deduction of taxes that a shareholder would
pay on Fund distributions or the redemption
or sale of Fund shares. An index is a statistical
composite that tracks a specified financial
market or sector. Unlike the Fund, the index
does not actually hold a portfolio of securities
and therefore does not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter) is available at https://www.ftportfolios.com/Retail/etf/home.aspx.

*
Prior to November 21, 2022, the Fund’s investment objective included an upside cap of 7.60% (before fees, expenses and taxes) and 6.75% (after
fees and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee)
and an Outcome Period of November 22, 2021 to November 18, 2022.
Page 24

Fund Performance Overview (Unaudited) (Continued)
FT Cboe Vest U.S. Equity Buffer ETF - December (FDEC)
The investment objective of the FT Cboe Vest U.S. Equity Buffer ETF - December (the “Fund”) is to seek to provide investors with returns (before fees, expenses and taxes) that match the price return of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”), up to a predetermined upside cap of 23.10% (before fees, expenses and taxes) and 22.25% (after fees and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee), while providing a buffer against the first 10% (before fees, expenses and taxes) of Underlying ETF losses, over the period from December 19, 2022 to December 15, 2023 (the “Outcome Period”).* Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange® Options (“FLEX Options”) that reference the price performance of the Underlying ETF. Subsequent Outcome Periods will begin on the day the prior Outcome Period ends and will end on the approximate one-year anniversary of that new Outcome Period. On the first day of each new Outcome Period, the Fund resets by investing in a new set of FLEX Options that are designed to provide a new cap for the new Outcome Period. This means that the cap will change for each Outcome Period based upon prevailing market conditions at the beginning of each Outcome Period. The Fund will be perpetually offered and not terminate after the current or any subsequent Outcome Period. An investor that purchases Fund shares other than on the first day of an Outcome Period and/or sells Fund shares prior to the end of an Outcome Period may experience results that are very different from the target outcomes sought by the Fund for that Outcome Period. The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended. The shares of the Fund are listed and traded on the Cboe BZX Exchange, Inc., under the ticker symbol “FDEC.”
Performance
 
 
Average Annual
Total Returns
Cumulative
Total Returns
 
1 Year
Ended
8/31/23
Inception
(12/18/20)
to 8/31/23
Inception
(12/18/20)
to 8/31/23
Fund Performance
NAV
15.40%
7.25%
20.81%
Market Price
15.37%
7.23%
20.75%
Index Performance
S&P 500® Index - Price Return
13.97%
7.48%
21.52%
(See Notes to Fund Performance Overview on page 29.)
Performance figures assume reinvestment of
all distributions and do not reflect the
deduction of taxes that a shareholder would
pay on Fund distributions or the redemption
or sale of Fund shares. An index is a statistical
composite that tracks a specified financial
market or sector. Unlike the Fund, the index
does not actually hold a portfolio of securities
and therefore does not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter) is available at https://www.ftportfolios.com/Retail/etf/home.aspx.

*
Prior to December 19, 2022, the Fund’s investment objective included an upside cap of 13.10% (before fees, expenses and taxes) and 12.25%
(after fees and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management
fee) and an Outcome Period of December 20, 2021 to December 16, 2022.
Page 25

Fund Performance Overview (Unaudited) (Continued)
FT Cboe Vest U.S. Equity Deep Buffer ETF - December (DDEC)
The investment objective of the FT Cboe Vest U.S. Equity Deep Buffer ETF - December (the “Fund”) is to seek to provide investors with returns (before fees, expenses and taxes) that match the price return of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”), up to a predetermined upside cap of 16.68% (before fees, expenses and taxes) and 15.83% (after fees and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee), while providing a buffer against Underlying ETF losses between -5% and -30% (before fees, expenses and taxes), over the period from December 19, 2022 to December 15, 2023 (the “Outcome Period”).* Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange® Options (“FLEX Options”) that reference the price performance of the Underlying ETF. Subsequent Outcome Periods will begin on the day the prior Outcome Period ends and will end on the approximate one-year anniversary of that new Outcome Period. On the first day of each new Outcome Period, the Fund resets by investing in a new set of FLEX Options that are designed to provide a new cap for the new Outcome Period. This means that the cap will change for each Outcome Period based upon prevailing market conditions at the beginning of each Outcome Period. The Fund will be perpetually offered and not terminate after the current or any subsequent Outcome Period. An investor that purchases Fund shares other than on the first day of an Outcome Period and/or sells Fund shares prior to the end of an Outcome Period may experience results that are very different from the target outcomes sought by the Fund for that Outcome Period. The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended. The shares of the Fund are listed and traded on the Cboe BZX Exchange, Inc., under the ticker symbol “DDEC.”
Performance
 
