At a glance
BUFQ charges 1.0% a year, above the 0.86% average of the 7 funds most like it (the most expensive of 8). It has $1.61B in assets, the 3rd largest of that group. Over the past year it returned +13.5% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds; over three years it returned +17.6% a year.
The short version
FT Vest Laddered Nasdaq Buffer ETF (BUFQ) is a First Trust fund of funds. It holds roughly equal stakes in four FT Vest Nasdaq-100 Buffer ETFs. Each one uses options to absorb the first 10% of losses in the Invesco QQQ Trust over a one-year period, and in exchange it caps gains. The four funds reset at different times of year, which spreads out timing risk. But the 1.00% expense ratio is the highest among comparable buffer funds.
Price history
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BUFQ +13.5% 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 | |
|---|---|---|---|---|---|---|
| BUFQ official prospectus, to Dec 31, 2024 | — | +16.06% | — | — | — | +18.26% |
| BUFQ price data to Oct 27, 2026 | +12.2% | +13.5% | +17.6% | — | — | +17.3% |
- Over the year to Oct 27, 2026, BUFQ returned +13.5%, 1st of 8 among similar funds.
- Its worst full calendar year was 2025 (+14.0%); its best was 2023 (+35.5%).
- The deepest fall in its price history was 15.7% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 16, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +12.3% | — |
| 2025 | +14.0% | — |
| 2024 | +16.4% | +16.06% |
| 2023 | +35.5% | +35.76% |
| 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 | Before this security existed |
What's inside
As of Aug 31, 2026, the fund held 4 securities; the ten largest made up 99.97% of assets.
| Fund held | Weight | |
|---|---|---|
| FT Vest Nasdaq-100 Buffer ETF - September | 25.19% | |
| FT Vest Nasdaq-100 Buffer ETF - December | 25.03% | |
| FT Vest Nasdaq-100 Buffer ETF - March | 25.02% | |
| FT Vest Nasdaq-100 Buffer ETF - June | 24.73% |
By country
United States 99.97%By asset type
Stocks 99.97%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $119.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.05%, -1.78%, +3.04%.
How it works
BUFQ does not pick stocks. Under normal conditions it puts substantially all of its assets into four FT Vest Nasdaq-100 Buffer ETFs, buying their shares on the open market. As of August 31, 2026, each was about a quarter of the portfolio: the September fund (QSPT) at 25.2%, December (QDEC) at 25.0%, March (QMAR) at 25.0% and June (QJUN) at 24.7%. First Trust advises BUFQ and the four underlying funds, and Vest Financial is the sub-adviser.
Each underlying fund holds FLEX Options on QQQ. These are customizable options that trade on an exchange, and the Options Clearing Corporation guarantees their settlement. QQQ tracks the Nasdaq-100 Index, which holds 100 of the largest non-financial companies listed on Nasdaq. Each underlying fund has a one-year outcome period that starts on the third Friday of the month it is named for. Over that period, and before fees, it aims to match QQQ's price return up to a cap while absorbing the first 10% of QQQ losses. Price return leaves out dividends. Losses beyond 10% pass through, and a new cap is set each year based on market conditions.
One underlying fund resets each quarter, so BUFQ always holds funds at different points in their periods. BUFQ itself has no stated buffer or target outcome. It will likely not get the full benefit of the underlying buffers, and their caps can still limit its gains.
What it really costs
- BUFQ charges 1% a year, versus an average of 0.86% for the similar funds below (8th of 8, cheapest first).
- Of that, 0.1% 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.
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
It gives cushioned exposure to Nasdaq-100 stocks with lower swings than the stocks themselves, but it is still a stock fund and not a substitute for bonds or cash.
BUFQ launched on June 15, 2022. Its record does not cover the 2008 financial crisis, the 2020 COVID crash or the full 2022 bear market. Its deepest drop was 15.7%, from February 19 to April 8, 2025. It recovered by June 16, 2025, about 2.3 months later. Every full calendar year has been positive, and its weakest was 2025 at about 14%. Even so, a retiree who had to sell during the spring 2025 drop would have taken a loss. A deeper or longer Nasdaq slide would test the 10% buffers far more. The fund has no distributions on record, so it offers growth, not income. Its 1.00% expense ratio is above the 0.86% average for comparable buffer funds. Past results don't predict the future, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want exposure to Nasdaq-100 growth stocks with a partial cushion, and who accept capped gains in return.
- Holders who would rather not time a single buffer fund's start date, since BUFQ's four funds reset in March, June, September and December.
- Long-term investors who want growth rather than income, since the fund has no distributions on record.
Look elsewhere if
- Cost-focused investors: the 1.00% expense ratio is the highest of eight comparable buffer funds, which average 0.86%.
- Anyone who wants a firm floor: BUFQ has no stated buffer of its own, and QQQ losses beyond 10% pass through.
- Investors who want to spread money beyond large Nasdaq non-financial companies, or who want a fund tested in the 2008 or 2020 crashes.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| BUFQ this fund | 1% | $1.61B | +13.5% | +17.6% |
| 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 BUFQ good for retirees?
It may suit retirees who want Nasdaq-100 stock exposure with a partial cushion, but it pays no income. Each underlying fund absorbs only the first 10% of QQQ losses over its one-year period. BUFQ itself has no stated buffer. Its deepest drop was 15.7%, between February and April 2025, and it recovered in about 2.3 months. Its record starts in June 2022, so it has never been through a crash like 2008.
Does BUFQ pay dividends?
No. BUFQ has no distributions on record. Its returns come from price changes. The underlying buffer funds aim to track QQQ's price return, which leaves out the dividends paid by Nasdaq-100 companies. So holders give up that dividend income as well as the gains above each fund's cap. Investors who need regular cash payments from their portfolio would have to sell shares to raise it.
Does BUFQ protect against losses?
Only partly. Each of the four underlying funds aims to absorb the first 10% of QQQ losses over a one-year period, before fees. Losses beyond 10% pass through. BUFQ buys these funds partway through their periods, so it will likely not get the full benefit of their buffers. The fund itself provides no stated buffer, and it could lose money.
What's the difference between BUFQ and BUFR?
Both are First Trust funds that ladder buffer ETFs, but BUFQ is built only on Nasdaq-100 buffer funds tied to QQQ. BUFR is much larger, with about $10.5 billion in net assets as of August 31, 2026, against about $1.6 billion for BUFQ. It is also slightly cheaper, at 0.95% versus 1.00%. As of October 27, 2026, BUFQ returned 13.5% over one year and 17.6% a year over three years. BUFR returned 11.6% and 16.8%.
How has BUFQ performed since launch?
Its returns have been positive so far. In the prospectus filed December 29, 2025, BUFQ returned 16.06% for 2024 and 18.26% a year since its June 2022 launch, as of December 31, 2024. It gained 35.76% in 2023. Based on price, it returned about 14% in 2025 and 12.25% in 2026 through October 27. These results all came during a mostly rising Nasdaq market.