First Trust Files Four Dual-Directional S&P 500 Buffer ETFs

First Trust has filed to launch four actively managed ETFs offering dual-directional exposure to the S&P 500: the FT Vest U.S. Equity Dual Directional Moderate Buffer ETFs – January, April, July and October. Using FLEX options on SPY, the funds seek to generate positive returns in both rising and moderately declining markets. Each aims to capture SPY's gains up to a predetermined cap or deliver positive returns equivalent to SPY's losses of up to 15%. If SPY declines beyond that threshold, the strategies instead seek to cushion losses by 15 percentage points. Each ETF operates over an approximately one-year outcome period beginning in its respective month of 2027. The targeted outcomes are not guaranteed, and investors entering or exiting mid-period may experience different results. All four funds remain at the filing stage.