The First Trust Cboe Vest U.S. Equity Buffer ETF (Aug Hedged) seeks to provide the unitholders with returns (before fees, expenses and taxes) that match the price return of the SPDR S&P 500 ETF Trust up to 14.71% cap (before fees, expenses and taxes), while providing a buffer against the first 10% (before fees, expenses and taxes) of a decrease in the market price of the Underlying ETF, over a period of approximately one year from the third Friday of August of each year to on or about the third Friday of August of the following year.