FT Vest Laddered Deep Buffer ETF
BUFD
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- FT Vest Laddered Deep Buffer ETF (BUFD) is an actively managed exchange-traded fund that seeks to provide investors with U.S. large-cap equity market exposure, primarily through a laddered portfolio of twelve FT Cboe Vest U.S. Equity Deep Buffer ETFs, while aiming to limit downside risk via the underlying funds' target outcome strategies referencing the SPDR S&P 500 ETF Trust (SPY); these underlying ETFs employ FLEX options to target buffers against SPY losses between -5% and -30% over specific outcome periods, with corresponding upside caps determined at the start of each period. The fund offers diversified access across monthly resetting buffers, holding positions in deep buffer ETFs for periods such as January through December, including top holdings like FT Vest U.S. Equity Deep Buffer ETF - September, May, November, January, and December, each typically comprising around 8.34% of the portfolio. BUFD operates in the defined outcome ETF segment, targeting retail and institutional investors seeking equity participation with moderated volatility, with assets under management exceeding $1.29 billion and a net expense ratio of 0.95%; it is listed on the Cboe BZX Exchange and available primarily to U.S. investors. Launched on January 20, 2021, and headquartered in Wheaton, Illinois, BUFD is advised by First Trust Advisors L.P., an affiliate of distributor First Trust Portfolios L.P., and sub-advised by Cboe Vest Financial LLC using a target outcome strategy pioneered by Cboe Vest. In a significant rebranding prior to May 10, 2024, the fund changed its name from FT Cboe Vest Fund of Deep Buffer ETFs to FT Vest Laddered Deep Buffer ETF, reflecting enhanced clarity on its laddered structure and monthly refresh mechanism starting in February each year to reduce timing risks associated with buffer strategies. The fund has seen substantial asset growth, with one-year fund flows reaching $335.11 million as of mid-2025, alongside portfolio managers including Karan Sood (since inception) and Trevor Lack (since January 2, 2025).