FIRST TRUST 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) ---------------------------- Semi-Annual Report For the Period Ended February 28, 2022 ---------------------------- -------------------------------------------------------------------------------- TABLE OF CONTENTS -------------------------------------------------------------------------------- FIRST TRUST EXCHANGE-TRADED FUND VIII SEMI-ANNUAL REPORT FEBRUARY 28, 2022 Shareholder Letter.......................................................... 2 Fund Performance Overview: FT Cboe Vest U.S. Equity Buffer ETF - January (FJAN).................... 3 FT Cboe Vest U.S. Equity Deep Buffer ETF - January (DJAN)............... 4 FT Cboe Vest U.S. Equity Buffer ETF - February (FFEB)................... 5 FT Cboe Vest U.S. Equity Deep Buffer ETF - February (DFEB).............. 6 FT Cboe Vest U.S. Equity Buffer ETF - February (FMAR)................... 7 FT Cboe Vest U.S. Equity Deep Buffer ETF - February (DMAR).............. 8 FT Cboe Vest U.S. Equity Buffer ETF - February (FAPR)................... 9 FT Cboe Vest U.S. Equity Deep Buffer ETF - February (DAPR).............. 10 FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY)........................ 11 FT Cboe Vest U.S. Equity Deep Buffer ETF - May (DMAY)................... 12 FT Cboe Vest U.S. Equity Buffer ETF - June (FJUN)....................... 13 FT Cboe Vest U.S. Equity Deep Buffer ETF - June (DJUN).................. 14 FT Cboe Vest U.S. Equity Buffer ETF - July (FJUL)....................... 15 FT Cboe Vest U.S. Equity Deep Buffer ETF - July (DJUL).................. 16 FT Cboe Vest U.S. Equity Buffer ETF - August (FAUG)..................... 17 FT Cboe Vest U.S. Equity Deep Buffer ETF - August (DAUG)................ 18 FT Cboe Vest U.S. Equity Buffer ETF - September (FSEP).................. 19 FT Cboe Vest U.S. Equity Deep Buffer ETF - September (DSEP)............. 20 FT Cboe Vest U.S. Equity Buffer ETF - October (FOCT).................... 21 FT Cboe Vest U.S. Equity Deep Buffer ETF - October (DOCT)............... 22 FT Cboe Vest U.S. Equity Buffer ETF - November (FNOV)................... 23 FT Cboe Vest U.S. Equity Deep Buffer ETF - November (DNOV).............. 24 FT Cboe Vest U.S. Equity Buffer ETF - December (FDEC)................... 25 FT Cboe Vest U.S. Equity Deep Buffer ETF - December (DDEC).............. 26 FT Cboe Vest Buffered Allocation Defensive ETF (BUFT)................... 27 FT Cboe Vest Buffered Allocation Growth ETF (BUFG)...................... 28 Notes to Fund Performance Overview.......................................... 29 Portfolio Management........................................................ 30 Understanding Your Fund Expenses............................................ 31 Portfolio of Investments: FT Cboe Vest U.S. Equity Buffer ETF - January (FJAN).................... 34 FT Cboe Vest U.S. Equity Deep Buffer ETF - January (DJAN)............... 36 FT Cboe Vest U.S. Equity Buffer ETF - February (FFEB)................... 38 FT Cboe Vest U.S. Equity Deep Buffer ETF - February (DFEB).............. 40 FT Cboe Vest U.S. Equity Buffer ETF - February (FMAR)................... 42 FT Cboe Vest U.S. Equity Deep Buffer ETF - February (DMAR).............. 44 FT Cboe Vest U.S. Equity Buffer ETF - February (FAPR)................... 46 FT Cboe Vest U.S. Equity Deep Buffer ETF - February (DAPR).............. 48 FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY)........................ 50 FT Cboe Vest U.S. Equity Deep Buffer ETF - May (DMAY)................... 52 FT Cboe Vest U.S. Equity Buffer ETF - June (FJUN)....................... 54 FT Cboe Vest U.S. Equity Deep Buffer ETF - June (DJUN).................. 56 FT Cboe Vest U.S. Equity Buffer ETF - July (FJUL)....................... 58 FT Cboe Vest U.S. Equity Deep Buffer ETF - July (DJUL).................. 60 FT Cboe Vest U.S. Equity Buffer ETF - August (FAUG)..................... 62 FT Cboe Vest U.S. Equity Deep Buffer ETF - August (DAUG)................ 64 FT Cboe Vest U.S. Equity Buffer ETF - September (FSEP).................. 66 FT Cboe Vest U.S. Equity Deep Buffer ETF - September (DSEP)............. 68 FT Cboe Vest U.S. Equity Buffer ETF - October (FOCT).................... 70 FT Cboe Vest U.S. Equity Deep Buffer ETF - October (DOCT)............... 72 FT Cboe Vest U.S. Equity Buffer ETF - November (FNOV)................... 74 FT Cboe Vest U.S. Equity Deep Buffer ETF - November (DNOV).............. 76 FT Cboe Vest U.S. Equity Buffer ETF - December (FDEC)................... 78 FT Cboe Vest U.S. Equity Deep Buffer ETF - December (DDEC).............. 80 FT Cboe Vest Buffered Allocation Defensive ETF (BUFT)................... 82 FT Cboe Vest Buffered Allocation Growth ETF (BUFG)...................... 83 -------------------------------------------------------------------------------- TABLE OF CONTENTS (CONTINUED) -------------------------------------------------------------------------------- FIRST TRUST EXCHANGE-TRADED FUND VIII SEMI-ANNUAL REPORT FEBRUARY 28, 2022 Statements of Assets and Liabilities........................................ 84 Statements of Operations.................................................... 90 Statements of Changes in Net Assets......................................... 96 Financial Highlights........................................................ 106 Notes to Financial Statements............................................... 119 Additional Information...................................................... 137 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 Vest(SM) 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. 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 SEMI-ANNUAL LETTER FROM THE CHAIRMAN AND CEO FEBRUARY 28, 2022 Dear Shareholders: First Trust is pleased to provide you with the semi-annual report for certain series of the First Trust Exchange-Traded Fund VIII (the "Funds"), which contains detailed information about the Funds for the six-month period ended February 28, 2022. Please note that some of the Funds were incepted after September 1, 2021, the start of the reporting period, so information in this letter and the report prior to those inception dates will not apply to all Funds. Interest rates, bond yields and inflation are trending higher in the U.S., and perhaps what matters most is that all three are moving in tandem, which has not happened for quite some time. To start, let us focus on bond yields, which, like interest rates and inflation, have traded at or near their historic lows for many years. Over the past decade, we have seen the yield on the 10-Year Treasury Note ("T-Note") climb from its artificial lows to the 3.00% level on two occasions only to have it reverse course soon thereafter. In 2013, the yield on the benchmark government bond rose from 1.75% at the start of the year to 3.03% at the close of trading on December 31, 2013. One year later it stood at 2.17%. In 2018, the yield rose from 2.41% at the start of the year to a 2018 high of 3.24% on November 8, 2018. At the end of 2019, it yielded 1.92%. In 2022, it has reached as high as 2.78% (on April 11), representing a significant move from 1.51% at the start of the year. The point is that we have endured substantial upward moves in the yield on the 10-Year T-Note, but they were not sustained. Short-term interest rates, as controlled by the Federal Reserve (the "Fed") via its Federal Funds target rate, only accompanied bond yields higher in one of those two instances. In 2013, bond yields rose but the Fed did not raise short-term interest rates at all. In 2017 and 2018, the Fed executed multiple interest rate hikes, but reversed course in 2019, undoing the entirety of its 2017-2018 tightening phase. On March 16, 2022, the Fed initiated a 25-basis point ("bps") hike in the Federal Funds target rate. The median member of the Federal Open Market Committee is signaling another six hikes, totaling 150 bps, through year-end, according to Brian Wesbury, Chief Economist at First Trust. That would equate to 175 bps in aggregate in 2022. The Fed also signaled it could raise interest rates an additional 75-100 bps in 2023. So, for all intents and purposes, unless something dramatic happens, such as an escalation of the war between Russia and Ukraine, we believe interest rates are heading much higher. With respect to inflation, as measured by the Consumer Price Index ("CPI"), it was essentially a non-event when bond yields rose in 2013 and 2018. The year-over-year changes in the CPI in 2013 and 2018 were 1.5% and 1.9%, respectively, according to data from the U.S. Bureau of Labor Statistics. The CPI has averaged 3.0% per year since 1926. In February 2022, the CPI stood at 7.9%. The last time it was this high was 1982. The current climate for interest rates, bond yields and inflation, indicates that this time around could be different than what we experienced in 2013 and 2018. By that I mean that higher levels of all three might be sustainable. Having said that, I do not believe that investors need to shift into panic mode. The Fed's guidance is reassuring to us in that, as of now, it intends to raise short-term interest rates slowly and methodically. While we believe the bond market may be in for a bumpy ride over the next year or so, higher rates and yields are not necessarily death knells for the stock market. In general, I believe that investors should be able to make better decisions about where to position their money moving forward thanks to the in-depth guidance from the Fed. It could not be more transparent, in my opinion. 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, /s/ James A. Bowen 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(R) S&P 500(R) ETF Trust (the "Underlying ETF"), up to a predetermined 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), while providing a buffer against the first 10% (before fees, expenses and taxes) of Underlying ETF losses, over the period from January 24, 2022 to January 20, 2023 (the "Outcome Period")*. Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange(R) 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 will 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 initial 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 CUMULATIVE TOTAL RETURNS TOTAL RETURNS 6 Months 1 Year Inception Inception Ended Ended (1/15/21) (1/15/21) 2/28/22 2/28/22 to 2/28/22 to 2/28/22 FUND PERFORMANCE NAV 2.37% 13.04% 12.09% 13.64% Market Price 2.22% 12.79% 12.00% 13.54% INDEX PERFORMANCE S&P 500(R) Index - Price Return -3.29% 14.77% 14.23% 16.07% --------------------------------------------------------------------------------------------------------------------- (See Notes to Fund Performance Overview on page 29.) PERFORMANCE OF A $10,000 INITIAL INVESTMENT JANUARY 15, 2021 - FEBRUARY 28, 2022 FT Cboe Vest U.S. Equity S&P 500(R) Index - Buffer ETF - January Price Return 1/15/21 $10,000 $10,000 2/28/21 10,053 10,114 8/31/21 11,101 12,002 2/28/22 11,364 11,607 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 24, 2022, the Fund's investment objective included an upside cap of 14.50% (before fees, expenses and taxes) and 13.64% (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 19, 2021 to January 21, 2022. 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(R) S&P 500(R) ETF Trust (the "Underlying ETF"), up to a predetermined 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), while providing a buffer against Underlying ETF losses between -5% and -30% (before fees, expenses and taxes), over the period from January 24, 2022 to January 20, 2023 (the "Outcome Period")*. Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange(R) 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 will 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 initial 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 CUMULATIVE TOTAL RETURNS TOTAL RETURNS 6 Months 1 Year Inception Inception Ended Ended (1/15/21) (1/15/21) 2/28/22 2/28/22 to 2/28/22 to 2/28/22 FUND PERFORMANCE NAV 0.88% 6.83% 6.39% 7.19% Market Price 1.10% 7.04% 6.42% 7.22% INDEX PERFORMANCE S&P 500(R) Index - Price Return -3.29% 14.77% 14.23% 16.07% --------------------------------------------------------------------------------------------------------------------- (See Notes to Fund Performance Overview on page 29.) PERFORMANCE OF A $10,000 INITIAL INVESTMENT JANUARY 15, 2021 - FEBRUARY 28, 2022 FT Cboe Vest U.S. Equity S&P 500(R) Index - Deep Buffer ETF - January Price Return 1/15/21 $10,000 $10,000 2/28/21 10,033 10,114 8/31/21 10,625 12,002 2/28/22 10,719 11,607 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 24, 2022, the Fund's investment objective included an upside cap of 8.20% (before fees, expenses and taxes) and 7.34% (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 19, 2021 to January 21, 2022. 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(R) S&P 500(R) ETF Trust (the "Underlying ETF"), up to a predetermined 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), while providing a buffer against the first 10% (before fees, expenses and taxes) of Underlying ETF losses, over the period from February 22, 2022 to February 17, 2023 (the "Outcome Period")*. Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange(R) 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 will 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 initial 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 CUMULATIVE TOTAL RETURNS TOTAL RETURNS 6 Months 1 Year Inception Inception Ended Ended (2/21/20) (2/21/20) 2/28/22 2/28/22 to 2/28/22 to 2/28/22 FUND PERFORMANCE NAV -0.16% 12.62% 10.31% 21.90% Market Price 0.11% 12.41% 10.31% 21.90% INDEX PERFORMANCE S&P 500(R) Index - Price Return -3.29% 14.77% 14.33% 31.04% --------------------------------------------------------------------------------------------------------------------- (See Notes to Fund Performance Overview on page 29.) PERFORMANCE OF A $10,000 INITIAL INVESTMENT FEBRUARY 21, 2020 - FEBRUARY 28, 2022 FT Cboe Vest U.S. Equity S&P 500(R) Index - Buffer ETF - February Price Return 2/21/20 $10,000 $10,000 2/29/20 9,214 8,851 8/31/20 10,260 10,488 2/28/21 10,825 11,418 8/31/21 12,210 13,550 2/28/22 12,190 13,104 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 22, 2022, the Fund's investment objective included an upside cap of 15.85% (before fees, expenses and taxes) and 15.00% (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, 2021 to February 18, 2022. 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(R) S&P 500(R) ETF Trust (the "Underlying ETF"), up to a predetermined 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), while providing a buffer against Underlying ETF losses between -5% and -30% (before fees, expenses and taxes), over the period from February 22, 2022 to February 17, 2023 (the "Outcome Period")*. Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange(R) 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 will 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 initial 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 CUMULATIVE TOTAL RETURNS TOTAL RETURNS 6 Months 1 Year Inception Inception Ended Ended (2/21/20) (2/21/20) 2/28/22 2/28/22 to 2/28/22 to 2/28/22 FUND PERFORMANCE NAV 2.13% 8.92% 7.37% 15.45% Market Price 2.22% 9.08% 7.42% 15.55% INDEX PERFORMANCE S&P 500(R) Index - Price Return -3.29% 14.77% 14.33% 31.04% --------------------------------------------------------------------------------------------------------------------- (See Notes to Fund Performance Overview on page 29.) PERFORMANCE OF A $10,000 INITIAL INVESTMENT FEBRUARY 21, 2020 - FEBRUARY 28, 2022 FT Cboe Vest U.S. Equity S&P 500(R) Index - Deep Buffer ETF - February Price Return 2/21/20 $10,000 $10,000 2/29/20 9,462 8,851 8/31/20 10,182 10,488 2/28/21 10,600 11,418 8/31/21 11,304 13,550 2/28/22 11,545 13,104 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 22, 2022, the Fund's investment objective included an upside cap of 8.85% (before fees, expenses and taxes) and 8.00% (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, 2021 to February 18, 2022. 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 (before fees, expenses and taxes) that match the price return of the SPDR(R) S&P 500(R) ETF Trust (the "Underlying ETF"), up to a predetermined 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), while providing a buffer against the first 10% (before fees, expenses and taxes) of Underlying ETF losses, over the period from March 22, 2021 to March 18, 2022 (the "Outcome Period"). Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange(R) 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 will 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 initial 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 --------------------------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURNS 6 Months Inception Ended (3/19/21) 2/28/22 to 2/28/22 FUND PERFORMANCE NAV 0.52% 10.03% Market Price 0.74% 10.03% INDEX PERFORMANCE S&P 500(R) Index - Price Return -3.29% 11.78% --------------------------------------------------------------------------------------------------------------------- (See Notes to Fund Performance Overview on page 29.) PERFORMANCE OF A $10,000 INITIAL INVESTMENT MARCH 19, 2021 - FEBRUARY 28, 2022 FT Cboe Vest U.S. Equity S&P 500(R) Index - Buffer ETF - March Price Return 3/19/21 $10,000 $10,000 8/31/21 10,946 11,558 2/28/22 11,003 11,178 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 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 (before fees, expenses and taxes) that match the price return of the SPDR(R) S&P 500(R) ETF Trust (the "Underlying ETF"), up to a predetermined 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), while providing a buffer against Underlying ETF losses between -5% and -30% (before fees, expenses and taxes), over the period from March 22, 2021 to March 18, 2022 (the "Outcome Period"). Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange(R) 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 will 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 initial 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 --------------------------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURNS 6 Months Inception Ended (3/19/21) 2/28/22 to 2/28/22 FUND PERFORMANCE NAV 0.73% 7.03% Market Price 0.86% 6.93% INDEX PERFORMANCE S&P 500(R) Index - Price Return -3.29% 11.78% --------------------------------------------------------------------------------------------------------------------- (See Notes to Fund Performance Overview on page 29.) PERFORMANCE OF A $10,000 INITIAL INVESTMENT MARCH 19, 2021 - FEBRUARY 28, 2022 FT Cboe Vest U.S. Equity S&P 500(R) Index - Deep Buffer ETF - March Price Return 3/19/21 $10,000 $10,000 8/31/21 10,625 11,558 2/28/22 10,703 11,178 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 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 (before fees, expenses and taxes) that match the price return of the SPDR(R) S&P 500(R) ETF Trust (the "Underlying ETF"), up to a predetermined upside cap of 12.00% (before fees, expenses and taxes) and 11.15% (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 April 19, 2021 to April 14, 2022 (the "Outcome Period"). Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange(R) 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 will 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 initial 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 --------------------------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURNS 6 Months Inception Ended (4/16/21) 2/28/22 to 2/28/22 FUND PERFORMANCE NAV -0.91% 4.59% Market Price -0.57% 4.66% INDEX PERFORMANCE S&P 500(R) Index - Price Return -3.29% 4.50% --------------------------------------------------------------------------------------------------------------------- (See Notes to Fund Performance Overview on page 29.) PERFORMANCE OF A $10,000 INITIAL INVESTMENT APRIL 16, 2021 - FEBRUARY 28, 2022 FT Cboe Vest U.S. Equity S&P 500(R) Index - Buffer ETF - April Price Return 4/16/21 $10,000 $10,000 8/31/21 10,556 10,806 2/28/22 10,459 10,450 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 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 (before fees, expenses and taxes) that match the price return of the SPDR(R) S&P 500(R) ETF Trust (the "Underlying ETF"), up to a predetermined upside cap of 7.50% (before fees, expenses and taxes) and 6.65% (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 April 19, 2021 to April 14, 2022 (the "Outcome Period"). Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange(R) 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 will 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 initial 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 --------------------------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURNS 6 Months Inception Ended (4/16/21) 2/28/22 to 2/28/22 FUND PERFORMANCE NAV -0.55% 2.90% Market Price -0.23% 3.00% INDEX PERFORMANCE S&P 500(R) Index - Price Return -3.29% 4.50% --------------------------------------------------------------------------------------------------------------------- (See Notes to Fund Performance Overview on page 29.) PERFORMANCE OF A $10,000 INITIAL INVESTMENT APRIL 16, 2021 - FEBRUARY 28, 2022 FT Cboe Vest U.S. Equity S&P 500(R) Index - Deep Buffer ETF - February Price Return 4/16/21 $10,000 $10,000 8/31/21 10,346 10,806 2/28/22 10,290 10,450 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 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(R) S&P 500(R) ETF Trust (the "Underlying ETF"), up to a predetermined upside cap of 12.50% (before fees, expenses and taxes) and 11.65% (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 24, 2021 to May 20, 2022 (the "Outcome Period"). Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange(R) 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 will 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 initial 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 CUMULATIVE TOTAL RETURNS TOTAL RETURNS 6 Months 1 Year Inception Inception Ended Ended (5/15/20) (5/15/20) 2/28/22 2/28/22 to 2/28/22 to 2/28/22 FUND PERFORMANCE NAV -0.78% 6.47% 11.71% 21.95% Market Price -0.51% 6.44% 11.75% 22.02% INDEX PERFORMANCE S&P 500(R) Index - Price Return -3.29% 14.77% 26.67% 52.74% --------------------------------------------------------------------------------------------------------------------- (See Notes to Fund Performance Overview on page 29.) PERFORMANCE OF A $10,000 INITIAL INVESTMENT MAY 15, 2020 - FEBRUARY 28, 2022 FT Cboe Vest U.S. Equity S&P 500(R) Index - Buffer ETF - May Price Return 5/15/20 $10,000 $10,000 8/31/20 11,032 12,223 2/28/21 11,454 13,308 8/31/21 12,291 15,793 2/28/22 12,195 15,274 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 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(R) S&P 500(R) ETF Trust (the "Underlying ETF"), up to a predetermined 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), while providing a buffer against Underlying ETF losses between -5% and -30% (before fees, expenses and taxes), over the period from May 24, 2021 to May 20, 2022 (the "Outcome Period"). Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange(R) 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 will 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 initial 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 CUMULATIVE TOTAL RETURNS TOTAL RETURNS 6 Months 1 Year Inception Inception Ended Ended (5/15/20) (5/15/20) 2/28/22 2/28/22 to 2/28/22 to 2/28/22 FUND PERFORMANCE NAV -0.44% 3.62% 6.72% 12.36% Market Price -0.23% 3.59% 6.67% 12.26% INDEX PERFORMANCE S&P 500(R) Index - Price Return -3.29% 14.77% 26.67% 52.74% --------------------------------------------------------------------------------------------------------------------- (See Notes to Fund Performance Overview on page 29.) PERFORMANCE OF A $10,000 INITIAL INVESTMENT MAY 15, 2020 - FEBRUARY 28, 2022 FT Cboe Vest U.S. Equity S&P 500(R) Index - Deep Buffer ETF - May Price Return 5/15/20 $10,000 $10,000 8/31/20 10,596 12,223 2/28/21 10,843 13,308 8/31/21 11,284 15,793 2/28/22 11,236 15,274 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 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(R) S&P 500(R) ETF Trust (the "Underlying ETF"), up to a predetermined upside cap of 11.70% (before fees, expenses and taxes) and 10.85% (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 June 21, 2021 to June 17, 2022 (the "Outcome Period"). Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange(R) 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 will 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 initial 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 CUMULATIVE TOTAL RETURNS TOTAL RETURNS 6 Months 1 Year Inception Inception Ended Ended (6/19/20) (6/19/20) 2/28/22 2/28/22 to 2/28/22 to 2/28/22 FUND PERFORMANCE NAV -0.76% 7.23% 12.23% 21.62% Market Price -0.41% 7.53% 12.32% 21.79% INDEX PERFORMANCE S&P 500(R) Index - Price Return -3.29% 14.77% 22.56% 41.20% --------------------------------------------------------------------------------------------------------------------- (See Notes to Fund Performance Overview on page 29.) PERFORMANCE OF A $10,000 INITIAL INVESTMENT JUNE 19, 2020 - FEBRUARY 28, 2022 FT Cboe Vest U.S. Equity S&P 500(R) Index - Buffer ETF - June Price Return 5/19/20 $10,000 $10,000 8/31/20 10,764 11,300 2/28/21 11,342 12,303 8/31/21 12,255 14,600 2/28/22 12,162 14,120 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 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(R) S&P 500(R) ETF Trust (the "Underlying ETF"), up to a predetermined upside cap of 7.06% (before fees, expenses and taxes) and 6.21% (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 21, 2021 to June 17, 2022 (the "Outcome Period"). Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange(R) 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 will 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 initial 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 CUMULATIVE TOTAL RETURNS TOTAL RETURNS 6 Months 1 Year Inception Inception Ended Ended (6/19/20) (6/19/20) 2/28/22 2/28/22 to 2/28/22 to 2/28/22 FUND PERFORMANCE NAV -0.56% 4.09% 6.86% 11.90% Market Price -0.38% 3.96% 6.84% 11.87% INDEX PERFORMANCE S&P 500(R) Index - Price Return -3.29% 14.77% 22.56% 41.20% --------------------------------------------------------------------------------------------------------------------- (See Notes to Fund Performance Overview on page 29.) PERFORMANCE OF A $10,000 INITIAL INVESTMENT JUNE 19, 2020 - FEBRUARY 28, 2022 FT Cboe Vest U.S. Equity S&P 500(R) Index - Deep Buffer ETF - June Price Return 6/19/20 $10,000 $10,000 8/31/20 10,453 11,300 2/28/21 10,750 12,303 8/31/21 11,253 14,600 2/28/22 11,190 14,120 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 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(R) S&P 500(R) ETF Trust (the "Underlying ETF"), up to a predetermined upside cap of 11.70% (before fees, expenses and taxes) and 10.85% (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 July 19, 2021 to July 15, 2022 (the "Outcome Period"). Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange(R) 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 will 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 initial 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 CUMULATIVE TOTAL RETURNS TOTAL RETURNS 6 Months 1 Year Inception Inception Ended Ended (7/17/20) (7/17/20) 2/28/22 2/28/22 to 2/28/22 to 2/28/22 FUND PERFORMANCE NAV -1.38% 5.72% 9.72% 16.20% Market Price -1.01% 5.90% 9.76% 16.27% INDEX PERFORMANCE S&P 500(R) Index - Price Return -3.29% 14.77% 20.71% 35.64% --------------------------------------------------------------------------------------------------------------------- (See Notes to Fund Performance Overview on page 29.) PERFORMANCE OF A $10,000 INITIAL INVESTMENT JULY 17, 2020 - FEBRUARY 28, 2022 FT Cboe Vest U.S. Equity S&P 500(R) Index - Buffer ETF - July Price Return 7/17/20 $10,000 $10,000 8/31/20 10,453 10,855 2/28/21 10,992 11,819 8/31/21 11,782 14,025 2/28/22 11,620 13,564 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 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(R) S&P 500(R) ETF Trust (the "Underlying ETF"), up to a predetermined upside cap of 7.30% (before fees, expenses and taxes) and 6.45% (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 19, 2021 to July 15, 2022 (the "Outcome Period"). Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange(R) 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 will 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 initial 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 CUMULATIVE TOTAL RETURNS TOTAL RETURNS 6 Months 1 Year Inception Inception Ended Ended (7/17/20) (7/17/20) 2/28/22 2/28/22 to 2/28/22 to 2/28/22 FUND PERFORMANCE NAV -0.99% 2.98% 5.23% 8.60% Market Price -0.82% 3.24% 5.25% 8.63% INDEX PERFORMANCE S&P 500(R) Index - Price Return -3.29% 14.77% 20.71% 35.64% --------------------------------------------------------------------------------------------------------------------- (See Notes to Fund Performance Overview on page 29.) PERFORMANCE OF A $10,000 INITIAL INVESTMENT JULY 17, 2020 - FEBRUARY 28, 2022 FT Cboe Vest U.S. Equity S&P 500(R) Index - Deep Buffer ETF - July Price Return 7/17/20 $10,000 $10,000 8/31/20 10,238 10,855 2/28/21 10,546 11,819 8/31/21 10,969 14,025 2/28/22 10,860 13,564 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 16 -------------------------------------------------------------------------------- FUND PERFORMANCE OVERVIEW (UNAUDITED) (CONTINUED) -------------------------------------------------------------------------------- FT CBOE VEST U.S. EQUITY BUFFER ETF - AUGUST (FAUG) 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(R) S&P 500(R) ETF Trust (the "Underlying ETF"), up to a predetermined upside cap of 11.64% (before fees, expenses and taxes) and 10.79% (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 23, 2021 to August 19, 2022 (the "Outcome Period"). Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange(R) 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 will 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 initial 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 CUMULATIVE TOTAL RETURNS TOTAL RETURNS 6 Months 1 Year Inception Inception Ended Ended (11/6/19) (11/6/19) 2/28/22 2/28/22 to 2/28/22 to 2/28/22 FUND PERFORMANCE NAV -1.01% 6.18% 9.49% 23.32% Market Price -1.33% 5.89% 9.35% 22.96% INDEX PERFORMANCE S&P 500(R) Index - Price Return -3.29% 14.77% 16.43% 42.16% --------------------------------------------------------------------------------------------------------------------- (See Notes to Fund Performance Overview on page 29.) PERFORMANCE OF A $10,000 INITIAL INVESTMENT NOVEMBER 6, 2019 - FEBRUARY 28, 2022 FT Cboe Vest U.S. Equity S&P 500(R) Index - Buffer ETF - August Price Return 11/6/19 $10,000 $10,000 2/29/20 9,764 9,602 8/31/20 10,947 11,377 2/28/21 11,615 12,387 8/31/21 12,458 14,699 2/28/22 12,332 14,216 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 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(R) S&P 500(R) ETF Trust (the "Underlying ETF"), up to a predetermined upside cap of 7.37% (before fees, expenses and taxes) and 6.52% (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 23, 2021 to August 19, 2022 (the "Outcome Period"). Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange(R) 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 will 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 initial 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 CUMULATIVE TOTAL RETURNS TOTAL RETURNS 6 Months 1 Year Inception Inception Ended Ended (11/6/19) (11/6/19) 2/28/22 2/28/22 to 2/28/22 to 2/28/22 FUND PERFORMANCE NAV -1.21% 3.19% 5.86% 14.09% Market Price -1.12% 3.28% 5.82% 13.99% INDEX PERFORMANCE S&P 500(R) Index - Price Return -3.29% 14.77% 16.43% 42.16% --------------------------------------------------------------------------------------------------------------------- (See Notes to Fund Performance Overview on page 29.) PERFORMANCE OF A $10,000 INITIAL INVESTMENT NOVEMBER 6, 2019 - FEBRUARY 28, 2022 FT Cboe Vest U.S. Equity S&P 500(R) Index - Deep Buffer ETF - August Price Return 11/6/19 $10,000 $10,000 2/29/20 9,804 9,602 8/31/20 10,681 11,377 2/28/21 11,056 12,387 8/31/21 11,548 14,699 2/28/22 11,409 14,216 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 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(R) S&P 500(R) ETF Trust (the "Underlying ETF"), up to a predetermined 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), while providing a buffer against the first 10% (before fees, expenses and taxes) of Underlying ETF losses, over the period from September 20, 2021 to September 16, 2022 (the "Outcome Period")*. Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange(R) 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 will 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 initial 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 CUMULATIVE TOTAL RETURNS TOTAL RETURNS 6 Months 1 Year Inception Inception Ended Ended (9/18/20) (9/18/20) 2/28/22 2/28/22 to 2/28/22 to 2/28/22 FUND PERFORMANCE NAV -0.09% 6.23% 10.58% 15.66% Market Price -0.03% 6.37% 10.58% 15.66% INDEX PERFORMANCE S&P 500(R) Index - Price Return -3.29% 14.77% 21.01% 31.77% --------------------------------------------------------------------------------------------------------------------- (See Notes to Fund Performance Overview on page 29.) PERFORMANCE OF A $10,000 INITIAL INVESTMENT SEPTEMBER 18, 2020 - FEBRUARY 28, 2022 FT Cboe Vest U.S. Equity S&P 500(R) Index - Buffer ETF - September Price Return 9/18/20 $10,000 $10,000 2/28/21 10,887 11,481 8/31/21 11,576 13,625 2/28/22 11,566 13,177 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 20, 2021, the Fund's investment objective included an upside cap of 16.50% (before fees, expenses and taxes) and 15.65% (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 21, 2020 to September 17, 2021. 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(R) S&P 500(R) ETF Trust (the "Underlying ETF"), up to a predetermined 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), while providing a buffer against Underlying ETF losses between -5% and -30% (before fees, expenses and taxes), over the period from September 20, 2021 to September 16, 2022 (the "Outcome Period")*. Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange(R) 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 will 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 initial 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 CUMULATIVE TOTAL RETURNS TOTAL RETURNS 6 Months 1 Year Inception Inception Ended Ended (9/18/20) (9/18/20) 2/28/22 2/28/22 to 2/28/22 to 2/28/22 FUND PERFORMANCE NAV -0.46% 2.95% 5.49% 8.03% Market Price -0.53% 3.20% 5.62% 8.23% INDEX PERFORMANCE S&P 500(R) Index - Price Return -3.29% 14.77% 21.01% 31.77% --------------------------------------------------------------------------------------------------------------------- (See Notes to Fund Performance Overview on page 29.) PERFORMANCE OF A $10,000 INITIAL INVESTMENT SEPTEMBER 18, 2020 - FEBRUARY 28, 2022 FT Cboe Vest U.S. Equity S&P 500(R) Index - Deep Buffer ETF - September Price Return 9/18/20 $10,000 $10,000 2/28/21 10,494 11,481 8/31/21 10,853 13,625 2/28/22 10,803 13,177 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 20, 2021, the Fund's investment objective included an upside cap of 9.25% (before fees, expenses and taxes) and 8.40% (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 September 21, 2020 to September 17, 2021. 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(R) S&P 500(R) ETF Trust (the "Underlying ETF"), up to a predetermined 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), while providing a buffer against the first 10% (before fees, expenses and taxes) of Underlying ETF losses, over the period from October 18, 2021 to October 21, 2022 (the "Outcome Period")*. Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange(R) 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 will 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 initial 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 CUMULATIVE TOTAL RETURNS TOTAL RETURNS 6 Months 1 Year Inception Inception Ended Ended (10/16/20) (10/16/20) 2/28/22 2/28/22 to 2/28/22 to 2/28/22 FUND PERFORMANCE NAV -0.55% 7.65% 10.41% 14.53% Market Price -0.64% 7.56% 10.29% 14.36% INDEX PERFORMANCE S&P 500(R) Index - Price Return -3.29% 14.77% 18.07% 25.55% --------------------------------------------------------------------------------------------------------------------- (See Notes to Fund Performance Overview on page 29.) PERFORMANCE OF A $10,000 INITIAL INVESTMENT OCTOBER 16, 2020 - FEBRUARY 28, 2022 FT Cboe Vest U.S. Equity S&P 500(R) Index - Buffer ETF - October Price Return 10/16/20 $10,000 $10,000 2/28/21 10,639 10,940 8/31/21 11,517 12,982 2/28/22 11,453 12,555 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 18, 2021, the Fund's investment objective included an upside cap of 16.22% (before fees, expenses and taxes) and 15.37% (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 19, 2020 to October 15, 2021. 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(R) S&P 500(R) ETF Trust (the "Underlying ETF"), up to a predetermined 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), while providing a buffer against Underlying ETF losses between -5% and -30% (before fees, expenses and taxes), over the period from October 18, 2021 to October 21, 2022 (the "Outcome Period")*. Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange(R) 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 will 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 initial 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 CUMULATIVE TOTAL RETURNS TOTAL RETURNS 6 Months 1 Year Inception Inception Ended Ended (10/16/20) (10/16/20) 2/28/22 2/28/22 to 2/28/22 to 2/28/22 FUND PERFORMANCE NAV -0.89% 3.68% 5.44% 7.53% Market Price -0.77% 3.91% 5.54% 7.67% INDEX PERFORMANCE S&P 500(R) Index - Price Return -3.29% 14.77% 18.07% 25.55% --------------------------------------------------------------------------------------------------------------------- (See Notes to Fund Performance Overview on page 29.) PERFORMANCE OF A $10,000 INITIAL INVESTMENT OCTOBER 16, 2020 - FEBRUARY 28, 2022 FT Cboe Vest U.S. Equity S&P 500(R) Index - Deep Buffer ETF - October Price Return 10/16/20 $10,000 $10,000 2/28/21 10,372 10,940 8/31/21 10,850 12,982 2/28/22 10,753 12,555 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 18, 2021, the Fund's investment objective included an upside cap of 9.34% (before fees, expenses and taxes) and 8.49% (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 19, 2020 to October 15, 2021. 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(R) S&P 500(R) ETF Trust (the "Underlying ETF"), up to a predetermined 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), while providing a buffer against the first 10% (before fees, expenses and taxes) of Underlying ETF losses, over the period from November 22, 2021 to November 18, 2022 (the "Outcome Period")*. Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange(R) 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 will 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 initial 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 CUMULATIVE TOTAL RETURNS TOTAL RETURNS 6 Months 1 Year Inception Inception Ended Ended (11/15/19) (11/15/19) 2/28/22 2/28/22 to 2/28/22 to 2/28/22 FUND PERFORMANCE NAV -3.55% 4.17% 8.64% 20.88% Market Price -3.37% 4.23% 8.67% 20.94% INDEX PERFORMANCE S&P 500(R) Index - Price Return -3.29% 14.77% 15.91% 40.17% --------------------------------------------------------------------------------------------------------------------- (See Notes to Fund Performance Overview on page 29.) PERFORMANCE OF A $10,000 INITIAL INVESTMENT NOVEMBER 15, 2019 - FEBRUARY 28, 2022 FT Cboe Vest U.S. Equity S&P 500(R) Index - Buffer ETF - November Price Return 11/15/19 $10,000 $10,000 2/29/20 9,705 9,467 8/31/20 10,762 11,217 2/28/21 11,603 12,213 8/31/21 12,533 14,494 2/28/22 12,088 14,017 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 22, 2021, the Fund's investment objective included an upside cap of 13.72% (before fees, expenses and taxes) and 12.87% (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 23, 2020 to November 19, 2021. 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(R) S&P 500(R) ETF Trust (the "Underlying ETF"), up to a predetermined 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), while providing a buffer against Underlying ETF losses between -5% and -30% (before fees, expenses and taxes), over the period from November 22, 2021 to November 18, 2022 (the "Outcome Period")*. Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange(R) 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 will 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 initial 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 CUMULATIVE TOTAL RETURNS TOTAL RETURNS 6 Months 1 Year Inception Inception Ended Ended (11/15/19) (11/15/19) 2/28/22 2/28/22 to 2/28/22 to 2/28/22 FUND PERFORMANCE NAV -2.60% 1.88% 4.90% 11.55% Market Price -2.52% 2.03% 4.94% 11.65% INDEX PERFORMANCE S&P 500(R) Index - Price Return -3.29% 14.77% 15.91% 40.17% --------------------------------------------------------------------------------------------------------------------- (See Notes to Fund Performance Overview on page 29.) PERFORMANCE OF A $10,000 INITIAL INVESTMENT NOVEMBER 15, 2019 - FEBRUARY 28, 2022 FT Cboe Vest U.S. Equity S&P 500(R) Index - Deep Buffer ETF - November Price Return 11/15/19 $10,000 $10,000 2/29/20 9,705 9,467 8/31/20 10,504 11,217 2/28/21 10,949 12,213 8/31/21 11,453 14,494 2/28/22 11,155 14,017 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 22, 2021, the Fund's investment objective included an upside cap of 7.75% (before fees, expenses and taxes) and 6.90% (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 23, 2020 to November 19, 2021. 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(R) S&P 500(R) ETF Trust (the "Underlying ETF"), up to a predetermined 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), while providing a buffer against the first 10% (before fees, expenses and taxes) of Underlying ETF losses, over the period from December 20, 2021 to December 16, 2022 (the "Outcome Period")*. Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange(R) 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 will 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 initial 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 CUMULATIVE TOTAL RETURNS TOTAL RETURNS 6 Months 1 Year Inception Inception Ended Ended (12/18/20) (12/18/20) 2/28/22 2/28/22 to 2/28/22 to 2/28/22 FUND PERFORMANCE NAV -1.30% 8.04% 8.40% 10.14% Market Price -1.60% 7.89% 8.08% 9.75% INDEX PERFORMANCE S&P 500(R) Index - Price Return -3.29% 14.77% 14.76% 17.91% --------------------------------------------------------------------------------------------------------------------- (See Notes to Fund Performance Overview on page 29.) PERFORMANCE OF A $10,000 INITIAL INVESTMENT DECEMBER 18, 2020 - FEBRUARY 28, 2022 FT Cboe Vest U.S. Equity S&P 500(R) Index - Buffer ETF - December Price Return 12/18/20 $10,000 $10,000 2/28/21 10,195 10,274 8/31/21 11,160 12,192 2/28/22 11,014 11,791 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 20, 2021, the Fund's investment objective included an upside cap of 14.00% (before fees, expenses and taxes) and 13.15% (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 21, 2020 to December 17, 2021. 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(R) S&P 500(R) ETF Trust (the "Underlying ETF"), up to a predetermined 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), while providing a buffer against Underlying ETF losses between -5% and -30% (before fees, expenses and taxes), over the period from December 20, 2021 to December 16, 2022 (the "Outcome Period")*. Under normal market conditions, the Fund will invest substantially all of its assets in FLexible EXchange(R) 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 will 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 initial 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 CUMULATIVE TOTAL RETURNS TOTAL RETURNS 6 Months 1 Year Inception Inception Ended Ended (12/18/20) (12/18/20) 2/28/22 2/28/22 to 2/28/22 to 2/28/22 FUND PERFORMANCE NAV -1.27% 4.06% 4.15% 4.99% Market Price -1.33% 4.06% 4.15% 4.99% INDEX PERFORMANCE S&P 500(R) Index - Price Return -3.29% 14.77% 14.76% 17.91% --------------------------------------------------------------------------------------------------------------------- (See Notes to Fund Performance Overview on page 29.) PERFORMANCE OF A $10,000 INITIAL INVESTMENT DECEMBER 18, 2020 - FEBRUARY 28, 2022 FT Cboe Vest U.S. Equity S&P 500(R) Index - Deep Buffer ETF - December Price Return 12/18/20 $10,000 $10,000 2/28/21 10,089 10,274 8/31/21 10,634 12,192 2/28/22 10,499 11,791 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 20, 2021, the Fund's investment objective included an upside cap of 8.00% (before fees, expenses and taxes) and 7.15% (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 21, 2020 to December 17, 2021. 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(R) S&P 500(R) ETF Trust ("SPY"), up to a predetermined 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 Vest(SM) 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(R) Index. Unlike the Underlying ETFs, the Fund itself does not pursue a defined 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 --------------------------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURNS Inception (10/26/21) to 2/28/22 FUND PERFORMANCE NAV -1.35% Market Price -1.30% INDEX PERFORMANCE S&P 500(R) Index - Price Return -4.39% --------------------------------------------------------------------------------------------------------------------- (See Notes to Fund Performance Overview on page 29.) PERFORMANCE OF A $10,000 INITIAL INVESTMENT OCTOBER 26, 2021 - FEBRUARY 28, 2022 FT Cboe Vest Buffered S&P 500(R) Index - Allocation Defensive ETF Price Return 10/26/21 $10,000 $10,000 2/28/22 9,865 9,561 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(R) S&P 500(R) ETF Trust ("SPY"), up to a predetermined 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 Vest(SM) 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(R) Index. Unlike the Underlying ETFs, the Fund itself does not pursue a defined 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 "BUFG." --------------------------------------------------------------------------------------------------------------------- PERFORMANCE --------------------------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURNS Inception (10/26/21) to 2/28/22 FUND PERFORMANCE NAV -3.10% Market Price -3.15% INDEX PERFORMANCE S&P 500(R) Index - Price Return -4.39% --------------------------------------------------------------------------------------------------------------------- (See Notes to Fund Performance Overview on page 29.) PERFORMANCE OF A $10,000 INITIAL INVESTMENT OCTOBER 26, 2021 - FEBRUARY 28, 2022 FT Cboe Vest Buffered S&P 500(R) Index - Allocation Growth ETF Price Return 10/26/21 $10,000 $10,000 2/28/22 9,690 9,561 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 SEC 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 MANAGEMENT -------------------------------------------------------------------------------- FIRST TRUST EXCHANGE-TRADED FUND VIII SEMI-ANNUAL REPORT FEBRUARY 28, 2022 (UNAUDITED) ADVISOR First Trust Advisors L.P. ("First Trust" or the "Advisor") is the investment advisor to 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"), 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 investment 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 1765 Greensboro Station Pl, 9th Floor, McLean, Virginia 22102, was founded in 2012. Cboe Vest had approximately $6.0 billion under management or committed to management as of February 28, 2022. PORTFOLIO MANAGEMENT TEAM KARAN SOOD, MANAGING DIRECTOR OF CBOE VEST HOWARD RUBIN, MANAGING DIRECTOR OF CBOE VEST Page 30 FIRST TRUST EXCHANGE-TRADED FUND VIII UNDERSTANDING YOUR FUND EXPENSES FEBRUARY 28, 2022 (UNAUDITED) As a shareholder of FT Cboe Vest U.S. Equity Buffer ETF - January, FT Cboe Vest U.S. Equity Deep Buffer ETF - January, FT Cboe Vest U.S. Equity Buffer ETF - February, FT Cboe Vest U.S. Equity Deep Buffer ETF - February, FT Cboe Vest U.S. Equity Buffer ETF - March, FT Cboe Vest U.S. Equity Deep Buffer ETF - March, FT Cboe Vest U.S. Equity Buffer ETF - April, FT Cboe Vest U.S. Equity Deep Buffer ETF - April, FT Cboe Vest U.S. Equity Buffer ETF - May, FT Cboe Vest U.S. Equity Deep Buffer ETF - May, FT Cboe Vest U.S. Equity Buffer ETF - June, FT Cboe Vest U.S. Equity Deep Buffer ETF - June, FT Cboe Vest U.S. Equity Buffer ETF - July, FT Cboe Vest U.S. Equity Deep Buffer ETF - July, FT Cboe Vest U.S. Equity Buffer ETF - August, FT Cboe Vest U.S. Equity Deep Buffer ETF - August, FT Cboe Vest U.S. Equity Buffer ETF - September, FT Cboe Vest U.S. Equity Deep Buffer ETF - September, FT Cboe Vest U.S. Equity Buffer ETF - October, FT Cboe Vest U.S. Equity Deep Buffer ETF - October, FT Cboe Vest U.S. Equity Buffer ETF - November, FT Cboe Vest U.S. Equity Deep Buffer ETF - November, FT Cboe Vest U.S. Equity Buffer ETF - December, FT Cboe Vest U.S. Equity Deep Buffer ETF - December, FT Cboe Vest Buffered Allocation Defensive ETF or FT Cboe Vest Buffered Allocation Growth ETF (each a "Fund" and collectively, the "Funds"), you incur two types of costs: (1) transaction costs; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, if any, and other Fund expenses. This Example is intended to help you understand your ongoing costs of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds. The Example is based on an investment of $1,000 invested at the beginning of the period (or since inception) and held through the six-month (or shorter) period ended February 28, 2022. ACTUAL EXPENSES The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid on your account during this six-month (or shorter) period. HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. ---------------------------------------------------------------------------------------------------------------------------- ANNUALIZED EXPENSE RATIO EXPENSES PAID BEGINNING ENDING BASED ON THE DURING THE ACCOUNT VALUE ACCOUNT VALUE SIX-MONTH SIX-MONTH SEPTEMBER 1, 2021 FEBRUARY 28, 2022 PERIOD PERIOD (a) ---------------------------------------------------------------------------------------------------------------------------- FT CBOE VEST U.S. EQUITY BUFFER ETF - JANUARY (FJAN) Actual $1,000.00 $1,023.70 0.85% $4.27 Hypothetical (5% return before expenses) $1,000.00 $1,020.58 0.85% $4.26 FT CBOE VEST U.S. EQUITY DEEP BUFFER ETF - JANUARY (DJAN) Actual $1,000.00 $1,008.80 0.85% $4.23 Hypothetical (5% return before expenses) $1,000.00 $1,020.58 0.85% $4.26 FT CBOE VEST U.S. EQUITY BUFFER ETF - FEBRUARY (FFEB) Actual $1,000.00 $ 998.40 0.85% $4.21 Hypothetical (5% return before expenses) $1,000.00 $1,020.58 0.85% $4.26 FT CBOE VEST U.S. EQUITY DEEP BUFFER ETF - FEBRUARY (DFEB) Actual $1,000.00 $1,021.30 0.85% $4.26 Hypothetical (5% return before expenses) $1,000.00 $1,020.58 0.85% $4.26 Page 31 FIRST TRUST EXCHANGE-TRADED FUND VIII UNDERSTANDING YOUR FUND EXPENSES (CONTINUED) FEBRUARY 28, 2022 (UNAUDITED) ---------------------------------------------------------------------------------------------------------------------------- ANNUALIZED EXPENSE RATIO EXPENSES PAID BEGINNING ENDING BASED ON THE DURING THE ACCOUNT VALUE ACCOUNT VALUE SIX-MONTH SIX-MONTH SEPTEMBER 1, 2021 FEBRUARY 28, 2022 PERIOD PERIOD (a) ---------------------------------------------------------------------------------------------------------------------------- FT CBOE VEST U.S. EQUITY BUFFER ETF - MARCH (FMAR) Actual $1,000.00 $1,005.20 0.85% $4.23 Hypothetical (5% return before expenses) $1,000.00 $1,020.58 0.85% $4.26 FT CBOE VEST U.S. EQUITY DEEP BUFFER ETF - MARCH (DMAR) Actual $1,000.00 $1,007.30 0.85% $4.23 Hypothetical (5% return before expenses) $1,000.00 $1,020.58 0.85% $4.26 FT CBOE VEST U.S. EQUITY BUFFER ETF - APRIL (FAPR) Actual $1,000.00 $ 990.90 0.85% $4.20 Hypothetical (5% return before expenses) $1,000.00 $1,020.58 0.85% $4.26 FT CBOE VEST U.S. EQUITY DEEP BUFFER ETF - APRIL (DAPR) Actual $1,000.00 $ 994.50 0.85% $4.20 Hypothetical (5% return before expenses) $1,000.00 $1,020.58 0.85% $4.26 FT CBOE VEST U.S. EQUITY BUFFER ETF - MAY (FMAY) Actual $1,000.00 $ 992.20 0.85% $4.20 Hypothetical (5% return before expenses) $1,000.00 $1,020.58 0.85% $4.26 FT CBOE VEST U.S. EQUITY DEEP BUFFER ETF - MAY (DMAY) Actual $1,000.00 $ 995.60 0.85% $4.21 Hypothetical (5% return before expenses) $1,000.00 $1,020.58 0.85% $4.26 FT CBOE VEST U.S. EQUITY BUFFER ETF - JUNE (FJUN) Actual $1,000.00 $ 992.40 0.85% $4.20 Hypothetical (5% return before expenses) $1,000.00 $1,020.58 0.85% $4.26 FT CBOE VEST U.S. EQUITY DEEP BUFFER ETF - JUNE (DJUN) Actual $1,000.00 $ 994.40 0.85% $4.20 Hypothetical (5% return before expenses) $1,000.00 $1,020.58 0.85% $4.26 FT CBOE VEST U.S. EQUITY BUFFER ETF - JULY (FJUL) Actual $1,000.00 $ 986.20 0.85% $4.19 Hypothetical (5% return before expenses) $1,000.00 $1,020.58 0.85% $4.26 FT CBOE VEST U.S. EQUITY DEEP BUFFER ETF - JULY (DJUL) Actual $1,000.00 $ 990.10 0.85% $4.19 Hypothetical (5% return before expenses) $1,000.00 $1,020.58 0.85% $4.26 FT CBOE VEST U.S. EQUITY BUFFER ETF - AUGUST (FAUG) Actual $1,000.00 $ 989.90 0.85% $4.19 Hypothetical (5% return before expenses) $1,000.00 $1,020.58 0.85% $4.26 FT CBOE VEST U.S. EQUITY DEEP BUFFER ETF - AUGUST (DAUG) Actual $1,000.00 $ 987.90 0.85% $4.19 Hypothetical (5% return before expenses) $1,000.00 $1,020.58 0.85% $4.26 FT CBOE VEST U.S. EQUITY BUFFER ETF - SEPTEMBER (FSEP) Actual $1,000.00 $ 999.10 0.85% $4.21 Hypothetical (5% return before expenses) $1,000.00 $1,020.58 0.85% $4.26 FT CBOE VEST U.S. EQUITY DEEP BUFFER ETF - SEPTEMBER (DSEP) Actual $1,000.00 $ 995.40 0.85% $4.21 Hypothetical (5% return before expenses) $1,000.00 $1,020.58 0.85% $4.26 Page 32 FIRST TRUST EXCHANGE-TRADED FUND VIII UNDERSTANDING YOUR FUND EXPENSES (CONTINUED) FEBRUARY 28, 2022 (UNAUDITED) ---------------------------------------------------------------------------------------------------------------------------- ANNUALIZED EXPENSE RATIO EXPENSES PAID BEGINNING ENDING BASED ON THE DURING THE ACCOUNT VALUE ACCOUNT VALUE SIX-MONTH SIX-MONTH SEPTEMBER 1, 2021 FEBRUARY 28, 2022 PERIOD PERIOD (a) ---------------------------------------------------------------------------------------------------------------------------- FT CBOE VEST U.S. EQUITY BUFFER ETF - OCTOBER (FOCT) Actual $1,000.00 $ 994.50 0.85% $4.20 Hypothetical (5% return before expenses) $1,000.00 $1,020.58 0.85% $4.26 FT CBOE VEST U.S. EQUITY DEEP BUFFER ETF - OCTOBER (DOCT) Actual $1,000.00 $ 991.10 0.85% $4.20 Hypothetical (5% return before expenses) $1,000.00 $1,020.58 0.85% $4.26 FT CBOE VEST U.S. EQUITY BUFFER ETF - NOVEMBER (FNOV) Actual $1,000.00 $ 964.50 0.85% $4.14 Hypothetical (5% return before expenses) $1,000.00 $1,020.58 0.85% $4.26 FT CBOE VEST U.S. EQUITY DEEP BUFFER ETF - NOVEMBER (DNOV) Actual $1,000.00 $ 974.00 0.85% $4.16 Hypothetical (5% return before expenses) $1,000.00 $1,020.58 0.85% $4.26 FT CBOE VEST U.S. EQUITY BUFFER ETF - DECEMBER (FDEC) Actual $1,000.00 $ 987.00 0.85% $4.19 Hypothetical (5% return before expenses) $1,000.00 $1,020.58 0.85% $4.26 FT CBOE VEST U.S. EQUITY DEEP BUFFER ETF - DECEMBER (DDEC) Actual $1,000.00 $ 987.30 0.85% $4.19 Hypothetical (5% return before expenses) $1,000.00 $1,020.58 0.85% $4.26 ----------------------------------------------------------------------------------------------------------------------------------- ANNUALIZED EXPENSES PAID EXPENSE RATIO DURING THE PERIOD BEGINNING ENDING BASED ON THE OCTOBER 26, 2021 (b) ACCOUNT VALUE ACCOUNT VALUE NUMBER OF DAYS TO OCTOBER 26, 2021 (b) FEBRUARY 28, 2022 IN THE PERIOD FEBRUARY 28, 2022 (c) ----------------------------------------------------------------------------------------------------------------------------------- FT CBOE VEST BUFFERED ALLOCATION DEFENSIVE ETF (BUFT) (d) Actual $1,000.00 $ 986.50 0.20% $0.69 Hypothetical (5% return before expenses) $1,000.00 $1,023.80 0.20% $1.00 FT CBOE VEST BUFFERED ALLOCATION GROWTH ETF (BUFG) (d) Actual $1,000.00 $ 969.00 0.20% $0.68 Hypothetical (5% return before expenses) $1,000.00 $1,023.80 0.20% $1.00 (a) Expenses are equal to the annualized expense ratio as indicated in the table multiplied by the average account value over the period (September 1, 2021 through February 28, 2022), multiplied by 181/365 (to reflect the six-month period). (b) Inception date. (c) Actual expenses are equal to the annualized expense ratio as indicated in the table multiplied by the average account value over the period (October 26, 2021 through February 28, 2022), multiplied by 126/365. Hypothetical expenses are assumed for the most recent six-month period. (d) Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying funds in which the Fund invests. Page 33 FT CBOE VEST U.S. EQUITY BUFFER ETF - JANUARY (FJAN) PORTFOLIO OF INVESTMENTS FEBRUARY 28, 2022 (UNAUDITED) SHARES DESCRIPTION VALUE -------------- ----------------------------------------------------------------------------------------------- -------------- MONEY MARKET FUNDS -- 1.9% 4,042,041 Dreyfus Government Cash Management Fund, Institutional Shares - 0.03% (a)...................... $ 4,042,041 (Cost $4,042,041) -------------- TOTAL INVESTMENTS -- 1.9%...................................................................... 4,042,041 (Cost $4,042,041) -------------- NUMBER OF NOTIONAL EXERCISE EXPIRATION CONTRACTS DESCRIPTION AMOUNT PRICE DATE VALUE -------------- --------------------------------------------------- ------------- ----------- ----------- -------------- PURCHASED OPTIONS -- 106.1% CALL OPTIONS PURCHASED -- 97.6% 4,914 SPDR(R) S&P 500(R) ETF Trust....................... $ 214,559,982 $ 4.38 01/20/23 209,925,621 (Cost $209,608,365) -------------- PUT OPTIONS PURCHASED -- 8.5% 4,914 SPDR(R) S&P 500(R) ETF Trust....................... 214,559,982 437.98 01/20/23 18,353,893 (Cost $20,195,232) -------------- TOTAL PURCHASED OPTIONS........................................................................ 228,279,514 (Cost $229,803,597) -------------- WRITTEN OPTIONS -- (7.1)% CALL OPTIONS WRITTEN -- (1.9)% (4,914) SPDR(R) S&P 500(R) ETF Trust....................... (214,559,982) 500.17 01/20/23 (4,191,896) (Premiums received $3,419,016) -------------- PUT OPTIONS WRITTEN -- (5.2)% (4,914) SPDR(R) S&P 500(R) ETF Trust....................... (214,559,982) 394.18 01/20/23 (11,106,535) (Premiums received $13,649,328) -------------- TOTAL WRITTEN OPTIONS.......................................................................... (15,298,431) (Premiums received $17,068,344) -------------- NET OTHER ASSETS AND LIABILITIES -- (0.9)%..................................................... (1,844,659) -------------- NET ASSETS -- 100.0%........................................................................... $ 215,178,465 ============== (a) Rate shown reflects yield as of February 28, 2022. Page 34 See Notes to Financial Statements FT CBOE VEST U.S. EQUITY BUFFER ETF - JANUARY (FJAN) PORTFOLIO OF INVESTMENTS (CONTINUED) FEBRUARY 28, 2022 (UNAUDITED) ------------------------------ VALUATION INPUTS A summary of the inputs used to value the Fund's investments as of February 28, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements): ASSETS TABLE LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Money Market Funds................................... $ 4,042,041 $ 4,042,041 $ -- $ -- Call Options Purchased............................... 209,925,621 -- 209,925,621 -- Put Options Purchased................................ 18,353,893 -- 18,353,893 -- -------------- -------------- -------------- -------------- Total................................................ $ 232,321,555 $ 4,042,041 $ 228,279,514 $ -- ============== ============== ============== ============== LIABILITIES TABLE LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Call Options Written................................. $ (4,191,896) $ -- $ (4,191,896) $ -- Put Options Written.................................. (11,106,535) -- (11,106,535) -- -------------- -------------- -------------- -------------- Total................................................ $ (15,298,431) $ -- $ (15,298,431) $ -- ============== ============== ============== ============== See Notes to Financial Statements Page 35 FT CBOE VEST U.S. EQUITY DEEP BUFFER ETF - JANUARY (DJAN) PORTFOLIO OF INVESTMENTS FEBRUARY 28, 2022 (UNAUDITED) SHARES DESCRIPTION VALUE -------------- ----------------------------------------------------------------------------------------------- -------------- MONEY MARKET FUNDS -- 0.9% 982,750 Dreyfus Government Cash Management Fund, Institutional Shares - 0.03% (a)...................... $ 982,750 (Cost $982,750) -------------- TOTAL INVESTMENTS -- 0.9%...................................................................... 982,750 (Cost $982,750) -------------- NUMBER OF NOTIONAL EXERCISE EXPIRATION CONTRACTS DESCRIPTION AMOUNT PRICE DATE VALUE -------------- --------------------------------------------------- ------------- ----------- ----------- -------------- PURCHASED OPTIONS -- 104.1% CALL OPTIONS PURCHASED -- 97.4% 2,468 SPDR(R) S&P 500(R) ETF Trust....................... $ 107,760,284 $ 4.37 01/20/23 105,092,376 (Cost $105,537,506) -------------- PUT OPTIONS PURCHASED -- 6.7% 2,468 SPDR(R) S&P 500(R) ETF Trust....................... 107,760,284 416.08 01/20/23 7,280,600 (Cost $7,962,414) -------------- TOTAL PURCHASED OPTIONS........................................................................ 112,372,976 (Cost $113,499,920) -------------- WRITTEN OPTIONS -- (5.1)% CALL OPTIONS WRITTEN -- (3.4)% (2,468) SPDR(R) S&P 500(R) ETF Trust....................... (107,760,284) 477.53 01/20/23 (3,655,108) (Premiums received $3,855,905) -------------- PUT OPTIONS WRITTEN -- (1.7)% (2,468) SPDR(R) S&P 500(R) ETF Trust....................... (107,760,284) 306.59 01/20/23 (1,868,276) (Premiums received $2,649,303) -------------- TOTAL WRITTEN OPTIONS.......................................................................... (5,523,384) (Premiums received $6,505,208) -------------- NET OTHER ASSETS AND LIABILITIES -- 0.1%....................................................... 113,293 -------------- NET ASSETS -- 100.0%........................................................................... $ 107,945,635 ============== (a) Rate shown reflects yield as of February 28, 2022. Page 36 See Notes to Financial Statements FT CBOE VEST U.S. EQUITY DEEP BUFFER ETF - JANUARY (DJAN) PORTFOLIO OF INVESTMENTS (CONTINUED) FEBRUARY 28, 2022 (UNAUDITED) ------------------------------ VALUATION INPUTS A summary of the inputs used to value the Fund's investments as of February 28, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements): ASSETS TABLE LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Money Market Funds................................... $ 982,750 $ 982,750 $ -- $ -- Call Options Purchased............................... 105,092,376 -- 105,092,376 -- Put Options Purchased................................ 7,280,600 -- 7,280,600 -- -------------- -------------- -------------- -------------- Total................................................ $ 113,355,726 $ 982,750 $ 112,372,976 $ -- ============== ============== ============== ============== LIABILITIES TABLE LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Call Options Written................................. $ (3,655,108) $ -- $ (3,655,108) $ -- Put Options Written.................................. (1,868,276) -- (1,868,276) -- -------------- -------------- -------------- -------------- Total................................................ $ (5,523,384) $ -- $ (5,523,384) $ -- ============== ============== ============== ============== See Notes to Financial Statements Page 37 FT CBOE VEST U.S. EQUITY BUFFER ETF - FEBRUARY (FFEB) PORTFOLIO OF INVESTMENTS FEBRUARY 28, 2022 (UNAUDITED) SHARES DESCRIPTION VALUE -------------- ----------------------------------------------------------------------------------------------- -------------- MONEY MARKET FUNDS -- 1.2% 3,219,928 Dreyfus Government Cash Management Fund, Institutional Shares - 0.03% (a)...................... $ 3,219,928 (Cost $3,219,928) -------------- TOTAL INVESTMENTS -- 1.2%...................................................................... 3,219,928 (Cost $3,219,928) -------------- NUMBER OF NOTIONAL EXERCISE EXPIRATION CONTRACTS DESCRIPTION AMOUNT PRICE DATE VALUE -------------- --------------------------------------------------- ------------- ----------- ----------- -------------- PURCHASED OPTIONS -- 106.6% CALL OPTIONS PURCHASED -- 98.1% 6,401 SPDR(R) S&P 500(R) ETF Trust....................... $ 279,486,863 $ 4.34 02/17/23 273,464,586 (Cost $272,101,285) -------------- PUT OPTIONS PURCHASED -- 8.5% 6,401 SPDR(R) S&P 500(R) ETF Trust....................... 279,486,863 434.23 02/17/23 23,689,735 (Cost $24,408,939) -------------- TOTAL PURCHASED OPTIONS........................................................................ 297,154,321 (Cost $296,510,224) -------------- WRITTEN OPTIONS -- (7.7)% CALL OPTIONS WRITTEN -- (2.5)% (6,401) SPDR(R) S&P 500(R) ETF Trust....................... (279,486,863) 496.11 02/17/23 (6,953,023) (Premiums received $6,577,892) -------------- PUT OPTIONS WRITTEN -- (5.2)% (6,401) SPDR(R) S&P 500(R) ETF Trust....................... (279,486,863) 390.81 02/17/23 (14,616,516) (Premiums received $15,331,692) -------------- TOTAL WRITTEN OPTIONS.......................................................................... (21,569,539) (Premiums received $21,909,584) -------------- NET OTHER ASSETS AND LIABILITIES -- (0.1)%..................................................... (159,990) -------------- NET ASSETS -- 100.0%........................................................................... $ 278,644,720 ============== (a) Rate shown reflects yield as of February 28, 2022. Page 38 See Notes to Financial Statements FT CBOE VEST U.S. EQUITY BUFFER ETF - FEBRUARY (FFEB) PORTFOLIO OF INVESTMENTS (CONTINUED) FEBRUARY 28, 2022 (UNAUDITED) ------------------------------ VALUATION INPUTS A summary of the inputs used to value the Fund's investments as of February 28, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements): ASSETS TABLE LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Money Market Funds................................... $ 3,219,928 $ 3,219,928 $ -- $ -- Call Options Purchased............................... 273,464,586 -- 273,464,586 -- Put Options Purchased................................ 23,689,735 -- 23,689,735 -- -------------- -------------- -------------- -------------- Total................................................ $ 300,374,249 $ 3,219,928 $ 297,154,321 $ -- ============== ============== ============== ============== LIABILITIES TABLE LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Call Options Written................................. $ (6,953,023) $ -- $ (6,953,023) $ -- Put Options Written.................................. (14,616,516) -- (14,616,516) -- -------------- -------------- -------------- -------------- Total................................................ $ (21,569,539) $ -- $ (21,569,539) $ -- ============== ============== ============== ============== See Notes to Financial Statements Page 39 FT CBOE VEST U.S. EQUITY DEEP BUFFER ETF - FEBRUARY (DFEB) PORTFOLIO OF INVESTMENTS FEBRUARY 28, 2022 (UNAUDITED) SHARES DESCRIPTION VALUE -------------- ----------------------------------------------------------------------------------------------- -------------- MONEY MARKET FUNDS -- 1.2% 3,096,732 Dreyfus Government Cash Management Fund, Institutional Shares - 0.03% (a)...................... $ 3,096,732 (Cost $3,096,732) -------------- TOTAL INVESTMENTS -- 1.2%...................................................................... 3,096,732 (Cost $3,096,732) -------------- NUMBER OF NOTIONAL EXERCISE EXPIRATION CONTRACTS DESCRIPTION AMOUNT PRICE DATE VALUE -------------- --------------------------------------------------- ------------- ----------- ----------- -------------- PURCHASED OPTIONS -- 105.0% CALL OPTIONS PURCHASED -- 98.3% 6,316 SPDR(R) S&P 500(R) ETF Trust....................... $ 275,775,508 $ 4.33 02/17/23 269,839,458 (Cost $267,645,855) -------------- PUT OPTIONS PURCHASED -- 6.7% 6,316 SPDR(R) S&P 500(R) ETF Trust....................... 275,775,508 412.52 02/17/23 18,398,961 (Cost $18,612,236) -------------- TOTAL PURCHASED OPTIONS........................................................................ 288,238,419 (Cost $286,258,091) -------------- WRITTEN OPTIONS -- (6.1)% CALL OPTIONS WRITTEN -- (4.2)% (6,316) SPDR(R) S&P 500(R) ETF Trust....................... (275,775,508) 474.61 02/17/23 (11,511,929) (Premiums received $9,919,943) -------------- PUT OPTIONS WRITTEN -- (1.9)% (6,316) SPDR(R) S&P 500(R) ETF Trust....................... (275,775,508) 303.96 02/17/23 (5,193,333) (Premiums received $5,200,731) -------------- TOTAL WRITTEN OPTIONS.......................................................................... (16,705,262) (Premiums received $15,120,674) -------------- NET OTHER ASSETS AND LIABILITIES -- (0.1)%..................................................... (154,162) -------------- NET ASSETS -- 100.0%........................................................................... $ 274,475,727 ============== (a) Rate shown reflects yield as of February 28, 2022. Page 40 See Notes to Financial Statements FT CBOE VEST U.S. EQUITY DEEP BUFFER ETF - FEBRUARY (DFEB) PORTFOLIO OF INVESTMENTS (CONTINUED) FEBRUARY 28, 2022 (UNAUDITED) ------------------------------ VALUATION INPUTS A summary of the inputs used to value the Fund's investments as of February 28, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements): ASSETS TABLE LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Money Market Funds................................... $ 3,096,732 $ 3,096,732 $ -- $ -- Call Options Purchased............................... 269,839,458 -- 269,839,458 -- Put Options Purchased................................ 18,398,961 -- 18,398,961 -- -------------- -------------- -------------- -------------- Total................................................ $ 291,335,151 $ 3,096,732 $ 288,238,419 $ -- ============== ============== ============== ============== LIABILITIES TABLE LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Call Options Written................................. $ (11,511,929) $ -- $ (11,511,929) $ -- Put Options Written.................................. (5,193,333) -- (5,193,333) -- -------------- -------------- -------------- -------------- Total................................................ $ (16,705,262) $ -- $ (16,705,262) $ -- ============== ============== ============== ============== See Notes to Financial Statements Page 41 FT CBOE VEST U.S. EQUITY BUFFER ETF - MARCH (FMAR) PORTFOLIO OF INVESTMENTS FEBRUARY 28, 2022 (UNAUDITED) SHARES DESCRIPTION VALUE -------------- ----------------------------------------------------------------------------------------------- -------------- MONEY MARKET FUNDS -- 0.3% 278,534 Dreyfus Government Cash Management Fund, Institutional Shares - 0.03% (a)...................... $ 278,534 (Cost $278,534) -------------- TOTAL INVESTMENTS -- 0.3%...................................................................... 278,534 (Cost $278,534) -------------- NUMBER OF NOTIONAL EXERCISE EXPIRATION CONTRACTS DESCRIPTION AMOUNT PRICE DATE VALUE -------------- --------------------------------------------------- ------------- ----------- ----------- -------------- PURCHASED OPTIONS -- 101.0% CALL OPTIONS PURCHASED -- 100.6% 2,014 SPDR(R) S&P 500(R) ETF Trust....................... $ 87,937,282 $ 3.89 03/18/22 86,833,348 (Cost $81,328,033) -------------- PUT OPTIONS PURCHASED -- 0.4% 2,014 SPDR(R) S&P 500(R) ETF Trust....................... 87,937,282 389.48 03/18/22 342,807 (Cost $5,118,430) -------------- TOTAL PURCHASED OPTIONS........................................................................ 87,176,155 (Cost $86,446,463) -------------- WRITTEN OPTIONS -- (1.2)% CALL OPTIONS WRITTEN -- (1.1)% (2,014) SPDR(R) S&P 500(R) ETF Trust....................... (87,937,282) 444.79 03/18/22 (986,773) (Premiums received $1,690,912) -------------- PUT OPTIONS WRITTEN -- (0.1)% (2,014) SPDR(R) S&P 500(R) ETF Trust....................... (87,937,282) 350.53 03/18/22 (91,438) (Premiums received $2,516,597) -------------- TOTAL WRITTEN OPTIONS.......................................................................... (1,078,211) (Premiums received $4,207,509) -------------- NET OTHER ASSETS AND LIABILITIES -- (0.1)%..................................................... (63,859) -------------- NET ASSETS -- 100.0%........................................................................... $ 86,312,619 ============== (a) Rate shown reflects yield as of February 28, 2022. Page 42 See Notes to Financial Statements FT CBOE VEST U.S. EQUITY BUFFER ETF - MARCH (FMAR) PORTFOLIO OF INVESTMENTS (CONTINUED) FEBRUARY 28, 2022 (UNAUDITED) ------------------------------ VALUATION INPUTS A summary of the inputs used to value the Fund's investments as of February 28, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements): ASSETS TABLE LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Money Market Funds................................... $ 278,534 $ 278,534 $ -- $ -- Call Options Purchased............................... 86,833,348 -- 86,833,348 -- Put Options Purchased................................ 342,807 -- 342,807 -- -------------- -------------- -------------- -------------- Total................................................ $ 87,454,689 $ 278,534 $ 87,176,155 $ -- ============== ============== ============== ============== LIABILITIES TABLE LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Call Options Written................................. $ (986,773) $ -- $ (986,773) $ -- Put Options Written.................................. (91,438) -- (91,438) -- -------------- -------------- -------------- -------------- Total................................................ $ (1,078,211) $ -- $ (1,078,211) $ -- ============== ============== ============== ============== See Notes to Financial Statements Page 43 FT CBOE VEST U.S. EQUITY DEEP BUFFER ETF - MARCH (DMAR) PORTFOLIO OF INVESTMENTS FEBRUARY 28, 2022 (UNAUDITED) SHARES DESCRIPTION VALUE -------------- ----------------------------------------------------------------------------------------------- -------------- MONEY MARKET FUNDS -- 0.3% 253,137 Dreyfus Government Cash Management Fund, Institutional Shares - 0.03% (a)...................... $ 253,137 (Cost $253,137) -------------- TOTAL INVESTMENTS -- 0.3%...................................................................... 253,137 (Cost $253,137) -------------- NUMBER OF NOTIONAL EXERCISE EXPIRATION CONTRACTS DESCRIPTION AMOUNT PRICE DATE VALUE -------------- --------------------------------------------------- ------------- ----------- ----------- -------------- PURCHASED OPTIONS -- 103.6% CALL OPTIONS PURCHASED -- 103.4% 1,862 SPDR S&P(R) 500(R) ETF Trust....................... $ 81,300,506 $ 3.88 03/18/22 80,281,750 (Cost $80,059,242) -------------- PUT OPTIONS PURCHASED -- 0.2% 1,862 SPDR S&P(R) 500(R) ETF Trust....................... 81,300,506 370.01 03/18/22 160,969 (Cost $3,629,730) -------------- TOTAL PURCHASED OPTIONS........................................................................ 80,442,719 (Cost $83,688,972) -------------- WRITTEN OPTIONS -- (3.8)% CALL OPTIONS WRITTEN -- (3.8)% (1,862) SPDR S&P(R) 500(R) ETF Trust....................... (81,300,506) 425.70 03/18/22 (3,001,145) (Premiums received $3,310,516) -------------- PUT OPTIONS WRITTEN -- (0.0)% (1,862) SPDR S&P(R) 500(R) ETF Trust....................... (81,300,506) 272.64 03/18/22 (7,812) (Premiums received $454,117) -------------- TOTAL WRITTEN OPTIONS.......................................................................... (3,008,957) (Premiums received $3,764,633) -------------- NET OTHER ASSETS AND LIABILITIES -- (0.1)%..................................................... (60,730) -------------- NET ASSETS -- 100.0%........................................................................... $ 77,626,169 ============== (a) Rate shown reflects yield as of February 28, 2022. Page 44 See Notes to Financial Statements FT CBOE VEST U.S. EQUITY DEEP BUFFER ETF - MARCH (DMAR) PORTFOLIO OF INVESTMENTS (CONTINUED) FEBRUARY 28, 2022 (UNAUDITED) ------------------------------ VALUATION INPUTS A summary of the inputs used to value the Fund's investments as of February 28, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements): ASSETS TABLE LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Money Market Funds................................... $ 253,137 $ 253,137 $ -- $ -- Call Options Purchased............................... 80,281,750 -- 80,281,750 -- Put Options Purchased................................ 160,969 -- 160,969 -- -------------- -------------- -------------- -------------- Total................................................ $ 80,695,856 $ 253,137 $ 80,442,719 $ -- ============== ============== ============== ============== LIABILITIES TABLE LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Call Options Written................................. $ (3,001,145) $ -- $ (3,001,145) $ -- Put Options Written.................................. (7,812) -- (7,812) -- -------------- -------------- -------------- -------------- Total................................................ $ (3,008,957) $ -- $ (3,008,957) $ -- ============== ============== ============== ============== See Notes to Financial Statements Page 45 FT CBOE VEST U.S. EQUITY BUFFER ETF - APRIL (FAPR) PORTFOLIO OF INVESTMENTS FEBRUARY 28, 2022 (UNAUDITED) SHARES DESCRIPTION VALUE -------------- ----------------------------------------------------------------------------------------------- -------------- MONEY MARKET FUNDS -- 0.4% 563,459 Dreyfus Government Cash Management Fund, Institutional Shares - 0.03% (a)...................... $ 563,459 (Cost $563,459) -------------- TOTAL INVESTMENTS -- 0.4%...................................................................... 563,459 (Cost $563,459) -------------- NUMBER OF NOTIONAL EXERCISE EXPIRATION CONTRACTS DESCRIPTION AMOUNT PRICE DATE VALUE -------------- --------------------------------------------------- ------------- ----------- ----------- -------------- PURCHASED OPTIONS -- 100.9% CALL OPTIONS PURCHASED -- 98.8% 3,204 SPDR(R) S&P 500(R) ETF Trust....................... $ 139,896,252 $ 4.17 04/14/22 138,124,079 (Cost $132,061,195) -------------- PUT OPTIONS PURCHASED -- 2.1% 3,204 SPDR(R) S&P 500(R) ETF Trust....................... 139,896,252 417.26 04/14/22 2,845,278 (Cost $9,544,236) -------------- TOTAL PURCHASED OPTIONS........................................................................ 140,969,357 (Cost $141,605,431) -------------- WRITTEN OPTIONS -- (1.2)% CALL OPTIONS WRITTEN -- (0.5)% (3,204) SPDR(R) S&P 500(R) ETF Trust....................... (139,896,252) 467.33 04/14/22 (671,351) (Premiums received $2,317,230) -------------- PUT OPTIONS WRITTEN -- (0.7)% (3,204) SPDR(R) S&P 500(R) ETF Trust....................... (139,896,252) 375.53 04/14/22 (962,461) (Premiums received $5,481,091) -------------- TOTAL WRITTEN OPTIONS.......................................................................... (1,633,812) (Premiums received $7,798,321) -------------- NET OTHER ASSETS AND LIABILITIES -- (0.1)%..................................................... (93,836) -------------- NET ASSETS -- 100.0%........................................................................... $ 139,805,168 ============== (a) Rate shown reflects yield as of February 28, 2022. Page 46 See Notes to Financial Statements FT CBOE VEST U.S. EQUITY BUFFER ETF - APRIL (FAPR) PORTFOLIO OF INVESTMENTS (CONTINUED) FEBRUARY 28, 2022 (UNAUDITED) ------------------------------ VALUATION INPUTS A summary of the inputs used to value the Fund's investments as of February 28, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements): ASSETS TABLE LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Money Market Funds................................... $ 563,459 $ 563,459 $ -- $ -- Call Options Purchased............................... 138,124,079 -- 138,124,079 -- Put Options Purchased................................ 2,845,278 -- 2,845,278 -- -------------- -------------- -------------- -------------- Total................................................ $ 141,532,816 $ 563,459 $ 140,969,357 $ -- ============== ============== ============== ============== LIABILITIES TABLE LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Call Options Written................................. $ (671,351) $ -- $ (671,351) $ -- Put Options Written.................................. (962,461) -- (962,461) -- -------------- -------------- -------------- -------------- Total................................................ $ (1,633,812) $ -- $ (1,633,812) $ -- ============== ============== ============== ============== See Notes to Financial Statements Page 47 FT CBOE VEST U.S. EQUITY DEEP BUFFER ETF - APRIL (DAPR) PORTFOLIO OF INVESTMENTS FEBRUARY 28, 2022 (UNAUDITED) SHARES DESCRIPTION VALUE -------------- ----------------------------------------------------------------------------------------------- -------------- MONEY MARKET FUNDS -- 0.4% 371,627 Dreyfus Government Cash Management Fund, Institutional Shares - 0.03% (a)...................... $ 371,627 (Cost $371,627) -------------- TOTAL INVESTMENTS -- 0.4%...................................................................... 371,627 (Cost $371,627) -------------- NUMBER OF NOTIONAL EXERCISE EXPIRATION CONTRACTS DESCRIPTION AMOUNT PRICE DATE VALUE -------------- --------------------------------------------------- ------------- ----------- ----------- -------------- PURCHASED OPTIONS -- 101.6% CALL OPTIONS PURCHASED -- 100.4% 2,088 SPDR(R) S&P 500(R) ETF Trust....................... $ 91,168,344 $ 4.16 04/14/22 89,992,800 (Cost $87,756,384) -------------- PUT OPTIONS PURCHASED -- 1.2% 2,088 SPDR(R) S&P 500(R) ETF Trust....................... 