FT Vest U.S. Equity Quarterly Dynamic Buffer ETF
FHDG
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- FT Vest U.S. Equity Quarterly Dynamic Buffer ETF (FHDG) is an exchange-traded fund that seeks to provide investors with returns, before fees and expenses, that match the price return of the SPDR S&P 500 ETF Trust (SPY) up to a predetermined upside cap, while buffering against the first 5.0% or 7.5% of underlying losses over quarterly Target Outcome Periods; the fund employs FLEX options on SPY, with buffers and caps reset at the start of each period based on market conditions. Sponsored by First Trust Advisors L.P., with Vest Financial LLC serving as sub-advisor, FHDG operates within the defined outcome ETF segment, targeting financial advisors and individual investors seeking equity exposure with downside protection; it trades on the Cboe exchange and forms part of First Trust's broader suite of over 300 exchange-traded funds, unit investment trusts, and target outcome strategies. First Trust Advisors L.P., founded in 1991 and headquartered at 120 East Liberty Drive, Suite 400, Wheaton, Illinois, United States, manages approximately $245 billion in assets and distributes ETF creation units through affiliate First Trust Portfolios L.P.. Launched on November 18, 2024, FHDG represents a recent expansion of First Trust's Target Outcome ETF lineup, enhancing quarterly buffer options linked to U.S. large-cap equities; in October 2025, First Trust announced proposed reorganizations of four Vest-advised mutual funds into new First Trust-advised funds, including shifts involving buffer strategies, subject to shareholder approval, signaling ongoing integration and product evolution within its outcome-oriented offerings. Vest Financial LLC, established in 2012 and backed by Y Combinator, specializes in derivatives-based solutions as a wholly owned subsidiary of Vest Group Inc., contributing expertise to FHDG's strategy without direct parent-subsidiary ties to First Trust beyond the sub-advisory role. The fund focuses on U.S. investors, with no specified international operations beyond standard ETF accessibility.