BUFE aims for capital appreciation through a laddered portfolio of FT Vest Emerging Markets Buffer ETFs. Each underlying fund intends to track the iShares MSCI Emerging Markets ETF (EEM), subject to predetermined upside cap while attempting to limit downside risk. Through a laddered approach of investing in ETFs that roll with different target outcome periods and expiration dates, the fund-of-funds diversifies the timing of exposure through different target outcome periods instead of single ETF investments. This aims to benefit from increases in the value of EEM while providing downside level protection for at least a portion of the portfolio at any given time. For each target outcome period, the cap and buffer are reset according to prevailing market conditions. If the underlying fund cannot provide the specified buffer against losses or achieve the specified cap, adjustments between cap and buffer are made to align as closely to the targets.