The Toronto Stock Exchange reports that First Trust Cboe Vest U.S. Equity Buffer ETF -- February will be listed at 5:01 p.m. on Feb. 24, 2020, for trading at the open on Feb. 25, 2020. According to the TSX, there will be 50,000 hedged units of the exchange-traded fund (ETF) issued and outstanding, with no securities reserved for issuance. The units will trade under the symbol FEBB.F and Cusip No. 33732W 20 4.

The TSX reports that the ETF seeks to provide unitholders with returns, before fees, expenses and taxes, that match the price return of the SPDR S&P 500 ETF Trust (the underlying ETF) up to a predetermined upside cap, while providing a buffer against the first 10 per cent of the decrease in the market price of the underlying ETF, over a period referred to as the target outcome period. According to the TSX, the initial target outcome period is the period starting on the date of the initial issuance and listing of the units of the ETF to on or about Friday, Feb. 19, 2021. Following this initial target outcome period, each subsequent target outcome period will be a period of approximately one year from the third Friday of February of each year to on or about the third Friday of February of the following year. The ETF will, in respect of units, generally seek to hedge substantially all of its U.S.-dollar currency exposure associated with its portfolio investments back to the Canadian dollar. In addition to the fees, expenses and taxes, risks and costs associated with currency hedging may impact the buffer or predetermined upside cap.

The TSX reports that the ETF expects to pay cash distributions on its units, if any, on an annual basis. The ETF's manager and trustee is FT Portfolios Canada Co., its transfer agent and registrar is TSX Trust Company at its principal offices in Toronto, and its fiscal year-end is Dec. 31. As stated in its prospectus dated Feb. 12, 2020, the ETF will issue 50,000 units at $30 per unit in its initial public offering. It expects to close the offering on Feb. 24, 2020.