First Trust Private Credit Fund (FTPCX) · NASDAQ:FTPCX
First Trust Private Credit Fund (FTPCX) — FT Vest Total Return Income Fund — Investor Presentation (September 2026)
29 slides from First Trust Private Credit Fund (FTPCX)'s investor presentation, September 2026
Slide 1: FT Vest Total Return Income Fund
FT VEST TOTAL RETURN INCOME FUND This document is for informational purposes only and is neither an offer to sell, nor a solicitation of an offer to buy, an interest in any securities. An investor should carefully consider the investment objectives, risks, and charges and expenses of the Fund before
Slide 2: Important Information
IMPORTANT INFORMATION The information contained herein is provided for informational and discussion purposes only and is not, and may not be relied on in any manner as, legal, tax or investment advice or as an offer to sell or a solicitation of an offer to buy an interest in the Fund. A private offe
Slide 3: Important Information (Continued)
IMPORTANT INFORMATION (CONTINUED) FTCM does not accept responsibility for the tax treatment of any investment product. FTCM assumes that, before making any commitment to invest, the investor and (where applicable, its beneficial owners) have taken whatever tax, legal or other advice the investor/ben
Slide 4: Target Outcome & Target Income ETF Growth
TARGET OUTCOME & TARGET INCOME ETF GROWTH Source: First Trust Portfolios L.P. Data from 11/30/2019 – 6/30/26. CONFIDENTIAL - FOR INSTITUTIONAL USE ONLY. NOT FOR PUBLIC DISTRIBUTION. 4
Slide 5: Options-Based Product Growth – Industrywide
OPTIONS-BASED PRODUCT GROWTH – INDUSTRYWIDE Source: Morningstar Direct as of 6/30/2026.The graph includes all funds classified under the US Fund Options Trading or US Fund Derivative Income Morningstar categories as well as other funds whose objectives include options trading. CONFIDENTIAL - FOR INS
Slide 6: Series A3 Term Sheet
SERIES A3 TERM SHEET The Fund’s principal investment objective is to seek to achieve attractive risk-adjusted returns through a combination of a high level of current income Investment Objective OVERVIEW and potential (although limited) long-term capital appreciation, while attempting to mitigate th
Slide 7: Fund Highlights
FUND HIGHLIGHTS DEFINED INCOME POTENTIAL Monthly Distributions with a target income objective of 15% on an annualized basis (net of fees and expenses)*. The Fund seeks to achieve its objective through a systematic weekly call selling approach to collect option premiums on top of stock dividends
Slide 8: Why an Options-Based Fund?
WHY AN OPTIONS-BASED FUND? Options can provide investors with equity exposure and create hedges that seek to generate defined income potential over known maturities. Long Equity Utilize Options Fund Objectives Large Cap Stocks Hedge Income Target Income 15.0% Annualized Optimized by Vest for low tra
Slide 9: Investment Process: Core Equity Exposure
INVESTMENT PROCESS: CORE EQUITY EXPOSURE S&P 500 Focused 100 Portfolio The Fund provides exposure to a basket of 100 stocks that seeks to replicate the returns of the S&P 500 Index. The Fund collects potential stock dividends from the 100 stocks. The stock basket is reconstituted periodically
Slide 10: The Potential Benefit of Weekly Calls
THE POTENTIAL BENEFIT OF WEEKLY CALLS Call Option Value Illustration: 2% 0.4% Decline in Call Value Call Value 2% 0.3% Decline in Call Value (%) Call Value (%) 1% 0.2% 1% 0.1% 0% 0.0% 30 29 28 27 26 25 24 23 22 21 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 0 Days Remaining The above informat
Slide 11: Monthly Option vs Weekly Options
MONTHLY OPTION VS WEEKLY OPTIONS Monthly vs. Weekly Options Value Illustration: 4 Weekly Option 1 3 0.85 Weekly Option 2 Call Value (%) 2 0.85 Weekly Option 3 Weekly Option 4 0.85 1 Monthly Option 1.80 0.85 0 The above information represents a mathematical illustration of how weekly call options wor
Slide 12: Illustrative Example: Call Selling
ILLUSTRATIVE EXAMPLE: CALL SELLING What Factors Drive Option Pricing? Scenario Analysis of Indicative Pricing Through Different Rate/Volatility Environments: 15% Defined Income Objective Generally speaking, there are three primary factors that impact Equity Participation Rate (%) Option Coverage Rat
Slide 13: Investment Process: Downside Hedge
INVESTMENT PROCESS: DOWNSIDE HEDGE Purchase a Long-Dated S&P 500 Index Put Deploy a “short box spread trade” to fund the purchase of a put option to hedge against adverse price movements of portfolio equity holdings over the 2-year Target Outcome Period. A “short box spread trade” typically includ
Slide 14: Investment Process: Box Spread Trade
INVESTMENT PROCESS: BOX SPREAD TRADE Short a 2-year 1,000 Point Box Trade - Hypothetical Example Short Box Spread Trade to Fund Downside Hedge Short 5000 - 6000 Call Spread Short 5000 - 6000 Put Spread Accrued Interest A ‘short box spread trade’ is an options trading strategy that combines selling a
Slide 15: Investment Process: Enhanced Target Income
