FT Vest U.S. Equity Quarterly Max Buffer ETF (SQMX)

The FT Vest U.S. Equity Quarterly Max Buffer ETF is a defined-outcome exchange-traded fund from First Trust, subadvised by Vest Financial. It uses FLEX options linked to the S&P 500, or an ETF that tracks it, to provide U.S. large-cap equity exposure with a maximum level of downside buffering.

A max buffer strategy seeks to protect against essentially all losses in the reference index over each outcome period, in exchange for a relatively low cap on upside gains. The option positions are structured on a quarterly cycle, so the buffer and cap reset each quarter. The fund is listed on Cboe BZX.