 
Average Annual
Total Returns
Cumulative
Total Returns
 
1 Year
Ended
8/31/23
Inception
(12/18/20)
to 8/31/23
Inception
(12/18/20)
to 8/31/23
Fund Performance
NAV
12.60%
4.66%
13.08%
Market Price
12.59%
4.67%
13.12%
Index Performance
S&P 500® Index - Price Return
13.97%
7.48%
21.52%
(See Notes to Fund Performance Overview on page 29.)
Performance figures assume reinvestment of
all distributions and do not reflect the
deduction of taxes that a shareholder would
pay on Fund distributions or the redemption
or sale of Fund shares. An index is a statistical
composite that tracks a specified financial
market or sector. Unlike the Fund, the index
does not actually hold a portfolio of securities
and therefore does not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter) is available at https://www.ftportfolios.com/Retail/etf/home.aspx.

*
Prior to December 19, 2022, the Fund’s investment objective included an upside cap of 8.10% (before fees, expenses and taxes) and 7.25% (after
fees and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee)
and an Outcome Period of December 20, 2021 to December 16, 2022.
Page 26

Fund Performance Overview (Unaudited) (Continued)
FT Cboe Vest Buffered Allocation Defensive ETF (BUFT)
The investment objective of the FT Cboe Vest Buffered Allocation Defensive ETF (the “Fund”) is to seek to provide investors with capital preservation. The Fund seeks to achieve its investment objective by investing in a portfolio of exchange-traded funds that seek to provide investors with returns (before fees and expense) based on the price return of the SPDR® S&P 500® ETF Trust (“SPY”), up to a predetermined upside cap, while providing a defined buffer against losses of SPY over a defined one-year period (the “Underlying ETFs”). Under normal market conditions, the Fund will invest substantially all of its assets in Underlying ETFs. The Fund and each Underlying ETF are advised by First Trust Advisors L.P. and sub-advised by Cboe VestSM Financial LLC. PDR Services, LLC serves as SPY’s sponsor. The investment objective of SPY is to seek to provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P 500® Index. Unlike the Underlying ETFs, the Fund itself does not pursue a target outcome strategy. The buffer is provided only by the Underlying ETFs and the Fund itself does not provide any stated buffer against losses. The Fund will likely not receive the full benefit of the Underlying ETF buffers and could have limited upside potential. The Fund’s returns may be limited to the caps of the Underlying ETFs. The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended. The shares of the Fund are listed and traded on the Cboe BZX Exchange, Inc., under the ticker symbol “BUFT.”
Performance
 
 
Average Annual
Total Returns
Cumulative
Total Returns
 
1 Year
Ended
8/31/23
Inception
(10/26/21)
to 8/31/23
Inception
(10/26/21)
to 8/31/23
Fund Performance
NAV
7.66%
0.22%
0.40%
Market Price
7.83%
0.24%
0.45%
Index Performance
S&P 500® Index - Price Return
13.97%
-0.80%
-1.47%
(See Notes to Fund Performance Overview on page 29.)
Performance figures assume reinvestment of
all distributions and do not reflect the
deduction of taxes that a shareholder would
pay on Fund distributions or the redemption
or sale of Fund shares. An index is a statistical
composite that tracks a specified financial
market or sector. Unlike the Fund, the index
does not actually hold a portfolio of securities
and therefore does not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter) is available at https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 27

