The investment objective of the FT Vest U.S. Small Cap Moderate Buffer ETF - November (the "Fund") is to seek to provide investors with returns (before fees and expenses) that match the price return of the iShares Russell 2000 ETF (the "Underlying ETF"), up to a predetermined upside cap of 18.42% while providing a buffer (before fees and expenses) against the first 15% of Underlying ETF losses, over the period from November 24, 2025 to November 20, 2026.