DHDG.B Loses $7.3M in Block Orders as High Costs Weigh on Buffer ETF

ETF Overview and Capital Flows

The FT Vest U.S. Equity Quarterly 2.5 to 15 Buffer ETF (DHDG.B) is an actively managed equity ETF designed to buffer losses between -2.5% and -15% while participating in upward moves of the S&P 500 via SPY. It resets its buffer and cap levels quarterly, using FLEX options to execute its strategy. Recent fund flows show a net outflow of $59K on Jan 23, 2026, driven largely by block orders (-$7.3M) despite no extra-large orders. The 0.85% expense ratio, higher than many passive peers, reflects its active structure.

Peer ETF Snapshot

• AAA.P charges 0.25% with $43M in assets and 1.0 leverage.
• AVIG.P has a 0.15% expense ratio, $2B AUM, and 1.0 leverage.
• ACVT.P carries 0.65% expenses, $28M assets, and 1.0 leverage.
• APMU.P has 0.37% expenses, $213M AUM, and 1.0 leverage.
• AGG.P offers the lowest cost at 0.03% but holds $137B with 1.0 leverage.

Opportunities and Structural Constraints

DHDG.B’s quarterly buffer mechanism appeals to risk-conscious investors seeking partial downside protection in volatile markets. However, its active strategy and 0.85% expense ratio may limit broad adoption compared to cheaper, passive alternatives. Recent block order outflows suggest caution, though the fund’s structure remains intact for its reset cycle. At the end of the day, its niche positioning hinges on SPY’s performance and investor appetite for structured products.