Fund Performance Overview (Unaudited) (Continued)
FT Cboe Vest Buffered Allocation Growth ETF (BUFG)
The investment objective of the FT Cboe Vest Buffered Allocation Growth ETF (the “Fund”) is to seek to provide investors with capital appreciation. The Fund seeks to achieve its investment objective by investing in a portfolio of exchange-traded funds that seek to provide investors with returns (before fees and expense) based on the price return of the SPDR® S&P 500® ETF Trust (“SPY”), up to a predetermined upside cap, while providing a defined buffer against losses of SPY over a defined one-year period (the “Underlying ETFs”). Under normal market conditions, the Fund will invest substantially all of its assets in Underlying ETFs. The Fund and each Underlying ETF are advised by First Trust Advisors L.P. and sub-advised by Cboe VestSM Financial LLC. PDR Services, LLC serves as SPY’s sponsor. The investment objective of SPY is to seek to provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P 500® Index. Unlike the Underlying ETFs, the Fund itself does not pursue a target outcome strategy. The buffer is provided only by the Underlying ETFs and the Fund itself does not provide any stated buffer against losses. The Fund will likely not receive the full benefit of the Underlying ETFs and the Fund itself does not provide any stated buffer against losses. The Fund’s returns may be limited to the caps of the Underlying ETFs. The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended. The shares of the Fund are listed and traded on the Cboe BZX Exchange, Inc., under the ticker symbol “BUFG.”
Performance
 
 
Average Annual
Total Returns
Cumulative
Total Returns
 
1 Year
Ended
8/31/23
Inception
(10/26/21)
to 8/31/23
Inception
(10/26/21)
to 8/31/23
Fund Performance
NAV
12.28%
1.02%
1.90%
Market Price
12.33%
1.05%
1.95%
Index Performance
S&P 500® Index - Price Return
13.97%
-0.80%
-1.47%
(See Notes to Fund Performance Overview on page 29.)
Performance figures assume reinvestment of
all distributions and do not reflect the
deduction of taxes that a shareholder would
pay on Fund distributions or the redemption
or sale of Fund shares. An index is a statistical
composite that tracks a specified financial
market or sector. Unlike the Fund, the index
does not actually hold a portfolio of securities
and therefore does not incur the expenses
incurred by the Fund. These expenses
negatively impact the performance of the
Fund. The Fund’s past performance does not
predict future performance.
Frequency Distribution of Discounts and Premiums
Information showing the number of days the market price of the Fund’s shares was greater (at a premium) and less (at a discount) than the Fund’s net asset value for the most recently completed year, and the most recently completed calendar quarters since that year (or life of the Fund, if shorter) is available at https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 28

Notes to Fund Performance Overview (Unaudited)
Total returns for the periods since inception are calculated from the inception date of each Fund. “Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated.  
Each Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is computed by dividing the value of all assets of the Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of outstanding shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint of the national best bid and offer price (“NBBO”) as of the time that the Fund’s NAV is calculated. Under the Securities and Exchange Commission’s rules, the NBBO consists of the highest displayed buy and lowest sell prices among the various exchanges trading the Fund at the time the Fund’s NAV is calculated. Since shares of each Fund did not trade in the secondary market until after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund, the NAV of each Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that all distributions have been reinvested in each Fund at NAV and Market Price, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike each Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by each Fund. These expenses negatively impact the performance of each Fund. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. The total returns presented reflect the reinvestment of dividends on securities in the indices. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. The investment return and principal value of shares of each Fund will vary with changes in market conditions. Shares of each Fund may be worth more or less than their original cost when they are redeemed or sold in the market. Each Fund’s past performance is no guarantee of future performance. 
Page 29