91,168,344 396.40 04/14/22 1,073,232 (Cost $4,984,633) -------------- TOTAL PURCHASED OPTIONS........................................................................ 91,066,032 (Cost $92,741,017) -------------- WRITTEN OPTIONS -- (1.9)% CALL OPTIONS WRITTEN -- (1.8)% (2,088) SPDR(R) S&P 500(R) ETF Trust....................... (91,168,344) 448.55 04/14/22 (1,599,408) (Premiums received $2,718,595) -------------- PUT OPTIONS WRITTEN -- (0.1)% (2,088) SPDR(R) S&P 500(R) ETF Trust....................... (91,168,344) 292.08 04/14/22 (125,280) (Premiums received $999,486) -------------- TOTAL WRITTEN OPTIONS.......................................................................... (1,724,688) (Premiums received $3,718,081) -------------- NET OTHER ASSETS AND LIABILITIES -- (0.1)%..................................................... (71,855) -------------- NET ASSETS -- 100.0%........................................................................... $ 89,641,116 ============== (a) Rate shown reflects yield as of February 28, 2022. Page 48 See Notes to Financial Statements FT CBOE VEST U.S. EQUITY DEEP BUFFER ETF - APRIL (DAPR) PORTFOLIO OF INVESTMENTS (CONTINUED) FEBRUARY 28, 2022 (UNAUDITED) ------------------------------ VALUATION INPUTS A summary of the inputs used to value the Fund's investments as of February 28, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements): ASSETS TABLE LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Money Market Funds................................... $ 371,627 $ 371,627 $ -- $ -- Call Options Purchased............................... 89,992,800 -- 89,992,800 -- Put Options Purchased................................ 1,073,232 -- 1,073,232 -- -------------- -------------- -------------- -------------- Total................................................ $ 91,437,659 $ 371,627 $ 91,066,032 $ -- ============== ============== ============== ============== LIABILITIES TABLE LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Call Options Written................................. $ (1,599,408) $ -- $ (1,599,408) $ -- Put Options Written.................................. (125,280) -- (125,280) -- -------------- -------------- -------------- -------------- Total................................................ $ (1,724,688) $ -- $ (1,724,688) $ -- ============== ============== ============== ============== See Notes to Financial Statements Page 49 FT CBOE VEST U.S. EQUITY BUFFER - MAY (FMAY) PORTFOLIO OF INVESTMENTS FEBRUARY 28, 2022 (UNAUDITED) SHARES DESCRIPTION VALUE -------------- ----------------------------------------------------------------------------------------------- -------------- MONEY MARKET FUNDS -- 0.5% 583,754 Dreyfus Government Cash Management Fund, Institutional Shares - 0.03% (a)...................... $ 583,754 (Cost $583,754) -------------- TOTAL INVESTMENTS -- 0.5%...................................................................... 583,754 (Cost $583,754) -------------- NUMBER OF NOTIONAL EXERCISE EXPIRATION CONTRACTS DESCRIPTION AMOUNT PRICE DATE VALUE -------------- --------------------------------------------------- ------------- ----------- ----------- -------------- PURCHASED OPTIONS -- 102.0% CALL OPTIONS PURCHASED -- 99.2% 2,764 SPDR(R) S&P 500(R) ETF Trust....................... $ 120,684,532 $ 4.15 05/20/22 119,246,244 (Cost $114,026,674) -------------- PUT OPTIONS PURCHASED -- 2.8% 2,764 SPDR(R) S&P 500(R) ETF Trust....................... 120,684,532 414.94 05/20/22 3,392,857 (Cost $8,139,674) -------------- TOTAL PURCHASED OPTIONS........................................................................ 122,639,101 (Cost $122,166,348) -------------- WRITTEN OPTIONS -- (2.4)% CALL OPTIONS WRITTEN -- (1.2)% (2,764) SPDR(R) S&P 500(R) ETF Trust....................... (120,684,532) 466.81 05/20/22 (1,388,333) (Premiums received $2,304,868) -------------- PUT OPTIONS WRITTEN -- (1.2)% (2,764) SPDR(R) S&P 500(R) ETF Trust....................... (120,684,532) 373.45 05/20/22 (1,499,511) (Premiums received $4,796,241) -------------- TOTAL WRITTEN OPTIONS.......................................................................... (2,887,844) (Premiums received $7,101,109) -------------- NET OTHER ASSETS AND LIABILITIES -- (0.1)%..................................................... (78,112) -------------- NET ASSETS -- 100.0%........................................................................... $ 120,256,899 ============== (a) Rate shown reflects yield as of February 28, 2022. Page 50 See Notes to Financial Statements FT CBOE VEST U.S. EQUITY BUFFER - MAY (FMAY) PORTFOLIO OF INVESTMENTS (CONTINUED) FEBRUARY 28, 2022 (UNAUDITED) ------------------------------ VALUATION INPUTS A summary of the inputs used to value the Fund's investments as of February 28, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements): ASSETS TABLE LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Money Market Funds................................... $ 583,754 $ 583,754 $ -- $ -- Call Options Purchased............................... 119,246,244 -- 119,246,244 -- Put Options Purchased................................ 3,392,857 -- 3,392,857 -- -------------- -------------- -------------- -------------- Total................................................ $ 123,222,855 $ 583,754 $ 122,639,101 $ -- ============== ============== ============== ============== LIABILITIES TABLE LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Call Options Written................................. $ (1,388,333) $ -- $ (1,388,333) $ -- Put Options Written.................................. (1,499,511) -- (1,499,511) -- -------------- -------------- -------------- -------------- Total................................................ $ (2,887,844) $ -- $ (2,887,844) $ -- ============== ============== ============== ============== See Notes to Financial Statements Page 51 FT CBOE VEST U.S. EQUITY DEEP BUFFER ETF - MAY (DMAY) PORTFOLIO OF INVESTMENTS FEBRUARY 28, 2022 (UNAUDITED) SHARES DESCRIPTION VALUE -------------- ----------------------------------------------------------------------------------------------- -------------- MONEY MARKET FUNDS -- 0.5% 398,217 Dreyfus Government Cash Management Fund, Institutional Shares - 0.03% (a)...................... $ 398,217 (Cost $398,217) -------------- TOTAL INVESTMENTS -- 0.5%...................................................................... 398,217 (Cost $398,217) -------------- NUMBER OF NOTIONAL EXERCISE EXPIRATION CONTRACTS DESCRIPTION AMOUNT PRICE DATE VALUE -------------- --------------------------------------------------- ------------- ----------- ----------- -------------- PURCHASED OPTIONS -- 102.9% CALL OPTIONS PURCHASED -- 101.0% 1,996 SPDR(R) S&P 500(R) ETF Trust....................... $ 87,151,348 $ 4.14 05/20/22 86,114,695 (Cost $83,994,230) -------------- PUT OPTIONS PURCHASED -- 1.9% 1,996 SPDR(R) S&P 500(R) ETF Trust....................... 87,151,348 394.19 05/20/22 1,618,552 (Cost $4,025,408) -------------- TOTAL PURCHASED OPTIONS........................................................................ 87,733,247 (Cost $88,019,638) -------------- WRITTEN OPTIONS -- (3.3)% CALL OPTIONS WRITTEN -- (3.0)% (1,996) SPDR(R) S&P 500(R) ETF Trust....................... (87,151,348) 446.48 05/20/22 (2,601,341) (Premiums received $3,750,674) -------------- PUT OPTIONS WRITTEN -- (0.3)% (1,996) SPDR(R) S&P 500(R) ETF Trust....................... (87,151,348) 290.46 05/20/22 (233,055) (Premiums received $1,005,800) -------------- TOTAL WRITTEN OPTIONS.......................................................................... (2,834,396) (Premiums received $4,756,474) -------------- NET OTHER ASSETS AND LIABILITIES -- (0.1)%..................................................... (55,717) -------------- NET ASSETS -- 100.0%........................................................................... $ 85,241,351 ============== (a) Rate shown reflects yield as of February 28, 2022. Page 52 See Notes to Financial Statements FT CBOE VEST U.S. EQUITY DEEP BUFFER ETF - MAY (DMAY) PORTFOLIO OF INVESTMENTS (CONTINUED) FEBRUARY 28, 2022 (UNAUDITED) ------------------------------ VALUATION INPUTS A summary of the inputs used to value the Fund's investments as of February 28, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements): ASSETS TABLE LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Money Market Funds................................... $ 398,217 $ 398,217 $ -- $ -- Call Options Purchased............................... 86,114,695 -- 86,114,695 -- Put Options Purchased................................ 1,618,552 -- 1,618,552 -- -------------- -------------- -------------- -------------- Total................................................ $ 88,131,464 $ 398,217 $ 87,733,247 $ -- ============== ============== ============== ============== LIABILITIES TABLE LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Call Options Written................................. $ (2,601,341) $ -- $ (2,601,341) $ -- Put Options Written.................................. (233,055) -- (233,055) -- -------------- -------------- -------------- -------------- Total................................................ $ (2,834,396) $ -- $ (2,834,396) $ -- ============== ============== ============== ============== See Notes to Financial Statements Page 53 FT CBOE VEST U.S. EQUITY BUFFER ETF - JUNE (FJUN) PORTFOLIO OF INVESTMENTS FEBRUARY 28, 2022 (UNAUDITED) SHARES DESCRIPTION VALUE -------------- ----------------------------------------------------------------------------------------------- -------------- MONEY MARKET FUNDS -- 3.9% 4,239,740 Dreyfus Government Cash Management Fund, Institutional Shares - 0.03% (a)...................... $ 4,239,740 (Cost $4,239,740) -------------- TOTAL INVESTMENTS -- 3.9%...................................................................... 4,239,740 (Cost $4,239,740) -------------- NUMBER OF NOTIONAL EXERCISE EXPIRATION CONTRACTS DESCRIPTION AMOUNT PRICE DATE VALUE -------------- --------------------------------------------------- ------------- ----------- ----------- -------------- PURCHASED OPTIONS -- 103.1% CALL OPTIONS PURCHASED -- 99.5% 2,559 SPDR(R) S&P 500(R) ETF Trust....................... $ 111,733,617 $ 4.15 06/17/22 109,816,404 (Cost $105,529,362) -------------- PUT OPTIONS PURCHASED -- 3.6% 2,559 SPDR(R) S&P 500(R) ETF Trust....................... 111,733,617 414.92 06/17/22 4,010,583 (Cost $7,483,746) -------------- TOTAL PURCHASED OPTIONS........................................................................ 113,826,987 (Cost $113,013,108) -------------- WRITTEN OPTIONS -- (3.6)% CALL OPTIONS WRITTEN -- (1.8)% (2,559) SPDR(R) S&P 500(R) ETF Trust....................... (111,733,617) 463.47 06/17/22 (1,963,929) (Premiums received $2,374,224) -------------- PUT OPTIONS WRITTEN -- (1.8)% (2,559) SPDR(R) S&P 500(R) ETF Trust....................... (111,733,617) 373.43 06/17/22 (1,967,877) (Premiums received $4,499,633) -------------- TOTAL WRITTEN OPTIONS.......................................................................... (3,931,806) (Premiums received $6,873,857) -------------- NET OTHER ASSETS AND LIABILITIES -- (3.4)%..................................................... (3,764,739) -------------- NET ASSETS -- 100.0%........................................................................... $ 110,370,182 ============== (a) Rate shown reflects yield as of February 28, 2022. Page 54 See Notes to Financial Statements FT CBOE VEST U.S. EQUITY BUFFER ETF - JUNE (FJUN) PORTFOLIO OF INVESTMENTS (CONTINUED) FEBRUARY 28, 2022 (UNAUDITED) ------------------------------ VALUATION INPUTS A summary of the inputs used to value the Fund's investments as of February 28, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements): ASSETS TABLE LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Money Market Funds................................... $ 4,239,740 $ 4,239,740 $ -- $ -- Call Options Purchased............................... 109,816,404 -- 109,816,404 -- Put Options Purchased................................ 4,010,583 -- 4,010,583 -- -------------- -------------- -------------- -------------- Total................................................ $ 118,066,727 $ 4,239,740 $ 113,826,987 $ -- ============== ============== ============== ============== LIABILITIES TABLE LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Call Options Written................................. $ (1,963,929) $ -- $ (1,963,929) $ -- Put Options Written.................................. (1,967,877) -- (1,967,877) -- -------------- -------------- -------------- -------------- Total................................................ $ (3,931,806) $ -- $ (3,931,806) $ -- ============== ============== ============== ============== See Notes to Financial Statements Page 55 FT CBOE VEST U.S. EQUITY DEEP BUFFER ETF - JUNE (DJUN) PORTFOLIO OF INVESTMENTS FEBRUARY 28, 2022 (UNAUDITED) SHARES DESCRIPTION VALUE -------------- ----------------------------------------------------------------------------------------------- -------------- MONEY MARKET FUNDS -- 0.5% 354,658 Dreyfus Government Cash Management Fund, Institutional Shares - 0.03% (a)...................... $ 354,658 (Cost $354,658) -------------- TOTAL INVESTMENTS -- 0.5%...................................................................... 354,658 (Cost $354,658) -------------- NUMBER OF NOTIONAL EXERCISE EXPIRATION CONTRACTS DESCRIPTION AMOUNT PRICE DATE VALUE -------------- --------------------------------------------------- ------------- ----------- ----------- -------------- PURCHASED OPTIONS -- 103.9% CALL OPTIONS PURCHASED -- 101.3% 1,717 SPDR(R) S&P 500(R) ETF Trust....................... $ 74,969,371 $ 4.14 06/17/22 73,684,702 (Cost $73,040,374) -------------- PUT OPTIONS PURCHASED -- 2.6% 1,717 SPDR(R) S&P 500(R) ETF Trust....................... 74,969,371 394.17 06/17/22 1,877,200 (Cost $3,189,629) -------------- TOTAL PURCHASED OPTIONS........................................................................ 75,561,902 (Cost $76,230,003) -------------- WRITTEN OPTIONS -- (4.3)% CALL OPTIONS WRITTEN -- (3.8)% (1,717) SPDR(R) S&P 500(R) ETF Trust....................... (74,969,371) 444.21 06/17/22 (2,758,487) (Premiums received $3,780,278) -------------- PUT OPTIONS WRITTEN -- (0.5)% (1,717) SPDR(R) S&P 500(R) ETF Trust....................... (74,969,371) 290.44 06/17/22 (337,224) (Premiums received $755,291) -------------- TOTAL WRITTEN OPTIONS.......................................................................... (3,095,711) (Premiums received $4,535,569) -------------- NET OTHER ASSETS AND LIABILITIES -- (0.1)%..................................................... (45,981) -------------- NET ASSETS -- 100.0%........................................................................... $ 72,774,868 ============== (a) Rate shown reflects yield as of February 28, 2022. Page 56 See Notes to Financial Statements FT CBOE VEST U.S. EQUITY DEEP BUFFER ETF - JUNE (DJUN) PORTFOLIO OF INVESTMENTS (CONTINUED) FEBRUARY 28, 2022 (UNAUDITED) ------------------------------ VALUATION INPUTS A summary of the inputs used to value the Fund's investments as of February 28, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements): ASSETS TABLE LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Money Market Funds................................... $ 354,658 $ 354,658 $ -- $ -- Call Options Purchased............................... 73,684,702 -- 73,684,702 -- Put Options Purchased................................ 1,877,200 -- 1,877,200 -- -------------- -------------- -------------- -------------- Total................................................ $ 75,916,560 $ 354,658 $ 75,561,902 $ -- ============== ============== ============== ============== LIABILITIES TABLE LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Call Options Written................................. $ (2,758,487) $ -- $ (2,758,487) $ -- Put Options Written.................................. (337,224) -- (337,224) -- -------------- -------------- -------------- -------------- Total................................................ $ (3,095,711) $ -- $ (3,095,711) $ -- ============== ============== ============== ============== See Notes to Financial Statements Page 57 FT CBOE VEST U.S. EQUITY BUFFER ETF - JULY (FJUL) PORTFOLIO OF INVESTMENTS FEBRUARY 28, 2022 (UNAUDITED) SHARES DESCRIPTION VALUE -------------- ----------------------------------------------------------------------------------------------- -------------- MONEY MARKET FUNDS -- 0.6% 870,738 Dreyfus Government Cash Management Fund, Institutional Shares - 0.03% (a)...................... $ 870,738 (Cost $870,738) -------------- TOTAL INVESTMENTS -- 0.6%....................................................................... 870,738 (Cost $870,738) -------------- NUMBER OF NOTIONAL EXERCISE EXPIRATION CONTRACTS DESCRIPTION AMOUNT PRICE DATE VALUE -------------- --------------------------------------------------- ------------- ----------- ----------- -------------- PURCHASED OPTIONS -- 103.1% CALL OPTIONS PURCHASED -- 97.9% 3,244 SPDR(R) S&P 500(R) ETF Trust....................... $ 141,642,772 $ 4.31 07/15/22 139,274,652 (Cost $139,331,701) -------------- PUT OPTIONS PURCHASED -- 5.2% 3,244 SPDR(R) S&P 500(R) ETF Trust....................... 141,642,772 431.34 07/15/22 7,422,272 (Cost $9,852,273) -------------- TOTAL PURCHASED OPTIONS........................................................................ 146,696,924 (Cost $149,183,974) -------------- WRITTEN OPTIONS -- (3.6)% CALL OPTIONS WRITTEN -- (1.0)% (3,244) SPDR(R) S&P 500(R) ETF Trust....................... (141,642,772) 481.81 07/15/22 (1,398,164) (Premiums received $3,466,705) -------------- PUT OPTIONS WRITTEN -- (2.6)% (3,244) SPDR(R) S&P 500(R) ETF Trust....................... (141,642,772) 388.21 07/15/22 (3,733,844) (Premiums received $5,146,168) -------------- TOTAL WRITTEN OPTIONS.......................................................................... (5,132,008) (Premiums received $8,612,873) -------------- NET OTHER ASSETS AND LIABILITIES -- (0.1)%..................................................... (104,729) -------------- NET ASSETS -- 100.0%........................................................................... $ 142,330,925 ============== (a) Rate shown reflects yield as of February 28, 2022. Page 58 See Notes to Financial Statements FT CBOE VEST U.S. EQUITY BUFFER ETF - JULY (FJUL) PORTFOLIO OF INVESTMENTS (CONTINUED) FEBRUARY 28, 2022 (UNAUDITED) ------------------------------ VALUATION INPUTS A summary of the inputs used to value the Fund's investments as of February 28, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements): ASSETS TABLE LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Money Market Funds................................... $ 870,738 $ 870,738 $ -- $ -- Call Options Purchased............................... 139,274,652 -- 139,274,652 -- Put Options Purchased................................ 7,422,272 -- 7,422,272 -- -------------- -------------- -------------- -------------- Total................................................ $ 147,567,662 $ 870,738 $ 146,696,924 $ -- ============== ============== ============== ============== LIABILITIES TABLE LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Call Options Written................................. $ (1,398,164) $ -- $ (1,398,164) $ -- Put Options Written.................................. (3,733,844) -- (3,733,844) -- -------------- -------------- -------------- -------------- Total................................................ $ (5,132,008) $ -- $ (5,132,008) $ -- ============== ============== ============== ============== See Notes to Financial Statements Page 59 FT CBOE VEST U.S. EQUITY DEEP BUFFER ETF - JULY (DJUL) PORTFOLIO OF INVESTMENTS FEBRUARY 28, 2022 (UNAUDITED) SHARES DESCRIPTION VALUE -------------- ----------------------------------------------------------------------------------------------- -------------- MONEY MARKET FUNDS -- 0.6% 409,991 Dreyfus Government Cash Management Fund, Institutional Shares - 0.03% (a)...................... $ 409,991 (Cost $409,991) -------------- TOTAL INVESTMENTS -- 0.6%...................................................................... 409,991 (Cost $409,991) -------------- NUMBER OF NOTIONAL EXERCISE EXPIRATION CONTRACTS DESCRIPTION AMOUNT PRICE DATE VALUE -------------- --------------------------------------------------- ------------- ----------- ----------- -------------- PURCHASED OPTIONS -- 102.5% CALL OPTIONS PURCHASED -- 98.8% 1,661 SPDR(R) S&P 500(R) ETF Trust....................... $ 72,524,243 $ 4.30 07/15/22 71,394,738 (Cost $71,549,290) -------------- PUT OPTIONS PURCHASED -- 3.7% 1,661 SPDR(R) S&P 500(R) ETF Trust....................... 72,524,243 409.77 07/15/22 2,645,167 (Cost $3,754,444) -------------- TOTAL PURCHASED OPTIONS........................................................................ 74,039,905 (Cost $75,303,734) -------------- WRITTEN OPTIONS -- (3.0)% CALL OPTIONS WRITTEN -- (2.3)% (1,661) SPDR(R) S&P 500(R) ETF Trust....................... (72,524,243) 462.83 07/15/22 (1,665,813) (Premiums received $2,842,865) -------------- PUT OPTIONS WRITTEN -- (0.7)% (1,661) SPDR(R) S&P 500(R) ETF Trust....................... (72,524,243) 301.94 07/15/22 (495,646) (Premiums received $928,190) -------------- TOTAL WRITTEN OPTIONS.......................................................................... (2,161,459) (Premiums received $3,771,055) -------------- NET OTHER ASSETS AND LIABILITIES -- (0.1)%..................................................... (46,415) -------------- NET ASSETS -- 100.0%........................................................................... $ 72,242,022 ============== (a) Rate shown reflects yield as of February 28, 2022. Page 60 See Notes to Financial Statements FT CBOE VEST U.S. EQUITY DEEP BUFFER ETF - JULY (DJUL) PORTFOLIO OF INVESTMENTS (CONTINUED) FEBRUARY 28, 2022 (UNAUDITED) ------------------------------ VALUATION INPUTS A summary of the inputs used to value the Fund's investments as of February 28, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements): ASSETS TABLE LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Money Market Funds................................... $ 409,991 $ 409,991 $ -- $ -- Call Options Purchased............................... 71,394,738 -- 71,394,738 -- Put Options Purchased................................ 2,645,167 -- 2,645,167 -- -------------- -------------- -------------- -------------- Total................................................ $ 74,449,896 $ 409,991 $ 74,039,905 $ -- ============== ============== ============== ============== LIABILITIES TABLE LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Call Options Written................................. $ (1,665,813) $ -- $ (1,665,813) $ -- Put Options Written.................................. (495,646) -- (495,646) -- -------------- -------------- -------------- -------------- Total................................................ $ (2,161,459) $ -- $ (2,161,459) $ -- ============== ============== ============== ============== See Notes to Financial Statements Page 61 FT CBOE VEST U.S. EQUITY BUFFER ETF - AUGUST (FAUG) PORTFOLIO OF INVESTMENTS FEBRUARY 28, 2022 (UNAUDITED) SHARES DESCRIPTION VALUE -------------- ----------------------------------------------------------------------------------------------- -------------- MONEY MARKET FUNDS -- 0.7% 1,318,629 Dreyfus Government Cash Management Fund, Institutional Shares - 0.03% (a)...................... $ 1,318,629 (Cost $1,318,629) -------------- TOTAL INVESTMENTS -- 0.7%...................................................................... 1,318,629 (Cost $1,318,629) -------------- NUMBER OF NOTIONAL EXERCISE EXPIRATION CONTRACTS DESCRIPTION AMOUNT PRICE DATE VALUE -------------- --------------------------------------------------- ------------- ----------- ----------- -------------- PURCHASED OPTIONS -- 103.6% CALL OPTIONS PURCHASED -- 96.8% 4,180 SPDR(R) S&P 500(R) ETF Trust....................... $ 182,511,340 $ 4.43 08/19/22 179,665,364 (Cost $181,814,002) -------------- PUT OPTIONS PURCHASED -- 6.8% 4,180 SPDR(R) S&P 500(R) ETF Trust....................... 182,511,340 443.36 08/19/22 12,628,854 (Cost $16,332,501) -------------- TOTAL PURCHASED OPTIONS........................................................................ 192,294,218 (Cost $198,146,503) -------------- WRITTEN OPTIONS -- (4.2)% CALL OPTIONS WRITTEN -- (0.7)% (4,180) SPDR(R) S&P 500(R) ETF Trust....................... (182,511,340) 494.97 08/19/22 (1,263,024) (Premiums received $3,964,255) -------------- PUT OPTIONS WRITTEN -- (3.5)% (4,180) SPDR(R) S&P 500(R) ETF Trust....................... (182,511,340) 399.02 08/19/22 (6,627,544) (Premiums received $9,433,898) -------------- TOTAL WRITTEN OPTIONS.......................................................................... (7,890,568) (Premiums received $13,398,153) -------------- NET OTHER ASSETS AND LIABILITIES -- (0.1)%..................................................... (120,668) -------------- NET ASSETS -- 100.0%........................................................................... $ 185,601,611 ============== (a) Rate shown reflects yield as of February 28, 2022. Page 62 See Notes to Financial Statements FT CBOE VEST U.S. EQUITY BUFFER ETF - AUGUST (FAUG) PORTFOLIO OF INVESTMENTS (CONTINUED) FEBRUARY 28, 2022 (UNAUDITED) ------------------------------ VALUATION INPUTS A summary of the inputs used to value the Fund's investments as of February 28, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements): ASSETS TABLE LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Money Market Funds................................... $ 1,318,629 $ 1,318,629 $ -- $ -- Call Options Purchased............................... 179,665,364 -- 179,665,364 -- Put Options Purchased................................ 12,628,854 -- 12,628,854 -- -------------- -------------- -------------- -------------- Total................................................ $ 193,612,847 $ 1,318,629 $ 192,294,218 $ -- ============== ============== ============== ============== LIABILITIES TABLE LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Call Options Written................................. $ (1,263,024) $ -- $ (1,263,024) $ -- Put Options Written.................................. (6,627,544) -- (6,627,544) -- -------------- -------------- -------------- -------------- Total................................................ $ (7,890,568) $ -- $ (7,890,568) $ -- ============== ============== ============== ============== See Notes to Financial Statements Page 63 FT CBOE VEST U.S. EQUITY DEEP BUFFER ETF - AUGUST (DAUG) PORTFOLIO OF INVESTMENTS FEBRUARY 28, 2022 (UNAUDITED) SHARES DESCRIPTION VALUE -------------- ----------------------------------------------------------------------------------------------- -------------- MONEY MARKET FUNDS -- 0.7% 956,848 Dreyfus Government Cash Management Fund, Institutional Shares - 0.03% (a)...................... $ 956,848 (Cost $956,848) -------------- TOTAL INVESTMENTS -- 0.7%...................................................................... 956,848 (Cost $956,848) -------------- NUMBER OF NOTIONAL EXERCISE EXPIRATION CONTRACTS DESCRIPTION AMOUNT PRICE DATE VALUE -------------- --------------------------------------------------- ------------- ----------- ----------- -------------- PURCHASED OPTIONS -- 102.1% CALL OPTIONS PURCHASED -- 97.1% 3,143 SPDR(R) S&P 500(R) ETF Trust....................... $ 137,232,809 $ 4.42 08/19/22 135,096,014 (Cost $136,463,287) -------------- PUT OPTIONS PURCHASED -- 5.0% 3,143 SPDR(R) S&P 500(R) ETF Trust....................... 137,232,809 421.19 08/19/22 6,882,656 (Cost $8,810,029) -------------- TOTAL PURCHASED OPTIONS........................................................................ 141,978,670 (Cost $145,273,316) -------------- WRITTEN OPTIONS -- (2.7)% CALL OPTIONS WRITTEN -- (1.7)% (3,143) SPDR(R) S&P 500(R) ETF Trust....................... (137,232,809) 476.04 08/19/22 (2,429,721) (Premiums received $4,700,563) -------------- PUT OPTIONS WRITTEN -- (1.0)% (3,143) SPDR(R) S&P 500(R) ETF Trust....................... (137,232,809) 310.35 08/19/22 (1,347,563) (Premiums received $2,381,360) -------------- TOTAL WRITTEN OPTIONS.......................................................................... (3,777,284) (Premiums received $7,081,923) -------------- NET OTHER ASSETS AND LIABILITIES -- (0.1)%..................................................... (90,343) -------------- NET ASSETS -- 100.0%........................................................................... $ 139,067,891 ============== (a) Rate shown reflects yield as of February 28, 2022. Page 64 See Notes to Financial Statements FT CBOE VEST U.S. EQUITY DEEP BUFFER ETF - AUGUST (DAUG) PORTFOLIO OF INVESTMENTS (CONTINUED) FEBRUARY 28, 2022 (UNAUDITED) ------------------------------ VALUATION INPUTS A summary of the inputs used to value the Fund's investments as of February 28, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements): ASSETS TABLE LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Money Market Funds................................... $ 956,848 $ 956,848 $ -- $ -- Call Options Purchased............................... 135,096,014 -- 135,096,014 -- Put Options Purchased................................ 6,882,656 -- 6,882,656 -- -------------- -------------- -------------- -------------- Total................................................ $ 142,935,518 $ 956,848 $ 141,978,670 $ -- ============== ============== ============== ============== LIABILITIES TABLE LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Call Options Written................................. $ (2,429,721) $ -- $ (2,429,721) $ -- Put Options Written.................................. (1,347,563) -- (1,347,563) -- -------------- -------------- -------------- -------------- Total................................................ $ (3,777,284) $ -- $ (3,777,284) $ -- ============== ============== ============== ============== See Notes to Financial Statements Page 65 FT CBOE VEST U.S. EQUITY BUFFER ETF - SEPTEMBER (FSEP) PORTFOLIO OF INVESTMENTS FEBRUARY 28, 2022 (UNAUDITED) SHARES DESCRIPTION VALUE -------------- ----------------------------------------------------------------------------------------------- -------------- MONEY MARKET FUNDS -- 0.8% 971,120 Dreyfus Government Cash Management Fund, Institutional Shares - 0.03% (a)...................... $ 971,120 (Cost $971,120) -------------- TOTAL INVESTMENTS -- 0.8%...................................................................... 971,120 (Cost $971,120) -------------- NUMBER OF NOTIONAL EXERCISE EXPIRATION CONTRACTS DESCRIPTION AMOUNT PRICE DATE VALUE -------------- --------------------------------------------------- ------------- ----------- ----------- -------------- PURCHASED OPTIONS -- 104.2% CALL OPTIONS PURCHASED -- 97.0% 2,849 SPDR(R) S&P 500(R) ETF Trust....................... $ 124,395,887 $ 4.41 09/16/22 121,834,358 (Cost $124,212,285) -------------- PUT OPTIONS PURCHASED -- 7.2% 2,849 SPDR(R) S&P 500(R) ETF Trust....................... 124,395,887 441.40 09/16/22 9,107,505 (Cost $10,517,955) -------------- TOTAL PURCHASED OPTIONS........................................................................ 130,941,863 (Cost $134,730,240) -------------- WRITTEN OPTIONS -- (4.9)% CALL OPTIONS WRITTEN -- (1.0)% (2,849) SPDR(R) S&P 500(R) ETF Trust....................... (124,395,887) 495.25 09/16/22 (1,225,095) (Premiums received $2,130,765) -------------- PUT OPTIONS WRITTEN -- (3.9)% (2,849) SPDR(R) S&P 500(R) ETF Trust....................... (124,395,887) 397.26 09/16/22 (4,947,469) (Premiums received $5,970,135) -------------- TOTAL WRITTEN OPTIONS.......................................................................... (6,172,564) (Premiums received $8,100,900) -------------- NET OTHER ASSETS AND LIABILITIES -- (0.1)%..................................................... (93,072) -------------- NET ASSETS -- 100.0%........................................................................... $ 125,647,347 ============== (a) Rate shown reflects yield as of February 28, 2022. Page 66 See Notes to Financial Statements FT CBOE VEST U.S. EQUITY BUFFER ETF - SEPTEMBER (FSEP) PORTFOLIO OF INVESTMENTS (CONTINUED) FEBRUARY 28, 2022 (UNAUDITED) ------------------------------ VALUATION INPUTS A summary of the inputs used to value the Fund's investments as of February 28, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements): ASSETS TABLE LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Money Market Funds................................... $ 971,120 $ 971,120 $ -- $ -- Call Options Purchased............................... 121,834,358 -- 121,834,358 -- Put Options Purchased................................ 9,107,505 -- 9,107,505 -- -------------- -------------- -------------- -------------- Total................................................ $ 131,912,983 $ 971,120 $ 130,941,863 $ -- ============== ============== ============== ============== LIABILITIES TABLE LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Call Options Written................................. $ (1,225,095) $ -- $ (1,225,095) $ -- Put Options Written.................................. (4,947,469) -- (4,947,469) -- -------------- -------------- -------------- -------------- Total................................................ $ (6,172,564) $ -- $ (6,172,564) $ -- ============== ============== ============== ============== See Notes to Financial Statements Page 67 FT CBOE VEST U.S. EQUITY DEEP BUFFER ETF - SEPTEMBER (DSEP) PORTFOLIO OF INVESTMENTS FEBRUARY 28, 2022 (UNAUDITED) SHARES DESCRIPTION VALUE -------------- ----------------------------------------------------------------------------------------------- -------------- MONEY MARKET FUNDS -- 0.8% 487,707 Dreyfus Government Cash Management Fund, Institutional Shares - 0.03% (a)...................... $ 487,707 (Cost $487,707) -------------- TOTAL INVESTMENTS -- 0.8%...................................................................... 487,707 (Cost $487,707) -------------- NUMBER OF NOTIONAL EXERCISE EXPIRATION CONTRACTS DESCRIPTION AMOUNT PRICE DATE VALUE -------------- --------------------------------------------------- ------------- ----------- ----------- -------------- PURCHASED OPTIONS -- 102.7% CALL OPTIONS PURCHASED -- 97.3% 1,463 SPDR(R) S&P 500(R) ETF Trust....................... $ 63,878,969 $ 4.40 09/16/22 62,565,047 (Cost $63,400,182) -------------- PUT OPTIONS PURCHASED -- 5.4% 1,463 SPDR(R) S&P 500(R) ETF Trust....................... 63,878,969 419.33 09/16/22 3,445,299 (Cost $4,055,028) -------------- TOTAL PURCHASED OPTIONS........................................................................ 66,010,346 (Cost $67,455,210) -------------- WRITTEN OPTIONS -- (3.4)% CALL OPTIONS WRITTEN -- (2.2)% (1,463) SPDR(R) S&P 500(R) ETF Trust....................... (63,878,969) 474.20 09/16/22 (1,405,455) (Premiums received $2,305,419) -------------- PUT OPTIONS WRITTEN -- (1.2)% (1,463) SPDR(R) S&P 500(R) ETF Trust....................... (63,878,969) 308.98 09/16/22 (754,614) (Premiums received $1,092,297) -------------- TOTAL WRITTEN OPTIONS.......................................................................... (2,160,069) (Premiums received $3,397,716) -------------- NET OTHER ASSETS AND LIABILITIES -- (0.1)%..................................................... (41,697) -------------- NET ASSETS -- 100.0%........................................................................... $ 64,296,287 ============== (a) Rate shown reflects yield as of February 28, 2022. Page 68 See Notes to Financial Statements FT CBOE VEST U.S. EQUITY DEEP BUFFER ETF - SEPTEMBER (DSEP) PORTFOLIO OF INVESTMENTS (CONTINUED) FEBRUARY 28, 2022 (UNAUDITED) ------------------------------ VALUATION INPUTS A summary of the inputs used to value the Fund's investments as of February 28, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements): ASSETS TABLE LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Money Market Funds................................... $ 487,707 $ 487,707 $ -- $ -- Call Options Purchased............................... 62,565,047 -- 62,565,047 -- Put Options Purchased................................ 3,445,299 -- 3,445,299 -- -------------- -------------- -------------- -------------- Total................................................ $ 66,498,053 $ 487,707 $ 66,010,346 $ -- ============== ============== ============== ============== LIABILITIES TABLE LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Call Options Written................................. $ (1,405,455) $ -- $ (1,405,455) $ -- Put Options Written.................................. (754,614) -- (754,614) -- -------------- -------------- -------------- -------------- Total................................................ $ (2,160,069) $ -- $ (2,160,069) $ -- ============== ============== ============== ============== See Notes to Financial Statements Page 69 FT CBOE VEST U.S. EQUITY BUFFER ETF - OCTOBER (FOCT) PORTFOLIO OF INVESTMENTS FEBRUARY 28, 2022 (UNAUDITED) SHARES DESCRIPTION VALUE -------------- ----------------------------------------------------------------------------------------------- -------------- MONEY MARKET FUNDS -- 0.9% 1,481,524 Dreyfus Government Cash Management Fund, Institutional Shares - 0.03% (a)...................... $ 1,481,524 (Cost $1,481,524) -------------- TOTAL INVESTMENTS -- 0.9%...................................................................... 1,481,524 (Cost $1,481,524) -------------- NUMBER OF NOTIONAL EXERCISE EXPIRATION CONTRACTS DESCRIPTION AMOUNT PRICE DATE VALUE -------------- --------------------------------------------------- ------------- ----------- ----------- -------------- PURCHASED OPTIONS -- 104.9% CALL OPTIONS PURCHASED -- 96.9% 3,906 SPDR(R) S&P 500(R) ETF Trust....................... $ 170,547,678 $ 4.46 10/21/22 167,409,367 (Cost $172,496,016) -------------- PUT OPTIONS PURCHASED -- 8.0% 3,906 SPDR(R) S&P 500(R) ETF Trust....................... 170,547,678 445.87 10/21/22 13,844,073 (Cost $13,191,537) -------------- TOTAL PURCHASED OPTIONS........................................................................ 181,253,440 (Cost $185,687,553) -------------- WRITTEN OPTIONS -- (5.7)% CALL OPTIONS WRITTEN -- (1.2)% (3,906) SPDR(R) S&P 500(R) ETF Trust....................... (170,547,678) 498.04 10/21/22 (2,096,526) (Premiums received $4,122,092) -------------- PUT OPTIONS WRITTEN -- (4.5)% (3,906) SPDR(R) S&P 500(R) ETF Trust....................... (170,547,678) 401.28 10/21/22 (7,779,427) (Premiums received $7,993,081) -------------- TOTAL WRITTEN OPTIONS.......................................................................... (9,875,953) (Premiums received $12,115,173) -------------- NET OTHER ASSETS AND LIABILITIES -- (0.1)%..................................................... (109,468) -------------- NET ASSETS -- 100.0%........................................................................... $ 172,749,543 ============== (a) Rate shown reflects yield as of February 28, 2022. Page 70 See Notes to Financial Statements FT CBOE VEST U.S. EQUITY BUFFER ETF - OCTOBER (FOCT) PORTFOLIO OF INVESTMENTS (CONTINUED) FEBRUARY 28, 2022 (UNAUDITED) ------------------------------ VALUATION INPUTS A summary of the inputs used to value the Fund's investments as of February 28, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements): ASSETS TABLE LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Money Market Funds................................... $ 1,481,524 $ 1,481,524 $ -- $ -- Call Options Purchased............................... 167,409,367 -- 167,409,367 -- Put Options Purchased................................ 13,844,073 -- 13,844,073 -- -------------- -------------- -------------- -------------- Total................................................ $ 182,734,964 $ 1,481,524 $ 181,253,440 $ -- ============== ============== ============== ============== LIABILITIES TABLE LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Call Options Written................................. $ (2,096,526) $ -- $ (2,096,526) $ -- Put Options Written.................................. (7,779,427) -- (7,779,427) -- -------------- -------------- -------------- -------------- Total................................................ $ (9,875,953) $ -- $ (9,875,953) $ -- ============== ============== ============== ============== See Notes to Financial Statements Page 71 FT CBOE VEST U.S. EQUITY DEEP BUFFER ETF - OCTOBER (DOCT) PORTFOLIO OF INVESTMENTS FEBRUARY 28, 2022 (UNAUDITED) SHARES DESCRIPTION VALUE -------------- ----------------------------------------------------------------------------------------------- -------------- MONEY MARKET FUNDS -- 0.8% 889,031 Dreyfus Government Cash Management Fund, Institutional Shares - 0.03% (a)...................... $ 889,031 (Cost $889,031) -------------- TOTAL INVESTMENTS -- 0.8%...................................................................... 