INVESTMENT PROCESS: ENHANCED TARGET INCOME Enhanced Income The Fund writes weekly options on a portion of select stock holdings to produce option premia. The Fund targets an income distribution level from options premia + stock dividends equal to 15.0% per annum (net of fees and expenses). Sourc
Slide 16: Illustrative Example: Trade Structure
ILLUSTRATIVE EXAMPLE: TRADE STRUCTURE Illustrative Trade Long exposure is achieved through the purchase of a basket of stocks comprising the S&P 500 Focused 100 Long Exposure Individual Stocks Portfolio that is optimized by the Sub-Advisor to minimize tracking error to the S&P 500 Index over time. S
Slide 17: Investment Process: Positive Market Expectations
INVESTMENT PROCESS: POSITIVE MARKET EXPECTATIONS At Maturity: Positive Equity Market If the S&P 500 Index is up, the Put expires worthless but NAV has appreciated with partial price return of the equities. Distributions will be paid monthly throughout the 2-year Target Outcome Period for enhance
Slide 18: Investment Process: Negative Market Expectations
INVESTMENT PROCESS: NEGATIVE MARKET EXPECTATIONS At Maturity: Negative Equity Market If the S&P 500 Index is down, the Put Hedge kicks in to seek to limit losses on a total return basis.* Distributions will be paid monthly throughout the life of the 2-year Target Outcome Period for enhanced tota
Slide 19: Risk/Return Attribution
RISK/RETURN ATTRIBUTION STOCK SELECTION Return attribution | The stock selection methodology seeks to deliver returns through two sources: • Potential performance of the equities market • Potential outperformance of the selected basket of 100 stocks over the S&P 500 Index Risk attribution | The stoc
Slide 20: Performance Breakdown Illustration
PERFORMANCE BREAKDOWN ILLUSTRATION Covered call strategies seek to convert a portion of capital appreciation potential Hypothetical Cumulative 2 Year Return Breakdown into current premium income today. This results in forgoing a portion of the $105 upside potential of the equity returns until the ma
Slide 21: Illustrative Example: Positive Equity Market
ILLUSTRATIVE EXAMPLE: POSITIVE EQUITY MARKET During periods of very positive equity market returns over a two-year period (ex: 2012-2013, 2019-2020) the strategy may experience the following return attribution characteristics from the different components of total return potential. There is no guara
Slide 22: Illustrative Example: Flat Equity Market
ILLUSTRATIVE EXAMPLE: FLAT EQUITY MARKET During periods of flat to moderately positive/negative equity market returns over a two-year period (ex: 2004-2005, 2005-2006) the strategy may experience the following return attribution characteristics from the different components of total return potential
Slide 23: Illustrative Example: Negative Equity Market
ILLUSTRATIVE EXAMPLE: NEGATIVE EQUITY MARKET During periods of very negative equity market returns over a two-year period (ex: 2000-2001, 2007-2008) the strategy may experience the following return attribution characteristics from the different components of total return potential. There is no guara
Slide 24: Illustrative Example – Impact of No Reinvestments
ILLUSTRATIVE EXAMPLE – IMPACT OF NO REINVESTMENTS In this hypothetical example, because distributions exceed the assumed Fund return and are not reinvested, the NAV declines over time even though the investor has a positive total return. New Monthly Starting Period Fund Return Income Investment NAV
Slide 25: Why This Approach?
WHY THIS APPROACH? Weekly Options | Weekly options tend to produce higher aggregate option premia than longer-dated options. Trading and liquidity have significantly increased since their launch on the Cboe Exchange in 2006. The time value decay of options generally accelerates the most during the l
Slide 26: First Trust Capital Management L.P. Overview
FIRST TRUST CAPITAL MANAGEMENT L.P. (“FTCM”) OVERVIEW Private Asset Platform Various principals of FTCM have been managing alternative investments for qualified advisory clients since the 1990s. The private asset platform offerings include options from a list of select hedge fund, Private Asset real
Slide 27: Sub-Advisor Profile
SUB-ADVISOR PROFILE Vest Financial LLC (“Vest”) was founded in 2012, based on the conviction that investors desire more certainty in their investment outcomes. To address this market need, Vest created Target Outcome Investments®, which target a defined return profile, with an allowance for a specif
Slide 28: Sub-Advisor Profile: Vest Timeline
SUB-ADVISOR PROFILE: VEST TIMELINE The Target Outcome registered trademarks are registered trademarks of Vest Financial LLC. CONFIDENTIAL - FOR INSTITUTIONAL USE ONLY. NOT FOR PUBLIC DISTRIBUTION. 28
Slide 29: An investor should carefully consider the investment objectives, risks, and charges and expenses of
An investor should carefully consider the investment objectives, risks, and charges and expenses of the Fund before investing. The offering memorandum contains this and other important information and is available through the First Trust Capital Management L.P. private asset platform or upon request
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