At a glance
BUFZ charges 0.95% a year, above the 0.86% average of the 7 funds most like it (the 6th cheapest of 8). It has $1.05B in assets, the 7th largest of that group. Over the past year it returned +9.7% with distributions reinvested (S&P 500: +11.5%), 7th of those 8 funds; over three years it returned +13.5% a year. Its ten largest positions make up 83.3% of the fund, out of 12 in all.
The short version
FT Vest Laddered Moderate Buffer ETF (BUFZ) is a First Trust fund of funds. It spreads its money roughly evenly across 12 FT Vest U.S. Equity Moderate Buffer ETFs, one for each month of the year. Each one uses options on the SPDR S&P 500 ETF Trust (SPY) to absorb the first 15% of losses over a one-year period, and in return it caps gains. Staggering the twelve spreads out timing risk, at a 0.95% expense ratio.
Price history
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BUFZ +9.7% 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 | |
|---|---|---|---|---|---|---|
| BUFZ official prospectus, to Dec 31, 2024 | — | +11.69% | — | — | — | +17.14% |
| BUFZ price data to Oct 27, 2026 | +8.3% | +9.7% | +13.5% | — | — | +13.4% |
- Over the year to Oct 27, 2026, BUFZ returned +9.7%, 7th of 8 among similar funds.
- Its worst full calendar year was 2025 (+11.1%); its best was 2024 (+11.5%).
- The deepest fall in its price history was 10.1% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 6, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.3% | — |
| 2025 | +11.1% | — |
| 2024 | +11.5% | +11.69% |
| 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 12 securities; the ten largest made up 83.26% of assets.
| Fund held | Weight | |
|---|---|---|
| FT Vest U.S. Equity Moderate Buffer ETF - January | 8.33% | |
| FT Vest U.S. Equity Moderate Buffer ETF - February | 8.33% | |
| FT Vest U.S. Equity Moderate Buffer ETF - December | 8.33% | |
| FT Vest U.S. Equity Moderate Buffer ETF - June | 8.33% | |
| FT Vest U.S. Equity Moderate Buffer ETF - April | 8.33% | |
| FT Vest U.S. Equity Moderate Buffer ETF - March | 8.32% | |
| FT Vest U.S. Equity Moderate Buffer ETF - August | 8.32% | |
| FT Vest U.S. Equity Moderate Buffer ETF - May | 8.32% | |
| FT Vest U.S. Equity Moderate Buffer ETF - September | 8.32% | |
| FT Vest U.S. Equity Moderate Buffer ETF - November | 8.32% | |
| FT Vest U.S. Equity Moderate Buffer ETF - July | 8.32% | |
| FT Vest U.S. Equity Moderate Buffer ETF - October | 8.32% |
By country
United States 99.9%By asset type
Stocks 99.9%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $71.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.14%, +0.65%, +1.28%.
How it works
BUFZ does not pick stocks or track an index. Under normal conditions it puts substantially all of its assets into 12 FT Vest U.S. Equity Moderate Buffer ETFs, one named for each month, from GJAN to GDEC. As of August 31, 2026, each made up about 8.3% of the fund. First Trust is the adviser and Vest Financial is the sub-adviser for BUFZ and all twelve underlying funds. BUFZ buys their shares on the open market, and portfolio turnover was 1%.
Each underlying ETF holds FLEX options on SPY. FLEX options are customizable options that trade on an exchange. Over a one-year "target outcome period" starting on the third Friday of its named month, each fund aims to match SPY's price return up to a cap and absorb the first 15% of SPY losses. Price return leaves out dividends. When a period ends, the options are rolled over. The buffer starts fresh, and a new cap is set based on market conditions.
Because a different underlying fund resets each month, BUFZ always holds some positions with a fresh buffer and cap and others well into their periods. The prospectus says plainly that BUFZ itself provides no stated buffer, will likely not get the full benefit of the underlying buffers, and may have gains limited by their caps.
What it really costs
- BUFZ charges 0.95% a year, versus an average of 0.86% for the similar funds below (6th 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 gets S&P 500 exposure through buffered funds that aim to soften losses, and its beta of 0.39 over the year to October 27, 2026 means it moved well under half as much as the market.
BUFZ launched on October 25, 2023, so it has no record in the 2008, 2020 or 2022 downturns. Its deepest drop was 10.1%, from February 19 to April 8, 2025. It recovered by June 6, 2025, about two months later. Both full calendar years were gains on a price basis: 11.5% in 2024 and 11.1% in 2025. Even with 15% buffers in the underlying funds, the fund still fell by double digits, so selling in a slump can lock in a loss. BUFZ recorded no distributions, so it provides no income, and any cash would come from selling shares. Its 0.95% expense ratio is above the 0.86% average for similar buffer funds. 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 S&P 500 exposure with a cushion against the first 15% of SPY losses at the underlying-fund level, who accept capped gains in exchange.
- People who don't want to time the purchase of a single buffer ETF; twelve monthly funds at about 8.3% each spread out reset dates.
- Those seeking a smoother ride: one-year volatility (the size of price swings) was 5.2% and beta 0.39 as of October 27, 2026.
Look elsewhere if
- Anyone needing income from this holding: BUFZ recorded no distributions, so cash would have to come from selling shares.
- Cost-focused investors: the 0.95% expense ratio ranks 6th of 8 among similar buffer funds, above their 0.86% average.
- Investors wanting full stock-market upside: caps limit gains, and its 13.5% three-year annualized return trailed BUFR's 16.8% as of October 27, 2026.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| BUFZ this fund | 0.95% | $1.05B | +9.7% | +13.5% |
| 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
Does BUFZ pay dividends?
No. BUFZ recorded no distributions, so it is not an income fund. Its underlying ETFs hold FLEX options on SPY rather than stocks. Their buffers and caps are based on SPY's price return, which leaves out dividends. Investors who want regular cash from this holding would have to sell shares. Funds built around dividend stocks or bonds are worth comparing for that job.
Does BUFZ protect against a 15% stock market drop?
Not fully. The 15% buffer belongs to each underlying ETF and covers SPY losses over that fund's own one-year period. The prospectus says BUFZ itself offers no stated buffer and will likely not get the full benefit of the underlying buffers. Positions bought partway through a period, or already down, may protect less. BUFZ fell 10.1% between February 19 and April 8, 2025, and recovered by June 6, 2025.
What's the difference between BUFZ and BUFR?
Both are First Trust and Vest laddered funds of buffer ETFs, and both charge 0.95%. BUFZ holds the Moderate Buffer series, whose funds buffer the first 15% of SPY losses. BUFR holds a different FT Vest buffer series, so check its prospectus for its terms. BUFR is far larger, with about $10.5 billion against BUFZ's $1.05 billion. As of October 27, 2026, BUFR returned 16.8% a year over three years, compared with 13.5% for BUFZ.
What is the BUFZ expense ratio?
BUFZ's expense ratio is 0.95%, according to its prospectus filed December 29, 2025. The management fee is only 0.10%. The rest reflects the fees of the twelve underlying ETFs, which investors pay indirectly. That total is above the 0.86% average for similar buffer funds. It is also above Innovator's PJAN and PDEC at 0.79% and FT Vest's single-month funds such as FJAN at 0.85%.
Is BUFZ good for retirement?
It may suit retirees who value smaller swings over full stock-market gains. Over the year to October 27, 2026, its volatility was 5.2% and its beta 0.39. It gained 11.5% in 2024 and 11.1% in 2025 on a price basis. The drawbacks: it pays no income, caps limit upside, and it costs 0.95% a year. It launched in October 2023, so it has never faced a long bear market.