At a glance
QSPT charges 0.9% a year, above the 0.86% average of the 7 funds most like it (the 6th cheapest of 8). It has $648.7M in assets, the 8th largest of that group. Over the past year it returned +13.8% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds; over three years it returned +19.5% a year. At its worst it fell 22.1% 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 Nasdaq-100 Buffer ETF – September (QSPT) is a First Trust fund. It holds FLEX options on the Invesco QQQ Trust, which tracks the Nasdaq-100 Index. In each roughly one-year period starting in September, it aims to absorb the first 10% of QQQ's price losses in exchange for a cap on gains. Most similar buffer funds don't focus on the Nasdaq-100. Its 0.90% expense ratio is slightly above the 0.86% average of those funds.
Price history
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QSPT +13.8% 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 | |
|---|---|---|---|---|---|---|
| QSPT official prospectus, to Dec 31, 2024 | — | +16.39% | — | — | — | +10.08% |
| QSPT price data to Oct 27, 2026 | +14.0% | +13.8% | +19.5% | +12.0% | — | +12.3% |
- Over the year to Oct 27, 2026, QSPT returned +13.8%, 1st of 8 among similar funds.
- Its 5-year annualized return was +12.0%.
- Its worst full calendar year was 2022 (-20.4%); its best was 2023 (+43.1%).
- The deepest fall in its price history was 22.6% (Dec 27, 2021 to Oct 14, 2022), recovered by Jun 13, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +14.0% | — |
| 2025 | +14.6% | — |
| 2024 | +16.1% | +16.39% |
| 2023 | +43.1% | +42.11% |
| 2022 | -20.4% | -20.10% |
| 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 21.9% over that stretch · deepest drop along the way 22.1%, back to its old high 8 months after the low |
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 $6.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.29%, -0.92%, +3.33%.
How it works
QSPT doesn't own stocks directly. It puts substantially all its assets into FLEX Options. These are exchange-traded option contracts with custom strike prices and expiration dates. The options are tied to the Invesco QQQ Trust, a unit investment trust that holds all the stocks 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 99.79% of the fund's $648.7 million in net assets, with 0.29% in cash. Vest Financial, the sub-adviser, manages the options.
The options are set up for a fixed "Target Outcome Period." For September 22, 2025 through September 18, 2026, the cap on gains was 16.97% and the buffer covered the first 10% of QQQ's losses, both before fees. After fees, those became 16.07% and 9.10%. If QQQ falls more than 10%, the fund takes the rest of the loss one-for-one. A 20% drop in QQQ means roughly a 10% loss before fees. Returns follow QQQ's price only, not its dividends.
When each period ends, the fund buys a new set of options. The buffer stays at 10%. The cap changes with market conditions, and the fund's website posts an expected range about a week before the reset. Investors who get in after a period starts, or sell before it ends, may see very different results. The fund may also create and redeem shares for cash, which can make it less tax-efficient than ETFs that swap securities in kind.
What it really costs
- QSPT 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 offers concentrated Nasdaq-100 growth exposure with a limited cushion, but it still lost more than 20% in 2022 and pays no income.
QSPT could give a retirement portfolio exposure to Nasdaq-100 growth stocks, with a cushion against modest declines. It does not protect against deep ones. The fund launched in September 2021, so it has no record from the 2008 or 2020 crashes. In the 2022 bear market it fell 22.1% between January 3 and October 11, 2022. The prospectus shows a 20.1% loss for calendar 2022, its worst year. Its deepest drop, 22.6%, took about eight months to recover, ending June 13, 2023. Anyone forced to sell shares in a year like that would still lock in a large loss.
The fund has recorded no distributions, so it provides no income, and its returns leave out QQQ's dividends. Its 0.90% 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 who want Nasdaq-100 exposure with a 10% loss buffer and can hold from each September reset through the full period.
- Those willing to give up gains above the cap (16.97% before fees for the period ending September 18, 2026) for a smoother ride.
- Growth-minded investors who want milder swings: one-year volatility was 10.3% and beta 0.75 as of October 27, 2026.
Look elsewhere if
- Retirees who need income: the fund has recorded no distributions, and its returns leave out QQQ's dividends.
- Investors who want protection from deep losses: beyond 10%, losses pass through one-for-one, and the fund fell 22.6% by October 2022.
- Cost-focused investors: the 0.90% expense ratio ranks 6th of 8 among similar buffer funds, above their 0.86% average.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| QSPT this fund | 0.9% | $648.7M | +13.8% | +19.5% |
| 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 QSPT pay dividends?
No. The fund has recorded no distributions. It holds FLEX options on the Invesco QQQ Trust rather than the stocks themselves. Its prospectus says the fund's performance will not reflect dividends paid by QQQ. Its target returns are based only on QQQ's price, so investors who want regular income from Nasdaq-100 companies would not get it here.
How does the QSPT buffer work?
QSPT aims to absorb the first 10% of QQQ's price losses over a roughly one-year period that resets each September. In return, gains are capped. For September 22, 2025 to September 18, 2026, the cap was 16.97% before fees (16.07% after), and the buffer was 9.10% after fees. If QQQ drops more than 10%, the fund takes the rest one-for-one. A 20% fall means about a 10% loss before fees.
What's the difference between QSPT and BUFR?
Both are First Trust buffer ETFs. QSPT uses a single September outcome period tied to the Nasdaq-100 through QQQ. BUFR's name points to a laddered approach, which usually spreads money across buffer positions that reset at different times. As of October 27, 2026, QSPT returned 13.8% over one year and 19.5% a year over three years. BUFR returned 11.6% and 16.8%. QSPT costs 0.90% against BUFR's 0.95%. BUFR is much larger, at about $10.5 billion versus QSPT's $648.7 million as of August 31, 2026.
What happens if I invest in QSPT in the middle of the outcome period?
Your results may differ a lot from the stated cap and buffer. Those levels are fixed against QQQ's price and the fund's value on the first day of each period. If the fund has already risen, less upside may be left before the cap. If it has fallen, part of the buffer may already be used up. The fund's shares still tend to move in the same direction as QQQ, though not always by the same amount.
How much did QSPT lose in 2022?
QSPT lost 20.1% in calendar 2022, according to its prospectus. Its deepest drop was 22.6%, from December 27, 2021 to October 14, 2022, and it recovered by June 13, 2023. The buffer applies to each September-to-September period, not to calendar years. The fund then gained 42.11% in 2023 and 16.39% in 2024. Its average annual return since inception was 10.08% as of December 31, 2024.