Portfolio Commentary
First Trust Exchange-Traded Fund VIII
Annual Report
August 31, 2023 (Unaudited)
Advisor
First Trust Advisors L.P. (“First Trust” or the “Advisor”) is the investment advisor to FT Cboe Vest U.S. Equity Buffer - January (“FJAN”), FT Cboe Vest U.S. Equity Deep Buffer ETF - January (“DJAN”), FT Cboe Vest U.S. Equity Buffer ETF - February (“FFEB”), FT Cboe Vest U.S. Equity Deep Buffer ETF - February (“DFEB”), FT Cboe Vest U.S. Equity Buffer - March (“FMAR”), FT Cboe Vest U.S. Equity Deep Buffer ETF - March (“DMAR”), FT Cboe Vest U.S. Equity Buffer ETF - April (“FAPR”), FT Cboe Vest U.S. Equity Deep Buffer - April (“DAPR”), FT Cboe Vest U.S. Equity Buffer - May (“FMAY”), FT Cboe Vest U.S. Equity Deep Buffer ETF - May (“DMAY”), FT Cboe Vest U.S. Equity Buffer ETF - June (“FJUN”), FT Cboe Vest U.S. Equity Deep Buffer ETF - June (“DJUN”), FT Cboe Vest U.S. Equity Buffer - July (“FJUL”), FT Cboe Vest U.S. Equity Deep Buffer ETF - July (“DJUL”), FT Cboe Vest U.S. Equity Buffer ETF - August (“FAUG”), FT Cboe Vest U.S. Equity Deep Buffer - August (“DAUG”), FT Cboe Vest U.S. Equity Buffer - September (“FSEP”), FT Cboe Vest U.S. Equity Deep Buffer ETF - September (“DSEP”), FT Cboe Vest U.S. Equity Buffer ETF - October (“FOCT”), FT Cboe Vest U.S. Equity Deep Buffer ETF - October (“DOCT”), FT Cboe Vest U.S. Equity Buffer - November (“FNOV”), FT Cboe Vest U.S. Equity Deep Buffer ETF - November (“DNOV”), FT Cboe Vest U.S. Equity Buffer ETF - December (“FDEC”), FT Cboe Vest U.S. Equity Deep Buffer - December (“DDEC”), FT Cboe Vest Buffered Allocation Defensive ETF (“BUFT”), and FT Cboe Vest Buffered Allocation Growth ETF (“BUFG”) (each a “Fund” and collectively, the “Funds”). First Trust is responsible for the ongoing monitoring of each Fund’s investment portfolio, managing each Fund’s business affairs and providing certain administrative services necessary for the management of each Fund.
Sub-Advisor
Cboe VestSM Financial LLC (“Cboe Vest” or the “Sub-Advisor”) serves as the sub-advisor to the Funds. In this capacity, Cboe Vest is responsible for the selection and ongoing monitoring of the securities in each Fund’s investment portfolio. Cboe Vest, with principal offices at 8350 Broad St., Suite 240, McLean, VA 22102, was founded in 2012. Cboe Vest had approximately $16.3 billion under management or committed to management as of August 31, 2023.
Portfolio Management Team
The following persons serve as portfolio managers of the Funds:
Karan Sood, Managing Director of Cboe Vest
Howard Rubin, Managing Director of Cboe Vest
Commentary
Market Recap
Each of the monthly FT Cboe Vest Target Outcome ETFs (except FMAR, DMAR, FAPR and DAPR) have an investment objective that seeks to provide investors with returns (before fees, expenses, and taxes) that match those of the SPDR® S&P 500® ETF Trust (the “Reference ETF”), up to a predetermined upside cap (after fees and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee), while providing a buffer against a specific level (before fees, expenses and taxes) of losses in the Reference ETF, over a specified time period.
FMAR, DMAR, FAPR and DAPR have an investment objective that seeks to provide investors with returns that match those of the Reference ETF, up to a predetermined upside cap (after fees and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee), while providing a buffer against a specific level (before fees, expenses and taxes) of losses in the Reference ETF, over a specified time period.
BUFT and BUFG are actively managed ETFs that invest in a portfolio of FT Cboe Vest U.S. Equity Target Outcome ETFs (the “Underlying ETFs”). The Underlying ETFs use a “Target Outcome Buffer Strategy” to seek to provide predetermined outcomes based on the price returns (before fees and expenses) of the applicable Reference ETF. The Underlying ETFs provide upside performance potential to a predetermined cap while seeking to provide a defined buffer against losses of the Reference ETF over a defined one-year period. Unlike the Underlying ETFs, the Funds themselves do not pursue a target outcome strategy. The buffer is only provided by the Underlying ETFs and the Funds do not provide any stated buffer against losses. The Funds will likely not receive the full benefit of the Underlying ETF buffers and could have limited upside potential. Each Fund’s returns may be limited to the caps of the Underlying ETFs.
Page 30

