{
 "ticker": "SQMX",
 "name": "FT Vest U.S. Equity Quarterly Max Buffer ETF",
 "issuer": "First Trust",
 "desk": "buffer",
 "url": "https://etfiq.com/funds/sqmx",
 "html": "https://etfiq.com/funds/sqmx",
 "markdown": "https://etfiq.com/funds/sqmx.md",
 "as_of": "2026-09-11",
 "verdict": "As of Sep 11, 2026, SQMX's buffer is absorbing losses, with 12.6% of 12.6% points still beneath SPY.",
 "key_facts": [
  {
   "key": "can_still_gain",
   "label": "Can still gain",
   "value": "0.9%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "SQMX, can still gain: 0.9%, as of Sep 11, 2026."
  },
  {
   "key": "fall_before_the_buffer",
   "label": "Fall before the buffer",
   "value": "2.0%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "SQMX, fall before the buffer: 2.0%, as of Sep 11, 2026."
  },
  {
   "key": "protection_left_index_points",
   "label": "Protection left, index points",
   "value": "12.6%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "SQMX, protection left, index points: 12.6%, as of Sep 11, 2026."
  },
  {
   "key": "days_to_reset",
   "label": "Days to reset",
   "value": "7",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "SQMX, days to reset: 7, as of Sep 11, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$56m",
   "source": "issuer page, as of Sep 11, 2026",
   "as_of": "2026-09-11",
   "sentence": "SQMX, net assets: $56m (issuer page, as of Sep 11, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.85%",
   "source": "issuer page, Sep 11, 2026",
   "as_of": "2026-09-11",
   "sentence": "SQMX, expense ratio: 0.85% (issuer page, Sep 11, 2026)."
  }
 ],
 "fields": [
  {
   "key": "reference_index",
   "label": "Reference index",
   "value": "SPY",
   "source": null
  },
  {
   "key": "buffer",
   "label": "Buffer",
   "value": "13%",
   "source": null
  },
  {
   "key": "outcome_period",
   "label": "Outcome period",
   "value": "Jun 22, 2026 to Sep 18, 2026",
   "source": null
  },
  {
   "key": "starting_cap",
   "label": "Starting cap",
   "value": "+3.0%",
   "source": null
  },
  {
   "key": "spy_return_since_period_start",
   "label": "SPY return since period start",
   "value": "+2.4%",
   "source": null
  },
  {
   "key": "fund_return_since_period_start",
   "label": "Fund return since period start",
   "value": "+1.8%",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$56m",
   "source": "issuer page, as of Sep 11, 2026"
  },
  {
   "key": "band_state_today",
   "label": "Band state today",
   "value": "Open",
   "source": "ETFIQ"
  },
  {
   "key": "can_still_gain",
   "label": "Can still gain",
   "value": "0.9%",
   "source": "issuer, fund price"
  },
  {
   "key": "fall_before_buffer",
   "label": "Fall before buffer",
   "value": "2.0%",
   "source": "issuer, fund price"
  },
  {
   "key": "fall_to_the_buffer_in_index_terms",
   "label": "Fall to the buffer in index terms",
   "value": "2.3%",
   "source": "ETFIQ"
  },
  {
   "key": "protection_left_in_index_points",
   "label": "Protection left in index points",
   "value": "12.6% of 12.6%",
   "source": "ETFIQ"
  },
  {
   "key": "days_left_in_period",
   "label": "Days left in period",
   "value": "7",
   "source": null
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.85%",
   "source": "issuer page, Sep 11, 2026"
  }
 ],
 "periods": [
  {
   "window": "3 months",
   "Total return": "+1.9%",
   "SPY": "+3.3%",
   "Gap to SPY": "\u22121.4 pts"
  },
  {
   "window": "6 months",
   "Total return": "+4.7%",
   "SPY": "+16.0%",
   "Gap to SPY": "\u221211.3 pts"
  },
  {
   "window": "1 year",
   "Total return": "+7.2%",
   "SPY": "+17.5%",
   "Gap to SPY": "\u221210.3 pts"
  }
 ],
 "questions": [
  {
   "q": "How much can SQMX still gain?",
   "a": "About 0.9% from its price on Sep 11, 2026, before it reaches its cap, by the issuer's published figure. The cap for the period was set at +3.0%."
  },
  {
   "q": "How far can SQMX fall before the buffer helps?",
   "a": "2.0% in fund-price terms on Sep 11, 2026, by the issuer's figure. In index terms SPY can fall 2.3% from that level before the buffer begins. Losses until that point are the holder's."
  },
  {
   "q": "How much of the SQMX buffer is left?",
   "a": "12.6% of the 12.6% buffer sat below the SPY level on Sep 11, 2026. That is an ETFIQ calculation in index points, on one definition for every issuer."
  },
  {
   "q": "When does SQMX reset?",
   "a": "The outcome period ends on Sep 18, 2026, 7 days from the data on Sep 11, 2026. A new cap is set the next day and the buffer starts again."
  },
  {
   "q": "What does SQMX cost?",
   "a": "The prospectus expense ratio is 0.85% a year."
  }
 ],
 "generated": "2026-09-13",
 "license": "Free to use with attribution. ETFIQ (etfiq.com)."
}