At a glance
QMAG charges 0.9% a year, above the 0.86% average of the 7 funds most like it (the 6th cheapest of 8). It has $80.1M in assets, the 8th largest of that group. Over the past year it returned +10.7% with distributions reinvested (S&P 500: +11.5%), 6th of those 8 funds.
The short version
FT Vest Nasdaq-100 Moderate Buffer ETF - August (QMAG) is a First Trust fund that uses FLEX options on the Invesco QQQ Trust to follow Nasdaq-100 price moves within set limits. Over each one-year period starting in August, it aims to absorb the first 15% of losses but caps gains, at 13.94% before fees for the period that ended August 21, 2026. It costs 0.90% a year and pays no dividends.
Price history
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QMAG +10.7% 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 | |
|---|---|---|---|---|---|---|
| QMAG price data to Oct 27, 2026 | +10.3% | +10.7% | — | — | — | +12.7% |
- Over the year to Oct 27, 2026, QMAG returned +10.7%, 6th of 8 among similar funds.
- Its worst full calendar year was 2025 (+13.2%); its best was 2025 (+13.2%).
- The deepest fall in its price history was 12.4% (Feb 18, 2025 to Apr 8, 2025), recovered by May 16, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +10.3% |
| 2025 | +13.2% |
| 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 $18.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.36%, +0.35%, +1.53%.
How it works
QMAG doesn't own Nasdaq-100 stocks directly. It puts nearly all its assets into FLEX options. These are exchange-traded option contracts whose strike prices and expiration dates can be customized. They are tied to the Invesco QQQ Trust, which holds all 100 stocks in the Nasdaq-100 Index, made up of large non-financial companies listed on Nasdaq. As of August 31, 2026, 98.87% of assets sat in 12 option positions, with 1.18% in cash. The largest position, a call option on QQQ, made up about 66.8%. Vest Financial is the sub-advisor. Returns follow QQQ's price only, so its dividends are left out.
For the outcome period from August 18, 2025 through August 21, 2026, the cap was 13.94% and the buffer covered the first 15% of QQQ losses, both before fees. After fees, they were 13.02% and 14.09%. If QQQ falls more than 15%, the fund takes further losses one for one: a 20% drop means roughly a 5% loss before fees. Each August the fund buys new options. The buffer stays at 15%, but the cap changes with market conditions.
These outcomes apply only to shares bought on the first day of a period and held to its end. Shares bought or sold mid-period can do very differently. Nothing is guaranteed.
What it really costs
- QMAG 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 away gains above a yearly cap in exchange for a 15% cushion against Nasdaq-100 losses over each full outcome period.
QMAG could give a retiree some exposure to large Nasdaq growth companies with smaller swings. Over the year to October 27, 2026, its volatility was 7.7% and its beta was 0.54. Beta measures how much a fund moves with the market, so 0.54 means it moved roughly half as much. The fund launched in August 2024, so it has no record from the 2008, 2020 or 2022 sell-offs. Its deepest drop was 12.4%, from February 18 to April 8, 2025, and it recovered by May 16, 2025. That drop shows the buffer protects only over a full period, not along the way, which matters for anyone who may need to sell in a bad stretch. Its only full calendar year, 2025, returned 13.17%. It pays no income and costs 0.90% a year. 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 who want Nasdaq-100 exposure and accept a yearly cap on gains (13.94% before fees for the period ended August 21, 2026) for a 15% buffer.
- Holders who can buy near the August reset and hold for the full year, since the stated cap and buffer apply only then.
- Those who don't need income from this holding, since it has paid no distributions and its returns exclude QQQ's dividends.
Look elsewhere if
- Cost-focused investors: QMAG charges 0.90%, above the 0.86% average of similar buffer funds, and Innovator's Power Buffer funds charge 0.79%.
- Anyone who wants the full upside of the Nasdaq-100 or its dividends, because gains above each period's cap are given up.
- Those who prefer larger funds: with $80.1 million in net assets as of August 31, 2026, it was the smallest of eight similar funds.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| QMAG this fund | 0.9% | $80.1M | +10.7% | — |
| 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 QMAG pay dividends?
No. QMAG has no recorded distributions. It holds FLEX options rather than the stocks themselves, so its returns follow only the price of the Invesco QQQ Trust. Dividends paid by Nasdaq-100 companies are not passed through. Over time, that missing dividend income is a small but real cost compared with owning QQQ directly. Investors who need cash from this holding would have to sell shares.
What is QMAG's cap and buffer?
For the outcome period from August 18, 2025 through August 21, 2026, QMAG's cap was 13.94% and its buffer covered the first 15% of QQQ losses, both before fees. After the 0.90% expense ratio, the prospectus put them at 13.02% and 14.09%. The 15% buffer stays the same each period. The cap resets every August based on market conditions, so a new period's cap can be higher or lower.
What happens if I buy QMAG in the middle of the outcome period?
Your results may differ sharply from the stated cap and buffer. Those outcomes apply only to shares bought on the first day of a period and held to its end. If QQQ has already risen, less room may be left below the cap. If it has already fallen, part of the buffer may be used up. QMAG's 12.4% drop between February 18 and April 8, 2025 shows the share price can fall mid-period even with a buffer in place.
QMAG vs BUFR: what's the difference?
QMAG costs slightly less, at 0.90% a year versus 0.95% for the FT Vest Laddered Buffer ETF (BUFR). The bigger difference is design. QMAG follows the Nasdaq-100 through QQQ with a single August reset. BUFR is a laddered buffer fund, which spreads its resets across the year. BUFR is far larger, with about $10.5 billion in net assets versus $80.1 million as of August 31, 2026. Over the year to October 27, 2026, BUFR returned 11.6% and QMAG 10.7%.
Can you lose money in QMAG?
Yes. The buffer is not a guarantee. It covers only the first 15% of QQQ losses over a full outcome period, before fees. If QQQ fell 20% over a period, the prospectus says the fund would lose about 5% before fees, and bigger drops pass through one for one. Shares bought or sold mid-period can lose more. The fund also depends on FLEX options, which bring counterparty and valuation risks.