Portfolio Commentary (Continued)
First Trust Exchange-Traded Fund VIII
Annual Report
August 31, 2023 (Unaudited)
During the 12-month period ended August 31, 2023 (the “Period”), stock markets generally rallied as central banks, including the U.S. Federal Reserve Bank (the “Fed”), raised interest rates in an attempt to reduce high inflation rates. The subsequent decline in inflation rates, combined with a resilient economy that has avoided recession and looks more likely to have a “soft landing,” encouraged the equity markets.
The S&P 500® Index, the well-known measure of U.S. large-cap stocks, ended the Period up 15.94%. Mid- and small-capitalization stocks, as measured by the S&P MidCap 400® Index and the Russell 2000® Index, rose as well, gaining 10.71% and 4.65%, respectively, during the Period. The Nasdaq-100 Index®, a tech-heavy market measure, gained 27.44% during the Period. International markets gained as well, with broad foreign market indices such as MSCI EAFE Index and MSCI Emerging Markets Index rising by 17.92% and 1.25%, respectively, during the Period.
During the Period, the market continued to see substantial variations in returns across the eleven major sectors in the S&P 500® Index. The two best performing sectors were the Information Technology and Communication Services sectors, which gained 33.33% and 25.76%, respectively. The only two sectors to post losses over the Period were the Utility and Real Estate sectors, which lost 12.65% and 8.15%, respectively.
U.S. economic data was generally stronger than expected. Quarterly gross domestic product (“GDP”) reports showed the U.S. economy reversing direction and beginning to grow again after recording two declining quarters in the prior period. The four most recent quarterly reports (third quarter 2022 through second quarter 2023) saw seasonally adjusted annualized rates of 3.2%, 2.6%, 2.0%, and 2.1%, sequentially. A recent Bloomberg survey of economists shows a consensus projection of 2.0% GDP growth for all of 2023 and 0.9% for all of 2024.
The U.S. unemployment rate began the Period at 3.7% (for August 2022) and ended the Period at 3.8% (for August 2023). The rate remained below 4.0% in each of the twelve monthly reports while dropping as low as 3.4%, thus remaining very close to 50 year lows.
U.S inflation levels declined over the Period. The most recent (August 2023) Consumer Price Index report shows year-over-year inflation running at a 3.7% rate, down from 8.3% reported twelve months earlier. Housing prices in the U.S., which had increased dramatically over the last two years, were essentially flat (down just 0.02%) over the current period, based on the S&P CoreLogic Case-Shiller U.S. National Home Price Index. According to this index, home prices fell during the first half of the Period, but then turned upward in the latter half.
The Fed continued the interest rate hike cycle that it initiated in January 2022. Over the Period, the Fed raised the upper bound of its Federal Funds target rate from 2.5% to 5.5%. Interest rate hikes were more aggressive over the first half of the Period, and more muted over the second half. Fed Fund futures prices, as of this writing, suggest that market participants anticipate that the Fed may hike just one more quarter point this year, before reversing direction and cutting rates in 2024.
Market and Fund Outlook
Over the Period, implied volatilities in U.S. equity markets averaged about 25.4%, according to the Cboe S&P 500® 1-Year Volatility Index. This index is derived from option prices and estimates the market’s expectation of S&P 500® Index volatility for the next twelve months. As of the end of the Period, the index stands at 20.1%. For comparison purposes, the historical volatility of the S&P 500® Index since its inception in 1937 has been about 15.7%. We anticipate that implied volatilities will decline slightly over the coming year. Buffer strategies, such as those used in the FT Cboe Vest Funds, generally benefit from declining implied volatilities.
While most fixed income securities have seen their nominal yields increase during the Period, many still have relatively low real yields (i.e., nominal yield less the inflation rate.)  This continues to be a headwind for future fixed income returns. Because of this, many investors continue to reallocate away from fixed income investments.
The FT Cboe Vest Funds are an alternative that these investors should consider. The FT Cboe Vest Funds are designed to protect investors against varying levels of downside movements in their Reference ETF (e.g., SPY), while limiting the investor’s participation in larger upside moves in the Reference ETF. In the current low real yield environment, such Funds, in appropriate allocations, can be suitable alternatives to fixed income investments.
Performance Analysis
The following table provides information pertaining to recent caps (as applicable) and performance for the Period for each Fund.
Page 31

