First Trust Launches Quarterly ETF With 15% Downside Buffer

First Trust has launched the FT Vest U.S. Equity Quarterly 15 Buffer ETF (SQBA), offering exposure to SPY with defined limits on gains and losses. For its initial outcome period from Aug. 24 through Nov. 20, 2026, SQBA seeks to match SPY’s price return up to a 2.61% cap before fees and expenses, while buffering the first 15% of losses. The ETF gives investors a short-term approach to managing equity downside risk, though its capped return limits participation if the S&P 500 rises sharply.