The FT Vest U.S. Equity Deep Buffer ETF - July is designed to deliver returns (before fees and expenses) that mirror the price performance of the SPDR S&P 500 ETF Trust, with gains limited to an upside cap of 11.97%. Additionally, this fund offers investors a buffer (before fees and expenses) against declines in the Underlying ETF that fall within the -5% to -30% range, covering the specific period from July 21, 2025, to July 17, 2026.