Core Viewpoint - The FT Vest Nasdaq-100 Conservative Buffer ETF employs a target-outcome investment strategy that utilizes OCC-cleared FLEX options to manage equity risk associated with the Nasdaq-100 index, aiming to provide a defined outcome over a one-year period [1] Group 1: Investment Strategy - The ETF combines purchased put options to create a 20% downside buffer while using written call spreads to finance protection and impose an upside cap [1] - The portfolio resets annually each April, aligning option strikes and maturities with the new outcome window [1] - Security selection is restricted to exchange-listed FLEX options with standardized terms, ensuring concentrated positions in a limited number of option contracts to maintain full notional exposure to the Invesco QQQ Trust [1] Group 2: Portfolio Management - Residual cash is allocated to short-duration U.S. government instruments for collateral and liquidity purposes [1] - Rebalancing primarily occurs at the annual reset, with intra-period trades reflecting creations/redemptions, roll management, and risk controls related to issuer/settlement, liquidity, and capacity of the QQQ options complex [1]