Vest

Vest Financial, operating as Cboe Vest, is an asset management firm specializing in options-based investment strategies designed to offer investors more predictable outcomes. Founded in 2012 by Karan Sood and Jeff Chang, the company was established to address a market need for investments with a defined return profile and specified risk level over a particular time frame. Karan Sood, the CEO, has a background in derivative-based investment strategy from his time at Barclays Capital and ProShares, which directly informs the firm's product development. Co-founder Jeff Chang brought over 20 years of experience in financial services and asset management from roles at ProShares and FBR & Co.

The firm's core offering is its Target Outcome Investments®, first introduced in 2013 with the flagship Buffer Protect Strategy. These products utilize exchange-traded options to create investment solutions that aim for targeted protection against downside risk while allowing for potential growth up to a predetermined cap. This methodology seeks to provide investors with a degree of predictability not typically found in more speculative investments. Vest's business model centers on providing these specialized investment products to a range of clients, primarily through financial advisors. The company generates revenue by acting as an investment advisor and sub-advisor for its product suite.

A significant milestone in Vest's history occurred in January 2016, when Cboe Global Markets (formerly CBOE Holdings) acquired a majority equity stake, making Vest a majority-owned subsidiary. This strategic partnership allowed for greater integration of Cboe's proprietary products and options expertise into Vest's platform. Prior to this, Vest had received backing from notable venture firms like Y Combinator, Payment Ventures, and First Round Capital. Following the acquisition, the firm expanded its product lineup, which now includes mutual funds, exchange-traded funds (ETFs), unit investment trusts (UITs), and retirement funds. As of July 2025, the firm oversees more than $50 billion in assets under management and supervision, indicating significant adoption of its outcome-based strategies in the market. Keywords: Target Outcome Investments, defined outcome investing, buffer strategy, options-based strategies, investment risk management, downside protection, financial derivatives, asset management, structured investments, protective strategies, Cboe Vest, Karan Sood, Jeff Chang, financial advisors, buffer funds, exchange-traded funds, unit investment trusts, investment predictability, portfolio hedging, risk-managed solutions