889,031 (Cost $889,031) -------------- NUMBER OF NOTIONAL EXERCISE EXPIRATION CONTRACTS DESCRIPTION AMOUNT PRICE DATE VALUE -------------- --------------------------------------------------- ------------- ----------- ----------- -------------- PURCHASED OPTIONS -- 103.1% CALL OPTIONS PURCHASED -- 97.1% 2,400 SPDR(R) S&P 500(R) ETF Trust....................... $ 104,791,200 $ 4.45 10/21/22 102,865,287 (Cost $105,585,733) -------------- PUT OPTIONS PURCHASED -- 6.0% 2,400 SPDR(R) S&P 500(R) ETF Trust....................... 104,791,200 423.58 10/21/22 6,376,684 (Cost $6,578,934) -------------- TOTAL PURCHASED OPTIONS........................................................................ 109,241,971 (Cost $112,164,667) -------------- WRITTEN OPTIONS -- (3.8)% CALL OPTIONS WRITTEN -- (2.4)% (2,400) SPDR(R) S&P 500(R) ETF Trust....................... (104,791,200) 478.06 10/21/22 (2,548,196) (Premiums received $4,130,742) -------------- PUT OPTIONS WRITTEN -- (1.4)% (2,400) SPDR(R) S&P 500(R) ETF Trust....................... (104,791,200) 312.11 10/21/22 (1,504,381) (Premiums received $1,680,830) -------------- TOTAL WRITTEN OPTIONS.......................................................................... (4,052,577) (Premiums received $5,811,572) -------------- NET OTHER ASSETS AND LIABILITIES -- (0.1)%..................................................... (68,679) -------------- NET ASSETS -- 100.0%........................................................................... $ 106,009,746 ============== (a) Rate shown reflects yield as of February 28, 2022. Page 72 See Notes to Financial Statements FT CBOE VEST U.S. EQUITY DEEP BUFFER ETF - OCTOBER (DOCT) PORTFOLIO OF INVESTMENTS (CONTINUED) FEBRUARY 28, 2022 (UNAUDITED) ------------------------------ VALUATION INPUTS A summary of the inputs used to value the Fund's investments as of February 28, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements): ASSETS TABLE LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Money Market Funds................................... $ 889,031 $ 889,031 $ -- $ -- Call Options Purchased............................... 102,865,287 -- 102,865,287 -- Put Options Purchased................................ 6,376,684 -- 6,376,684 -- -------------- -------------- -------------- -------------- Total................................................ $ 110,131,002 $ 889,031 $ 109,241,971 $ -- ============== ============== ============== ============== LIABILITIES TABLE LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Call Options Written................................. $ (2,548,196) $ -- $ (2,548,196) $ -- Put Options Written.................................. (1,504,381) -- (1,504,381) -- -------------- -------------- -------------- -------------- Total................................................ $ (4,052,577) $ -- $ (4,052,577) $ -- ============== ============== ============== ============== See Notes to Financial Statements Page 73 FT CBOE VEST U.S. EQUITY BUFFER ETF - NOVEMBER (FNOV) PORTFOLIO OF INVESTMENTS FEBRUARY 28, 2022 (UNAUDITED) SHARES DESCRIPTION VALUE -------------- ----------------------------------------------------------------------------------------------- -------------- MONEY MARKET FUNDS -- 1.0% 2,899,786 Dreyfus Government Cash Management Fund, Institutional Shares - 0.03% (a)...................... $ 2,899,786 (Cost $2,899,786) -------------- TOTAL INVESTMENTS -- 1.0%...................................................................... 2,899,786 (Cost $2,899,786) -------------- NUMBER OF NOTIONAL EXERCISE EXPIRATION CONTRACTS DESCRIPTION AMOUNT PRICE DATE VALUE -------------- --------------------------------------------------- ------------- ----------- ----------- -------------- PURCHASED OPTIONS -- 105.9% CALL OPTIONS PURCHASED -- 95.1% 6,615 SPDR(R) S&P 500(R) ETF Trust....................... $ 288,830,745 $ 4.69 11/18/22 282,877,245 (Cost $301,200,096) -------------- PUT OPTIONS PURCHASED -- 10.8% 6,615 SPDR(R) S&P 500(R) ETF Trust....................... 288,830,745 468.89 11/18/22 32,095,980 (Cost $25,876,147) -------------- TOTAL PURCHASED OPTIONS........................................................................ 314,973,225 (Cost $327,076,243) -------------- WRITTEN OPTIONS -- (6.8)% CALL OPTIONS WRITTEN -- (0.5)% (6,615) SPDR(R) S&P 500(R) ETF Trust....................... (288,830,745) 525.63 11/18/22 (1,528,065) (Premiums received $5,469,837) -------------- PUT OPTIONS WRITTEN -- (6.3)% (6,615) SPDR(R) S&P 500(R) ETF Trust....................... (288,830,745) 422.00 11/18/22 (18,799,830) (Premiums received $16,007,204) -------------- TOTAL WRITTEN OPTIONS.......................................................................... (20,327,895) (Premiums received $21,477,041) -------------- NET OTHER ASSETS AND LIABILITIES -- (0.1)%..................................................... (214,237) -------------- NET ASSETS -- 100.0%........................................................................... $ 297,330,879 ============== (a) Rate shown reflects yield as of February 28, 2022. Page 74 See Notes to Financial Statements FT CBOE VEST U.S. EQUITY BUFFER ETF - NOVEMBER (FNOV) PORTFOLIO OF INVESTMENTS (CONTINUED) FEBRUARY 28, 2022 (UNAUDITED) ------------------------------ VALUATION INPUTS A summary of the inputs used to value the Fund's investments as of February 28, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements): ASSETS TABLE LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Money Market Funds................................... $ 2,899,786 $ 2,899,786 $ -- $ -- Call Options Purchased............................... 282,877,245 -- 282,877,245 -- Put Options Purchased................................ 32,095,980 -- 32,095,980 -- -------------- -------------- -------------- -------------- Total................................................ $ 317,873,011 $ 2,899,786 $ 314,973,225 $ -- ============== ============== ============== ============== LIABILITIES TABLE LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Call Options Written................................. $ (1,528,065) $ -- $ (1,528,065) $ -- Put Options Written.................................. (18,799,830) -- (18,799,830) -- -------------- -------------- -------------- -------------- Total................................................ $ (20,327,895) $ -- $ (20,327,895) $ -- ============== ============== ============== ============== See Notes to Financial Statements Page 75 FT CBOE VEST U.S. EQUITY DEEP BUFFER ETF - NOVEMBER (DNOV) PORTFOLIO OF INVESTMENTS FEBRUARY 28, 2022 (UNAUDITED) SHARES DESCRIPTION VALUE -------------- ----------------------------------------------------------------------------------------------- -------------- MONEY MARKET FUNDS -- 0.9% 2,083,206 Dreyfus Government Cash Management Fund, Institutional Shares - 0.03% (a)...................... $ 2,083,206 (Cost $2,083,206) -------------- TOTAL INVESTMENTS -- 0.9%...................................................................... 2,083,206 (Cost $2,083,206) -------------- NUMBER OF NOTIONAL EXERCISE EXPIRATION CONTRACTS DESCRIPTION AMOUNT PRICE DATE VALUE -------------- --------------------------------------------------- ------------- ----------- ----------- -------------- PURCHASED OPTIONS -- 101.9% CALL OPTIONS PURCHASED -- 93.8% 4,974 SPDR(R) S&P 500(R) ETF Trust....................... $ 217,179,762 $ 4.68 11/18/22 212,683,266 (Cost $221,290,369) -------------- PUT OPTIONS PURCHASED -- 8.1% 4,974 SPDR(R) S&P 500(R) ETF Trust....................... 217,179,762 445.45 11/18/22 18,344,112 (Cost $16,545,460) -------------- TOTAL PURCHASED OPTIONS........................................................................ 231,027,378 (Cost $237,835,829) -------------- WRITTEN OPTIONS -- (2.8)% CALL OPTIONS WRITTEN -- (1.0)% (4,974) SPDR(R) S&P 500(R) ETF Trust....................... (217,179,762) 504.53 11/18/22 (2,312,910) (Premiums received $5,658,091) -------------- PUT OPTIONS WRITTEN -- (1.8)% (4,974) SPDR(R) S&P 500(R) ETF Trust....................... (217,179,762) 328.22 11/18/22 (4,063,758) (Premiums received $4,154,122) -------------- TOTAL WRITTEN OPTIONS.......................................................................... (6,376,668) (Premiums received $9,812,213) -------------- NET OTHER ASSETS AND LIABILITIES -- (0.0)%..................................................... (82,353) -------------- NET ASSETS -- 100.0%........................................................................... $ 226,651,563 ============== (a) Rate shown reflects yield as of February 28, 2022. Page 76 See Notes to Financial Statements FT CBOE VEST U.S. EQUITY DEEP BUFFER ETF - NOVEMBER (DNOV) PORTFOLIO OF INVESTMENTS (CONTINUED) FEBRUARY 28, 2022 (UNAUDITED) ------------------------------ VALUATION INPUTS A summary of the inputs used to value the Fund's investments as of February 28, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements): ASSETS TABLE LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Money Market Funds................................... $ 2,083,206 $ 2,083,206 $ -- $ -- Call Options Purchased............................... 212,683,266 -- 212,683,266 -- Put Options Purchased................................ 18,344,112 -- 18,344,112 -- -------------- -------------- -------------- -------------- Total................................................ $ 233,110,584 $ 2,083,206 $ 231,027,378 $ -- ============== ============== ============== ============== LIABILITIES TABLE LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Call Options Written................................. $ (2,312,910) $ -- $ (2,312,910) $ -- Put Options Written.................................. (4,063,758) -- (4,063,758) -- -------------- -------------- -------------- -------------- Total................................................ $ (6,376,668) $ -- $ (6,376,668) $ -- ============== ============== ============== ============== See Notes to Financial Statements Page 77 FT CBOE VEST U.S. EQUITY BUFFER ETF - DECEMBER (FDEC) PORTFOLIO OF INVESTMENTS FEBRUARY 28, 2022 (UNAUDITED) SHARES DESCRIPTION VALUE -------------- ----------------------------------------------------------------------------------------------- -------------- MONEY MARKET FUNDS -- 2.5% 5,700,897 Dreyfus Government Cash Management Fund, Institutional Shares - 0.03% (a)...................... $ 5,700,897 (Cost $5,700,897) -------------- TOTAL INVESTMENTS -- 2.5%...................................................................... 5,700,897 (Cost $5,700,897) -------------- NUMBER OF NOTIONAL EXERCISE EXPIRATION CONTRACTS DESCRIPTION AMOUNT PRICE DATE VALUE -------------- --------------------------------------------------- ------------- ----------- ----------- -------------- PURCHASED OPTIONS -- 105.7% CALL OPTIONS PURCHASED -- 95.5% 5,179 SPDR(R) S&P 500(R) ETF Trust....................... $ 226,130,677 $ 4.60 12/16/22 221,302,384 (Cost $230,049,294) -------------- PUT OPTIONS PURCHASED -- 10.2% 5,179 SPDR(R) S&P 500(R) ETF Trust....................... 226,130,677 459.87 12/16/22 23,693,402 (Cost $20,955,079) -------------- TOTAL PURCHASED OPTIONS........................................................................ 244,995,786 (Cost $251,004,373) -------------- WRITTEN OPTIONS -- (6.7)% CALL OPTIONS WRITTEN -- (0.8)% (5,179) SPDR(R) S&P 500(R) ETF Trust....................... (226,130,677) 520.11 12/16/22 (1,736,329) (Premiums received $3,960,016) -------------- PUT OPTIONS WRITTEN -- (5.9)% (5,179) SPDR(R) S&P 500(R) ETF Trust....................... (226,130,677) 413.88 12/16/22 (13,770,217) (Premiums received $13,167,521) -------------- TOTAL WRITTEN OPTIONS.......................................................................... (15,506,546) (Premiums received $17,127,537) -------------- NET OTHER ASSETS AND LIABILITIES -- (1.5)%..................................................... (3,475,050) -------------- NET ASSETS -- 100.0%........................................................................... $ 231,715,087 ============== (a) Rate shown reflects yield as of February 28, 2022. Page 78 See Notes to Financial Statements FT CBOE VEST U.S. EQUITY BUFFER ETF - DECEMBER (FDEC) PORTFOLIO OF INVESTMENTS (CONTINUED) FEBRUARY 28, 2022 (UNAUDITED) ------------------------------ VALUATION INPUTS A summary of the inputs used to value the Fund's investments as of February 28, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements): ASSETS TABLE LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Money Market Funds................................... $ 5,700,897 $ 5,700,897 $ -- $ -- Call Options Purchased............................... 221,302,384 -- 221,302,384 -- Put Options Purchased................................ 23,693,402 -- 23,693,402 -- -------------- -------------- -------------- -------------- Total................................................ $ 250,696,683 $ 5,700,897 $ 244,995,786 $ -- ============== ============== ============== ============== LIABILITIES TABLE LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Call Options Written................................. $ (1,736,329) $ -- $ (1,736,329) $ -- Put Options Written.................................. (13,770,217) -- (13,770,217) -- -------------- -------------- -------------- -------------- Total................................................ $ (15,506,546) $ -- $ (15,506,546) $ -- ============== ============== ============== ============== See Notes to Financial Statements Page 79 FT CBOE VEST U.S. EQUITY DEEP BUFFER ETF - DECEMBER (DDEC) PORTFOLIO OF INVESTMENTS FEBRUARY 28, 2022 (UNAUDITED) SHARES DESCRIPTION VALUE -------------- ----------------------------------------------------------------------------------------------- -------------- MONEY MARKET FUNDS -- 1.0% 1,267,093 Dreyfus Government Cash Management Fund, Institutional Shares - 0.03% (a)...................... $ 1,267,093 (Cost $1,267,093) -------------- TOTAL INVESTMENTS -- 1.0%...................................................................... 1,267,093 (Cost $1,267,093) -------------- NUMBER OF NOTIONAL EXERCISE EXPIRATION CONTRACTS DESCRIPTION AMOUNT PRICE DATE VALUE -------------- --------------------------------------------------- ------------- ----------- ----------- -------------- PURCHASED OPTIONS -- 102.4% CALL OPTIONS PURCHASED -- 94.6% 2,823 SPDR(R) S&P 500(R) ETF Trust....................... $ 123,260,649 $ 4.59 12/16/22 120,254,154 (Cost $125,908,350) -------------- PUT OPTIONS PURCHASED -- 7.8% 2,823 SPDR(R) S&P 500(R) ETF Trust....................... 123,260,649 436.88 12/16/22 9,948,252 (Cost $8,945,845) -------------- TOTAL PURCHASED OPTIONS........................................................................ 130,202,406 (Cost $134,854,195) -------------- WRITTEN OPTIONS -- (3.3)% CALL OPTIONS WRITTEN -- (1.5)% (2,823) SPDR(R) S&P 500(R) ETF Trust....................... (123,260,649) 497.12 12/16/22 (1,913,994) (Premiums received $4,400,801) -------------- PUT OPTIONS WRITTEN -- (1.8)% (2,823) SPDR(R) S&P 500(R) ETF Trust....................... (123,260,649) 321.91 12/16/22 (2,343,090) (Premiums received $2,435,277) -------------- TOTAL WRITTEN OPTIONS.......................................................................... (4,257,084) (Premiums received $6,836,078) -------------- NET OTHER ASSETS AND LIABILITIES -- (0.1)%..................................................... (92,782) -------------- NET ASSETS -- 100.0%........................................................................... $ 127,119,633 ============== (a) Rate shown reflects yield as of February 28, 2022. Page 80 See Notes to Financial Statements FT CBOE VEST U.S. EQUITY DEEP BUFFER ETF - DECEMBER (DDEC) PORTFOLIO OF INVESTMENTS (CONTINUED) FEBRUARY 28, 2022 (UNAUDITED) ------------------------------ VALUATION INPUTS A summary of the inputs used to value the Fund's investments as of February 28, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements): ASSETS TABLE LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Money Market Funds................................... $ 1,267,093 $ 1,267,093 $ -- $ -- Call Options Purchased............................... 120,254,154 -- 120,254,154 -- Put Options Purchased................................ 9,948,252 -- 9,948,252 -- -------------- -------------- -------------- -------------- Total................................................ $ 131,469,499 $ 1,267,093 $ 130,202,406 $ -- ============== ============== ============== ============== LIABILITIES TABLE LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Call Options Written................................. $ (1,913,994) $ -- $ (1,913,994) $ -- Put Options Written.................................. (2,343,090) -- (2,343,090) -- -------------- -------------- -------------- -------------- Total................................................ $ (4,257,084) $ -- $ (4,257,084) $ -- ============== ============== ============== ============== See Notes to Financial Statements Page 81 FT CBOE VEST BUFFERED ALLOCATION DEFENSIVE ETF (BUFT) PORTFOLIO OF INVESTMENTS FEBRUARY 28, 2022 (UNAUDITED) SHARES DESCRIPTION VALUE ----------- ------------------------------------------- ------------- EXCHANGE-TRADED FUNDS -- 99.8% CAPITAL MARKETS -- 99.8% 414,747 FT Cboe Vest U.S. Equity Deep Buffer ETF - January (a) (b) $ 13,365,056 381,314 FT Cboe Vest U.S. Equity Deep Buffer ETF - February (a) (b) 13,502,329 420,962 FT Cboe Vest U.S. Equity Deep Buffer ETF - May (a) (b) 14,326,179 466,965 FT Cboe Vest U.S. Equity Deep Buffer ETF - June (a) (b) 15,816,104 403,347 FT Cboe Vest U.S. Equity Deep Buffer ETF - October (a) (b) 12,968,897 ------------- TOTAL EXCHANGE-TRADED FUNDS -- 99.8% 69,978,565 (Cost $70,007,510) ------------- MONEY MARKET FUNDS -- 0.2% 114,752 Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 0.01% (c) 114,752 (Cost $114,752) ------------- TOTAL INVESTMENTS -- 100.0% 70,093,317 (Cost $70,122,262) NET OTHER ASSETS AND LIABILITIES -- (0.0)% (10,158) ------------- NET ASSETS -- 100.0% $ 70,083,159 ============= (a) Investment in an affiliated fund. (b) Non-income producing security. (c) Rate shown reflects yield as of February 28, 2022. ----------------------------- VALUATION INPUTS A summary of the inputs used to value the Fund's investments as of February 28, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements): LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Exchange-Traded Funds*............................... $ 69,978,565 $ 69,978,565 $ -- $ -- Money Market Funds................................... 114,752 114,752 -- -- -------------- -------------- -------------- -------------- Total Investments.................................... $ 70,093,317 $ 70,093,317 $ -- $ -- ============== ============== ============== ============== * See Portfolio of Investments for industry breakout. Page 82 See Notes to Financial Statements FT CBOE VEST BUFFERED ALLOCATION GROWTH ETF (BUFG) PORTFOLIO OF INVESTMENTS FEBRUARY 28, 2022 (UNAUDITED) SHARES DESCRIPTION VALUE ----------- ------------------------------------------- ------------- EXCHANGE-TRADED FUNDS -- 99.9% CAPITAL MARKETS -- 99.9% 687,105 FT Cboe Vest U.S. Equity Buffer ETF - January (a) (b) $ 23,447,802 622,162 FT Cboe Vest U.S. Equity Buffer ETF - February (a) (b) 23,261,517 675,726 FT Cboe Vest U.S. Equity Buffer ETF - October (a) (b) 23,109,829 665,981 FT Cboe Vest U.S. Equity Buffer ETF - November (a) (b) 24,647,957 744,447 FT Cboe Vest U.S. Equity Buffer ETF - December (a) (b) 24,715,640 ------------- TOTAL EXCHANGE-TRADED FUNDS -- 99.9% 119,182,745 (Cost $120,436,638) ------------- MONEY MARKET FUNDS -- 0.1% 83,608 Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 0.01% (c) 83,608 (Cost $83,608) ------------- TOTAL INVESTMENTS -- 100.0% 119,266,353 (Cost $120,520,246) NET OTHER ASSETS AND LIABILITIES -- (0.0)% (16,888) ------------- NET ASSETS -- 100.0% $ 119,249,465 ============= (a) Investment in an affiliated fund. (b) Non-income producing security. (c) Rate shown reflects yield as of February 28, 2022. ----------------------------- VALUATION INPUTS A summary of the inputs used to value the Fund's investments as of February 28, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements): LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 2/28/2022 PRICES INPUTS INPUTS -------------- -------------- -------------- -------------- Exchange-Traded Funds*............................... $ 119,182,745 $ 119,182,745 $ -- $ -- Money Market Funds................................... 83,608 83,608 -- -- -------------- -------------- -------------- -------------- Total Investments.................................... $ 119,266,353 $ 119,266,353 $ -- $ -- ============== ============== ============== ============== * See Portfolio of Investments for industry breakout. See Notes to Financial Statements Page 83 FIRST TRUST EXCHANGE-TRADED FUND VIII STATEMENTS OF ASSETS AND LIABILITIES FEBRUARY 28, 2022 (UNAUDITED) FT CBOE VEST FT CBOE VEST FT CBOE VEST FT CBOE VEST U.S. EQUITY U.S. EQUITY U.S. EQUITY U.S. EQUITY BUFFER ETF - DEEP BUFFER ETF - BUFFER ETF - DEEP BUFFER ETF - JANUARY JANUARY FEBRUARY FEBRUARY (FJAN) (DJAN) (FFEB) (DFEB) ---------------- ----------------- ----------------- ----------------- ASSETS: Investments, at value - Unaffiliated............ $ 4,042,041 $ 982,750 $ 3,219,928 $ 3,096,732 Investments, at value - Affiliated.............. -- -- -- -- ---------------- ----------------- ----------------- ----------------- Total investments, at value.................. 4,042,041 982,750 3,219,928 3,096,732 Options contracts purchased, at value........... 228,279,514 112,372,976 297,154,321 288,238,419 Cash............................................ 2 41 22 7,347 Receivables: Capital shares sold.......................... 290 14,502,537 -- -- Dividends.................................... 62 22 27 33 Investment securities sold................... -- 739,583 -- -- ---------------- ----------------- ----------------- ----------------- Total Assets................................. 232,321,909 128,597,909 300,374,298 291,342,531 ---------------- ----------------- ----------------- ----------------- LIABILITIES: Options contracts written, at value............. 15,298,431 5,523,384 21,569,539 16,705,262 Due to custodian................................ -- -- -- -- Payables: Capital shares purchased..................... 1,709,377 -- -- -- Investment advisory fees..................... 135,636 56,607 160,039 161,542 Investment securities purchased.............. -- 15,072,283 -- -- ---------------- ----------------- ----------------- ----------------- Total Liabilities............................ 17,143,444 20,652,274 21,729,578 16,866,804 ---------------- ----------------- ----------------- ----------------- NET ASSETS...................................... $ 215,178,465 $ 107,945,635 $ 278,644,720 $ 274,475,727 ================ ================= ================= ================= NET ASSETS CONSIST OF: Paid-in capital................................. $ 202,098,801 $ 103,486,943 $ 273,387,440 $ 294,840,477 Par value....................................... 63,000 33,500 74,500 77,500 Accumulated distributable earnings (loss)....... 13,016,664 4,425,192 5,182,780 (20,442,250) ---------------- ----------------- ----------------- ----------------- NET ASSETS...................................... $ 215,178,465 $ 107,945,635 $ 278,644,720 $ 274,475,727 ================ ================= ================= ================= NET ASSET VALUE, per share...................... $ 34.16 $ 32.22 $ 37.40 $ 35.42 ================ ================= ================= ================= Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share)............................. 6,300,002 3,350,002 7,450,002 7,750,002 ================ ================= ================= ================= Investments, at cost - Unaffiliated............. $ 4,042,041 $ 982,750 $ 3,219,928 $ 3,096,732 ================ ================= ================= ================= Investments, at cost - Affiliated............... $ -- $ -- $ -- $ -- ================ ================= ================= ================= Total investments, at cost...................... $ 4,042,041 $ 982,750 $ 3,219,928 $ 3,096,732 ================ ================= ================= ================= Premiums paid on options contracts purchased.... $ 229,803,597 $ 113,499,920 $ 296,510,224 $ 286,258,091 ================ ================= ================= ================= Premiums received on options contracts written.. $ 17,068,344 $ 6,505,208 $ 21,909,584 $ 15,120,674 ================ ================= ================= ================= Page 84 See Notes to Financial Statements FT CBOE VEST FT CBOE VEST FT CBOE VEST FT CBOE VEST FT CBOE VEST FT CBOE VEST U.S. EQUITY U.S. EQUITY U.S. EQUITY U.S. EQUITY U.S. EQUITY U.S. EQUITY BUFFER ETF - DEEP BUFFER ETF - BUFFER ETF - DEEP BUFFER ETF - BUFFER ETF - DEEP BUFFER ETF - MARCH MARCH APRIL APRIL MAY MAY (FMAR) (DMAR) (FAPR) (DAPR) (FMAY) (DMAY) ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- $ 278,534 $ 253,137 $ 563,459 $ 371,627 $ 583,754 $ 398,217 -- -- -- -- -- -- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- 278,534 253,137 563,459 371,627 583,754 398,217 87,176,155 80,442,719 140,969,357 91,066,032 122,639,101 87,733,247 4 12 -- -- -- -- -- -- -- 535 -- -- 9 6 15 18 17 13 -- -- -- 3,139,933 -- -- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- 87,454,702 80,695,874 141,532,831 94,578,145 123,222,872 88,131,477 ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- 1,078,211 3,008,957 1,633,812 1,724,688 2,887,844 2,834,396 -- -- 158 -- 125 336 -- -- -- 3,091,071 -- -- 63,872 60,748 93,693 61,539 78,004 55,394 -- -- -- 59,731 -- -- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- 1,142,083 3,069,705 1,727,663 4,937,029 2,965,973 2,890,126 ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- $ 86,312,619 $ 77,626,169 $ 139,805,168 $ 89,641,116 $ 120,256,899 $ 85,241,351 ================= ================= ================= ================= ================= ================= $ 80,449,138 $ 74,192,035 $ 134,666,637 $ 86,582,808 $ 130,588,442 $ 86,792,357 26,500 24,500 44,500 29,000 32,500 25,000 5,836,981 3,409,634 5,094,031 3,029,308 (10,364,043) (1,576,006) ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- $ 86,312,619 $ 77,626,169 $ 139,805,168 $ 89,641,116 $ 120,256,899 $ 85,241,351 ================= ================= ================= ================= ================= ================= $ 32.57 $ 31.68 $ 31.42 $ 30.91 $ 37.00 $ 34.10 ================= ================= ================= ================= ================= ================= 2,650,002 2,450,002 4,450,002 2,900,002 3,250,002 2,500,002 ================= ================= ================= ================= ================= ================= $ 278,534 $ 253,137 $ 563,459 $ 371,627 $ 583,754 $ 398,217 ================= ================= ================= ================= ================= ================= $ -- $ -- $ -- $ -- $ -- $ -- ================= ================= ================= ================= ================= ================= $ 278,534 $ 253,137 $ 563,459 $ 371,627 $ 583,754 $ 398,217 ================= ================= ================= ================= ================= ================= $ 86,446,463 $ 83,688,972 $ 141,605,431 $ 92,741,017 $ 122,166,348 $ 88,019,638 ================= ================= ================= ================= ================= ================= $ 4,207,509 $ 3,764,633 $ 7,798,321 $ 3,718,081 $ 7,101,109 $ 4,756,474 ================= ================= ================= ================= ================= ================= See Notes to Financial Statements Page 85 FIRST TRUST EXCHANGE-TRADED FUND VIII STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED) FEBRUARY 28, 2022 (UNAUDITED) FT CBOE VEST FT CBOE VEST FT CBOE VEST FT CBOE VEST U.S. EQUITY U.S. EQUITY U.S. EQUITY U.S. EQUITY BUFFER ETF - DEEP BUFFER ETF - BUFFER ETF - DEEP BUFFER ETF - JUNE JUNE JULY JULY (FJUN) (DJUN) (FJUL) (DJUL) ---------------- ----------------- ----------------- ----------------- ASSETS: Investments, at value - Unaffiliated............ $ 4,239,740 $ 354,658 $ 870,738 $ 409,991 Investments, at value - Affiliated.............. -- -- -- -- ---------------- ----------------- ----------------- ----------------- Total investments, at value.................. 4,239,740 354,658 870,738 409,991 Options contracts purchased, at value........... 113,826,987 75,561,902 146,696,924 74,039,905 Cash............................................ 149 155 -- 51 Receivables: Capital shares sold.......................... 631 -- 297 -- Dividends.................................... 23 8 24 13 Investment securities sold................... -- -- 1,808,687 -- ---------------- ----------------- ----------------- ----------------- Total Assets................................. 118,067,530 75,916,723 149,376,670 74,449,960 ---------------- ----------------- ----------------- ----------------- LIABILITIES: Options contracts written, at value............. 3,931,806 3,095,711 5,132,008 2,161,459 Due to custodian................................ -- -- -- -- Payables: Capital shares purchased..................... 3,690,897 -- 1,757,171 -- Investment advisory fees..................... 74,645 46,144 93,142 -- Investment securities purchased.............. -- -- 63,424 46,479 ---------------- ----------------- ----------------- ----------------- Total Liabilities............................ 7,697,348 3,141,855 7,045,745 2,207,938 ---------------- ----------------- ----------------- ----------------- NET ASSETS...................................... $ 110,370,182 $ 72,774,868 $ 142,330,925 $ 72,242,022 ================ ================= ================= ================= NET ASSETS CONSIST OF: Paid-in capital................................. $ 119,308,960 $ 74,866,339 $ 142,878,190 $ 74,266,122 Par value....................................... 30,000 21,500 40,500 22,000 Accumulated distributable earnings (loss)....... (8,968,778) (2,112,971) (587,765) (2,046,100) ---------------- ----------------- ----------------- ----------------- NET ASSETS...................................... $ 110,370,182 $ 72,774,868 $ 142,330,925 $ 72,242,022 ================ ================= ================= ================= NET ASSET VALUE, per share...................... $ 36.79 $ 33.85 $ 35.14 $ 32.84 ================ ================= ================= ================= Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share)............................. 3,000,002 2,150,002 4,050,002 2,200,002 ================ ================= ================= ================= Investments, at cost - Unaffiliated............. $ 4,239,740 $ 354,658 $ 870,738 $ 409,991 ================ ================= ================= ================= Investments, at cost - Affiliated............... $ -- $ -- $ -- $ -- ================ ================= ================= ================= Total investments, at cost...................... $ 4,239,740 $ 354,658 $ 870,738 $ 409,991 ================ ================= ================= ================= Premiums paid on options contracts purchased.... $ 113,013,108 $ 76,230,003 $ 149,183,974 $ 75,303,734 ================ ================= ================= ================= Premiums received on options contracts written.. $ 6,873,857 $ 4,535,569 $ 8,612,873 $ 3,771,055 ================ ================= ================= ================= Page 86 See Notes to Financial Statements FT CBOE VEST FT CBOE VEST FT CBOE VEST FT CBOE VEST FT CBOE VEST FT CBOE VEST U.S. EQUITY U.S. EQUITY U.S. EQUITY U.S. EQUITY U.S. EQUITY U.S. EQUITY BUFFER ETF - DEEP BUFFER ETF - BUFFER ETF - DEEP BUFFER ETF - BUFFER ETF - DEEP BUFFER ETF - AUGUST AUGUST SEPTEMBER SEPTEMBER OCTOBER OCTOBER (FAUG) (DAUG) (FSEP) (DSEP) (FOCT) (DOCT) ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- $ 1,318,629 $ 956,848 $ 971,120 $ 487,707 $ 1,481,524 $ 889,031 -- -- -- -- -- -- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- 1,318,629 956,848 971,120 487,707 1,481,524 889,031 192,294,218 141,978,670 130,941,863 66,010,346 181,253,440 109,241,971 1,494 -- 461 447 -- 23 -- -- -- -- -- -- 34 24 27 11 35 22 -- -- -- -- -- -- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- 193,614,375 142,935,542 131,913,471 66,498,511 182,734,999 110,131,047 ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- 7,890,568 3,777,284 6,172,564 2,160,069 9,875,953 4,052,577 -- 121 -- -- -- -- -- -- -- -- -- -- 122,196 90,246 93,560 42,155 109,503 68,724 -- -- -- -- -- -- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- 8,012,764 3,867,651 6,266,124 2,202,224 9,985,456 4,121,301 ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- $ 185,601,611 $ 139,067,891 $ 125,647,347 $ 64,296,287 $ 172,749,543 $ 106,009,746 ================= ================= ================= ================= ================= ================= $ 201,902,441 $ 154,695,391 $ 123,019,262 $ 62,558,494 $ 167,088,397 $ 104,259,664 50,000 40,500 36,500 20,000 50,500 33,000 (16,350,830) (15,668,000) 2,591,585 1,717,793 5,610,646 1,717,082 ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- $ 185,601,611 $ 139,067,891 $ 125,647,347 $ 64,296,287 $ 172,749,543 $ 106,009,746 ================= ================= ================= ================= ================= ================= $ 37.12 $ 34.34 $ 34.42 $ 32.15 $ 34.21 $ 32.12 ================= ================= ================= ================= ================= ================= 5,000,002 4,050,002 3,650,002 2,000,002 5,050,002 3,300,002 ================= ================= ================= ================= ================= ================= $ 1,318,629 $ 956,848 $ 971,120 $ 487,707 $ 1,481,524 $ 889,031 ================= ================= ================= ================= ================= ================= $ -- $ -- $ -- $ -- $ -- $ -- ================= ================= ================= ================= ================= ================= $ 1,318,629 $ 956,848 $ 971,120 $ 487,707 $ 1,481,524 $ 889,031 ================= ================= ================= ================= ================= ================= $ 198,146,503 $ 145,273,316 $ 134,730,240 $ 67,455,210 $ 185,687,553 $ 112,164,667 ================= ================= ================= ================= ================= ================= $ 13,398,153 $ 7,081,923 $ 8,100,900 $ 3,397,716 $ 12,115,173 $ 5,811,572 ================= ================= ================= ================= ================= ================= See Notes to Financial Statements Page 87 FIRST TRUST EXCHANGE-TRADED FUND VIII STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED) FEBRUARY 28, 2022 (UNAUDITED) FT CBOE VEST FT CBOE VEST FT CBOE VEST FT CBOE VEST U.S. EQUITY U.S. EQUITY U.S. EQUITY U.S. EQUITY BUFFER ETF - DEEP BUFFER ETF - BUFFER ETF - DEEP BUFFER ETF - NOVEMBER NOVEMBER DECEMBER DECEMBER (FNOV) (DNOV) (FDEC) (DDEC) ---------------- ----------------- ----------------- ----------------- ASSETS: Investments, at value - Unaffiliated............ $ 2,899,786 $ 2,083,206 $ 5,700,897 $ 1,267,093 Investments, at value - Affiliated.............. -- -- -- -- ---------------- ----------------- ----------------- ----------------- Total investments, at value.................. 2,899,786 2,083,206 5,700,897 1,267,093 Options contracts purchased, at value........... 314,973,225 231,027,378 244,995,786 130,202,406 Cash............................................ -- -- 110 -- Receivables: Capital shares sold.......................... 305 1,704,413 551 1,589,254 Dividends.................................... 66 41 60 26 Investment securities sold................... 1,952,058 47,300 -- 54,158 ---------------- ----------------- ----------------- ----------------- Total Assets................................. 319,825,440 234,862,338 250,697,404 133,112,937 ---------------- ----------------- ----------------- ----------------- LIABILITIES: Options contracts written, at value............. 20,327,895 6,376,668 15,506,546 4,257,084 Due to custodian................................ 186 323 -- 950 Payables: Capital shares purchased..................... 1,846,775 -- 3,325,051 -- Investment advisory fees..................... 193,564 115,112 150,720 74,749 Investment securities purchased.............. 126,141 1,718,672 -- 1,660,521 ---------------- ----------------- ----------------- ----------------- Total Liabilities............................ 22,494,561 8,210,775 18,982,317 5,993,304 ---------------- ----------------- ----------------- ----------------- NET ASSETS...................................... $ 297,330,879 $ 226,651,563 $ 231,715,087 $ 127,119,633 ================ ================= ================= ================= NET ASSETS CONSIST OF: Paid-in capital................................. $ 294,698,293 $ 232,697,631 $ 228,370,819 $ 125,493,863 Par value....................................... 80,500 66,500 69,500 40,000 Accumulated distributable earnings (loss)....... 2,552,086 (6,112,568) 3,274,768 1,585,770 ---------------- ----------------- ----------------- ----------------- NET ASSETS...................................... $ 297,330,879 $ 226,651,563 $ 231,715,087 $ 127,119,633 ================ ================= ================= ================= NET ASSET VALUE, per share...................... $ 36.94 $ 34.08 $ 33.34 $ 31.78 ================ ================= ================= ================= Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share)............................. 8,050,002 6,650,002 6,950,002 4,000,002 ================ ================= ================= ================= Investments, at cost - Unaffiliated............. $ 2,899,786 $ 2,083,206 $ 5,700,897 $ 1,267,093 ================ ================= ================= ================= Investments, at cost - Affiliated............... $ -- $ -- $ -- $ -- ================ ================= ================= ================= Total investments, at cost...................... $ 2,899,786 $ 2,083,206 $ 5,700,897 $ 1,267,093 ================ ================= ================= ================= Premiums paid on options contracts purchased.... $ 327,076,243 $ 237,835,829 $ 251,004,373 $ 134,854,195 ================ ================= ================= ================= Premiums received on options contracts written.. $ 21,477,041 $ 9,812,213 $ 17,127,537 $ 6,836,078 ================ ================= ================= ================= Page 88 See Notes to Financial Statements FT CBOE VEST FT CBOE VEST BUFFERED BUFFERED ALLOCATION ALLOCATION DEFENSIVE ETF GROWTH ETF (BUFT) (BUFG) ----------------- ----------------- $ 114,752 $ 83,608 69,978,565 119,182,745 ----------------- ----------------- 70,093,317 119,266,353 -- -- 28,023,377 -- -- -- -- -- -- -- ----------------- ----------------- 98,116,694 119,266,353 ----------------- ----------------- -- -- -- -- -- -- 10,158 16,888 28,023,377 -- ----------------- ----------------- 28,033,535 16,888 ----------------- ----------------- $ 70,083,159 $ 119,249,465 ================= ================= $ 71,006,366 $ 122,431,001 35,500 61,500 (958,707) (3,243,036) ----------------- ----------------- $ 70,083,159 $ 119,249,465 ================= ================= $ 19.74 $ 19.39 ================= ================= 3,550,002 6,150,002 ================= ================= $ 114,752 $ 83,608 ================= ================= $ 70,007,510 $ 120,436,638 ================= ================= $ 70,122,262 $ 120,520,246 ================= ================= $ -- $ -- ================= ================= $ -- $ -- ================= ================= See Notes to Financial Statements Page 89 FIRST TRUST EXCHANGE-TRADED FUND VIII STATEMENTS OF OPERATIONS FOR THE PERIOD ENDED FEBRUARY 28, 2022 (UNAUDITED) FT CBOE VEST FT CBOE VEST FT CBOE VEST FT CBOE VEST U.S. EQUITY U.S. EQUITY U.S. EQUITY U.S. EQUITY BUFFER ETF - DEEP BUFFER ETF - BUFFER ETF - DEEP BUFFER ETF - JANUARY JANUARY FEBRUARY FEBRUARY (FJAN) (DJAN) (FFEB) (DFEB) ---------------- ----------------- ----------------- ----------------- INVESTMENT INCOME: Dividends....................................... $ 149 $ 64 $ 395 $ 700 ---------------- ----------------- ----------------- ----------------- Total investment income...................... 149 64 395 700 ---------------- ----------------- ----------------- ----------------- EXPENSES: Investment advisory fees........................ 646,249 252,425 1,066,916 1,083,299 ---------------- ----------------- ----------------- ----------------- Total expenses............................... 646,249 252,425 1,066,916 1,083,299 ---------------- ----------------- ----------------- ----------------- NET INVESTMENT INCOME (LOSS).................... (646,100) (252,361) (1,066,521) (1,082,599) ---------------- ----------------- ----------------- ----------------- NET REALIZED AND UNREALIZED GAIN (LOSS): Net realized gain (loss) on: Investments - Affiliated..................... -- -- -- -- In-kind redemptions - Affiliated............. -- -- -- -- Purchased options contracts.................. (17,902,482) (4,652,873) (17,227,912) 9,393,294 Written options contracts.................... 2,175,624 (371,255) 5,552,808 6,374,975 In-kind redemptions - Purchased options contracts................................. 