BUFD is a basket of defined outcome buffer ETFs. It consists of 12 equity buffer funds, each of which has exposure to SPY's capped gains and buffered losses on the first 5% to 30%. The fund will invest equally in the underlying ETFs, holding one ETF with options expiring within one month, a second ETF with options expiring within two months, up until a 12th ETF with options expiring within 12 months. Unlike the monthly equity buffers that reset annually on a specific month, BUFD refreshes monthly starting in February, wherein one of the underlying ETFs resets its cap and refreshes its buffer. This creates a continuous hedge for BUFD regardless of each underlying ETF's outcome period. The approach reduces the timing risks associated with a monthly buffer strategy. Information on BUFD's exposure to the underlying ETFs, remaining cap and buffer are provided daily on the issuer's website. Prior to May 10, 2024, the fund was called FT Vest Fund of Deep Buffer ETFs.