FT Vest U.S. Equity Quarterly Dynamic Buffer ETF (FHDG)

FT Vest U.S. Equity Quarterly Dynamic Buffer ETF (FHDG) is a defined-outcome exchange-traded fund from First Trust Advisors, sub-advised by Vest Financial. It seeks returns that match the price performance of the SPDR S&P 500 ETF Trust up to a predetermined upside cap, while providing a buffer against a portion of losses.

The fund implements its strategy with FLEX options on the SPDR S&P 500 ETF Trust. Unlike annual buffer funds, it resets its cap and buffer each quarter, so its outcome periods are about three months long, and the buffer level is set dynamically rather than fixed at one percentage.

Gains are limited by the cap, and the buffer applies only over a full outcome period; investors who buy in mid-period may experience different results.