24,841,293 6,717,790 21,140,693 4,737,771 In-kind redemptions - Written options contracts................................. 4,594,565 457,278 11,676,812 2,230,878 ---------------- ----------------- ----------------- ----------------- Net realized gain (loss)........................ 13,709,000 2,150,940 21,142,401 22,736,918 ---------------- ----------------- ----------------- ----------------- Net change in unrealized appreciation (depreciation) on: Investments - Affiliated..................... -- -- -- -- Purchased options contracts.................. (13,066,362) (5,863,366) (19,578,376) (25,672,999) Written options contracts.................... 3,510,207 4,275,983 (2,517,166) 9,112,194 ---------------- ----------------- ----------------- ----------------- Net change in unrealized appreciation (depreciation)............................... (9,556,155) (1,587,383) (22,095,542) (16,560,805) ---------------- ----------------- ----------------- ----------------- NET REALIZED AND UNREALIZED GAIN (LOSS).................................. 4,152,845 563,557 (953,141) 6,176,113 ---------------- ----------------- ----------------- ----------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS.................... $ 3,506,745 $ 311,196 $ (2,019,662) $ 5,093,514 ================ ================= ================= ================= Page 90 See Notes to Financial Statements FT CBOE VEST FT CBOE VEST FT CBOE VEST FT CBOE VEST FT CBOE VEST FT CBOE VEST U.S. EQUITY U.S. EQUITY U.S. EQUITY U.S. EQUITY U.S. EQUITY U.S. EQUITY BUFFER ETF - DEEP BUFFER ETF - BUFFER ETF - DEEP BUFFER ETF - BUFFER ETF - DEEP BUFFER ETF - MARCH MARCH APRIL APRIL MAY MAY (FMAR) (DMAR) (FAPR) (DAPR) (FMAY) (DMAY) ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- $ 88 $ 67 $ 385 $ 109 $ 139 $ 77 ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- 88 67 385 109 139 77 ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- 387,792 335,485 597,862 414,935 490,577 312,983 ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- 387,792 335,485 597,862 414,935 490,577 312,983 ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- (387,704) (335,418) (597,477) (414,826) (490,438) (312,906) ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -- -- -- -- -- -- -- -- -- -- -- -- (77,453) (186,227) (91,019) 287,832 23,608 (33,017) 224,011 173,148 82,892 104,525 18,185 36,072 1,530,090 2,010,466 232,097 544,298 -- -- 942,276 1,604,318 261,891 580,982 -- -- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- 2,618,924 3,601,705 485,861 1,517,637 41,793 3,055 ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -- -- -- -- -- -- (5,778,477) (7,044,795) (7,190,556) (6,201,906) (5,212,746) (4,058,054) 4,282,891 4,214,368 5,733,009 4,330,973 4,633,861 3,820,441 ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- (1,495,586) (2,830,427) (1,457,547) (1,870,933) (578,885) (237,613) ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- 1,123,338 771,278 (971,686) (353,296) (537,092) (234,558) ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- $ 735,634 $ 435,860 $ (1,569,163) $ (768,122) $ (1,027,530) $ (547,464) ================= ================= ================= ================= ================= ================= See Notes to Financial Statements Page 91 FIRST TRUST EXCHANGE-TRADED FUND VIII STATEMENTS OF OPERATIONS (CONTINUED) FOR THE PERIOD ENDED FEBRUARY 28, 2022 (UNAUDITED) FT CBOE VEST FT CBOE VEST FT CBOE VEST FT CBOE VEST U.S. EQUITY U.S. EQUITY U.S. EQUITY U.S. EQUITY BUFFER ETF - DEEP BUFFER ETF - BUFFER ETF - DEEP BUFFER ETF - JUNE JUNE JULY JULY (FJUN) (DJUN) (FJUL) (DJUL) ---------------- ----------------- ----------------- ----------------- INVESTMENT INCOME: Dividends....................................... $ 159 $ 60 $ 1,440 $ 788 ---------------- ----------------- ----------------- ----------------- Total investment income...................... 159 60 1,440 788 ---------------- ----------------- ----------------- ----------------- EXPENSES: Investment advisory fees........................ 515,107 249,090 595,754 273,556 ---------------- ----------------- ----------------- ----------------- Total expenses............................... 515,107 249,090 595,754 273,556 ---------------- ----------------- ----------------- ----------------- NET INVESTMENT INCOME (LOSS).................... (514,948) (249,030) (594,314) (272,768) ---------------- ----------------- ----------------- ----------------- NET REALIZED AND UNREALIZED GAIN (LOSS): Net realized gain (loss) on: Investments - Affiliated..................... -- -- -- -- In-kind redemptions - Affiliated............. -- -- -- -- Purchased options contracts.................. (258,392) 20,769 (94,527) (80,364) Written options contracts.................... 452,326 (5,773) 147,202 55,107 In-kind redemptions - Purchased options contracts................................. -- -- 519,415 -- In-kind redemptions - Written options contracts................................. -- -- 113,252 -- ---------------- ----------------- ----------------- ----------------- Net realized gain (loss)........................ 193,934 14,996 685,342 (25,257) ---------------- ----------------- ----------------- ----------------- Net change in unrealized appreciation (depreciation) on: Investments - Affiliated..................... -- -- -- -- Purchased options contracts.................. (5,057,599) (3,157,574) (5,636,598) (2,984,537) Written options contracts.................... 4,281,770 2,938,734 3,699,635 2,435,174 ---------------- ----------------- ----------------- ----------------- Net change in unrealized appreciation (depreciation)............................... (775,829) (218,840) (1,936,963) (549,363) ---------------- ----------------- ----------------- ----------------- NET REALIZED AND UNREALIZED GAIN (LOSS).................................. (581,895) (203,844) (1,251,621) (574,620) ---------------- ----------------- ----------------- ----------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS.................... $ (1,096,843) $ (452,874) $ (1,845,935) $ (847,388) ================ ================= ================= ================= Page 92 See Notes to Financial Statements FT CBOE VEST FT CBOE VEST FT CBOE VEST FT CBOE VEST FT CBOE VEST FT CBOE VEST U.S. EQUITY U.S. EQUITY U.S. EQUITY U.S. EQUITY U.S. EQUITY U.S. EQUITY BUFFER ETF - DEEP BUFFER ETF - BUFFER ETF - DEEP BUFFER ETF - BUFFER ETF - DEEP BUFFER ETF - AUGUST AUGUST SEPTEMBER SEPTEMBER OCTOBER OCTOBER (FAUG) (DAUG) (FSEP) (DSEP) (FOCT) (DOCT) ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- $ 3,130 $ 2,271 $ 178 $ 75 $ 213 $ 108 ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- 3,130 2,271 178 75 213 108 ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- 827,927 553,082 494,280 232,990 535,659 332,265 ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- 827,927 553,082 494,280 232,990 535,659 332,265 ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- (824,797) (550,811) (494,102) (232,915) (535,446) (332,157) ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -- -- -- -- -- -- -- -- -- -- -- -- 208,333 (29,268) 1,019,438 1,657,143 (1,923,515) 1,440,863 14,187 56,340 (2,836,746) (3,015,197) (5,610,770) (4,845,304) 279,870 -- 694,190 -- 11,940,833 6,018,320 451,023 -- 1,012,019 -- 2,536,626 568,877 ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- 953,413 27,072 (111,099) (1,358,054) 6,943,174 3,182,756 ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- -- -- -- -- -- -- (5,538,991) (4,433,325) (5,803,998) (3,726,339) (15,169,494) (10,782,437) 3,629,285 3,565,336 5,808,768 4,891,658 6,296,771 6,659,789 ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- (1,909,706) (867,989) 4,770 1,165,319 (8,872,723) (4,122,648) ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- (956,293) (840,917) (106,329) (192,735) (1,929,549) (939,892) ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- $ (1,781,090) $ (1,391,728) $ (600,431) $ (425,650) $ (2,464,995) $ (1,272,049) ================= ================= ================= ================= ================= ================= See Notes to Financial Statements Page 93 FIRST TRUST EXCHANGE-TRADED FUND VIII STATEMENTS OF OPERATIONS (CONTINUED) FOR THE PERIOD ENDED FEBRUARY 28, 2022 (UNAUDITED) FT CBOE VEST FT CBOE VEST FT CBOE VEST FT CBOE VEST U.S. EQUITY U.S. EQUITY U.S. EQUITY U.S. EQUITY BUFFER ETF - DEEP BUFFER ETF - BUFFER ETF - DEEP BUFFER ETF - NOVEMBER NOVEMBER DECEMBER DECEMBER (FNOV) (DNOV) (FDEC) (DDEC) ---------------- ----------------- ----------------- ----------------- INVESTMENT INCOME: Dividends....................................... $ 284 $ 153 $ 253 $ 94 ---------------- ----------------- ----------------- ----------------- Total investment income...................... 284 153 253 94 ---------------- ----------------- ----------------- ----------------- EXPENSES: Investment advisory fees........................ 881,101 481,992 485,849 305,661 ---------------- ----------------- ----------------- ----------------- Total expenses............................... 881,101 481,992 485,849 305,661 ---------------- ----------------- ----------------- ----------------- NET INVESTMENT INCOME (LOSS).................... (880,817) (481,839) (485,596) (305,567) ---------------- ----------------- ----------------- ----------------- NET REALIZED AND UNREALIZED GAIN (LOSS): Net realized gain (loss) on: Investments - Affiliated..................... -- -- -- -- In-kind redemptions - Affiliated............. -- -- -- -- Purchased options contracts.................. (1,251,435) 12,936,931 (2,426,206) (1,326,573) Written options contracts.................... (19,660,341) (14,971,889) (4,804,299) (6,335,417) In-kind redemptions - Purchased options contracts................................. 29,280,555 6,677,821 13,063,281 11,160,490 In-kind redemptions - Written options contracts................................. 6,004,522 (417,621) 2,105,871 260,545 ---------------- ----------------- ----------------- ----------------- Net realized gain (loss)........................ 14,373,301 4,225,242 7,938,647 3,759,045 ---------------- ----------------- ----------------- ----------------- Net change in unrealized appreciation (depreciation) on: Investments - Affiliated..................... -- -- -- -- Purchased options contracts.................. (34,889,908) (23,087,264) (14,089,374) (12,597,641) Written options contracts.................... 10,872,757 15,855,647 3,162,912 7,362,795 ---------------- ----------------- ----------------- ----------------- Net change in unrealized appreciation (depreciation)............................... (24,017,151) (7,231,617) (10,926,462) (5,234,846) ---------------- ----------------- ----------------- ----------------- NET REALIZED AND UNREALIZED GAIN (LOSS).................................. (9,643,850) (3,006,375) (2,987,815) (1,475,801) ---------------- ----------------- ----------------- ----------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS.................... $ (10,524,667) $ (3,488,214) $ (3,473,411) $ (1,781,368) ================ ================= ================= ================= (a) Inception date is October 26, 2021, which is consistent with the commencement of investment operations and is the date the initial creation units were established. Page 94 See Notes to Financial Statements FT CBOE VEST FT CBOE VEST BUFFERED BUFFERED ALLOCATION ALLOCATION DEFENSIVE ETF GROWTH ETF (BUFT) (a) (BUFG) (a) ----------------- ----------------- $ 18 $ 15 ----------------- ----------------- 18 15 ----------------- ----------------- 27,397 40,971 ----------------- ----------------- 27,397 40,971 ----------------- ----------------- (27,379) (40,956) ----------------- ----------------- (894,984) (1,968,166) (7,399) 19,979 -- -- -- -- -- -- -- -- ----------------- ----------------- (902,383) (1,948,187) ----------------- ----------------- (28,945) (1,253,893) -- -- -- -- ----------------- ----------------- (28,945) (1,253,893) ----------------- ----------------- (931,328) (3,202,080) ----------------- ----------------- $ (958,707) $ (3,243,036) ================= ================= See Notes to Financial Statements Page 95 FIRST TRUST EXCHANGE-TRADED FUND VIII STATEMENTS OF CHANGES IN NET ASSETS FT CBOE VEST FT CBOE VEST U.S. EQUITY U.S. EQUITY BUFFER ETF - DEEP BUFFER ETF - JANUARY JANUARY (FJAN) (DJAN) ----------------------------------- ----------------------------------- SIX MONTHS ENDED SIX MONTHS ENDED 2/28/22 PERIOD ENDED 2/28/22 PERIOD ENDED (UNAUDITED) 8/31/21 (a) (UNAUDITED) 8/31/21 (a) ---------------- ---------------- ---------------- ---------------- OPERATIONS: Net investment income (loss).................... $ (646,100) $ (517,448) $ (252,361) $ (337,187) Net realized gain (loss)........................ 13,709,000 221,247 2,150,940 3,003,904 Net change in unrealized appreciation (depreciation)............................... (9,556,155) 9,801,985 (1,587,383) 1,442,263 ---------------- ---------------- ---------------- ---------------- Net increase (decrease) in net assets resulting from operations.............................. 3,506,745 9,505,784 311,196 4,108,980 ---------------- ---------------- ---------------- ---------------- SHAREHOLDER TRANSACTIONS: Proceeds from shares sold....................... 224,970,919 133,165,845 100,016,241 134,581,825 Cost of shares redeemed......................... (140,110,438) (15,860,390) (41,892,414) (89,180,193) ---------------- ---------------- ---------------- ---------------- Net increase (decrease) in net assets resulting from shareholder transactions................ 84,860,481 117,305,455 58,123,827 45,401,632 ---------------- ---------------- ---------------- ---------------- Total increase (decrease) in net assets......... 88,367,226 126,811,239 58,435,023 49,510,612 NET ASSETS: Beginning of period............................. 126,811,239 -- 49,510,612 -- ---------------- ---------------- ---------------- ---------------- End of period................................... $ 215,178,465 $ 126,811,239 $ 107,945,635 $ 49,510,612 ================ ================ ================ ================ CHANGES IN SHARES OUTSTANDING: Shares outstanding, beginning of period......... 3,800,002 -- 1,550,002 -- Shares sold..................................... 6,600,000 4,300,002 3,100,000 4,400,002 Shares redeemed................................. (4,100,000) (500,000) (1,300,000) (2,850,000) ---------------- ---------------- ---------------- ---------------- Shares outstanding, end of period............... 6,300,002 3,800,002 3,350,002 1,550,002 ================ ================ ================ ================ (a) Inception date is January 15, 2021, which is consistent with the commencement of investment operations and is the date the initial creation units were established. (b) Inception date is March 19, 2021, which is consistent with the commencement of investment operations and is the date the initial creation units were established. Page 96 See Notes to Financial Statements FT CBOE VEST FT CBOE VEST FT CBOE VEST U.S. EQUITY U.S. EQUITY U.S. EQUITY BUFFER ETF - DEEP BUFFER ETF - BUFFER ETF - FEBRUARY FEBRUARY MARCH (FFEB) (DFEB) (FMAR) ----------------------------------- ----------------------------------- ----------------------------------- SIX MONTHS ENDED SIX MONTHS ENDED SIX MONTHS ENDED 2/28/22 YEAR ENDED 2/28/22 YEAR ENDED 2/28/22 PERIOD ENDED (UNAUDITED) 8/31/2021 (UNAUDITED) 8/31/2021 (UNAUDITED) 8/31/2021 (b) ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- $ (1,066,521) $ (2,051,083) $ (1,082,599) $ (3,281,965) $ (387,704) $ (248,208) 21,142,401 39,681,194 22,736,918 80,777,145 2,618,924 (11,373) (22,095,542) 7,240,170 (16,560,805) (37,234,562) (1,495,586) 5,354,576 ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- (2,019,662) 44,870,281 5,093,514 40,260,618 735,634 5,094,995 ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- 233,034,124 373,472,561 75,785,617 471,709,089 35,720,600 85,226,492 (210,822,692) (370,815,309) (89,037,303) (763,611,447) (32,752,997) (7,712,105) ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- 22,211,432 2,657,252 (13,251,686) (291,902,358) 2,967,603 77,514,387 ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- 20,191,770 47,527,533 (8,158,172) (251,641,740) 3,703,237 82,609,382 258,452,950 210,925,417 282,633,899 534,275,639 82,609,382 -- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- $ 278,644,720 $ 258,452,950 $ 274,475,727 $ 282,633,899 $ 86,312,619 $ 82,609,382 ================ ================ ================ ================ ================ ================ 6,900,002 6,700,002 8,150,002 17,100,002 2,550,002 -- 6,150,000 11,200,000 2,150,000 14,700,000 1,100,000 2,800,002 (5,600,000) (11,000,000) (2,550,000) (23,650,000) (1,000,000) (250,000) ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- 7,450,002 6,900,002 7,750,002 8,150,002 2,650,002 2,550,002 ================ ================ ================ ================ ================ ================ See Notes to Financial Statements Page 97 FIRST TRUST EXCHANGE-TRADED FUND VIII STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED) FT CBOE VEST FT CBOE VEST U.S. EQUITY U.S. EQUITY DEEP BUFFER ETF - BUFFER ETF - MARCH APRIL (DMAR) (FAPR) ----------------------------------- ----------------------------------- SIX MONTHS ENDED SIX MONTHS ENDED 2/28/22 PERIOD ENDED 2/28/22 PERIOD ENDED (UNAUDITED) 8/31/21 (b) (UNAUDITED) 8/31/21 (c) ---------------- ---------------- ---------------- ---------------- OPERATIONS: Net investment income (loss).................... $ (335,418) $ (214,653) $ (597,477) $ (334,180) Net realized gain (loss)........................ 3,601,705 2,840,305 485,861 3,484 Net change in unrealized appreciation (depreciation)............................... (2,830,427) 339,850 (1,457,547) 6,985,982 ---------------- ---------------- ---------------- ---------------- Net increase (decrease) in net assets resulting from operations.............................. 435,860 2,965,502 (1,569,163) 6,655,286 ---------------- ---------------- ---------------- ---------------- SHAREHOLDER TRANSACTIONS: Proceeds from shares sold....................... 34,844,585 91,038,951 20,787,669 141,902,180 Cost of shares redeemed......................... (23,707,247) (27,951,482) (14,164,648) (13,806,156) ---------------- ---------------- ---------------- ---------------- Net increase (decrease) in net assets resulting from shareholder transactions................ 11,137,338 63,087,469 6,623,021 128,096,024 ---------------- ---------------- ---------------- ---------------- Total increase (decrease) in net assets......... 11,573,198 66,052,971 5,053,858 134,751,310 NET ASSETS: Beginning of period............................. 66,052,971 -- 134,751,310 -- ---------------- ---------------- ---------------- ---------------- End of period................................... $ 77,626,169 $ 66,052,971 $ 139,805,168 $ 134,751,310 ================ ================ ================ ================ CHANGES IN SHARES OUTSTANDING: Shares outstanding, beginning of period......... 2,100,002 -- 4,250,002 -- Shares sold..................................... 1,100,000 3,000,002 650,000 4,700,002 Shares redeemed................................. (750,000) (900,000) (450,000) (450,000) ---------------- ---------------- ---------------- ---------------- Shares outstanding, end of period............... 2,450,002 2,100,002 4,450,002 4,250,002 ================ ================ ================ ================ (b) Inception date is March 19, 2021, which is consistent with the commencement of investment operations and is the date the initial creation units were established. (c) Inception date is April 16, 2021, which is consistent with the commencement of investment operations and is the date the initial creation units were established. Page 98 See Notes to Financial Statements FT CBOE VEST FT CBOE VEST FT CBOE VEST U.S. EQUITY U.S. EQUITY U.S. EQUITY DEEP BUFFER ETF - BUFFER ETF - DEEP BUFFER ETF - APRIL MAY MAY (DAPR) (FMAY) (DMAY) ----------------------------------- ----------------------------------- ----------------------------------- SIX MONTHS ENDED SIX MONTHS ENDED SIX MONTHS ENDED 2/28/22 PERIOD ENDED 2/28/22 YEAR ENDED 2/28/22 YEAR ENDED (UNAUDITED) 8/31/2021 (c) (UNAUDITED) 8/31/2021 (UNAUDITED) 8/31/2021 ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- $ (414,826) $ (293,956) $ (490,438) $ (603,241) $ (312,906) $ (243,030) 1,517,637 1,893,188 41,793 6,819,624 3,055 1,159,456 (1,870,933) 2,189,341 (578,885) 2,540,824 (237,613) 1,372,998 ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- (768,122) 3,788,573 (1,027,530) 8,757,207 (547,464) 2,289,424 ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- 32,906,997 146,182,323 22,521,182 182,819,078 25,842,778 77,943,486 (35,723,321) (56,745,334) (13,112,599) (118,187,369) (3,424,578) (28,116,886) ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- (2,816,324) 89,436,989 9,408,583 64,631,709 22,418,200 49,826,600 ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- (3,584,446) 93,225,562 8,381,053 73,388,916 21,870,736 52,116,024 93,225,562 -- 111,875,846 38,486,930 63,370,615 11,254,591 ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- $ 89,641,116 $ 93,225,562 $ 120,256,899 $ 111,875,846 $ 85,241,351 $ 63,370,615 ================ ================ ================ ================ ================ ================ 3,000,002 -- 3,000,002 1,150,002 1,850,002 350,002 1,050,000 4,850,002 600,000 5,200,000 750,000 2,350,000 (1,150,000) (1,850,000) (350,000) (3,350,000) (100,000) (850,000) ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- 2,900,002 3,000,002 3,250,002 3,000,002 2,500,002 1,850,002 ================ ================ ================ ================ ================ ================ See Notes to Financial Statements Page 99 FIRST TRUST EXCHANGE-TRADED FUND VIII STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED) FT CBOE VEST FT CBOE VEST U.S. EQUITY U.S. EQUITY BUFFER ETF - DEEP BUFFER ETF - JUNE JUNE (FJUN) (DJUN) ----------------------------------- ----------------------------------- SIX MONTHS ENDED SIX MONTHS ENDED 2/28/22 YEAR ENDED 2/28/22 YEAR ENDED (UNAUDITED) 8/31/21 (UNAUDITED) 8/31/21 ---------------- ---------------- ---------------- ---------------- OPERATIONS: Net investment income (loss).................... $ (514,948) $ (535,737) $ (249,030) $ (199,732) Net realized gain (loss)........................ 193,934 8,204,605 14,996 1,881,474 Net change in unrealized appreciation (depreciation)............................... (775,829) 1,204,882 (218,840) 194,237 ---------------- ---------------- ---------------- ---------------- Net increase (decrease) in net assets resulting from operations.............................. (1,096,843) 8,873,750 (452,874) 1,875,979 ---------------- ---------------- ---------------- ---------------- SHAREHOLDER TRANSACTIONS: Proceeds from shares sold....................... 26,087,330 137,956,049 30,725,124 57,855,267 Cost of shares redeemed......................... (27,695,070) (82,599,741) (3,448,310) (34,330,998) ---------------- ---------------- ---------------- ---------------- Net increase (decrease) in net assets resulting from shareholder transactions................ (1,607,740) 55,356,308 27,276,814 23,524,269 ---------------- ---------------- ---------------- ---------------- Total increase (decrease) in net assets......... (2,704,583) 64,230,058 26,823,940 25,400,248 NET ASSETS: Beginning of period............................. 113,074,765 48,844,707 45,950,928 20,550,680 ---------------- ---------------- ---------------- ---------------- End of period................................... $ 110,370,182 $ 113,074,765 $ 72,774,868 $ 45,950,928 ================ ================ ================ ================ CHANGES IN SHARES OUTSTANDING: Shares outstanding, beginning of period......... 3,050,002 1,500,002 1,350,002 650,002 Shares sold..................................... 700,000 3,900,000 900,000 1,750,000 Shares redeemed................................. (750,000) (2,350,000) (100,000) (1,050,000) ---------------- ---------------- ---------------- ---------------- Shares outstanding, end of period............... 3,000,002 3,050,002 2,150,002 1,350,002 ================ ================ ================ ================ Page 100 See Notes to Financial Statements FT CBOE VEST FT CBOE VEST FT CBOE VEST U.S. EQUITY U.S. EQUITY U.S. EQUITY BUFFER ETF - DEEP BUFFER ETF - BUFFER ETF - JULY JULY AUGUST (FJUL) (DJUL) (FAUG) ----------------------------------- ----------------------------------- ----------------------------------- SIX MONTHS ENDED SIX MONTHS ENDED SIX MONTHS ENDED 2/28/22 YEAR ENDED 2/28/22 YEAR ENDED 2/28/22 YEAR ENDED (UNAUDITED) 8/31/2021 (UNAUDITED) 8/31/2021 (UNAUDITED) 8/31/2021 ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- $ (594,314) $ (351,194) $ (272,768) $ (172,669) $ (824,797) $ (797,507) 685,342 4,419,554 (25,257) 1,207,182 953,413 13,839,939 (1,936,963) 2,003,769 (549,363) 680,378 (1,909,706) 1,184,195 ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- (1,845,935) 6,072,129 (847,388) 1,714,891 (1,781,090) 14,226,627 ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- 35,664,419 140,264,490 21,648,461 64,560,989 82,355,927 255,932,223 (16,209,787) (54,808,830) (3,293,768) (23,925,407) (50,614,877) (150,763,677) ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- 19,454,632 85,455,660 18,354,693 40,635,582 31,741,050 105,168,546 ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- 17,608,697 91,527,789 17,507,305 42,350,473 29,959,960 119,395,173 124,722,228 33,194,439 54,734,717 12,384,244 155,641,651 36,246,478 ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- $ 142,330,925 $ 124,722,228 $ 72,242,022 $ 54,734,717 $ 185,601,611 $ 155,641,651 ================ ================ ================ ================ ================ ================ 3,500,002 1,050,002 1,650,002 400,002 4,150,002 1,100,002 1,000,000 4,100,000 650,000 2,000,000 2,200,000 7,200,000 (450,000) (1,650,000) (100,000) (750,000) (1,350,000) (4,150,000) ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- 4,050,002 3,500,002 2,200,002 1,650,002 5,000,002 4,150,002 ================ ================ ================ ================ ================ ================ See Notes to Financial Statements Page 101 FIRST TRUST EXCHANGE-TRADED FUND VIII STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED) FT CBOE VEST FT CBOE VEST U.S. EQUITY U.S. EQUITY DEEP BUFFER ETF - BUFFER ETF - AUGUST SEPTEMBER (DAUG) (FSEP) ----------------------------------- ----------------------------------- SIX MONTHS ENDED SIX MONTHS ENDED 2/28/22 YEAR ENDED 2/28/22 PERIOD ENDED (UNAUDITED) 8/31/21 (UNAUDITED) 8/31/21 (d) ---------------- ---------------- ---------------- ---------------- OPERATIONS: Net investment income (loss).................... $ (550,811) $ (967,283) $ (494,102) $ (197,943) Net realized gain (loss)........................ 27,072 10,568,579 (111,099) 5,253,628 Net change in unrealized appreciation (depreciation)............................... (867,989) (169,096) 4,770 (1,864,811) ---------------- ---------------- ---------------- ---------------- Net increase (decrease) in net assets resulting from operations.............................. (1,391,728) 9,432,200 (600,431) 3,190,874 ---------------- ---------------- ---------------- ---------------- SHAREHOLDER TRANSACTIONS: Proceeds from shares sold....................... 58,793,910 110,399,422 121,271,278 70,091,179 Cost of shares redeemed......................... (8,704,286) (162,893,118) (36,367,596) (31,937,957) ---------------- ---------------- ---------------- ---------------- Net increase (decrease) in net assets resulting from shareholder transactions................ 50,089,624 (52,493,696) 84,903,682 38,153,222 ---------------- ---------------- ---------------- ---------------- Total increase (decrease) in net assets......... 48,697,896 (43,061,496) 84,303,251 41,344,096 NET ASSETS: Beginning of period............................. 90,369,995 133,431,491 41,344,096 -- ---------------- ---------------- ---------------- ---------------- End of period................................... $ 139,067,891 $ 90,369,995 $ 125,647,347 $ 41,344,096 ================ ================ ================ ================ CHANGES IN SHARES OUTSTANDING: Shares outstanding, beginning of period......... 2,600,002 4,150,002 1,200,002 -- Shares sold..................................... 1,700,000 3,300,000 3,500,000 2,150,002 Shares redeemed................................. (250,000) (4,850,000) (1,050,000) (950,000) ---------------- ---------------- ---------------- ---------------- Shares outstanding, end of period............... 4,050,002 2,600,002 3,650,002 1,200,002 ================ ================ ================ ================ (d) Inception date is September 18, 2020, which is consistent with the commencement of investment operations and is the date the initial creation units were established. (e) Inception date is October 16, 2020, which is consistent with the commencement of investment operations and is the date the initial creation units were established. Page 102 See Notes to Financial Statements FT CBOE VEST FT CBOE VEST FT CBOE VEST U.S. EQUITY U.S. EQUITY U.S. EQUITY DEEP BUFFER ETF - BUFFER ETF - DEEP BUFFER ETF - SEPTEMBER OCTOBER OCTOBER (DSEP) (FOCT) (DOCT) ----------------------------------- ----------------------------------- ----------------------------------- SIX MONTHS ENDED SIX MONTHS ENDED SIX MONTHS ENDED 2/28/22 PERIOD ENDED 2/28/22 PERIOD ENDED 2/28/22 PERIOD ENDED (UNAUDITED) 8/31/2021 (d) (UNAUDITED) 8/31/2021 (e) (UNAUDITED) 8/31/2021 (e) ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- $ (232,915) $ (200,274) $ (535,446) $ (426,374) $ (332,157) $ (257,031) (1,358,054) 3,712,900 6,943,174 1,818,298 3,182,756 284,354 1,165,319 (1,372,536) (8,872,723) 6,677,830 (4,122,648) 2,958,947 ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- (425,650) 2,140,090 (2,464,995) 8,069,754 (1,272,049) 2,986,270 ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- 42,151,872 61,367,325 164,960,744 80,609,489 99,212,294 55,024,234 (3,270,845) (37,666,505) (60,275,617) (18,149,832) (32,441,183) (17,499,820) ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- 38,881,027 23,700,820 104,685,127 62,459,657 66,771,111 37,524,414 ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- 38,455,377 25,840,910 102,220,132 70,529,411 65,499,062 40,510,684 25,840,910 -- 70,529,411 -- 40,510,684 -- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- $ 64,296,287 $ 25,840,910 $ 172,749,543 $ 70,529,411 $ 106,009,746 $ 40,510,684 ================ ================ ================ ================ ================ ================ 800,002 -- 2,050,002 -- 1,250,002 -- 1,300,000 2,000,002 4,750,000 2,600,002 3,050,000 1,800,002 (100,000) (1,200,000) (1,750,000) (550,000) (1,000,000) (550,000) ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- 2,000,002 800,002 5,050,002 2,050,002 3,300,002 1,250,002 ================ ================ ================ ================ ================ ================ See Notes to Financial Statements Page 103 FIRST TRUST EXCHANGE-TRADED FUND VIII STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED) FT CBOE VEST FT CBOE VEST U.S. EQUITY U.S. EQUITY BUFFER ETF - DEEP BUFFER ETF - NOVEMBER NOVEMBER (FNOV) (DNOV) ----------------------------------- ----------------------------------- SIX MONTHS ENDED SIX MONTHS ENDED 2/28/22 YEAR ENDED 2/28/22 YEAR ENDED (UNAUDITED) 8/31/21 (UNAUDITED) 8/31/21 ---------------- ---------------- ---------------- ---------------- OPERATIONS: Net investment income (loss).................... $ (880,817) $ (1,452,873) $ (481,839) $ (920,733) Net realized gain (loss)........................ 14,373,301 26,834,660 4,225,242 24,507,324 Net change in unrealized appreciation (depreciation)............................... (24,017,151) 143,688 (7,231,617) (14,364,371) ---------------- ---------------- ---------------- ---------------- Net increase (decrease) in net assets resulting from operations.............................. (10,524,667) 25,525,475 (3,488,214) 9,222,220 ---------------- ---------------- ---------------- ---------------- SHAREHOLDER TRANSACTIONS: Proceeds from shares sold....................... 308,493,564 268,015,815 181,059,613 110,679,599 Cost of shares redeemed......................... (144,253,681) (288,058,581) (41,887,395) (174,946,705) ---------------- ---------------- ---------------- ---------------- Net increase (decrease) in net assets resulting from shareholder transactions................ 164,239,883 (20,042,766) 139,172,218 (64,267,106) ---------------- ---------------- ---------------- ---------------- Total increase (decrease) in net assets......... 153,715,216 5,482,709 135,684,004 (55,044,886) NET ASSETS: Beginning of period............................. 143,615,663 138,132,954 90,967,559 146,012,445 ---------------- ---------------- ---------------- ---------------- End of period................................... $ 297,330,879 $ 143,615,663 $ 226,651,563 $ 90,967,559 ================ ================ ================ ================ CHANGES IN SHARES OUTSTANDING: Shares outstanding, beginning of period......... 3,750,002 4,200,002 2,600,002 4,550,002 Shares sold..................................... 8,050,000 7,800,000 5,250,000 3,400,000 Shares redeemed................................. (3,750,000) (8,250,000) (1,200,000) (5,350,000) ---------------- ---------------- ---------------- ---------------- Shares outstanding, end of period............... 8,050,002 3,750,002 6,650,002 2,600,002 ================ ================ ================ ================ (f) Inception date is December 18, 2020, which is consistent with the commencement of investment operations and is the date the initial creation units were established. (g) Inception date is October 26, 2021, which is consistent with the commencement of investment operations and is the date the initial creation units were established. Page 104 See Notes to Financial Statements FT CBOE VEST FT CBOE VEST FT CBOE VEST FT CBOE VEST U.S. EQUITY U.S. EQUITY BUFFERED BUFFERED BUFFER ETF - DEEP BUFFER ETF - ALLOCATION ALLOCATION DECEMBER DECEMBER DEFENSIVE ETF GROWTH ETF (FDEC) (DDEC) (BUFT) (BUFG) ----------------------------------- ----------------------------------- ---------------- ---------------- SIX MONTHS ENDED SIX MONTHS ENDED PERIOD ENDED PERIOD ENDED 2/28/22 PERIOD ENDED 2/28/22 PERIOD ENDED 2/28/22 (g) 2/28/22 (g) (UNAUDITED) 8/31/2021 (f) (UNAUDITED) 8/31/2021 (f) (UNAUDITED) (UNAUDITED) ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- $ (485,596) $ (362,338) $ (305,567) $ (328,334) $ (27,379) $ (40,956) 7,938,647 567,487 3,759,045 530,775 (902,383) (1,948,187) (10,926,462) 6,538,866 (5,234,846) 3,162,051 (28,945) (1,253,893) ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- (3,473,411) 6,744,015 (1,781,368) 3,364,492 (958,707) (3,243,036) ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- 251,024,807 112,246,925 137,338,206 101,213,467 82,081,095 137,441,317 (86,779,344) (48,047,905) (67,982,712) (45,032,452) (11,039,229) (14,948,816) ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- 164,245,463 64,199,020 69,355,494 56,181,015 71,041,866 122,492,501 ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- 160,772,052 70,943,035 67,574,126 59,545,507 70,083,159 119,249,465 70,943,035 -- 59,545,507 -- -- -- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- $ 231,715,087 $ 70,943,035 $ 127,119,633 $ 59,545,507 $ 70,083,159 $ 119,249,465 ================ ================ ================ ================ ================ ================ 2,100,002 -- 1,850,002 -- -- -- 7,400,000 3,600,002 4,250,000 3,300,002 4,100,002 6,900,002 (2,550,000) (1,500,000) (2,100,000) (1,450,000) (550,000) (750,000) ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- 6,950,002 2,100,002 4,000,002 1,850,002 3,550,002 6,150,002 ================ ================ ================ ================ ================ ================ See Notes to Financial Statements Page 105 FIRST TRUST EXCHANGE-TRADED FUND VIII FINANCIAL HIGHLIGHTS FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD FT CBOE VEST U.S. EQUITY BUFFER ETF - JANUARY (FJAN) SIX MONTHS ENDED PERIOD 2/28/2022 ENDED (UNAUDITED) 8/31/2021 (a) -------------- -------------- Net asset value, beginning of period........................... $ 33.37 $ 30.06 -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss)................................... (0.05) (0.14) Net realized and unrealized gain (loss)........................ 0.84 3.45 -------- -------- Total from investment operations............................... 0.79 3.31 -------- -------- Net asset value, end of period................................. $ 34.16 $ 33.37 ======== ======== TOTAL RETURN (b)............................................... 2.37% 11.01% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in 000's)........................... $215,178 $126,811 RATIOS TO AVERAGE NET ASSETS: Ratio of total expenses to average net assets.................. 0.85% (c) 0.85% (c) Ratio of net investment income (loss) to average net assets ... (0.85)% (c) (0.85)% (c) Portfolio turnover rate (d).................................... 0% 0% FT CBOE VEST U.S. EQUITY DEEP BUFFER ETF - JANUARY (DJAN) SIX MONTHS ENDED PERIOD 2/28/2022 ENDED (UNAUDITED) 8/31/2021 (a) -------------- -------------- Net asset value, beginning of period........................... $ 31.94 $ 30.06 -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss)................................... (0.13) (e) (0.22) Net realized and unrealized gain (loss)........................ 0.41 2.10 -------- -------- Total from investment operations............................... 0.28 1.88 -------- -------- Net asset value, end of period................................. $ 32.22 $ 31.94 ======== ======== TOTAL RETURN (b)............................................... 0.88% 6.25% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in 000's)........................... $107,946 $ 49,511 RATIOS TO AVERAGE NET ASSETS: Ratio of total expenses to average net assets.................. 0.85% (c) 0.85% (c) Ratio of net investment income (loss) to average net assets ... (0.85)% (c) (0.85)% (c) Portfolio turnover rate (d).................................... 0% 0% (a) Inception date is January 15, 2021, which is consistent with the commencement of investment operations and is the date the initial creation units were established. (b) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. 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. Total return is calculated for the time period presented and is not annualized for periods of less than a year. (c) Annualized. (d) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions, derivatives and in-kind transactions. (e) Based on average shares outstanding. Page 106 See Notes to Financial Statements FIRST TRUST EXCHANGE-TRADED FUND VIII FINANCIAL HIGHLIGHTS (CONTINUED) FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD FT CBOE VEST U.S. EQUITY BUFFER ETF - FEBRUARY (FFEB) SIX MONTHS ENDED YEAR PERIOD 2/28/2022 ENDED ENDED (UNAUDITED) 8/31/2021 8/31/2020 (a) -------------- -------------- -------------- Net asset value, beginning of period........................... $ 37.46 $ 31.48 $ 30.68 -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss)................................... (0.13) (0.30) (0.08) Net realized and unrealized gain (loss)........................ 0.07 (b) 6.28 0.88 -------- -------- -------- Total from investment operations............................... (0.06) 5.98 0.80 -------- -------- -------- Net asset value, end of period................................. $ 37.40 $ 37.46 $ 31.48 ======== ======== ======== TOTAL RETURN (c)............................................... (0.16)% 19.00% 2.61% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in 000's)........................... $278,645 $258,453 $210,925 RATIOS TO AVERAGE NET ASSETS: Ratio of total expenses to average net assets.................. 0.85% (d) 0.85% 0.85% (d) Ratio of net investment income (loss) to average net assets.... (0.85)% (d) (0.85)% (0.85)% (d) Portfolio turnover rate (e).................................... 0% 0% 0% FT CBOE VEST U.S. EQUITY DEEP BUFFER ETF - FEBRUARY (DFEB) SIX MONTHS ENDED YEAR PERIOD 2/28/2022 ENDED ENDED (UNAUDITED) 8/31/2021 8/31/2020 (a) -------------- -------------- -------------- Net asset value, beginning of period........................... $ 34.68 $ 31.24 $ 30.68 -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss)................................... (0.15) (0.52) (0.11) Net realized and unrealized gain (loss)........................ 0.89 3.96 0.67 -------- -------- -------- Total from investment operations............................... 0.74 3.44 0.56 -------- -------- -------- Net asset value, end of period................................. $ 35.42 $ 34.68 $ 31.24 ======== ======== ======== TOTAL RETURN (c)............................................... 2.13% 11.01% 1.83% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in 000's)........................... $274,476 $282,634 $534,276 RATIOS TO AVERAGE NET ASSETS: Ratio of total expenses to average net assets.................. 