At a glance
BGLD charges 0.91% a year, above the 0.86% average of the 7 funds most like it (the 6th cheapest of 8). It has $48.0M in assets, the 8th largest of that group; it paid 46.79% of its price in distributions over the past 12 months, annual. Over the past year it returned −3.3% with distributions reinvested, the weakest of those 8 funds; over three years it returned +16.9% a year. At its worst it fell 14.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months after the low.
The short version
FT Vest Gold Strategy Quarterly Buffer ETF (BGLD), from First Trust, seeks gold-price exposure through options on the SPDR Gold Trust (GLD) while holding mostly short-term US Treasury bills. Every three months it resets a buffer against GLD losses between 5% and 15% and a cap on gains, set at 11.51% before fees for March 2 to May 29, 2026. Its 0.91% expense ratio is above the 0.86% average of other buffer ETFs.
Price history
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BGLD -3.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BGLD official prospectus, to Dec 31, 2025 | — | +34.46% | — | +11.51% | — | — |
| BGLD price data to Oct 27, 2026 | -5.3% | -3.3% | +16.9% | +11.3% | — | +9.4% |
- Over the year to Oct 27, 2026, BGLD returned -3.3%, 8th of 8 among similar funds.
- Its 5-year annualized return was +11.3%.
- Its worst full calendar year was 2022 (-2.4%); its best was 2025 (+34.3%).
- The deepest fall in its price history was 21.2% (Nov 22, 2024 to Nov 29, 2024), recovered by Dec 11, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -5.3% | — |
| 2025 | +34.3% | +34.46% |
| 2024 | +21.8% | +21.87% |
| 2023 | +13.1% | +13.15% |
| 2022 | -2.4% | -2.41% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 7.6% over that stretch · deepest drop along the way 14.8%, back to its old high 8.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $7.5800 | +64.8% |
| 2024 | $4.6000 | +133.5% |
| 2023 | $1.9700 | +2714.3% |
| 2022 | $0.0700 |
What's inside
As of Jun 30, 2026, the fund held 1 securities; the ten largest made up 100.15% of assets.
| Holding | Weight | |
|---|---|---|
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 100.15% |
By country
United States 100.15%By issuer
US Treasury 100.15%The bonds mature in 0.2 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $875K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.06%, +1.05%, -6.27%.
How it works
BGLD does not own gold or follow an index. Sub-advisor Vest Financial runs the options strategy for First Trust. Most assets sit in short-term US Treasury bills and cash. Up to about 25% can go into a wholly owned Cayman Islands subsidiary that holds FLEX Options on the SPDR Gold Trust (GLD), which holds physical gold bars. FLEX Options are exchange-traded options with customized strike prices and expiration dates. The fund uses the subsidiary because tax rules limit how much a fund can invest directly in commodities. As of June 30, 2026, one Treasury bill maturing August 27, 2026 equaled about 100% of net assets, alongside three GLD options.
The options are set for a roughly three-month "target outcome period." For March 2 to May 29, 2026, the fund aimed to match GLD's price gains up to a cap of 11.51%, or 11.28% after fees. Holders absorb GLD's first 5% of losses and are shielded from losses between 5% and 15%. Beyond that, they lose 10 percentage points less than GLD, up to a maximum loss of about 90%.
These outcomes apply only to shares bought on the first day of a period and held to its end. Someone who buys mid-period may get less protection or less upside. A new cap is set each quarter based on market conditions. The fund also creates and redeems shares partly for cash, which may make it less tax-efficient than ETFs that do this in kind.
What it really costs
- BGLD charges 0.91% a year, versus an average of 0.86% for the similar funds below (6th of 8, cheapest first).
- Of that, 0.9% is the management fee; the rest covers other fund expenses.
Structure and tax notes
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
BGLD offers buffered, capped exposure to gold, which has moved only loosely with stocks, rather than broad market growth or steady income.
BGLD could add gold exposure that moves only loosely with stocks: its one-year beta (how closely it tracks the stock market) was 0.36 as of October 27, 2026. It launched in January 2021, so it has no record from the 2008 or 2020 crashes. In the 2022 bear market it fell 14.8% from March to September and took about eight months to recover, though 2022, its worst calendar year, ended down 2.41%. Its deepest drop, 21.2% in late November 2024, recovered within about two weeks. Because the buffer resets quarterly, selling mid-period in a bad stretch may capture less protection. It charges 0.91% and pays once a year; the $7.58 per share paid in the 12 months to October 27, 2026 (a 46.79% yield) should not be read as steady income. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting gold-price exposure with a quarterly buffer against GLD losses between 5% and 15%, who accept capped gains in return.
- Those comfortable buying near the start of each three-month outcome period and holding through it, when the buffer and cap apply as designed.
- Portfolios seeking a diversifier with low stock-market sensitivity; BGLD's one-year beta was 0.36 as of October 27, 2026.
Look elsewhere if
- Investors wanting full gold upside: gains are capped each quarter, at 11.51% before fees for March 2 to May 29, 2026.
- Those needing regular income: BGLD pays once a year, GLD pays no dividends, and distributions can swing widely from year to year.
- Cost-conscious investors: the 0.91% expense ratio tops the 0.86% buffer-fund average, and net assets were a small $48 million as of June 30, 2026.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| BGLD this fund | 0.91% | $48.0M | -3.3% | +16.9% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Is BGLD good for retirement?
BGLD may fit a small diversifying slot in a retirement portfolio more than a core one. It offers gold-price exposure with a buffer against GLD losses between 5% and 15% each quarter, and its one-year beta to stocks was 0.36 as of October 27, 2026. The drawbacks: gains are capped, the 0.91% fee is above the 0.86% buffer-fund average, income is irregular, and the buffer works as designed only for shares held across a full three-month period.
What's the difference between BGLD and GLD?
GLD, the SPDR Gold Trust, holds physical gold bars and rises and falls with gold. BGLD owns no gold. It holds Treasury bills plus options on GLD, held through a Cayman Islands subsidiary, to match GLD's price return up to a quarterly cap while cushioning losses between 5% and 15%. So BGLD gives up gold rallies beyond the cap (11.51% before fees for March 2 to May 29, 2026) in exchange for partial downside protection, and it charges 0.91% a year.
Does BGLD pay dividends?
Yes, but only once a year, and the amount is unpredictable. Over the 12 months to October 27, 2026, BGLD paid $7.58 per share, a trailing yield of 46.79%. A figure that large should not be read as a recurring income rate. GLD, the fund's underlying ETF, pays no dividends, and BGLD's returns come mainly from gold-linked options and short-term Treasury bills. Investors who rely on steady cash flow may find bond or dividend funds more predictable.
How does the BGLD buffer work?
Every three months, BGLD buys a new set of options on GLD that sets its outcome. For March 2 to May 29, 2026, holders bore GLD's first 5% of losses and were protected from losses between 5% and 15%. Beyond that, they lost 10 percentage points less than GLD, with a maximum loss of about 90%. Gains were capped at 11.51% before fees and 11.28% after. These results apply only to shares bought on the first day and held to the end of the period.
How has BGLD performed?
BGLD gained 34.46% in 2025, 21.87% in 2024 and 13.15% in 2023 after losing 2.41% in 2022, according to its prospectus. Returns have been weaker since. BGLD was down 5.3% for 2026 through October 27 and down 3.3% over the year to that date, last among eight buffer funds compared. Those peers, such as FT Vest Laddered Buffer ETF (BUFR, up 11.6% over the same year), buffer US stocks rather than gold, so they follow a different strategy.