First Trust to List July Series of the Target Outcome ETFs

First Trust Advisors L.P. (“First Trust”) a leading exchange-traded fund (“ETF”) provider and asset manager, announced today that it expects to launch the July Series of the Target Outcome ETFs on July 20, 2020. The FT Cboe Vest U.S. Equity Buffer ETF – July (Cboe: FJUL) and the FT Cboe Vest U.S. Equity Deep Buffer ETF – July (Cboe: DJUL) (collectively, the “funds”) seek an outcome that provides investors with returns (before fees and expenses) that match the price return of the SPDR S&P 500 ETF Trust (“SPY” or “underlying ETF”), up to a predetermined upside cap, while providing a buffer against potential SPY losses. The funds are managed and sub-advised by Cboe Vest Financial LLC (“Cboe Vest”) using a “target outcome strategy” or pre-determined target investment outcome.

Below are the anticipated outcome period values for the July Series of the Target Outcome ETFs.

Ticker	Cap*	Buffer	Target Outcome Period
FJUL	13.95% – 17.35% (Net) 14.80% - 18.20% (Gross)	10%	7/20/2020 – 7/16/2021
DJUL	7.35% - 9.15% (Net) 8.20% - 10.00% (Gross)	25%**	7/20/2020 – 7/16/2021

*The cap ranges shown reflect the high and low upside cap based on model pricing for the options package representing a fund’s underlying strategy from 6/19/2020 to 7/2/2020. The gross cap is before fees, expenses and taxes. The net cap is after fees and expenses, excluding brokerage commissions, trading fees, taxes and extraordinary expenses not included in the funds’ management fee. The ranges are not actual upside caps but based on a model that seeks to replicate similar market factors utilized when pricing this option trade for market participants quoting FLEX Options. The actual upside cap for a fund will be determined at the inception date of the Target Outcome Period in each calendar year. The upside cap set by a fund on inception date of the Target Outcome Period may be higher or lower than the ranges shown due to prevailing market conditions at the time of the trade. The cap investors will experience may be different than what is illustrated herein.