FT Vest U.S. Equity Quarterly 15 Buffer ETF (SQBA)

The FT Vest U.S. Equity Quarterly 15 Buffer ETF is an exchange-traded fund from First Trust, subadvised by Vest Financial, that offers buffered exposure to the U.S. large-cap equity market. It uses FLEX options on the S&P 500, or an ETF tracking it, to create a defined-outcome payoff.

The strategy seeks to shield investors from the first 15 percent of losses in the reference index over each outcome period, while capping upside participation at a level set when the options are purchased. As its name indicates, the options are structured on a quarterly cycle, with the buffer and cap reset each quarter. The fund is listed on Cboe BZX.