Vest US Large Cap 10% Buffer Strategies Fund Class Institutional Class
BUIGX
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- Vest US Large Cap 10% Buffer Strategies Fund Class Institutional (BUIGX) is an open-end mutual fund that seeks capital appreciation by providing exposure to the U.S. large-cap equity market through a defined outcome strategy tracking the CBOE S&P 500 Buffer Protect Index Balanced Series (SPRO); the fund employs FLEX options on the SPDR S&P 500 ETF Trust, structured across 12 monthly rolling tranches to offer a 10% downside buffer against S&P 500 Index losses over approximately one-year outcome periods while capping upside participation in exchange for the protection. Core holdings predominantly consist of FLEX call options with strike prices of $0.01 expiring between 2025 and 2028, such as Call SPDR S&P 500 ETF 05/19/2027 C0.01 (59.84% of portfolio), complemented by minor cash equivalents; the strategy targets institutional investors with a minimum initial investment of $100,000, featuring a net expense ratio of 0.95% and daily pricing. Vest Financial Group LLC serves as investment adviser, with portfolio managers Karan Sood (since 2016) and Trevor Lack (since February 2025), managing total net assets of approximately $406 million across the Institutional Class share size of $267 million. Operated within the Defined Outcome category (Morningstar classification), the fund focuses on U.S. large-cap stocks (99.73% allocation), serving drawdown-sensitive investors seeking equity-like growth with buffered losses amid market volatility; it remains available exclusively in the United States. Vest Financial Group LLC, headquartered in McLean, Virginia, and founded in 2012 with Y Combinator backing, pioneered accessible target outcome strategies including buffer funds; BUIGX launched on August 23, 2016, initially under CBOE Vest Financial branding. Recent developments include the addition of Trevor Lack as co-portfolio manager effective February 28, 2025, enhancing management continuity for the fund's options-based approach; no major acquisitions, funding rounds, or product launches specific to BUIGX were reported in the last 1-2 years amid steady assets under management growth to $406 million. The fund maintains its core 10% buffer mechanics without strategic shifts, name changes, or reorganizations, continuing to emphasize persistent downside protection via laddered FLEX options.