WHEATON, Ill.–(BUSINESS WIRE)– First Trust Advisors L.P. ("First Trust") a leading exchange-traded fund ("ETF") provider and asset manager, announced today that it has launched the FT Cboe Vest Laddered Moderate Buffer ETF (Cboe: BUFZ ) (the "fund"). BUFZ is designed to provide equity investors with an ongoing risk management strategy by investing substantially all of its assets in a portfolio of FT Cboe Vest U.S. Equity Moderate Buffer ETFs ("Underlying ETFs" or "Target Outcome ® Buffer ETFs"). BUFZ uses a laddered approach to invest in the Underlying ETFs, which utilize an options strategy that seeks to provide a downside buffer against the first 15% of losses (before fees, expenses and taxes) with upside potential, up to a predetermined cap, based on the price return of the SPDR ® S&P 500 ® ETF Trust ("SPY") for a Target Outcome Period of approximately one year.