0.85% (d) 0.85% 0.85% (d) Ratio of net investment income (loss) to average net assets.... (0.85)% (d) (0.85)% (0.85)% (d) Portfolio turnover rate (e).................................... 0% 0% 0% (a) Inception date is February 21, 2020, which is consistent with the commencement of investment operations and is the date the initial creation units were established. (b) The per share amount does not correlate with the aggregate realized and unrealized gain (loss) due to the timing of the Fund share sales and repurchases in relation to market value fluctuations of the underlying investments. (c) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. 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. Total return is calculated for the time period presented and is not annualized for periods of less than a year. (d) Annualized. (e) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions, derivatives and in-kind transactions. See Notes to Financial Statements Page 107 FIRST TRUST EXCHANGE-TRADED FUND VIII FINANCIAL HIGHLIGHTS (CONTINUED) FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD FT CBOE VEST U.S. EQUITY BUFFER ETF - MARCH (FMAR) SIX MONTHS ENDED PERIOD 2/28/2022 ENDED (UNAUDITED) 8/31/2021 (a) -------------- -------------- Net asset value, beginning of period........................... $ 32.40 $ 29.60 -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss)................................... (0.14) (0.10) Net realized and unrealized gain (loss)........................ 0.31 2.90 -------- -------- Total from investment operations............................... 0.17 2.80 -------- -------- Net asset value, end of period................................. $ 32.57 $ 32.40 ======== ======== TOTAL RETURN (b)............................................... 0.52% 9.46% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in 000's)........................... $ 86,313 $ 82,609 RATIOS TO AVERAGE NET ASSETS: Ratio of total expenses to average net assets.................. 0.85% (c) 0.85% (c) Ratio of net investment income (loss) to average net assets ... (0.85)% (c) (0.85)% (c) Portfolio turnover rate (d).................................... 0% 0% FT CBOE VEST U.S. EQUITY DEEP BUFFER ETF - MARCH (DMAR) SIX MONTHS ENDED PERIOD 2/28/2022 ENDED (UNAUDITED) 8/31/2021 (a) -------------- -------------- Net asset value, beginning of period........................... $ 31.45 $ 29.60 -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss)................................... (0.12) (0.10) Net realized and unrealized gain (loss)........................ 0.35 1.95 -------- -------- Total from investment operations............................... 0.23 1.85 -------- -------- Net asset value, end of period................................. $ 31.68 $ 31.45 ======== ======== TOTAL RETURN (b)............................................... 0.73% 6.25% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in 000's)........................... $ 77,626 $ 66,053 RATIOS TO AVERAGE NET ASSETS: Ratio of total expenses to average net assets.................. 0.85% (c) 0.85% (c) Ratio of net investment income (loss) to average net assets ... (0.85)% (c) (0.85)% (c) Portfolio turnover rate (d).................................... 0% 0% (a) Inception date is March 19, 2021, which is consistent with the commencement of investment operations and is the date the initial creation units were established. (b) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. 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. Total return is calculated for the time period presented and is not annualized for periods of less than a year. (c) Annualized. (d) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions, derivatives and in-kind transactions. Page 108 See Notes to Financial Statements FIRST TRUST EXCHANGE-TRADED FUND VIII FINANCIAL HIGHLIGHTS (CONTINUED) FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD FT CBOE VEST U.S. EQUITY BUFFER ETF - APRIL (FAPR) SIX MONTHS ENDED PERIOD 2/28/2022 ENDED (UNAUDITED) 8/31/2021 (a) -------------- -------------- Net asset value, beginning of period........................... $ 31.71 $ 30.04 -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss)................................... (0.13) (0.08) Net realized and unrealized gain (loss)........................ (0.16) 1.75 -------- -------- Total from investment operations............................... (0.29) 1.67 -------- -------- Net asset value, end of period................................. $ 31.42 $ 31.71 ======== ======== TOTAL RETURN (b)............................................... (0.91)% 5.56% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in 000's)........................... $139,805 $134,751 RATIOS TO AVERAGE NET ASSETS: Ratio of total expenses to average net assets.................. 0.85% (c) 0.85% (c) Ratio of net investment income (loss) to average net assets ... (0.85)% (c) (0.85)% (c) Portfolio turnover rate (d).................................... 0% 0% FT CBOE VEST U.S. EQUITY DEEP BUFFER ETF - APRIL (DAPR) SIX MONTHS ENDED PERIOD 2/28/2022 ENDED (UNAUDITED) 8/31/2021 (a) -------------- -------------- Net asset value, beginning of period........................... $ 31.08 $ 30.04 -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss)................................... (0.15) (0.10) Net realized and unrealized gain (loss)........................ (0.02) 1.14 -------- -------- Total from investment operations............................... (0.17) 1.04 -------- -------- Net asset value, end of period................................. $ 30.91 $ 31.08 ======== ======== TOTAL RETURN (b)............................................... (0.55)% 3.46% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in 000's)........................... $ 89,641 $ 93,226 RATIOS TO AVERAGE NET ASSETS: Ratio of total expenses to average net assets.................. 0.85% (c) 0.85% (c) Ratio of net investment income (loss) to average net assets ... (0.85)% (c) (0.85)% (c) Portfolio turnover rate (d).................................... 0% 0% (a) Inception date is April 16, 2021, which is consistent with the commencement of investment operations and is the date the initial creation units were established. (b) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. 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. Total return is calculated for the time period presented and is not annualized for periods of less than a year. (c) Annualized. (d) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions, derivatives and in-kind transactions. See Notes to Financial Statements Page 109 FIRST TRUST EXCHANGE-TRADED FUND VIII FINANCIAL HIGHLIGHTS (CONTINUED) FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD FT CBOE VEST U.S. EQUITY BUFFER ETF - MAY (FMAY) SIX MONTHS ENDED YEAR PERIOD 2/28/2022 ENDED ENDED (UNAUDITED) 8/31/2021 8/31/2020 (a) -------------- -------------- -------------- Net asset value, beginning of period........................... $ 37.29 $ 33.47 $ 30.34 -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss)................................... (0.14) (0.16) (0.07) Net realized and unrealized gain (loss)........................ (0.15) 3.98 3.20 -------- -------- -------- Total from investment operations............................... (0.29) 3.82 3.13 -------- -------- -------- Net asset value, end of period................................. $ 37.00 $ 37.29 $ 33.47 ======== ======== ======== TOTAL RETURN (b)............................................... (0.78)% 11.41% 10.32% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in 000's)........................... $120,257 $111,876 $ 38,487 RATIOS TO AVERAGE NET ASSETS: Ratio of total expenses to average net assets.................. 0.85% (c) 0.85% 0.85% (c) Ratio of net investment income (loss) to average net assets.... (0.85)% (c) (0.85)% (0.85)% (c) Portfolio turnover rate (d).................................... 0% 0% 0% FT CBOE VEST U.S. EQUITY DEEP BUFFER ETF - MAY (DMAY) SIX MONTHS ENDED YEAR PERIOD 2/28/2022 ENDED ENDED (UNAUDITED) 8/31/2021 8/31/2020 (a) -------------- -------------- -------------- Net asset value, beginning of period........................... $ 34.25 $ 32.16 $ 30.35 -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss)................................... (0.10) (0.08) (0.07) Net realized and unrealized gain (loss)........................ (0.05) 2.17 1.88 -------- -------- -------- Total from investment operations............................... (0.15) 2.09 1.81 -------- -------- -------- Net asset value, end of period................................. $ 34.10 $ 34.25 $ 32.16 ======== ======== ======== TOTAL RETURN (b)............................................... (0.44)% 6.50% 5.96% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in 000's)........................... $ 85,241 $ 63,371 $ 11,255 RATIOS TO AVERAGE NET ASSETS: Ratio of total expenses to average net assets.................. 0.85% (c) 0.85% 0.85% (c) Ratio of net investment income (loss) to average net assets.... (0.85)% (c) (0.85)% (0.85)% (c) Portfolio turnover rate (d).................................... 0% 0% 0% (a) Inception date is May 15, 2020, which is consistent with the commencement of investment operations and is the date the initial creation units were established. (b) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. 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. Total return is calculated for the time period presented and is not annualized for periods of less than a year. (c) Annualized. (d) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions, derivatives and in-kind transactions. Page 110 See Notes to Financial Statements FIRST TRUST EXCHANGE-TRADED FUND VIII FINANCIAL HIGHLIGHTS (CONTINUED) FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD FT CBOE VEST U.S. EQUITY BUFFER ETF - JUNE (FJUN) SIX MONTHS ENDED YEAR PERIOD 2/28/2022 ENDED ENDED (UNAUDITED) 8/31/2021 8/31/2020 (a) -------------- -------------- -------------- Net asset value, beginning of period........................... $ 37.07 $ 32.56 $ 30.25 -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss)................................... (0.17) (0.15) (0.05) Net realized and unrealized gain (loss)........................ (0.11) 4.66 2.36 -------- -------- -------- Total from investment operations............................... (0.28) 4.51 2.31 -------- -------- -------- Net asset value, end of period................................. $ 36.79 $ 37.07 $ 32.56 ======== ======== ======== TOTAL RETURN (b)............................................... (0.76)% 13.85% 7.64% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in 000's)........................... $110,370 $113,075 $ 48,845 RATIOS TO AVERAGE NET ASSETS: Ratio of total expenses to average net assets.................. 0.85% (c) 0.85% 0.85% (c) Ratio of net investment income (loss) to average net assets.... (0.85)% (c) (0.85)% (0.85)% (c) Portfolio turnover rate (d).................................... 0% 0% 0% FT CBOE VEST U.S. EQUITY DEEP BUFFER ETF - JUNE (DJUN) SIX MONTHS ENDED YEAR PERIOD 2/28/2022 ENDED ENDED (UNAUDITED) 8/31/2021 8/31/2020 (a) -------------- -------------- -------------- Net asset value, beginning of period........................... $ 34.04 $ 31.62 $ 30.25 -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss)................................... (0.08) (0.13) (0.04) Net realized and unrealized gain (loss)........................ (0.11) 2.55 1.41 -------- -------- -------- Total from investment operations............................... (0.19) 2.42 1.37 -------- -------- -------- Net asset value, end of period................................. $ 33.85 $ 34.04 $ 31.62 ======== ======== ======== TOTAL RETURN (b)............................................... (0.56)% 7.65% 4.53% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in 000's)........................... $ 72,775 $ 45,951 $ 20,551 RATIOS TO AVERAGE NET ASSETS: Ratio of total expenses to average net assets.................. 0.85% (c) 0.85% 0.85% (c) Ratio of net investment income (loss) to average net assets.... (0.85)% (c) (0.85)% (0.85)% (c) Portfolio turnover rate (d).................................... 0% 0% 0% (a) Inception date is June 19, 2020, which is consistent with the commencement of investment operations and is the date the initial creation units were established. (b) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. 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. Total return is calculated for the time period presented and is not annualized for periods of less than a year. (c) Annualized. (d) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions, derivatives and in-kind transactions. See Notes to Financial Statements Page 111 FIRST TRUST EXCHANGE-TRADED FUND VIII FINANCIAL HIGHLIGHTS (CONTINUED) FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD FT CBOE VEST U.S. EQUITY BUFFER ETF - JULY (FJUL) SIX MONTHS ENDED YEAR PERIOD 2/28/2022 ENDED ENDED (UNAUDITED) 8/31/2021 8/31/2020 (a) -------------- -------------- -------------- Net asset value, beginning of period........................... $ 35.63 $ 31.61 $ 30.24 -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss)................................... (0.14) (0.09) (0.02) Net realized and unrealized gain (loss)........................ (0.35) 4.11 1.39 -------- -------- -------- Total from investment operations............................... (0.49) 4.02 1.37 -------- -------- -------- Net asset value, end of period................................. $ 35.14 $ 35.63 $ 31.61 ======== ======== ======== TOTAL RETURN (b)............................................... (1.38)% 12.72% 4.53% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in 000's)........................... $142,331 $124,722 $ 33,194 RATIOS TO AVERAGE NET ASSETS: Ratio of total expenses to average net assets.................. 0.85% (c) 0.85% 0.85% (c) Ratio of net investment income (loss) to average net assets.... (0.85)% (c) (0.85)% (0.85)% (c) Portfolio turnover rate (d).................................... 0% 0% 0% FT CBOE VEST U.S. EQUITY DEEP BUFFER ETF - JULY (DJUL) SIX MONTHS ENDED YEAR PERIOD 2/28/2022 ENDED ENDED (UNAUDITED) 8/31/2021 8/31/2020 (a) -------------- -------------- -------------- Net asset value, beginning of period........................... $ 33.17 $ 30.96 $ 30.24 -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss)................................... (0.11) (0.09) (0.02) Net realized and unrealized gain (loss)........................ (0.22) 2.30 0.74 -------- -------- -------- Total from investment operations............................... (0.33) 2.21 0.72 -------- -------- -------- Net asset value, end of period................................. $ 32.84 $ 33.17 $ 30.96 ======== ======== ======== TOTAL RETURN (b)............................................... (0.99)% 7.14% 2.38% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in 000's)........................... $ 72,242 $ 54,735 $ 12,384 RATIOS TO AVERAGE NET ASSETS: Ratio of total expenses to average net assets.................. 0.85% (c) 0.85% 0.85% (c) Ratio of net investment income (loss) to average net assets.... (0.85)% (c) (0.85)% (0.85)% (c) Portfolio turnover rate (d).................................... 0% 0% 0% (a) Inception date is July 17, 2020, which is consistent with the commencement of investment operations and is the date the initial creation units were established. (b) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. 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. Total return is calculated for the time period presented and is not annualized for periods of less than a year. (c) Annualized. (d) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions, derivatives and in-kind transactions. Page 112 See Notes to Financial Statements FIRST TRUST EXCHANGE-TRADED FUND VIII FINANCIAL HIGHLIGHTS (CONTINUED) FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD FT CBOE VEST U.S. EQUITY BUFFER ETF - AUGUST (FAUG) SIX MONTHS ENDED YEAR PERIOD 2/28/2022 ENDED ENDED (UNAUDITED) 8/31/2021 8/31/2020 (a) -------------- -------------- -------------- Net asset value, beginning of period........................... $ 37.50 $ 32.95 $ 30.10 -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss)................................... (0.14) (0.13) (0.08) Net realized and unrealized gain (loss)........................ (0.24) 4.68 2.93 -------- -------- -------- Total from investment operations............................... (0.38) 4.55 2.85 -------- -------- -------- Net asset value, end of period................................. $ 37.12 $ 37.50 $ 32.95 ======== ======== ======== TOTAL RETURN (b)............................................... (1.01)% 13.81% 9.47% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in 000's)........................... $185,602 $155,642 $ 36,246 RATIOS TO AVERAGE NET ASSETS: Ratio of total expenses to average net assets.................. 0.85% (c) 0.85% 0.85% (c) Ratio of net investment income (loss) to average net assets.... (0.85)% (c) (0.85)% (0.83)% (c) Portfolio turnover rate (d).................................... 0% 0% 0% FT CBOE VEST U.S. EQUITY DEEP BUFFER ETF - AUGUST (DAUG) SIX MONTHS ENDED YEAR PERIOD 2/28/2022 ENDED ENDED (UNAUDITED) 8/31/2021 8/31/2020 (a) -------------- -------------- -------------- Net asset value, beginning of period........................... $ 34.76 $ 32.15 $ 30.10 -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss)................................... (0.06) (0.49) (0.19) Net realized and unrealized gain (loss)........................ (0.36) 3.10 2.24 -------- -------- -------- Total from investment operations............................... (0.42) 2.61 2.05 -------- -------- -------- Net asset value, end of period................................. $ 34.34 $ 34.76 $ 32.15 ======== ======== ======== TOTAL RETURN (b)............................................... (1.21)% 8.12% 6.81% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in 000's)........................... $139,068 $ 90,370 $133,431 RATIOS TO AVERAGE NET ASSETS: Ratio of total expenses to average net assets.................. 0.85% (c) 0.85% 0.85% (c) Ratio of net investment income (loss) to average net assets.... (0.85)% (c) (0.85)% (0.85)% (c) Portfolio turnover rate (d).................................... 0% 0% 0% (a) Inception date is November 6, 2019, which is consistent with the commencement of investment operations and is the date the initial creation units were established. (b) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. 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. Total return is calculated for the time period presented and is not annualized for periods of less than a year. (c) Annualized. (d) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions, derivatives and in-kind transactions. See Notes to Financial Statements Page 113 FIRST TRUST EXCHANGE-TRADED FUND VIII FINANCIAL HIGHLIGHTS (CONTINUED) FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD FT CBOE VEST U.S. EQUITY BUFFER ETF - SEPTEMBER (FSEP) SIX MONTHS ENDED PERIOD 2/28/2022 ENDED (UNAUDITED) 8/31/2021 (a) -------------- -------------- Net asset value, beginning of period........................... $ 34.45 $ 29.76 -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss)................................... (0.03) (0.16) Net realized and unrealized gain (loss)........................ (0.00) (b) 4.85 -------- -------- Total from investment operations............................... (0.03) 4.69 -------- -------- Net asset value, end of period................................. $ 34.42 $ 34.45 ======== ======== TOTAL RETURN (c)............................................... (0.09)% 15.76% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in 000's)........................... $125,647 $ 41,344 RATIOS TO AVERAGE NET ASSETS: Ratio of total expenses to average net assets.................. 0.85% (d) 0.85% (d) Ratio of net investment income (loss) to average net assets ... (0.85)% (d) (0.85)% (d) Portfolio turnover rate (e).................................... 0% 0% FT CBOE VEST U.S. EQUITY DEEP BUFFER ETF - SEPTEMBER (DSEP) SIX MONTHS ENDED PERIOD 2/28/2022 ENDED (UNAUDITED) 8/31/2021 (a) -------------- -------------- Net asset value, beginning of period........................... $ 32.30 $ 29.76 -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss)................................... (0.14) (f) (0.25) Net realized and unrealized gain (loss)........................ (0.01) 2.79 -------- -------- Total from investment operations............................... (0.15) 2.54 -------- -------- Net asset value, end of period................................. $ 32.15 $ 32.30 ======== ======== TOTAL RETURN (c)............................................... (0.46)% 8.53% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in 000's)........................... $ 64,296 $ 25,841 RATIOS TO AVERAGE NET ASSETS: Ratio of total expenses to average net assets.................. 0.85% (d) 0.85% (d) Ratio of net investment income (loss) to average net assets ... (0.85)% (d) (0.85)% (d) Portfolio turnover rate (e).................................... 0% 0% (a) Inception date is September 18, 2020, which is consistent with the commencement of investment operations and is the date the initial creation units were established. (b) Amount is less than $0.01. (c) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. 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. Total return is calculated for the time period presented and is not annualized for periods of less than a year. (d) Annualized. (e) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions, derivatives and in-kind transactions. (f) Based on average shares outstanding. Page 114 See Notes to Financial Statements FIRST TRUST EXCHANGE-TRADED FUND VIII FINANCIAL HIGHLIGHTS (CONTINUED) FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD FT CBOE VEST U.S. EQUITY BUFFER ETF - OCTOBER (FOCT) SIX MONTHS ENDED PERIOD 2/28/2022 ENDED (UNAUDITED) 8/31/2021 (a) -------------- -------------- Net asset value, beginning of period........................... $ 34.40 $ 29.87 -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss)................................... (0.15) (b) (0.21) Net realized and unrealized gain (loss)........................ (0.04) 4.74 -------- -------- Total from investment operations............................... (0.19) 4.53 -------- -------- Net asset value, end of period................................. $ 34.21 $ 34.40 ======== ======== TOTAL RETURN (c)............................................... (0.55)% 15.17% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in 000's)........................... $172,750 $ 70,529 RATIOS TO AVERAGE NET ASSETS: Ratio of total expenses to average net assets.................. 0.85% (d) 0.85% (d) Ratio of net investment income (loss) to average net assets ... (0.85)% (d) (0.85)% (d) Portfolio turnover rate (e).................................... 0% 0% FT CBOE VEST U.S. EQUITY DEEP BUFFER ETF - OCTOBER (DOCT) SIX MONTHS ENDED PERIOD 2/28/2022 ENDED (UNAUDITED) 8/31/2021 (a) -------------- -------------- Net asset value, beginning of period........................... $ 32.41 $ 29.87 -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss)................................... (0.14) (b) (0.21) Net realized and unrealized gain (loss)........................ (0.15) 2.75 -------- -------- Total from investment operations............................... (0.29) 2.54 -------- -------- Net asset value, end of period................................. $ 32.12 $ 32.41 ======== ======== TOTAL RETURN (c)............................................... (0.89)% 8.50% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in 000's)........................... $106,010 $ 40,511 RATIOS TO AVERAGE NET ASSETS: Ratio of total expenses to average net assets.................. 0.85% (d) 0.85% (d) Ratio of net investment income (loss) to average net assets ... (0.85)% (d) (0.85)% (d) Portfolio turnover rate (e).................................... 0% 0% (a) Inception date is October 16, 2020, which is consistent with the commencement of investment operations and is the date the initial creation units were established. (b) Based on average shares outstanding. (c) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. 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. Total return is calculated for the time period presented and is not annualized for periods of less than a year. (d) Annualized. (e) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions, derivatives and in-kind transactions. See Notes to Financial Statements Page 115 FIRST TRUST EXCHANGE-TRADED FUND VIII FINANCIAL HIGHLIGHTS (CONTINUED) FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD FT CBOE VEST U.S. EQUITY BUFFER ETF - NOVEMBER (FNOV) SIX MONTHS ENDED YEAR PERIOD 2/28/2022 ENDED ENDED (UNAUDITED) 8/31/2021 8/31/2020 (a) -------------- -------------- -------------- Net asset value, beginning of period........................... $ 38.30 $ 32.89 $ 30.56 -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss)................................... (0.16) (b) (0.40) (0.10) Net realized and unrealized gain (loss)........................ (1.20) 5.81 2.43 -------- -------- -------- Total from investment operations............................... (1.36) 5.41 2.33 -------- -------- -------- Net asset value, end of period................................. $ 36.94 $ 38.30 $ 32.89 ======== ======== ======== TOTAL RETURN (c)............................................... (3.55)% 16.45% 7.62% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in 000's)........................... $297,331 $143,616 $138,133 RATIOS TO AVERAGE NET ASSETS: Ratio of total expenses to average net assets.................. 0.85% (d) 0.85% 0.85% (d) Ratio of net investment income (loss) to average net assets.... (0.85)% (d) (0.85)% (0.85)% (d) Portfolio turnover rate (e).................................... 0% 0% 0% FT CBOE VEST U.S. EQUITY DEEP BUFFER ETF - NOVEMBER (DNOV) SIX MONTHS ENDED YEAR PERIOD 2/28/2022 ENDED ENDED (UNAUDITED) 8/31/2021 8/31/2020 (a) -------------- -------------- -------------- Net asset value, beginning of period........................... $ 34.99 $ 32.09 $ 30.55 -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss)................................... (0.14) (b) (0.43) (0.10) Net realized and unrealized gain (loss)........................ (0.77) 3.33 1.64 -------- -------- -------- Total from investment operations............................... (0.91) 2.90 1.54 -------- -------- -------- Net asset value, end of period................................. $ 34.08 $ 34.99 $ 32.09 ======== ======== ======== TOTAL RETURN (c)............................................... (2.60)% 9.04% 5.04% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in 000's)........................... $226,652 $ 90,968 $146,012 RATIOS TO AVERAGE NET ASSETS: Ratio of total expenses to average net assets.................. 0.85% (d) 0.85% 0.85% (d) Ratio of net investment income (loss) to average net assets.... (0.85)% (d) (0.85)% (0.85)% (d) Portfolio turnover rate (e).................................... 0% 0% 0% (a) Inception date is November 15, 2019, which is consistent with the commencement of investment operations and is the date the initial creation units were established. (b) Based on average shares outstanding. (c) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. 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. Total return is calculated for the time period presented and is not annualized for periods of less than a year. (d) Annualized. (e) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions, derivatives and in-kind transactions. Page 116 See Notes to Financial Statements FIRST TRUST EXCHANGE-TRADED FUND VIII FINANCIAL HIGHLIGHTS (CONTINUED) FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD FT CBOE VEST U.S. EQUITY BUFFER ETF - DECEMBER (FDEC) SIX MONTHS ENDED PERIOD 2/28/2022 ENDED (UNAUDITED) 8/31/2021 (a) -------------- -------------- Net asset value, beginning of period........................... $ 33.78 $ 30.27 -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss)................................... (0.13) (b) (0.17) Net realized and unrealized gain (loss)........................ (0.31) 3.68 -------- -------- Total from investment operations............................... (0.44) 3.51 -------- -------- Net asset value, end of period................................. $ 33.34 $ 33.78 ======== ======== TOTAL RETURN (c)............................................... (1.30)% 11.60% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in 000's)........................... $231,715 $ 70,943 RATIOS TO AVERAGE NET ASSETS: Ratio of total expenses to average net assets.................. 0.85% (d) 0.85% (d) Ratio of net investment income (loss) to average net assets ... (0.85)% (d) (0.85)% (d) Portfolio turnover rate (e).................................... 0% 0% FT CBOE VEST U.S. EQUITY DEEP BUFFER ETF - DECEMBER (DDEC) SIX MONTHS ENDED PERIOD 2/28/2022 ENDED (UNAUDITED) 8/31/2021 (a) -------------- -------------- Net asset value, beginning of period........................... $ 32.19 $ 30.27 -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss)................................... (0.13) (b) (0.18) Net realized and unrealized gain (loss)........................ (0.28) 2.10 -------- -------- Total from investment operations............................... (0.41) 1.92 -------- -------- Net asset value, end of period................................. $ 31.78 $ 32.19 ======== ======== TOTAL RETURN (c)............................................... (1.27)% 6.34% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in 000's)........................... $127,120 $ 59,546 RATIOS TO AVERAGE NET ASSETS: Ratio of total expenses to average net assets.................. 0.85% (d) 0.85% (d) Ratio of net investment income (loss) to average net assets ... (0.85)% (d) (0.85)% (d) Portfolio turnover rate (e).................................... 0% 0% (a) Inception date is December 18, 2020, which is consistent with the commencement of investment operations and is the date the initial creation units were established. (b) Based on average shares outstanding. (c) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. 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. Total return is calculated for the time period presented and is not annualized for periods of less than a year. (d) Annualized. (e) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions, derivatives and in-kind transactions. See Notes to Financial Statements Page 117 FIRST TRUST EXCHANGE-TRADED FUND VIII FINANCIAL HIGHLIGHTS (CONTINUED) FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD FT CBOE VEST BUFFERED ALLOCATION DEFENSIVE ETF (BUFT) PERIOD ENDED 2/28/2022 (a) (UNAUDITED) -------------- Net asset value, beginning of period........................... $ 20.01 -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss)................................... (0.01) Net realized and unrealized gain (loss)........................ (0.26) -------- Total from investment operations............................... (0.27) -------- Net asset value, end of period................................. $ 19.74 ======== TOTAL RETURN (b)............................................... (1.35)% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in 000's)........................... $ 70,083 RATIOS TO AVERAGE NET ASSETS: Ratio of total expenses to average net assets (c).............. 0.20% (d) Ratio of net investment income (loss) to average net assets.... (0.20)% (d) Portfolio turnover rate (e).................................... 201% FT CBOE VEST BUFFERED ALLOCATION GROWTH ETF (BUFG) PERIOD ENDED 2/28/2022 (a) (UNAUDITED) -------------- Net asset value, beginning of period........................... $ 20.01 -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss)................................... (0.01) Net realized and unrealized gain (loss)........................ (0.61) -------- Total from investment operations............................... (0.62) -------- Net asset value, end of period................................. $ 19.39 ======== TOTAL RETURN (b)............................................... (3.10)% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in 000's)........................... $119,249 RATIOS TO AVERAGE NET ASSETS: Ratio of total expenses to average net assets (c).............. 0.20% (d) Ratio of net investment income (loss) to average net assets.... (0.20)% (d) Portfolio turnover rate (e).................................... 124% (a) Inception date is October 26, 2021, which is consistent with the commencement of investment operations and is the date the initial creation units were established. (b) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The return presented does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year. (c) The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying funds in which the Fund invests. This ratio does not include these indirect fees and expenses. (d) Annualized. (e) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions. Page 118 See Notes to Financial Statements -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS -------------------------------------------------------------------------------- FIRST TRUST EXCHANGE-TRADED FUND VIII FEBRUARY 28, 2022 (UNAUDITED) 1. ORGANIZATION First Trust Exchange-Traded Fund VIII (the "Trust") is an open-end management investment company organized as a Massachusetts business trust on February 22, 2016, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust currently consists of fifty-five funds that are offering shares. This report covers the twenty-six funds (each a "Fund" and collectively, "the Funds") listed below. The shares of each Fund are listed and traded on the Cboe BZX Exchange, Inc. ("Cboe BZX"). FT Cboe Vest U.S. Equity Buffer ETF - January - (ticker "FJAN") FT Cboe Vest U.S. Equity Deep Buffer ETF - January - (ticker "DJAN") FT Cboe Vest U.S. Equity Buffer ETF - February - (ticker "FFEB") FT Cboe Vest U.S. Equity Deep Buffer ETF - February - (ticker "DFEB") FT Cboe Vest U.S. Equity Buffer ETF - March - (ticker "FMAR") FT Cboe Vest U.S. Equity Deep Buffer ETF - March - (ticker "DMAR") FT Cboe Vest U.S. Equity Buffer ETF - April - (ticker "FAPR") FT Cboe Vest U.S. Equity Deep Buffer ETF - April - (ticker "DAPR") FT Cboe Vest U.S. Equity Buffer ETF - May - (ticker "FMAY") FT Cboe Vest U.S. Equity Deep Buffer ETF - May - (ticker "DMAY") FT Cboe Vest U.S. Equity Buffer ETF - June - (ticker "FJUN") FT Cboe Vest U.S. Equity Deep Buffer ETF - June - (ticker "DJUN") FT Cboe Vest U.S. Equity Buffer ETF - July - (ticker "FJUL") FT Cboe Vest U.S. Equity Deep Buffer ETF - July - (ticker "DJUL") FT Cboe Vest U.S. Equity Buffer ETF - August - (ticker "FAUG") FT Cboe Vest U.S. Equity Deep Buffer ETF - August - (ticker "DAUG") FT Cboe Vest U.S. Equity Buffer ETF - September - (ticker "FSEP") FT Cboe Vest U.S. Equity Deep Buffer ETF - September - (ticker "DSEP") FT Cboe Vest U.S. Equity Buffer ETF - October - (ticker "FOCT") FT Cboe Vest U.S. Equity Deep Buffer ETF - October - (ticker "DOCT") FT Cboe Vest U.S. Equity Buffer ETF - November - (ticker "FNOV") FT Cboe Vest U.S. Equity Deep Buffer ETF - November - (ticker "DNOV") FT Cboe Vest U.S. Equity Buffer ETF - December - (ticker "FDEC") FT Cboe Vest U.S. Equity Deep Buffer ETF - December - (ticker "DDEC") FT Cboe Vest Buffered Allocation Defensive ETF - (ticker "BUFT")(1) FT Cboe Vest Buffered Allocation Growth ETF - (ticker "BUFG")(1) (1) Commenced investment operations on October 26, 2021. Each Fund represents a separate series of shares of beneficial interest in the Trust. Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value ("NAV"), only in large blocks of shares known as "Creation Units." Each Fund is an actively managed exchange-traded fund ("ETF"). The investment objective of FJAN is to seek to provide investors with returns (before fees, expenses and taxes) that match the price return of the SPDR(R) S&P 500(R) ETF Trust (the "Underlying ETF"), up to a predetermined 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), while providing a buffer against the first 10% (before fees, expenses and taxes) of Underlying ETF losses, over the period from January 24, 2022 to January 20, 2023. Prior to January 24, 2022, the Fund's investment objective included an upside cap of 14.50% (before fees, expenses and taxes) and 13.64% (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 19, 2021 to January 21, 2022. The investment objective of DJAN is to seek to provide investors with returns (before fees, expenses and taxes) that match the price return of the Underlying ETF, up to a predetermined 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), while providing a buffer against Underlying ETF losses between -5% and -30% (before fees, expenses and taxes) over the period from January 24, 2022 to January 20, 2023. Prior to January 24, 2022, the Fund's investment objective included an upside cap of 8.20% (before fees, expenses and taxes) and 7.34% (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 19, 2021 to January 21, 2022. Page 119 -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS (CONTINUED) -------------------------------------------------------------------------------- FIRST TRUST EXCHANGE-TRADED FUND VIII FEBRUARY 28, 2022 (UNAUDITED) The investment objective of FFEB is to seek to provide investors with returns (before fees, expenses and taxes) that match the price return of the Underlying ETF, up to a predetermined 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), while providing a buffer against the first 10% (before fees, expenses and taxes) of Underlying ETF losses, over the period from February 22, 2022 to February 17, 2023. Prior to February 22, 2022, the Fund's investment objective included an upside cap of 15.85% (before fees, expenses and taxes) and 15.00% (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, 2021 to February 18, 2022. The investment objective of DFEB is to seek to provide investors with returns (before fees, expenses and taxes) that match the price return of the Underlying ETF, up to a predetermined 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), while providing a buffer against Underlying ETF losses between -5% and -30% (before fees, expenses and taxes) over the period from February 22, 2022 to February 17, 2023. Prior to February 22, 2022, the Fund's investment objective included an upside cap of 8.85% (before fees, expenses and taxes) and 8.00% (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, 2021 to February 18, 2022. The investment objective of FMAR is to seek to provide investors with returns (before fees, expenses and taxes) that match the price return of the Underlying ETF, up to a predetermined 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), while providing a buffer against the first 10% (before fees, expenses and taxes) of Underlying ETF losses, over the period from March 22, 2021 to March 18, 2022. The investment objective of DMAR is to seek to provide investors with returns (before fees, expenses and taxes) that match the price return of the Underlying ETF, up to a predetermined 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), while providing a buffer against Underlying ETF losses between -5% and -30% (before fees, expenses and taxes) over the period from March 22, 2021 to March 18, 2022. The investment objective of FAPR is to seek to provide investors with returns (before fees, expenses and taxes) that match the price return of the Underlying ETF, up to a predetermined upside cap of 12.00% (before fees, expenses and taxes) and 11.15% (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 April 19, 2021 to April 14, 2022. The investment objective of DAPR is to seek to provide investors with returns (before fees, expenses and taxes) that match the price return of the Underlying ETF, up to a predetermined upside cap of 7.50% (before fees, expenses and taxes) and 6.65% (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 April 19, 2021 to April 14, 2022. The investment objective of FMAY is to seek to provide investors with returns (before fees, expenses and taxes) that match the price return of the Underlying ETF, up to a predetermined upside cap of 12.50% (before fees, expenses and taxes) and 11.65% (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 24, 2021 to May 20, 2022. The investment objective of DMAY is to seek to provide investors with returns (before fees, expenses and taxes) that match the price return of the Underlying ETF, up to a predetermined 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), while providing a buffer against Underlying ETF losses between -5% and -30% (before fees, expenses and taxes) over the period from May 24, 2021 to May 20, 2022. The investment objective of FJUN is to seek to provide investors with returns (before fees, expenses and taxes) that match the price return of the Underlying ETF, up to a predetermined upside cap of 11.70% (before fees, expenses and taxes) and 10.85% (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 June 21, 2021 to June 17, 2022. Page 120 -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS (CONTINUED) -------------------------------------------------------------------------------- FIRST TRUST EXCHANGE-TRADED FUND VIII FEBRUARY 28, 2022 (UNAUDITED) The investment objective of DJUN is to seek to provide investors with returns (before fees, expenses and taxes) that match the price return of the Underlying ETF, up to a predetermined upside cap of 7.06% (before fees, expenses and taxes) and 6.21% (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 21, 2021 to June 17, 2022. The investment objective of FJUL is to seek to provide investors with returns (before fees, expenses and taxes) that match the price return of the Underlying ETF, up to a predetermined upside cap of 11.70% (before fees, expenses and taxes) and 10.85% (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 July 19, 2021 to July 15, 2022. The investment objective of DJUL is to seek to provide investors with returns (before fees, expenses and taxes) that match the price return of the Underlying ETF, up to a predetermined upside cap of 7.30% (before fees, expenses and taxes) and 6.45% (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 19, 2021 to July 15, 2022. The investment objective of FAUG is to seek to provide investors with returns (before fees, expenses and taxes) that match the price return of the Underlying ETF, up to a predetermined upside cap of 11.64% (before fees, expenses and taxes) and 10.79% (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 23, 2021 to August 19, 2022. The investment objective of DAUG is to seek to provide investors with returns (before fees, expenses and taxes) that match the price return of the Underlying ETF, up to a predetermined upside cap of 7.37% (before fees, expenses and taxes) and 6.52% (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 23, 2021 to August 19, 2022. The investment objective of FSEP is to seek to provide investors with returns (before fees, expenses and taxes) that match the price return of the Underlying ETF, up to a predetermined 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), while providing a buffer against the first 10% (before fees, expenses and taxes) of Underlying ETF losses, over the period from September 20, 2021 to September 16, 2022. Prior to September 20, 2021, the Fund's investment objective included an upside cap of 16.50% (before fees, expenses and taxes) and 15.65% (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 21, 2020 to September 17, 2021. The investment objective of DSEP is to seek to provide investors with returns (before fees, expenses and taxes) that match the price return of the Underlying ETF, up to a predetermined 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), while providing a buffer against Underlying ETF losses between -5% and -30% (before fees, expenses and taxes) over the period from September 20, 2021 to September 16, 2022. Prior to September 20, 2021, the Fund's investment objective included an upside cap of 9.25% (before fees, expenses and taxes) and 8.40% (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 September 21, 2020 to September 17, 2021. The investment objective of FOCT is to seek to provide investors with returns (before fees, expenses and taxes) that match the price return of the Underlying ETF, up to a predetermined 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), while providing a buffer against the first 10% (before fees, expenses and taxes) of Underlying ETF losses, over the period from October 18, 2021 to October 21, 2022. Prior to October 18, 2021, the Fund's investment objective included an upside cap of 16.22% (before fees, expenses and taxes) and 15.37% (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 19, 2020 to October 15, 2021. Page 121 -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS (CONTINUED) -------------------------------------------------------------------------------- FIRST TRUST EXCHANGE-TRADED FUND VIII FEBRUARY 28, 2022 (UNAUDITED) The investment objective of DOCT is to seek to provide investors with returns (before fees, expenses and taxes) that match the price return of the Underlying ETF, up to a predetermined 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), while providing a buffer against Underlying ETF losses between -5% and -30% (before fees, expenses and taxes) over the period from October 18, 2021 to October 21, 2022. Prior to October 18, 2021, the Fund's investment objective included an upside cap of 9.34% (before fees, expenses and taxes) and 8.49% (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 19, 2020 to October 15, 2021. The investment objective of FNOV is to seek to provide investors with returns (before fees, expenses and taxes) that match the price of the Underlying ETF, up to a predetermined 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), while providing a buffer against the first 10% (before fees, expenses and taxes) of Underlying ETF losses, over the period from November 22, 2021 to November 18, 2022. Prior to November 22, 2021, the Fund's investment objective included an upside cap of 13.72% (before fees, expenses and taxes) and 12.87% (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 23, 2020 to November 19, 2021. The investment objective of DNOV is to seek to provide investors with returns (before fees, expenses and taxes) that match the price of the Underlying ETF, up to a predetermined 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), while providing a buffer against Underlying ETF losses between -5% and -30% (before fees, expenses and taxes) over the period from November 22, 2021 to November 18, 2022. Prior to November 22, 2021, the Fund's investment objective included an upside cap of 7.75% (before fees, expenses and taxes) and 6.90% (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 23, 2020 to November 19, 2021. The investment objective of FDEC is to seek to provide investors with returns (before fees, expenses and taxes) that match the price return of the Underlying ETF, up to a predetermined 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), while providing a buffer against the first 10% (before fees, expenses and taxes) of Underlying ETF losses, over the period from December 20, 2021 to December 16, 2022. Prior to December 20, 2021, the Fund's investment objective included an upside cap of 14.00% (before fees, expenses and taxes) and 13.15% (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 21, 2020 to December 17, 2021. The investment objective of DDEC is to seek to provide investors with returns (before fees, expenses and taxes) that match the price return of the Underlying ETF, up to a predetermined 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), while providing a buffer against Underlying ETF losses between -5% and -30% (before fees, expenses and taxes) over the period from December 20, 2021 to December 16, 2022. Prior to December 20, 2021, the Fund's investment objective included an upside cap of 8.00% (before fees, expenses and taxes) and 7.15% (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 21, 2020 to December 17, 2021. Under normal market conditions, each Fund, except BUFT and BUFG, will invest substantially all of its assets in FLexible EXchange(R) Options ("FLEX Options") that reference the price performance of the Underlying ETF. The investment objective of BUFT is to seek to provide investors with capital preservation. BUFT seeks to achieve its investment objective by investing in a portfolio of ETFs that seek to provide investors with returns (before fees and expenses) based on the price return of the SPDR(R) S&P 500(R) ETF Trust ("SPY"), up to a predetermined cap, while providing a defined buffer against losses of SPY over a defined one-year period ("SPY Underlying ETFs"). Under normal market conditions, BUFT will invest substantially all of its assets in SPY Underlying ETFs. The buffer is only provided by the SPY Underlying ETFs. BUFT itself does not provide any buffer against losses. BUFT simply seeks to provide diversified exposure to all the ETFs in a single investment. In order to understand BUFT's strategy and risks, it is important to understand the strategies and risks of the SPY Underlying ETFs. The investment objective of BUFG is to seek to provide investors with capital appreciation. BUFG seeks to achieve its investment objective by investing in a portfolio of ETFs that seek to provide investors with returns (before fees and expenses) based on the price return of the SPY, up to a predetermined cap, while providing a defined buffer against losses of SPY over a defined one-year period. Page 122 -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS (CONTINUED) -------------------------------------------------------------------------------- FIRST TRUST EXCHANGE-TRADED FUND VIII FEBRUARY 28, 2022 (UNAUDITED) Under normal market conditions, BUFG will invest substantially all of its assets in SPY Underlying ETFs. The buffer is only provided by the SPY Underlying ETFs. BUFG itself does not provide any buffer against losses. BUFG simply seeks to provide diversified exposure to all the ETFs in a single investment. In order to understand BUFG's strategy and risks, it is important to understand the strategies and risks of the SPY Underlying ETFs. 2. SIGNIFICANT ACCOUNTING POLICIES The Funds are each considered an investment company and follow accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification Topic 946, "Financial Services-Investment Companies." The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. A. PORTFOLIO VALUATION Each Fund's NAV is determined daily as of the close of regular trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. If the NYSE closes early on a valuation day, the NAV is determined as of that time. Each Fund's NAV is calculated 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 shares outstanding. Each Fund's investments are valued daily at market value or, in the absence of market value with respect to any portfolio securities, at fair value. Market value prices represent last sale or official closing prices from a national or foreign exchange (i.e., a regulated market) and are primarily obtained from third-party pricing services. Fair value prices represent any prices not considered market value prices and are either obtained from a third-party pricing service or are determined by the Pricing Committee of the Funds' investment advisor, First Trust Advisors L.P. ("First Trust" or the "Advisor"), in accordance with valuation procedures adopted by the Trust's Board of Trustees, and in accordance with provisions of the 1940 Act. Investments valued by the Advisor's Pricing Committee, if any, are footnoted as such in the footnotes to the Portfolio of Investments. Each Fund's investments are valued as follows: Exchange-traded options contracts (other than FLEX Option contracts) are valued at the closing price in the market where such contracts are principally traded. If no closing price is available, exchange-traded options contracts are fair valued at the mean of their most recent bid and asked price, if available, and otherwise at their closing bid price. Over-the-counter options contracts are fair valued at the mean of their most recent bid and asked price, if available, and otherwise at their closing bid price. FLEX Option contracts are normally valued using a model-based price provided by a third-party pricing vendor. On days when a trade in a FLEX Option contract occurs, the trade price will be used to value such FLEX Option contracts in lieu of the model price. Common stocks and other equity securities listed on any national or foreign exchange (excluding Nasdaq and the London Stock Exchange Alternative Investment Market ("AIM")) are valued at the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price. Securities traded on more than one securities exchange are valued at the last sale price or official closing price, as applicable, at the close of the securities exchange representing the principal market for such securities. Shares of open-end funds are valued at fair value which is based on NAV per share. Certain securities may not be able to be priced by pre-established pricing methods. Such securities may be valued by the Trust's Board of Trustees or its delegate, the Advisor's Pricing Committee, at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a third-party pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market or fair value price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund's NAV or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the third-party pricing service, does not reflect the security's fair value. As a general principle, the current fair value of a security would appear to be the amount which the owner might reasonably expect to receive for the security upon its current sale. When fair value prices are used, generally they will differ from market quotations or official closing prices on the applicable exchanges. A variety of factors may be considered in determining the fair value of such securities, including, but not limited to, the following: 1) the type of security; 2) the size of the holding; 3) the initial cost of the security; 4) transactions in comparable securities; Page 123 -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS (CONTINUED) -------------------------------------------------------------------------------- FIRST TRUST EXCHANGE-TRADED FUND VIII FEBRUARY 28, 2022 (UNAUDITED) 5) price quotes from dealers and/or third-party pricing services; 6) relationships among various securities; 7) information obtained by contacting the issuer, analysts, or the appropriate stock exchange; 8) an analysis of the issuer's financial statements; and 9) the existence of merger proposals or tender offers that might affect the value of the security. The Funds are subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows: o Level 1 - Level 1 inputs are quoted prices in active markets for identical investments. An active market is a market in which transactions for the investment occur with sufficient frequency and volume to provide pricing information on an ongoing basis. o Level 2 - Level 2 inputs are observable inputs, either directly or indirectly, and include the following: o Quoted prices for similar investments in active markets. o Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly. o Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates). o Inputs that are derived principally from or corroborated by observable market data by correlation or other means. o Level 3 - Level 3 inputs are unobservable inputs. Unobservable inputs may reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the investment. The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used to value each Fund's investments as of February 28, 2022, is included with each Fund's Portfolio of Investments. B. SECURITIES TRANSACTIONS AND INVESTMENT INCOME Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date. Negative dividend amount, if any, represents charges by broker on excess cash held in the account. C. FLEX OPTIONS FLEX Options are customized equity or index option contracts that trade on an exchange but provide investors with the ability to customize key contract terms like exercise prices, styles and expiration dates. FLEX Options are guaranteed for settlement by the Options Clearing Corporation. Each Fund, with the exception of BUFT and BUFG, purchases and sells call and put FLEX Options based on the performance of the Underlying ETF. The FLEX Options that each Fund holds that reference the Underlying ETF will give each Fund the right to receive or deliver shares of the Underlying ETF on the option expiration date at a strike price, depending on whether the option is a put or call option and whether each Fund purchases or sells the option. The FLEX Options held by each Fund are European style options, which are exercisable at the strike price only on the FLEX Option expiration date. All options held by each Fund at February 28, 2022 are FLEX Options. D. AFFILIATED TRANSACTIONS BUFT and BUFG invest in securities of affiliated funds. Each Fund's investment performance and risks are directly related to the investment performance and risks of the affiliated funds. Dividend income, if any, realized gains and losses, and change in appreciation (depreciation) from affiliated funds are presented on the Statements of Operations. Page 124 -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS (CONTINUED) -------------------------------------------------------------------------------- FIRST TRUST EXCHANGE-TRADED FUND VIII FEBRUARY 28, 2022 (UNAUDITED) Amounts related to these investments in BUFT at February 28, 2022 and for the period then ended are as follows: CHANGE IN UNREALIZED REALIZED SHARES AT VALUE AT APPRECIATION GAIN VALUE AT DIVIDEND SECURITY NAME 2/28/2022 10/26/2021 PURCHASES SALES (DEPRECIATION) (LOSS) 2/28/2022 INCOME ----------------------------------------------------------------------------------------------------------------------------------- FT Cboe Vest U.S. Equity Buffer ETF - January -- $ -- $ 8,445,573 $ (8,453,641) $ -- $ 8,068 $ -- $ -- FT Cboe Vest U.S. Equity Deep Buffer ETF - January 414,747 -- 21,488,113 (8,237,932) 130,479 (15,604) 13,365,056 -- FT Cboe Vest U.S. Equity Deep Buffer ETF - February 381,314 -- 30,423,352 (16,861,736) 125,834 (185,121) 13,502,329 -- FT Cboe Vest U.S. Equity Buffer ETF - March -- -- 12,545,990 (12,367,434) -- (178,556) -- -- FT Cboe Vest U.S. Equity Deep Buffer ETF - March -- -- 18,568,744 (18,309,331) -- (259,413) -- -- FT Cboe Vest U.S. Equity Deep Buffer ETF - April -- -- 9,750,360 (9,493,939) -- (256,421) -- -- FT Cboe Vest U.S. Equity Deep Buffer ETF - May 420,962 -- 14,500,442 (7,852) (166,231) (180) 14,326,179 -- FT Cboe Vest U.S. Equity Deep Buffer ETF - June 466,965 -- 15,958,635 (8,191) (134,149) (191) 15,816,104 -- FT Cboe Vest U.S. Equity Deep Buffer ETF - October 403,347 -- 12,960,709 (6,925) 15,122 (9) 12,968,897 -- FT Cboe Vest U.S. Equity Buffer ETF - December -- -- 7,452,643 (7,437,687) -- (14,956) -- -- ----------------------------------------------------------------------------------------------- $ -- $152,094,561 $(81,184,668) $ (28,945) $ (902,383) $ 69,978,565 $ -- =============================================================================================== Page 125 -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS (CONTINUED) -------------------------------------------------------------------------------- FIRST TRUST EXCHANGE-TRADED FUND VIII FEBRUARY 28, 2022 (UNAUDITED) Amounts related to these investments in BUFG at February 28, 2022 and for the period then ended are as follows: CHANGE IN UNREALIZED REALIZED SHARES AT VALUE AT APPRECIATION GAIN VALUE AT DIVIDEND SECURITY NAME 2/28/2022 10/26/2021 PURCHASES SALES (DEPRECIATION) (LOSS) 2/28/2022 INCOME ----------------------------------------------------------------------------------------------------------------------------------- FT Cboe Vest U.S. Equity Buffer ETF - January 687,105 $ -- $ 24,059,641 $ (684,970) $ 82,954 $ (9,823) $ 23,447,802 $ -- FT Cboe Vest U.S. Equity Buffer ETF - February 622,162 -- 22,837,798 -- 423,719 -- 23,261,517 -- FT Cboe Vest U.S. Equity Buffer ETF - July -- -- 9,245,690 (9,254,372) -- 8,682 -- -- FT Cboe Vest U.S. Equity Buffer ETF - August -- -- 21,593,611 (20,960,776) -- (632,835) -- -- FT Cboe Vest U.S. Equity Buffer ETF - September -- -- 26,864,660 (25,923,544) -- (941,116) -- -- FT Cboe Vest U.S. Equity Buffer ETF - October 675,726 -- 28,712,796 (5,120,207) (461,127) (21,633) 23,109,829 -- FT Cboe Vest U.S. Equity Deep Buffer ETF - October -- -- 5,043,001 (5,035,678) -- (7,323) -- -- FT Cboe Vest U.S. Equity Buffer ETF - November 665,981 -- 36,335,898 (10,896,939) (608,996) (182,006) 24,647,957 -- FT Cboe Vest U.S. Equity Buffer ETF - December 744,447 -- 29,272,396 (3,704,180) (690,443) (162,133) 24,715,640 -- ----------------------------------------------------------------------------------------------- $ -- $203,965,491 $(81,580,666) $ (1,253,893) $(1,948,187) $119,182,745 $ -- =============================================================================================== E. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS Dividends from net investment income of each Fund, if any, are declared and paid annually, with the exception of BUFT and BUFG which declare and pay quarterly, or as the Board of Trustees may determine from time to time. Distributions of net realized gains earned by each Fund, if any, are distributed at least annually. Distributions from net investment income and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on significantly modified portfolio securities held by the Funds and have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense and gain/loss in different periods for financial statement and tax purposes, will reverse at some time in the future. During their applicable taxable periods, none of the Funds paid a distribution in 2021. Page 126 -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS (CONTINUED) -------------------------------------------------------------------------------- FIRST TRUST EXCHANGE-TRADED FUND VIII FEBRUARY 28, 2022 (UNAUDITED) As of August 31, 2021, the components of distributable earnings on a tax basis for each Fund were as follows: Accumulated Net Undistributed Capital and Unrealized Ordinary Other Appreciation Income Gain (Loss) (Depreciation) ------------- ------------- -------------- FT Cboe Vest U.S. Equity Buffer ETF - January $ (510,282) $ 249,190 $ 9,771,011 FT Cboe Vest U.S. Equity Deep Buffer ETF - January (332,171) 3,003,904 1,442,263 FT Cboe Vest U.S. Equity Buffer ETF - February (1,393,329) (14,483,838) 23,079,609 FT Cboe Vest U.S. Equity Deep Buffer ETF - February (1,853,064) (40,256,800) 16,574,100 FT Cboe Vest U.S. Equity Buffer ETF - March (241,856) (3,795) 5,346,998 FT Cboe Vest U.S. Equity Deep Buffer ETF - March (206,381) 2,840,305 339,850 FT Cboe Vest U.S. Equity Buffer ETF - April (326,272) 22,848 6,966,618 FT Cboe Vest U.S. Equity Deep Buffer ETF - April (22,689) 1,631,130 2,188,989 FT Cboe Vest U.S. Equity Buffer ETF - May (445,329) (14,151,389) 5,260,205 FT Cboe Vest U.S. Equity Deep Buffer ETF - May (205,557) (2,693,365) 1,870,380 FT Cboe Vest U.S. Equity Buffer ETF - June (386,105) (12,013,369) 4,527,539 FT Cboe Vest U.S. Equity Deep Buffer ETF - June (131,613) (2,509,830) 981,346 FT Cboe Vest U.S. Equity Buffer ETF - July (245,863) (1,426,745) 2,930,778 FT Cboe Vest U.S. Equity Deep Buffer ETF - July (124,647) (1,958,377) 884,312 FT Cboe Vest U.S. Equity Buffer ETF - August (550,353) (15,584,393) 1,565,006 FT Cboe Vest U.S. Equity Deep Buffer ETF - August (559,990) (14,594,264) 877,982 FT Cboe Vest U.S. Equity Buffer ETF - September (187,082) 5,243,909 (1,864,811) FT Cboe Vest U.S. Equity Deep Buffer ETF - September 465,043 3,050,936 (1,372,536) FT Cboe Vest U.S. Equity Buffer ETF - October (209,041) 1,606,852 6,677,830 FT Cboe Vest U.S. Equity Deep Buffer ETF - October (226,847) 257,031 2,958,947 FT Cboe Vest U.S. Equity Buffer ETF - November (1,143,785) 1,316,454 12,904,084 FT Cboe Vest U.S. Equity Deep Buffer ETF - November (1,388,289) (5,023,607) 3,787,542 FT Cboe Vest U.S. Equity Buffer ETF - December (358,174) 1,364,513 5,741,840 FT Cboe Vest U.S. Equity Deep Buffer ETF - December (123,247) 328,334 3,162,051 F. INCOME TAXES Each Fund intends to qualify or continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, each Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of each Fund's taxable income exceeds the distributions from such taxable income for the calendar year. The Funds are subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. For FFEB, DFEB, FMAY, DMAY, FJUN, DJUN, FJUL, DJUL, FAUG, DAUG, FNOV, and DNOV, the taxable years ended 2020 and 2021 remain open to federal and state audit. For FJAN, DJAN, FMAR, DMAR, FAPR, DAPR, FSEP, DSEP, FOCT, DOCT, FDEC, and DDEC, the taxable year ended 2021 remains open to federal and state audit. As of February 28, 2022, management has evaluated the application of these standards to the Funds and has determined that no provision for income tax is required in the Funds' financial statements for uncertain tax positions. Page 127 -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS (CONTINUED) -------------------------------------------------------------------------------- FIRST TRUST EXCHANGE-TRADED FUND VIII FEBRUARY 28, 2022 (UNAUDITED) Each Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. Each Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At each Fund's applicable taxable year end, for federal income tax purposes, the Funds had a capital loss carryforward available that is shown in the table below, to the extent provided by regulations, to offset future capital gains. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to the Funds' shareholders. Non-Expiring Taxable Capital Loss Year End Carryforwards ------------------- ------------------ FT Cboe Vest U.S. Equity Buffer ETF - January 31-Jan-21 $ -- FT Cboe Vest U.S. Equity Deep Buffer ETF - January 31-Jan-21 -- FT Cboe Vest U.S. Equity Buffer ETF - February 28-Feb-21 19,939,269 FT Cboe Vest U.S. Equity Deep Buffer ETF - February 28-Feb-21 43,356,380 FT Cboe Vest U.S. Equity Buffer ETF - March 31-Mar-21 -- FT Cboe Vest U.S. Equity Deep Buffer ETF - March 31-Mar-21 -- FT Cboe Vest U.S. Equity Buffer ETF - April 30-Apr-21 -- FT Cboe Vest U.S. Equity Deep Buffer ETF - April 30-Apr-21 -- FT Cboe Vest U.S. Equity Buffer ETF - May 31-May-21 14,532,034 FT Cboe Vest U.S. Equity Deep Buffer ETF - May 31-May-21 2,795,698 FT Cboe Vest U.S. Equity Buffer ETF - June 30-Jun-21 12,023,874 FT Cboe Vest U.S. Equity Deep Buffer ETF - June 30-Jun-21 2,509,830 FT Cboe Vest U.S. Equity Buffer ETF - July 31-Jul-21 1,426,745 FT Cboe Vest U.S. Equity Deep Buffer ETF - July 31-Jul-21 1,962,468 FT Cboe Vest U.S. Equity Buffer ETF - August 31-Aug-21 15,584,393 FT Cboe Vest U.S. Equity Deep Buffer ETF - August 31-Aug-21 14,594,264 FT Cboe Vest U.S. Equity Buffer ETF - September 30-Sep-20 -- FT Cboe Vest U.S. Equity Deep Buffer ETF - September 30-Sep-20 -- FT Cboe Vest U.S. Equity Buffer ETF - October 31-Oct-20 -- FT Cboe Vest U.S. Equity Deep Buffer ETF - October 31-Oct-20 -- FT Cboe Vest U.S. Equity Buffer ETF - November 30-Nov-20 6,618,155 FT Cboe Vest U.S. Equity Deep Buffer ETF - November 30-Nov-20 8,177,376 FT Cboe Vest U.S. Equity Buffer ETF - December 31-Dec-20 -- FT Cboe Vest U.S. Equity Deep Buffer ETF - December 31-Dec-20 -- Page 128 -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS (CONTINUED) -------------------------------------------------------------------------------- FIRST TRUST EXCHANGE-TRADED FUND VIII FEBRUARY 28, 2022 (UNAUDITED) Certain losses realized during the current taxable year may be deferred and treated as occurring on the first day of the following taxable year for federal income tax purposes. At each Fund's applicable taxable year end, the Funds listed below incurred and elected to defer net late year ordinary or capital losses as follows: Qualified Late Year Losses Taxable -------------------------------------------- Year End Ordinary Losses Capital Losses ------------------- ------------------ ------------------ FT Cboe Vest U.S. Equity Buffer ETF - January 31-Jan-21 $ -- $ -- FT Cboe Vest U.S. Equity Deep Buffer ETF - January 31-Jan-21 -- -- FT Cboe Vest U.S. Equity Buffer ETF - February 28-Feb-21 273,656 -- FT Cboe Vest U.S. Equity Deep Buffer ETF - February 28-Feb-21 510,834 -- FT Cboe Vest U.S. Equity Buffer ETF - March 31-Mar-21 -- -- FT Cboe Vest U.S. Equity Deep Buffer ETF - March 31-Mar-21 -- -- FT Cboe Vest U.S. Equity Buffer ETF - April 30-Apr-21 -- -- FT Cboe Vest U.S. Equity Deep Buffer ETF - April 30-Apr-21 -- -- FT Cboe Vest U.S. Equity Buffer ETF - May 31-May-21 225,273 -- FT Cboe Vest U.S. Equity Deep Buffer ETF - May 31-May-21 76,604 -- FT Cboe Vest U.S. Equity Buffer ETF - June 30-Jun-21 233,399 -- FT Cboe Vest U.S. Equity Deep Buffer ETF - June 30-Jun-21 70,458 -- FT Cboe Vest U.S. Equity Buffer ETF - July 31-Jul-21 167,281 -- FT Cboe Vest U.S. Equity Deep Buffer ETF - July 31-Jul-21 87,476 -- FT Cboe Vest U.S. Equity Buffer ETF - August 31-Aug-21 550,353 -- FT Cboe Vest U.S. Equity Deep Buffer ETF - August 31-Aug-21 559,990 -- FT Cboe Vest U.S. Equity Buffer ETF - September 30-Sep-20 -- -- FT Cboe Vest U.S. Equity Deep Buffer ETF - September 30-Sep-20 -- -- FT Cboe Vest U.S. Equity Buffer ETF - October 31-Oct-20 -- -- FT Cboe Vest U.S. Equity Deep Buffer ETF - October 31-Oct-20 -- -- FT Cboe Vest U.S. Equity Buffer ETF - November 30-Nov-20 700,626 -- FT Cboe Vest U.S. Equity Deep Buffer ETF - November 30-Nov-20 753,193 -- FT Cboe Vest U.S. Equity Buffer ETF - December 31-Dec-20 -- -- FT Cboe Vest U.S. Equity Deep Buffer ETF - December 31-Dec-20 -- -- Page 129 -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS (CONTINUED) -------------------------------------------------------------------------------- FIRST TRUST EXCHANGE-TRADED FUND VIII FEBRUARY 28, 2022 (UNAUDITED) As of February 28, 2022, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows: Net Gross Gross Unrealized Unrealized Unrealized Appreciation Tax Cost Appreciation (Depreciation) (Depreciation) -------------- -------------- -------------- -------------- FT Cboe Vest U.S. Equity Buffer ETF - January $ 216,777,294 $ 2,860,049 $ (2,614,219) $ 245,830 FT Cboe Vest U.S. Equity Deep Buffer ETF - January 107,977,462 981,824 (1,126,944) (145,120) FT Cboe Vest U.S. Equity Buffer ETF - February 277,820,568 2,078,477 (1,094,335) 984,142 FT Cboe Vest U.S. Equity Deep Buffer ETF - February 274,234,149 2,201,001 (1,805,261) 395,740 FT Cboe Vest U.S. Equity Buffer ETF - March 82,517,488 8,634,613 (4,775,623) 3,858,990 FT Cboe Vest U.S. Equity Deep Buffer ETF - March 80,177,476 978,184 (3,468,761) (2,490,577) FT Cboe Vest U.S. Equity Buffer ETF - April 134,370,569 12,227,393 (6,698,958) 5,528,435 FT Cboe Vest U.S. Equity Deep Buffer ETF - April 89,394,563 4,229,809 (3,911,401) 318,408 FT Cboe Vest U.S. Equity Buffer ETF - May 115,648,993 9,432,835 (4,746,817) 4,686,018 FT Cboe Vest U.S. Equity Deep Buffer ETF - May 83,661,381 4,042,543 (2,406,856) 1,635,687 FT Cboe Vest U.S. Equity Buffer ETF - June 110,378,991 7,229,093 (3,473,163) 3,755,930 FT Cboe Vest U.S. Equity Deep Buffer ETF - June 72,049,093 2,084,186 (1,312,429) 771,757 FT Cboe Vest U.S. Equity Buffer ETF - July 141,441,839 3,480,865 (2,487,050) 993,815 FT Cboe Vest U.S. Equity Deep Buffer ETF - July 71,942,670 1,609,596 (1,263,829) 345,767 FT Cboe Vest U.S. Equity Buffer ETF - August 186,066,979 5,507,585 (5,852,285) (344,700) FT Cboe Vest U.S. Equity Deep Buffer ETF - August 139,148,241 3,304,639 (3,294,646) 9,993 FT Cboe Vest U.S. Equity Buffer ETF - September 127,600,460 1,928,336 (3,788,377) (1,860,041) FT Cboe Vest U.S. Equity Deep Buffer ETF - September 64,545,201 1,237,647 (1,444,864) (207,217) FT Cboe Vest U.S. Equity Buffer ETF - October 175,053,904 2,891,756 (5,086,649) (2,194,893) FT Cboe Vest U.S. Equity Deep Buffer ETF - October 107,242,126 1,758,995 (2,922,696) (1,163,701) FT Cboe Vest U.S. Equity Buffer ETF - November 308,498,988 10,161,605 (21,115,477) (10,953,872) FT Cboe Vest U.S. Equity Deep Buffer ETF - November 230,106,822 5,234,197 (8,607,103) (3,372,906) FT Cboe Vest U.S. Equity Buffer ETF - December 239,577,733 4,962,010 (9,349,606) (4,387,596) FT Cboe Vest U.S. Equity Deep Buffer ETF - December 129,285,210 3,581,401 (5,654,196) (2,072,795) FT Cboe Vest Buffered Allocation Defensive ETF 70,122,262 271,435 (300,380) (28,945) FT Cboe Vest Buffered Allocation Growth ETF 120,520,246 506,672 (1,760,565) (1,253,893) G. EXPENSES Expenses, other than the investment advisory fee and other excluded expenses, are paid by the Advisor (see Note 3). 3. INVESTMENT ADVISORY FEE, AFFILIATED TRANSACTIONS AND OTHER FEE ARRANGEMENTS First Trust, the investment advisor to the Funds, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust is responsible for the ongoing monitoring of the securities in each Fund's portfolio, managing the Funds' business affairs and providing certain administrative services necessary for the management of the Funds. First Trust is paid an annual unitary management fee of 0.85% of each Fund's average daily net assets with the exception of BUFT and BUFG which each pay an annual unitary management fee of 0.20%. In addition, BUFT and BUFG incur pro rata share of fees and expenses attributable to investments in other investment companies ("acquired fund fees and expenses"). The total of the unitary management fee and acquired fund fees and expenses represents each Fund's total annual operating expenses. First Trust is responsible for each Fund's expenses, including the cost of transfer agency, sub-advisory, custody, fund administration, legal, audit and other services, but excluding fee payments under the Investment Management Agreement, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses. Page 130 -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS (CONTINUED) -------------------------------------------------------------------------------- FIRST TRUST EXCHANGE-TRADED FUND VIII FEBRUARY 28, 2022 (UNAUDITED) Cboe VestSM Financial LLC ("Cboe Vest"), an affiliate of First Trust, serves as the Funds' sub-advisor and manages each Fund's portfolio subject to First Trust's supervision. Pursuant to the Investment Management Agreement, between the Trust, on behalf of the Funds, and the Advisor, and the Investment Sub-Advisory Agreement among the Trust, on behalf of the Funds (other than BUFT and BUFG), the Advisor and Cboe Vest, First Trust will supervise Cboe Vest and its management of the investment of each Fund's assets and will pay Cboe Vest for its services as the Funds' sub-advisor a sub-advisory fee equal to 50% of any remaining monthly unitary management fee paid to the Advisor after the average Fund's expenses accrued during the most recent twelve months (or shorter period during the first eleven months of the Investment Sub-Advisory Agreement) are subtracted from the unitary management fee for that month. Pursuant to the Investment Management Agreement, between the Trust, on behalf of the Funds, and the Advisor, and the Investment Sub-Advisory Agreement among the Trust, on behalf of BUFT and BUFG, the Advisor and Cboe Vest, First Trust will supervise Cboe Vest and its management of the investment of each Fund's assets and will pay Cboe Vest for its services as the Funds' sub-advisor a sub-advisory fee equal to 50% of the monthly unitary management fee paid to the Advisor, less Cboe Vest's 50% share of each of BUFT and BUFG's expenses for that month. The Trust has multiple service agreements with The Bank of New York Mellon ("BNYM"). Under the service agreements, BNYM performs custodial, fund accounting, certain administrative services, and transfer agency services for each Fund. As custodian, BNYM is responsible for custody of each Fund's assets. As fund accountant and administrator, BNYM is responsible for maintaining the books and records of each Fund's securities and cash. As transfer agent, BNYM is responsible for maintaining shareholder records for each Fund. BNYM is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company. Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates ("Independent Trustees") is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a defined-outcome fund or an index fund. Additionally, the Lead Independent Trustee and the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation Committee are paid annual fees to serve in such capacities, with such compensation allocated pro rata among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The Lead Independent Trustee and Committee Chairs rotate every three years. The officers and "Interested" Trustee receive no compensation from the Trust for acting in such capacities. 