FIRST TRUST
First Trust Exchange-Traded Fund VIII
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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)
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Semi-Annual Report
For the Period Ended
February 28, 2022
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TABLE OF CONTENTS
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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
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TABLE OF CONTENTS (CONTINUED)
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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
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SHAREHOLDER LETTER
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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
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FUND PERFORMANCE OVERVIEW (UNAUDITED)
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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."
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PERFORMANCE
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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%
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(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.
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* 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
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FUND PERFORMANCE OVERVIEW (UNAUDITED) (CONTINUED)
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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."
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PERFORMANCE
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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%
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(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
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FUND PERFORMANCE OVERVIEW (UNAUDITED) (CONTINUED)
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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."
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PERFORMANCE
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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%
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(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
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FUND PERFORMANCE OVERVIEW (UNAUDITED) (CONTINUED)
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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)
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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)
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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
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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
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NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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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;
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NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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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
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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
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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
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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
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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
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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
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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
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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 --
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NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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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
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NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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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
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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
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NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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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
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NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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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.
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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.
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ADDITIONAL INFORMATION (CONTINUED)
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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.
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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)
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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
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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.
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