At a glance
QCAP charges 0.9% a year, above the 0.86% average of the 7 funds most like it (the 6th cheapest of 8). It has $126.1M in assets, the 8th largest of that group. Over the past year it returned +8.6% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
FT Vest Nasdaq-100 Conservative Buffer ETF – April (QCAP) holds FLEX options on the Invesco QQQ Trust, which tracks the Nasdaq-100 Index. The options aim to absorb the first 20% of losses over each one-year period that starts in April. In exchange, gains are capped: for April 21, 2025 to April 17, 2026, the cap was 14.77% before fees. It charges 0.90% a year and pays no dividends.
Price history
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QCAP +8.6% 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 | |
|---|---|---|---|---|---|---|
| QCAP price data to Oct 27, 2026 | +7.4% | +8.6% | — | — | — | +10.0% |
- Over the year to Oct 27, 2026, QCAP returned +8.6%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+7.1%); its best was 2025 (+7.1%).
- The deepest fall in its price history was 9.2% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 10, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +7.4% |
| 2025 | +7.1% |
| 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 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Aug 31, 2026, investors added a net $2.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.16%, -0.96%, +2.23%.
How it works
QCAP does not own stocks. Under normal conditions it puts substantially all its assets into FLEX options, which are exchange-traded option contracts with customizable strike prices and expiration dates. They reference the Invesco QQQ Trust. That underlying fund is a unit investment trust sponsored by Invesco, and it holds every stock in the Nasdaq-100 Index: 100 of the largest non-financial companies listed on Nasdaq. As of August 31, 2026, 16 option positions made up 99.2% of assets and cash made up 0.87%. Vest Financial is the sub-advisor.
The options are built around a one-year "target outcome period." For April 21, 2025 to April 17, 2026, the fund aimed to match QQQ's price gains up to a cap of 14.77%. It also aimed to absorb the first 20% of losses, before fees. After fees, the prospectus puts the cap at 13.87% and the buffer at 19.10%. If QQQ falls more than 20%, the fund takes the extra losses one-for-one. A 30% drop means a loss of about 10%. Each April the fund buys a new set of options. The 20% buffer stays the same, but the cap is reset based on market conditions at the time.
These outcomes apply only to shares bought on the first day of a period and held to the last day. Buying or selling partway through can give very different results. Returns also leave out QQQ's dividends.
What it really costs
- QCAP charges 0.9% a year, versus an average of 0.86% for the similar funds below (6th of 8, cheapest first).
Structure and tax notes
- Organized as a unit investment trust: it cannot lend out its securities or reinvest dividends between payouts, which can create a small drag versus similar open-end ETFs.
- 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.
In a retirement portfolio
It trades some of the Nasdaq-100's upside for a 20% buffer against losses over each one-year period, and it has been far less volatile than the market.
QCAP launched in April 2024, so it has no record through the 2008 crisis, the 2020 COVID crash or the 2022 bear market. Its only full calendar year, 2025, returned 7.1%. Its deepest drop was 9.2%, from February 19 to April 8, 2025. It had recovered by June 10, 2025, about two months later. For the year to October 27, 2026, volatility was 4.5%. Beta, a measure of how closely a fund moves with the market, was 0.27. For someone who may need to sell in a bad year, the buffer can soften a loss. But the full buffer only applies to shares held for a whole period, and losses beyond 20% pass straight through. The fund pays no income. Its 0.90% expense ratio is above the 0.86% average for similar funds. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want Nasdaq-100 exposure through QQQ with a 20% buffer against losses each April-to-April period, and who accept capped gains in return.
- Holders who can buy near the April reset and hold for the full year, which is when the cap and buffer apply as designed.
- Investors who want a calmer ride: one-year volatility was 4.5% and beta was 0.27 as of October 27, 2026.
Look elsewhere if
- Income seekers: the fund has made no distributions, and its returns leave out the dividends paid by QQQ.
- Cost-conscious investors: its 0.90% expense ratio ranks 6th of 8 among similar buffer funds, above the 0.86% average.
- Investors who want full Nasdaq-100 upside: gains are capped, and its 8.6% one-year return ranked last of 8 similar funds as of October 27, 2026.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| QCAP this fund | 0.9% | $126.1M | +8.6% | — |
| 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 QCAP good for retirement?
It may suit retirees who want some Nasdaq-100 growth with a cushion against losses, and who accept limits. The fund buffers the first 20% of QQQ losses over each one-year April period, but only for shares held for the full period. Gains are capped, and it pays no income. Its only full calendar year, 2025, returned 7.1%. Its record is short: it launched in April 2024, so it has not been through a major bear market.
How does the QCAP buffer work?
QCAP holds FLEX options on the Invesco QQQ Trust. Over each one-year period, the options aim to absorb the first 20% of QQQ's price losses. After fees, the prospectus puts that at 19.10%. If QQQ falls more than 20%, the fund takes the extra losses one-for-one, so a 30% drop means about a 10% loss. In return, gains are capped. For April 21, 2025 to April 17, 2026, the cap was 14.77% before fees and 13.87% after.
Does QCAP pay dividends?
No. The fund has made no distributions. It holds options, not stocks, so it does not collect dividends. The prospectus also says its returns follow QQQ's price only and do not include the dividends QQQ pays. Investors who need regular cash from a holding would have to sell shares. A fund that pays distributions would be worth comparing.
What happens if I buy QCAP in the middle of the outcome period?
Your results may be very different from the stated cap and buffer. Those levels are fixed against prices on the first day of each period, which starts in April. Someone buying later starts from a different point. They may have less room left before the cap, or less of the buffer left to protect them. About a week before each period ends, the fund's website shows an expected cap range for the next period. The final cap may land outside that range.
QCAP vs BUFD: what's the difference?
Both are FT Vest buffer funds, but they are built differently. QCAP holds one set of options on QQQ that resets each April. BUFD is a laddered deep-buffer fund. Laddered usually means it spreads money across several buffer series with staggered start dates, so the day you buy matters less. As of August 31, 2026, BUFD's net assets were about $2.04 billion, against about $126 million for QCAP. BUFD charges 0.95%; QCAP charges 0.90%. For the year to October 27, 2026, BUFD returned 9.5% and QCAP returned 8.6%.