4. PURCHASES AND SALES OF SECURITIES For the fiscal period ended February 28, 2022, the Funds, except BUFT and BUFG, had no purchases or sales of investments, excluding short-term investments and in-kind transactions. Each Fund, except BUFT and BUFG, holds options for a target outcome period of approximately one year based on the expiration date of the options, which occurs on the third Friday of the month corresponding to the month in each Fund name. For securities transactions purposes, the options are considered short-term investments. For the fiscal period ended February 28, 2022, the cost of purchases and proceeds from sales of investments for BUFT and BUFG, excluding short-term investments and in-kind transactions, were as follows: Purchases Sales -------------- -------------- FT Cboe Vest Buffered Allocation Defensive ETF $ 72,170,666 $ 70,172,336 FT Cboe Vest Buffered Allocation Growth ETF 68,253,909 66,704,887 For the fiscal period ended February 28, 2022, the cost of in-kind purchases and proceeds from in-kind sales for each Fund were as follows: Purchases Sales -------------- -------------- FT Cboe Vest U.S. Equity Buffer ETF - January $ 10,046,481 $ 124,471,504 FT Cboe Vest U.S. Equity Deep Buffer ETF - January 1,588,335 30,576,585 FT Cboe Vest U.S. Equity Buffer ETF - February 5,605,159 173,522,845 FT Cboe Vest U.S. Equity Deep Buffer ETF - February -- 38,457,216 FT Cboe Vest U.S. Equity Buffer ETF - March 8,104,787 13,018,955 FT Cboe Vest U.S. Equity Deep Buffer ETF - March 1,580,271 17,402,377 FT Cboe Vest U.S. Equity Buffer ETF - April 7,935,796 3,122,605 FT Cboe Vest U.S. Equity Deep Buffer ETF - April 1,537,733 7,640,460 FT Cboe Vest U.S. Equity Buffer ETF - May 9,373,475 -- FT Cboe Vest U.S. Equity Deep Buffer ETF - May 1,725,323 -- FT Cboe Vest U.S. Equity Buffer ETF - June 7,436,374 -- FT Cboe Vest U.S. Equity Deep Buffer ETF - June 1,692,240 -- Page 131 -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS (CONTINUED) -------------------------------------------------------------------------------- FIRST TRUST EXCHANGE-TRADED FUND VIII FEBRUARY 28, 2022 (UNAUDITED) Purchases Sales -------------- -------------- FT Cboe Vest U.S. Equity Buffer ETF - July $ 10,610,878 $ 5,421,647 FT Cboe Vest U.S. Equity Deep Buffer ETF - July 3,330,307 -- FT Cboe Vest U.S. Equity Buffer ETF - August 18,225,364 14,280,136 FT Cboe Vest U.S. Equity Deep Buffer ETF - August 16,887,238 -- FT Cboe Vest U.S. Equity Buffer ETF - September 41,087,725 20,564,290 FT Cboe Vest U.S. Equity Deep Buffer ETF - September 14,595,362 -- FT Cboe Vest U.S. Equity Buffer ETF - October 45,356,128 53,285,114 FT Cboe Vest U.S. Equity Deep Buffer ETF - October 19,245,353 24,218,472 FT Cboe Vest U.S. Equity Buffer ETF - November 30,340,307 120,922,288 FT Cboe Vest U.S. Equity Deep Buffer ETF - November 6,858,468 26,124,574 FT Cboe Vest U.S. Equity Buffer ETF - December 8,474,649 71,533,216 FT Cboe Vest U.S. Equity Deep Buffer ETF - December -- 53,347,111 FT Cboe Vest Buffered Allocation Defensive ETF 79,923,895 11,012,332 FT Cboe Vest Buffered Allocation Growth ETF 135,711,582 14,875,779 5. DERIVATIVE TRANSACTIONS The following table presents the types of derivatives held by each Fund at February 28, 2022, the primary underlying risk exposure and the location of these instruments as presented on the Statements of Assets and Liabilities. ASSET DERIVATIVES LIABILITY DERIVATIVES ----------------------------------------- ----------------------------------------- DERIVATIVES STATEMENTS OF ASSETS AND STATEMENTS OF ASSETS AND INSTRUMENT RISK EXPOSURE LIABILITIES LOCATION VALUE LIABILITIES LOCATION VALUE ------------------ ------------------ -------------------------- ------------ -------------------------- ------------ FJAN Options contracts Options contracts Options Equity Risk purchased, at value $228,279,514 written, at value $ 15,298,431 DJAN Options contracts Options contracts Options Equity Risk purchased, at value 112,372,976 written, at value 5,523,384 FFEB Options contracts Options contracts Options Equity Risk purchased, at value 297,154,321 written, at value 21,569,539 DFEB Options contracts Options contracts Options Equity Risk purchased, at value 288,238,419 written, at value 16,705,262 FMAR Options contracts Options contracts Options Equity Risk purchased, at value 87,176,155 written, at value 1,078,211 DMAR Options contracts Options contracts Options Equity Risk purchased, at value 80,442,719 written, at value 3,008,957 FAPR Options contracts Options contracts Options Equity Risk purchased, at value 140,969,357 written, at value 1,633,812 DAPR Options contracts Options contracts Options Equity Risk purchased, at value 91,066,032 written, at value 1,724,688 Page 132 -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS (CONTINUED) -------------------------------------------------------------------------------- FIRST TRUST EXCHANGE-TRADED FUND VIII FEBRUARY 28, 2022 (UNAUDITED) ASSET DERIVATIVES LIABILITY DERIVATIVES ----------------------------------------- ----------------------------------------- DERIVATIVES STATEMENTS OF ASSETS AND STATEMENTS OF ASSETS AND INSTRUMENT RISK EXPOSURE LIABILITIES LOCATION VALUE LIABILITIES LOCATION VALUE ------------------ ------------------ -------------------------- ------------ -------------------------- ------------ FMAY Options contracts Options contracts Options Equity Risk purchased, at value $122,639,101 written, at value $ 2,887,844 DMAY Options contracts Options contracts Options Equity Risk purchased, at value 87,733,247 written, at value 2,834,396 FJUN Options contracts Options contracts Options Equity Risk purchased, at value 113,826,987 written, at value 3,931,806 DJUN Options contracts Options contracts Options Equity Risk purchased, at value 75,561,902 written, at value 3,095,711 FJUL Options contracts Options contracts Options Equity Risk purchased, at value 146,696,924 written, at value 5,132,008 DJUL Options contracts Options contracts Options Equity Risk purchased, at value 74,039,905 written, at value 2,161,459 FAUG Options contracts Options contracts Options Equity Risk purchased, at value 192,294,218 written, at value 7,890,568 DAUG Options contracts Options contracts Options Equity Risk purchased, at value 141,978,670 written, at value 3,777,284 FSEP Options contracts Options contracts Options Equity Risk purchased, at value 130,941,863 written, at value 6,172,564 DSEP Options contracts Options contracts Options Equity Risk purchased, at value 66,010,346 written, at value 2,160,069 FOCT Options contracts Options contracts Options Equity Risk purchased, at value 181,253,440 written, at value 9,875,953 DOCT Options contracts Options contracts Options Equity Risk purchased, at value 109,241,971 written, at value 4,052,577 FNOV Options contracts Options contracts Options Equity Risk purchased, at value 314,973,225 written, at value 20,327,895 DNOV Options contracts Options contracts Options Equity Risk purchased, at value 231,027,378 written, at value 6,376,668 Page 133 -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS (CONTINUED) -------------------------------------------------------------------------------- FIRST TRUST EXCHANGE-TRADED FUND VIII FEBRUARY 28, 2022 (UNAUDITED) ASSET DERIVATIVES LIABILITY DERIVATIVES ----------------------------------------- ----------------------------------------- DERIVATIVES STATEMENTS OF ASSETS AND STATEMENTS OF ASSETS AND INSTRUMENT RISK EXPOSURE LIABILITIES LOCATION VALUE LIABILITIES LOCATION VALUE ------------------ ------------------ -------------------------- ------------ -------------------------- ------------ FDEC Options contracts Options contracts Options Equity Risk purchased, at value $244,995,786 written, at value $ 15,506,546 DDEC Options contracts Options contracts Options Equity Risk purchased, at value 130,202,406 written, at value 4,257,084 The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the six months ended February 28, 2022, on each Fund's derivative instruments, as well as the primary underlying risk exposure associated with the instruments. EQUITY RISK ----------------------------------------------------------------------------- STATEMENTS OF OPERATIONS LOCATION FJAN DJAN FFEB DFEB FMAR DMAR ------------------------------------- ----------------------------------------------------------------------------- Net realized gain (loss) on: Purchased options contracts $ 6,938,811 $ 2,064,917 $ 3,912,781 $ 14,131,065 $ 1,452,637 $ 1,824,239 Written options contracts 6,770,189 86,023 17,229,620 8,605,853 1,166,287 1,777,466 Net change in unrealized appreciation (depreciation) on: Purchased options contracts (13,066,362) (5,863,366) (19,578,376) (25,672,999) (5,778,477) (7,044,795) Written options contracts 3,510,207 4,275,983 (2,517,166) 9,112,194 4,282,891 4,214,368 EQUITY RISK ----------------------------------------------------------------------------- STATEMENTS OF OPERATIONS LOCATION FAPR DAPR FMAY DMAY FJUN DJUN ------------------------------------- ----------------------------------------------------------------------------- Net realized gain (loss) on: Purchased options contracts $ 141,078 $ 832,130 $ 23,608 $ (33,017) $ (258,392) $ 20,769 Written options contracts 344,783 685,507 18,185 36,072 452,326 (5,773) Net change in unrealized appreciation (depreciation) on: Purchased options contracts (7,190,556) (6,201,906) (5,212,746) (4,058,054) (5,057,599) (3,157,574) Written options contracts 5,733,009 4,330,973 4,633,861 3,820,441 4,281,770 2,938,734 EQUITY RISK ----------------------------------------------------------------------------- STATEMENTS OF OPERATIONS LOCATION FJUL DJUL FAUG DAUG FSEP DSEP ------------------------------------- ----------------------------------------------------------------------------- Net realized gain (loss) on: Purchased options contracts $ 424,888 $ (80,364) $ 488,203 $ (29,268) $ 1,713,628 $ 1,657,143 Written options contracts 260,454 55,107 465,210 56,340 (1,824,727) (3,015,197) Net change in unrealized appreciation (depreciation) on: Purchased options contracts (5,636,598) (2,984,537) (5,538,991) (4,433,325) (5,803,998) (3,726,339) Written options contracts 3,699,635 2,435,174 3,629,285 3,565,336 5,808,768 4,891,658 Page 134 -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS (CONTINUED) -------------------------------------------------------------------------------- FIRST TRUST EXCHANGE-TRADED FUND VIII FEBRUARY 28, 2022 (UNAUDITED) EQUITY RISK ----------------------------------------------------------------------------- STATEMENTS OF OPERATIONS LOCATION FOCT DOCT FNOV DNOV FDEC DDEC ------------------------------------- ----------------------------------------------------------------------------- Net realized gain (loss) on: Purchased options contracts $10,017,318 $ 7,459,183 $28,029,120 $ 19,614,752 $10,637,075 $ 9,833,917 Written options contracts (3,074,144) (4,276,427) (13,655,819) (15,389,510) (2,698,428) (6,074,872) Net change in unrealized appreciation (depreciation) on: Purchased options contracts (15,169,494) (10,782,437) (34,889,908) (23,087,264) (14,089,374) (12,597,641) Written options contracts 6,296,771 6,659,789 10,872,757 15,855,647 3,162,912 7,362,795 The Funds do not have the right to offset financial assets and financial liabilities related to options contracts on the Statements of Assets and Liabilities. The following table presents the premiums for purchased options contracts opened, premiums for purchased options contracts closed, exercised and expired, premiums for written options contracts opened, and premiums for written options contracts closed, exercised and expired, for the six months ended February 28, 2022, on each Fund's options contracts. PREMIUMS FOR PREMIUMS FOR PREMIUMS FOR PURCHASED WRITTEN OPTIONS PURCHASED OPTIONS CONTRACTS PREMIUMS FOR CONTRACTS CLOSED, OPTIONS CONTRACTS CLOSED, EXERCISED WRITTEN OPTIONS EXERCISED AND OPENED AND EXPIRED CONTRACTS OPENED EXPIRED ---------------------------------------------------------------------------- FJAN $ 392,833,952 $ 288,196,876 $ 30,576,626 $ 22,319,828 DJAN 172,557,862 110,179,858 14,119,441 10,927,664 FFEB 476,127,772 430,883,166 24,589,618 20,099,580 DFEB 335,463,374 329,922,064 18,563,851 20,218,211 FMAR 35,630,022 30,816,567 1,675,135 2,403,182 DMAR 38,165,168 22,912,108 3,474,155 2,876,952 FAPR 21,617,665 14,435,274 953,232 832,167 DAPR 31,698,461 33,094,556 2,095,375 2,182,579 FMAY 21,711,521 11,871,589 1,149,783 677,981 DMAY 25,902,833 1,813,064 1,918,101 117,215 FJUN 25,773,776 27,259,728 1,631,826 1,703,465 DJUN 33,050,139 3,743,725 2,502,759 323,073 FJUL 37,386,101 16,530,249 1,997,104 1,130,159 DJUL 22,858,952 3,515,046 1,313,006 197,994 FAUG 84,732,012 50,795,177 4,947,868 3,352,824 DAUG 60,991,876 8,989,308 2,851,253 472,298 FSEP 166,757,449 78,245,186 10,951,372 5,983,242 DSEP 71,287,264 33,705,694 3,925,262 3,264,788 FOCT 260,107,726 142,649,833 17,498,497 10,009,992 DOCT 144,671,043 72,782,266 9,393,308 6,445,490 FNOV 482,683,190 294,505,356 39,234,893 26,707,796 DNOV 278,846,380 132,381,746 15,915,128 10,754,527 FDEC 351,339,432 169,482,888 24,248,457 12,189,593 DDEC 208,155,191 133,145,323 15,479,893 12,382,520 6. CREATIONS, REDEMPTIONS AND TRANSACTION FEES Each Fund generally issues and redeems its shares in primary market transactions through a creation and redemption mechanism and does not sell or redeem individual shares. Instead, financial entities known as "Authorized Participants" have contractual arrangements with a Fund or one of the Fund's service providers to purchase and redeem Fund shares directly with the Fund in large blocks of shares known as "Creation Units." Prior to the start of trading on every business day, a Fund publishes through the National Securities Clearing Corporation ("NSCC") the "basket" of securities, cash or other assets that it will accept in exchange for a Creation Unit of the Fund's shares. An Authorized Participant that wishes to effectuate a creation of a Fund's shares deposits with the Fund the "basket" of securities, cash or other assets identified by the Fund that day, and then receives the Creation Unit of the Fund's shares in return for those assets. After purchasing a Creation Unit, the Authorized Participant may continue to hold the Fund's shares or sell them in the secondary market. The redemption process is the reverse of the purchase process: the Page 135 -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS (CONTINUED) -------------------------------------------------------------------------------- FIRST TRUST EXCHANGE-TRADED FUND VIII FEBRUARY 28, 2022 (UNAUDITED) Authorized Participant redeems a Creation Unit of a Fund's shares for a basket of securities, cash or other assets. The combination of the creation and redemption process with secondary market trading in a Fund's shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of a Fund's shares at or close to the NAV per share of the Fund. Each Fund imposes fees in connection with the purchase of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price for each Creation Unit will equal the daily NAV per share of a Fund times the number of shares in a Creation Unit, plus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the creation basket. Each Fund also imposes fees in connection with the redemption of Creation Units. These fees may vary based upon various fact-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price received for each Creation Unit will equal the daily NAV per share of a Fund times the number of shares in a Creation Unit, minus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the redemption basket. Investors who use the services of a broker or other such intermediary in addition to an Authorized Participant to effect a redemption of a Creation Unit may also be assessed an amount to cover the cost of such services. The redemption fee charged by a Fund will comply with Rule 22c-2 of the 1940 Act which limits redemption fees to no more than 2% of the value of the shares redeemed. 7. DISTRIBUTION PLAN The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the Funds are authorized to pay an amount up to 0.25% of their average daily net assets each year to reimburse First Trust Portfolios L.P. ("FTP"), the distributor of the Funds, for amounts expended to finance activities primarily intended to result in the sale of Creation Units or the provision of investor services. FTP may also use this amount to compensate securities dealers or other persons that are Authorized Participants for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services. No 12b-1 fees are currently paid by the Funds, and pursuant to a contractual arrangement, no 12b-1 fees will be paid any time before December 31, 2022 for FFEB, DFEB, FMAY, DMAY, FJUN, DJUN, FJUL, DJUL, FAUG, DAUG, FSEP, DSEP, FOCT, DOCT, FNOV, DNOV, FDEC, and DDEC, January 10, 2023 for FJAN and DJAN, March 8, 2023 for FMAR and DMAR, April 15, 2023 for DAPR and FAPR, and October 25, 2023 for BUFT and BUFG. 8. INDEMNIFICATION The Trust, on behalf of the Funds, has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote. 9. SUBSEQUENT EVENTS Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were the following subsequent events: As of March 21, 2022, the investment objective of the FT Cboe Vest U.S. Equity Buffer ETF - March changed to include an upside cap of 14.78% (before fees, expenses and taxes) 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. As of March 21, 2022, the investment objective of the FT Cboe Vest U.S. Equity Deep Buffer ETF - March changed to include an upside cap of 10.02% (before fees, expenses and taxes) 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. As of April 18, 2022, the investment objective of the FT Cboe Vest U.S. Equity Buffer ETF - April changed to include an upside cap of 16.35% (before fees, expenses and taxes) 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. As of April 18, 2022, the investment objective of the FT Cboe Vest U.S. Equity Deep Buffer ETF - April changed to include an upside cap of 10.96% (before fees, expenses and taxes) 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 136 -------------------------------------------------------------------------------- ADDITIONAL INFORMATION -------------------------------------------------------------------------------- FIRST TRUST EXCHANGE-TRADED FUND VIII FEBRUARY 28, 2022 (UNAUDITED) PROXY VOTING POLICIES AND PROCEDURES A description of the policies and procedures that the Trust uses to determine how to vote proxies and information on how each Fund voted proxies relating to its portfolio securities during the most recent 12-month period ended June 30 is available (1) without charge, upon request, by calling (800) 988-5891; (2) on each Fund's website at www.ftportfolios.com; and (3) on the Securities and Exchange Commission's ("SEC") website at www.sec.gov. PORTFOLIO HOLDINGS Each Fund files portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be publicly available on the SEC's website at www.sec.gov. Each Fund's complete schedule of portfolio holdings for the second and fourth quarters of each fiscal year is included in the semi-annual and annual reports to shareholders, respectively, and is filed with the SEC on Form N-CSR. The semi-annual and annual report for each Fund is available to investors within 60 days after the period to which it relates. Each Fund's Forms N-PORT and Forms N-CSR are available on the SEC's website listed above. RISK CONSIDERATIONS RISKS ARE INHERENT IN ALL INVESTING. CERTAIN GENERAL RISKS THAT MAY BE APPLICABLE TO A FUND ARE IDENTIFIED BELOW, BUT NOT ALL OF THE MATERIAL RISKS RELEVANT TO EACH FUND ARE INCLUDED IN THIS REPORT AND NOT ALL OF THE RISKS BELOW APPLY TO EACH FUND. THE MATERIAL RISKS OF INVESTING IN EACH FUND ARE SPELLED OUT IN ITS PROSPECTUS, STATEMENT OF ADDITIONAL INFORMATION AND OTHER REGULATORY FILINGS. BEFORE INVESTING, YOU SHOULD CONSIDER EACH FUND'S INVESTMENT OBJECTIVE, RISKS, CHARGES AND EXPENSES, AND READ EACH FUND'S PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION CAREFULLY. YOU CAN DOWNLOAD EACH FUND'S PROSPECTUS AT WWW.FTPORTFOLIOS.COM OR CONTACT FIRST TRUST PORTFOLIOS L.P. AT (800) 621-1675 TO REQUEST A PROSPECTUS, WHICH CONTAINS THIS AND OTHER INFORMATION ABOUT EACH FUND. CONCENTRATION RISK. To the extent that a fund is able to invest a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the fund's investments more than if the fund were more broadly diversified. A fund that tracks an index will be concentrated to the extent the fund's corresponding index is concentrated. A concentration makes a fund more susceptible to any single occurrence and may subject the fund to greater market risk than a fund that is more broadly diversified. CREDIT RISK. Credit risk is the risk that an issuer of a security will be unable or unwilling to make dividend, interest and/or principal payments when due and the related risk that the value of a security may decline because of concerns about the issuer's ability to make such payments. CYBER SECURITY RISK. The funds are susceptible to potential operational risks through breaches in cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause a fund to lose proprietary information, suffer data corruption or lose operational capacity. Such events could cause a fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. In addition, cyber security breaches of a fund's third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, or issuers in which the fund invests, can also subject a fund to many of the same risks associated with direct cyber security breaches. DEFINED OUTCOME FUNDS RISK. To the extent a fund's investment strategy is designed to deliver returns tied to the price performance of an underlying ETF, an investor may not realize the returns the fund seeks to achieve if that investor does not hold shares for the entire target outcome period. In the event an investor purchases shares after the first day of the target outcome period or sells shares prior to the end of the target outcome period, the buffer that the fund seeks to provide against a decline in the value of the underlying ETF may not be available, the enhanced returns that the fund seeks to provide (if any) may not be available and the investor may not participate in a gain in the value of the underlying ETF up to the cap for the investor's investment period. Additionally, the fund will not participate in gains of the underlying ETF above the cap and a shareholder may lose their entire investment. If the fund seeks enhanced returns, there are certain time periods when the value of the fund may fall faster than the value of the underlying ETF, and it is very unlikely that, on any given day during which the underlying ETF share price increases in value, the fund's share price will increase at the same rate as the enhanced returns sought by the fund, which is designed for an entire target outcome period. Trading flexible exchange options involves risks different from, or possibly greater than, the risks associated with investing directly in securities, such as less liquidity and correlation and valuation risks. A fund may experience substantial downside from specific flexible exchange option positions and certain positions may expire worthless. DERIVATIVES RISK. To the extent a fund uses derivative instruments such as futures contracts, options contracts and swaps, the fund may experience losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the derivative. These risks are heightened when a fund's portfolio managers use derivatives to enhance the fund's return or as a substitute for a position or security, rather than solely to hedge (or offset) the risk of a position or security held by the fund. Page 137 -------------------------------------------------------------------------------- ADDITIONAL INFORMATION (CONTINUED) -------------------------------------------------------------------------------- FIRST TRUST EXCHANGE-TRADED FUND VIII FEBRUARY 28, 2022 (UNAUDITED) EQUITY SECURITIES RISK. To the extent a fund invests in equity securities, the value of the fund's shares will fluctuate with changes in the value of the equity securities. Equity securities prices fluctuate for several reasons, including changes in investors' perceptions of the financial condition of an issuer or the general condition of the relevant stock market, such as market volatility, or when political or economic events affecting the issuers occur. In addition, common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, company, industry or sector of the market. ETF RISK. The shares of an ETF trade like common stock and represent an interest in a portfolio of securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities, although lack of liquidity in an ETF could result in it being more volatile and ETFs have management fees that increase their costs. Shares of an ETF trade on an exchange at market prices rather than net asset value, which may cause the shares to trade at a price greater than net asset value (premium) or less than net asset value (discount). In times of market stress, decisions by market makers to reduce or step away from their role of providing a market for an ETF's shares, or decisions by an ETF's authorized participants that they are unable or unwilling to proceed with creation and/or redemption orders of an ETF's shares, could result in shares of the ETF trading at a discount to net asset value and in greater than normal intraday bid-ask spreads. FIXED INCOME SECURITIES RISK. To the extent a fund invests in fixed income securities, the fund will be subject to credit risk, income risk, interest rate risk, liquidity risk and prepayment risk. Income risk is the risk that income from a fund's fixed income investments could decline during periods of falling interest rates. Interest rate risk is the risk that the value of a fund's fixed income securities will decline because of rising interest rates. Liquidity risk is the risk that a security cannot be purchased or sold at the time desired, or cannot be purchased or sold without adversely affecting the price. Prepayment risk is the risk that the securities will be redeemed or prepaid by the issuer, resulting in lower interest payments received by the fund. In addition to these risks, high yield securities, or "junk" bonds, are subject to greater market fluctuations and risk of loss than securities with higher ratings, and the market for high yield securities is generally smaller and less liquid than that for investment grade securities. INDEX OR MODEL CONSTITUENT RISK. Certain funds may be a constituent of one or more indices or ETF models. As a result, such a fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving a fund, the size of the fund and the market volatility of the fund. Inclusion in an index could increase demand for the fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, a fund's net asset value could be negatively impacted and the fund's market price may be significantly below its net asset value during certain periods. In addition, index rebalances may potentially result in increased trading activity in a fund's shares. INDEX PROVIDER RISK. To the extent a fund seeks to track an index, it is subject to Index Provider Risk. There is no assurance that the Index Provider will compile the Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. To correct any such error, the Index Provider may carry out an unscheduled rebalance or other modification of the Index constituents or weightings, which may increase the fund's costs. The Index Provider does not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and it does not guarantee that the Index will be calculated in accordance with its stated methodology. Losses or costs associated with any Index Provider errors generally will be borne by the fund and its shareholders. INVESTMENT COMPANIES RISK. To the extent a fund invests in the securities of other investment vehicles, the fund will incur additional fees and expenses that would not be present in a direct investment in those investment vehicles. Furthermore, the fund's investment performance and risks are directly related to the investment performance and risks of the investment vehicles in which the fund invests. LIBOR RISK. To the extent a fund invests in floating or variable rate obligations that use the London Interbank Offered Rate ("LIBOR") as a reference interest rate, it is subject to LIBOR Risk. The United Kingdom's Financial Conduct Authority, which regulates LIBOR, has ceased making LIBOR available as a reference rate over a phase-out period that began December 31, 2021. There is no assurance that any alternative reference rate, including the Secured Overnight Financing Rate ("SOFR") will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any potential effects of the transition away from LIBOR on the fund or on certain instruments in which the fund invests can be difficult to ascertain, and they may vary depending on a variety of factors, and they could result in losses to the fund. MANAGEMENT RISK. To the extent that a fund is actively managed, it is subject to management risk. In managing an actively-managed fund's investment portfolio, the fund's portfolio managers will apply investment techniques and risk analyses that may not have the desired result. There can be no guarantee that a fund will meet its investment objective. Page 138 -------------------------------------------------------------------------------- ADDITIONAL INFORMATION (CONTINUED) -------------------------------------------------------------------------------- FIRST TRUST EXCHANGE-TRADED FUND VIII FEBRUARY 28, 2022 (UNAUDITED) MARKET RISK. Securities held by a fund, as well as shares of a fund itself, are subject to market fluctuations caused by factors such as general economic conditions, political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of a fund could decline in value or underperform other investments as a result of the risk of loss associated with these market fluctuations. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on a fund and its investments. Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. In February 2022, Russia invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, and the United States. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain fund investments as well as fund performance. The outbreak of the respiratory disease designated as COVID-19 in December 2019 has caused significant volatility and declines in global financial markets, which have caused losses for investors. While the development of vaccines has slowed the spread of the virus and allowed for the resumption of "reasonably" normal business activity in the United States, many countries continue to impose lockdown measures in an attempt to slow the spread. Additionally, there is no guarantee that vaccines will be effective against emerging variants of the disease. NON-U.S. SECURITIES RISK. To the extent a fund invests in non-U.S. securities, it is subject to additional risks not associated with securities of domestic issuers. Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to: possible adverse political, social or economic developments; restrictions on foreign investment or exchange of securities; capital controls; lack of liquidity; currency exchange rates; excessive taxation; government seizure of assets; the imposition of sanctions by foreign governments; different legal or accounting standards; and less government supervision and regulation of exchanges in foreign countries. Investments in non-U.S. securities may involve higher costs than investments in U.S. securities, including higher transaction and custody costs, as well as additional taxes imposed by non-U.S. governments. These risks may be heightened for securities of companies located, or with significant operations, in emerging market countries. OPERATIONAL RISK. Each fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of a fund's service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. Each fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect a fund's ability to meet its investment objective. Although the funds and the funds' investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks. PASSIVE INVESTMENT RISK. To the extent a fund seeks to track an index, the fund will invest in the securities included in, or representative of, the index regardless of their investment merit. A fund generally will not attempt to take defensive positions in declining markets. DISCLAIMER The funds are not sponsored, endorsed, sold or promoted by SPDR(R) S&P 500(R) ETF Trust, PDR, or Standard & Poor's(R) (together with their affiliates hereinafter referred to as the "Corporations"). The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of, descriptions and disclosures relating to the funds or the FLEX Options. The Corporations make no representations or warranties, express or implied, regarding the advisability of investing in the funds or the FLEX Options or results to be obtained by the funds or the FLEX Options, shareholders or any other person or entity from use of the SPDR(R) S&P 500(R) ETF Trust. The Corporations have no liability in connection with the management, administration, marketing or trading of the funds or the FLEX Options. NOT FDIC INSURED NOT BANK GUARANTEED MAY LOSE VALUE ADVISORY AND SUB-ADVISORY AGREEMENTS BOARD CONSIDERATIONS REGARDING APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT AND INVESTMENT SUB-ADVISORY AGREEMENT FOR FT CBOE VEST BUFFERED ALLOCATION GROWTH ETF FT CBOE VEST BUFFERED ALLOCATION DEFENSIVE ETF The Board of Trustees of First Trust Exchange-Traded Fund VIII (the "Trust"), including the Independent Trustees, approved the Investment Management Agreement (the "Advisory Agreement") with First Trust Advisors L.P. (the "Advisor") and the Investment Sub-Advisory Agreement (the "Sub-Advisory Agreement" and together with the Advisory Agreement, the "Agreements") among the Trust, the Advisor and Cboe Vest(SM) Financial LLC (the "Sub-Advisor") on behalf of the following two series of the Trust (each a "Fund" and collectively, the "Funds"): FT Cboe Vest Buffered Allocation Growth ETF (BUFG) FT Cboe Vest Buffered Allocation Defensive ETF (BUFT) Page 139 -------------------------------------------------------------------------------- ADDITIONAL INFORMATION (CONTINUED) -------------------------------------------------------------------------------- FIRST TRUST EXCHANGE-TRADED FUND VIII FEBRUARY 28, 2022 (UNAUDITED) The Board approved the Agreements for each Fund for an initial two-year term at a meeting held on September 13, 2021. The Board determined for each Fund that the Agreements are in the best interests of the Fund in light of the nature, extent and quality of the services expected to be provided and such other matters as the Board considered to be relevant in the exercise of its business judgment. To reach this determination for each Fund, the Board considered its duties under the Investment Company Act of 1940, as amended (the "1940 Act"), as well as under the general principles of state law, in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisors with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. To assist the Board in its evaluation of the Agreements for each Fund, the Independent Trustees received a separate report from each of the Advisor and the Sub-Advisor in advance of the Board meeting responding to requests for information from counsel to the Independent Trustees, submitted on behalf of the Independent Trustees, that, among other things, outlined: the services to be provided by the Advisor and the Sub-Advisor to each Fund (including the relevant personnel responsible for these services and their experience); the proposed unitary fee rate payable by each Fund as compared to fees charged to a peer group of funds (the "Expense Group") and a broad peer universe of funds (the "Expense Universe"), each assembled by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent source, and as compared to fees charged to other exchange-traded funds ("ETFs") managed by the Advisor; the proposed sub-advisory fee rate as compared to fees charged to other clients of the Sub-Advisor; the estimated expense ratio of each Fund as compared to expense ratios of the funds in the Fund's Expense Group and Expense Universe; the nature of expenses to be incurred in providing services to each Fund and the potential for the Advisor and the Sub-Advisor to realize economies of scale, if any; profitability and other financial data for the Advisor; financial data for the Sub-Advisor; any fall-out benefits to the Advisor and its affiliates, First Trust Portfolios L.P. ("FTP") and First Trust Capital Partners, LLC ("FTCP"), and the Sub-Advisor; and information on the Advisor's and the Sub-Advisor's compliance programs. The Independent Trustees and their counsel also met separately to discuss the information provided by the Advisor and the Sub-Advisor. The Board applied its business judgment to determine whether the arrangements between the Trust and the Advisor and among the Trust, the Advisor and the Sub-Advisor are reasonable business arrangements from each Fund's perspective. In evaluating whether to approve the Agreements for each Fund, the Board considered the nature, extent and quality of the services to be provided by the Advisor and the Sub-Advisor under the Agreements. With respect to the Advisory Agreement, the Board considered that the Advisor will be responsible for the overall management and administration of each Fund and reviewed all of the services to be provided by the Advisor to the Funds, including the oversight of the Sub-Advisor, as well as the background and experience of the persons responsible for such services. The Board considered that each Fund will be an actively-managed ETF and will employ an advisor/sub-advisor management structure and considered that the Advisor manages other ETFs with a similar structure in the First Trust Fund Complex. The Board noted that the Advisor will oversee the Sub-Advisor's day-to-day management of the Fund's investments, including portfolio risk monitoring and performance review. In reviewing the services to be provided, the Board noted the compliance program that had been developed by the Advisor and considered that it includes a robust program for monitoring the Advisor's, the Sub-Advisor's and each Fund's compliance with the 1940 Act, as well as each Fund's compliance with its investment objective, policies and restrictions. The Board noted that employees of the Advisor provide management services to other ETFs and to other funds in the First Trust Fund Complex with diligence and care. With respect to the Sub-Advisory Agreement, in addition to the written materials provided by the Sub-Advisor, at the September 13, 2021 meeting, the Board also received a presentation from representatives of the Sub-Advisor discussing the services that the Sub-Advisor will provide to the Funds, and the Trustees were able to ask questions about the proposed investment strategy for the Funds. The Board noted the background and experience of the Sub-Advisor's portfolio management team and the Sub-Advisor's investment style. The Board also noted that each Fund would invest substantially all of its assets in multiple defined-outcome ETFs in the First Trust Fund Complex sub-advised by the Sub-Advisor. Because the Funds had yet to commence investment operations, the Board could not consider the historical investment performance of the Funds. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services to be provided to each Fund by the Advisor and the Sub-Advisor under the Agreements are expected to be satisfactory. The Board considered the proposed unitary fee rate payable by each Fund under the Advisory Agreement for the services to be provided. The Board noted that, under the unitary fee arrangement, each Fund would pay the Advisor a unitary fee equal to an annual rate of 0.20% of its average daily net assets. The Board considered that, from the unitary fee for each Fund, the Advisor would pay the Sub-Advisor a sub-advisory fee equal to 50% of the Fund's unitary fee less one-half of the Fund's expenses. The Board noted that the Advisor and the Sub-Advisor would be responsible for each Fund's expenses, including the cost of sub-advisory, transfer agency, custody, fund administration, legal, audit and other services and license fees, if any, but excluding the fee payment under the Advisory Agreement and interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses, if any. The Board noted that, because the Funds will invest in underlying ETFs in the First Trust Fund Complex, the Funds will incur acquired fund fees and expenses, which are not payable out of the unitary fee. The Board received and reviewed information showing the advisory or unitary fee rates and expense ratios of the peer funds in the Expense Groups, as well as advisory and unitary fee rates charged by the Advisor and the Sub-Advisor to other fund (including ETF) and non-fund clients, as applicable. Because each Fund will pay a unitary fee, the Board determined that expense ratios were the most relevant comparative data point. Based on the Page 140 -------------------------------------------------------------------------------- ADDITIONAL INFORMATION (CONTINUED) -------------------------------------------------------------------------------- FIRST TRUST EXCHANGE-TRADED FUND VIII FEBRUARY 28, 2022 (UNAUDITED) information provided, the Board noted that the unitary fee rate for each Fund was below the median total (net) expense ratio (excluding acquired fund fees and expenses, as applicable) of the peer funds in its Expense Group. The Board also noted that each Fund's total (net) expense ratio (including the estimated acquired fund fees and expenses) was above the median total (net) expense ratio (including acquired fund fees and expenses, as applicable) of the peer funds in its Expense Group. With respect to the Expense Groups, the Board discussed with representatives of the Advisor how the Expense Groups were assembled and how each Fund compared and differed from the peer funds. The Board took this information into account in considering the peer data. With respect to fees charged to other clients, the Board considered the Advisor's statement that the Funds will be most comparable to three other ETFs in the First Trust Fund Complex that invest in underlying ETFs, including ETFs in the First Trust Fund Complex, each of which pays a unitary fee equal to an annual rate of 0.20% of its average daily net assets, two of which are ETFs managed by the Advisor and the Sub-Advisor that also invest substantially all of their respective assets in multiple defined-outcome ETFs in the First Trust Fund Complex sub-advised by the Sub-Advisor. In light of the information considered and the nature, extent and quality of the services expected to be provided to each Fund under the Agreements, the Board determined that, for each Fund, the proposed unitary fee, including the sub-advisory fee to be paid by the Advisor to the Sub-Advisor from the unitary fee, was fair and reasonable. The Board noted that the proposed unitary fee for each Fund was not structured to pass on to shareholders the benefits of any economies of scale as the Fund's assets grow. The Board noted that any reduction in fixed costs associated with the management of the Funds would benefit the Advisor and the Sub-Advisor, but that the unitary fee structure provides a level of certainty in expenses for the Funds. The Board noted that the Advisor has continued to hire personnel and build infrastructure, including technology, to improve the services to the funds in the First Trust Fund Complex. The Board took into consideration the types of costs to be borne by the Advisor in connection with its services to be performed for each Fund under the Advisory Agreement. The Board considered the Advisor's estimate of the profitability of the Advisory Agreement for each Fund if its assets reach $100 million. The Board noted the inherent limitations in the profitability analysis and concluded that, based on the information provided, the Advisor's estimated profitability level for each Fund was not unreasonable. The Board reviewed financial information provided by the Sub-Advisor, but did not review any potential profitability of the Sub-Advisory Agreement for each Fund to the Sub-Advisor. The Board considered that the Sub-Advisor would be paid by the Advisor from each Fund's unitary fee and its understanding that the sub-advisory fee rate for each Fund was the product of an arm's length negotiation. In addition, the Board considered fall-out benefits described by the Advisor that may be realized from its relationship with the Funds. The Board noted that FTCP has a controlling ownership interest in the Sub-Advisor's parent company and considered potential fall-out benefits to the Advisor from such ownership interest. The Board also considered that the Advisor had identified as a fall-out benefit to the Advisor and FTP their exposure to investors and brokers who, absent their exposure to the Funds, may have had no dealings with the Advisor or FTP. The Board also noted that the Advisor will be responsible for trade execution for the Funds and will not utilize soft dollars in connection with the Funds. The Board also considered the potential fall-out benefits to the Sub-Advisor from FTCP's controlling ownership interest in the Sub-Advisor's parent company. The Board noted the Sub-Advisor's statement that it does not foresee any fall-out benefits from its relationship with the Funds. In addition, the Board considered that the Advisor and the Sub-Advisor, as the investment advisor and the investment sub-advisor, respectively, to the underlying ETFs in which the Funds would invest, will recognize additional revenue from such underlying ETFs if the Funds' investment causes their assets to grow. The Board concluded that the character and amount of potential fall-out benefits to the Advisor and the Sub-Advisor were not unreasonable. Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined that the terms of the Agreements are fair and reasonable and that the approval of the Agreements is in the best interests of each Fund. No single factor was determinative in the Board's analysis. Page 141 This page intentionally left blank. This page intentionally left blank. This page intentionally left blank.