{
 "ticker": "FEBM",
 "name": "FT Vest U.S. Equity Max Buffer ETF - February",
 "issuer": "First Trust",
 "desk": "buffer",
 "url": "https://etfiq.com/funds/febm",
 "html": "https://etfiq.com/funds/febm",
 "markdown": "https://etfiq.com/funds/febm.md",
 "as_of": "2026-09-11",
 "verdict": "As of Sep 11, 2026, FEBM has reached its cap.",
 "key_facts": [
  {
   "key": "past_the_cap_price_drift_left",
   "label": "Past the cap, price drift left",
   "value": "2.8%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "FEBM, past the cap, price drift left: 2.8%, as of Sep 11, 2026."
  },
  {
   "key": "fall_before_the_buffer",
   "label": "Fall before the buffer",
   "value": "4.0%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "FEBM, fall before the buffer: 4.0%, as of Sep 11, 2026."
  },
  {
   "key": "protection_left_index_points",
   "label": "Protection left, index points",
   "value": "47.3%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "FEBM, protection left, index points: 47.3%, as of Sep 11, 2026."
  },
  {
   "key": "days_to_reset",
   "label": "Days to reset",
   "value": "161",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "FEBM, days to reset: 161, as of Sep 11, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$46m",
   "source": "issuer page, as of Sep 11, 2026",
   "as_of": "2026-09-11",
   "sentence": "FEBM, net assets: $46m (issuer page, as of Sep 11, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.85%",
   "source": "issuer page, Sep 11, 2026",
   "as_of": "2026-09-11",
   "sentence": "FEBM, expense ratio: 0.85% (issuer page, Sep 11, 2026)."
  }
 ],
 "fields": [
  {
   "key": "reference_index",
   "label": "Reference index",
   "value": "SPY",
   "source": null
  },
  {
   "key": "buffer",
   "label": "Buffer",
   "value": "47%",
   "source": null
  },
  {
   "key": "outcome_period",
   "label": "Outcome period",
   "value": "Feb 23, 2026 to Feb 19, 2027",
   "source": null
  },
  {
   "key": "starting_cap",
   "label": "Starting cap",
   "value": "+7.0%",
   "source": null
  },
  {
   "key": "spy_return_since_period_start",
   "label": "SPY return since period start",
   "value": "+10.9%",
   "source": null
  },
  {
   "key": "fund_return_since_period_start",
   "label": "Fund return since period start",
   "value": "+3.3%",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$46m",
   "source": "issuer page, as of Sep 11, 2026"
  },
  {
   "key": "band_state_today",
   "label": "Band state today",
   "value": "At cap",
   "source": "ETFIQ"
  },
  {
   "key": "can_still_gain",
   "label": "Can still gain",
   "value": "2.8%",
   "source": "issuer, fund price"
  },
  {
   "key": "fall_before_buffer",
   "label": "Fall before buffer",
   "value": "4.0%",
   "source": "issuer, fund price"
  },
  {
   "key": "fall_to_the_buffer_in_index_terms",
   "label": "Fall to the buffer in index terms",
   "value": "9.8%",
   "source": "ETFIQ"
  },
  {
   "key": "protection_left_in_index_points",
   "label": "Protection left in index points",
   "value": "47.3% of 47.3%",
   "source": "ETFIQ"
  },
  {
   "key": "days_left_in_period",
   "label": "Days left in period",
   "value": "161",
   "source": null
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.85%",
   "source": "issuer page, Sep 11, 2026"
  }
 ],
 "periods": [
  {
   "window": "3 months",
   "Total return": "+1.5%",
   "SPY": "+3.3%",
   "Gap to SPY": "\u22121.8 pts"
  },
  {
   "window": "6 months",
   "Total return": "+4.0%",
   "SPY": "+16.0%",
   "Gap to SPY": "\u221212.0 pts"
  },
  {
   "window": "1 year",
   "Total return": "+6.0%",
   "SPY": "+17.5%",
   "Gap to SPY": "\u221211.5 pts"
  }
 ],
 "questions": [
  {
   "q": "How much can FEBM still gain?",
   "a": "Nothing more in index terms on Sep 11, 2026. SPY has already passed the cap of +7.0% for this period, which runs from Feb 23, 2026 to Feb 19, 2027."
  },
  {
   "q": "How far can FEBM fall before the buffer helps?",
   "a": "4.0% in fund-price terms on Sep 11, 2026, by the issuer's figure. In index terms SPY can fall 9.8% from that level before the buffer begins. Losses until that point are the holder's."
  },
  {
   "q": "How much of the FEBM buffer is left?",
   "a": "47.3% of the 47.3% buffer sat below the SPY level on Sep 11, 2026. That is an ETFIQ calculation in index points, on one definition for every issuer."
  },
  {
   "q": "When does FEBM reset?",
   "a": "The outcome period ends on Feb 19, 2027, 161 days from the data on Sep 11, 2026. A new cap is set the next day and the buffer starts again."
  },
  {
   "q": "What does FEBM cost?",
   "a": "The prospectus expense ratio is 0.85% a year."
  }
 ],
 "generated": "2026-09-13",
 "license": "Free to use with attribution. ETFIQ (etfiq.com)."
}