Portfolio Commentary (Continued)
First Trust Exchange-Traded Fund VIII
Annual Report
August 31, 2023 (Unaudited)
Each Fund’s cap (as applicable) is reset at the Fund’s annual reset date. The table shows the caps that were in effect both at the beginning of the Period and after the annual reset date if it occurred within the Period. Both of these caps are shown pre- and post- expenses.
Each Fund’s performance may be impacted by a number of factors. These factors include changes in each of:the level of the Reference ETF, the Reference ETF’s dividends, interest rates, implied volatility, and time to option expiration. Generally, changes in the level of the Reference ETF are the primary factor, but the other factors can also contribute significantly to Fund performance. Additionally, fees and expenses will impact Fund performance.
Fund Ticker
FJAN
DJAN
FFEB
DFEB
FMAR
DMAR
FAPR
Annual Expense Ratio
0.85%
0.85%
0.85%
0.85%
0.85%
0.85%
0.85%
Reporting Period Start Date
8/31/22
8/31/22
8/31/22
8/31/22
8/31/22
8/31/22
8/31/22
Reporting Period End Date
8/31/23
8/31/23
8/31/23
8/31/23
8/31/23
8/31/23
8/31/23
 
CAP INFORMATION:
Cap Prior to Annual Reset (pre-expenses)
14.20%
9.03%
14.25%
9.30%
14.78%
10.02%
16.35%
Cap Prior to Annual Reset (post-expenses)
13.35%
8.18%
13.40%
8.45%
13.93%
9.17%
15.48%
Reset Date (prior to 8/31/23)
1/20/23
1/20/23
2/17/23
2/17/23
3/17/23
3/17/23
4/21/23
New Cap on Annual Reset Date (pre-expenses)
19.04%
14.70%
19.25%
14.97%
19.35%
14.36%
18.48%
New Cap on Annual Reset Date (post-expenses)
18.19%
13.85%
18.40%
14.12%
18.50%
13.51%
17.63%
 
PERFORMANCE (8/31/22 to 8/31/23):
Fund Performance (using NAVs)
16.45%
7.97%
13.79%
5.68%
15.28%
7.74%
13.10%
Fund Performance (using Market Price)
16.55%
7.67%
13.99%
5.58%
15.50%
7.41%
13.25%
Reference Asset Price Return
13.96%
13.96%
13.96%
13.96%
13.96%
13.96%
13.96%
Fund Ticker
DAPR
FMAY
DMAY
FJUN
DJUN
FJUL
DJUL
Annual Expense Ratio
0.85%
0.85%
0.85%
0.85%
0.85%
0.85%
0.85%
Reporting Period Start Date
8/31/22
8/31/22
8/31/22
8/31/22
8/31/22
8/31/22
8/31/22
Reporting Period End Date
8/31/23
8/31/23
8/31/23
8/31/23
8/31/23
8/31/23
8/31/23
 
CAP INFORMATION:
Cap Prior to Annual Reset (pre-expenses)
10.96%
20.45%
13.93%
22.20%
15.59%
21.30%
15.02%
Cap Prior to Annual Reset (post-expenses)
10.09%
19.60%
13.08%
21.35%
14.74%
20.44%
14.16%
Reset Date (prior to 8/31/23)
4/21/23
5/19/23
5/19/23
6/16/23
6/16/23
7/21/23
7/21/23
New Cap on Annual Reset Date (pre-expenses)
14.05%
17.65%
13.67%
18.25%
14.70%
17.46%
14.79%
New Cap on Annual Reset Date (post-expenses)
13.20%
16.80%
12.82%
17.39%
13.84%
16.61%
13.94%
 
PERFORMANCE (8/31/22 to 8/31/23):
Fund Performance (using NAVs)
4.18%
10.49%
9.90%
15.71%
12.15%
14.05%
12.34%
Fund Performance (using Market Price)
4.06%
10.73%
9.77%
15.67%
12.56%
14.47%
12.79%
Reference Asset Price Return
13.96%
13.96%
13.96%
13.96%
13.96%
13.96%
13.96%
Page 32

Portfolio Commentary (Continued)