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There isn’t a button from what I understand. You rotate the stock to one side and slide to the next notch then rotate back. Classic firearms posted a video on YouTube showing how it works
The video that Panzer put out on you tube showing how to install shows a stock that has a locking and locking button. the fellow doing the demo clearly uses button and you can see it the how to install video. Bait and switch it appears as the video is not old. He also depicts the changing of the buffer tube although he did not have to as his already came with the tube with notches in it but he did it ro demo how you would do it. but the butt stock clearly has that button. I ordered the set without the buffer tube as mine already has the three position tube which is good enough for me. I don't need the 5 position tube. it has not arrived yet but I'm pretty sure now it will not have a locking button. It's a good shotgun so far except for the difficulty putting barrel assembly back on. it does not go on as easy as his does in video! it's although the base pad.that the chamber sits on after barrel assembly is inserted is too high so its really tight. you have to fight and even pry a little to get over the lip then it goes on and push real hard to bottom out then tighten with magazine tube cap. I would be surprised if the butt stock arrives with a button that adjusts length. I'll revise help answer shortly if it ever arrives. so slow in shipping...
The video from PANZER they put on You Tube SHOWS THE BUTTON
.I watched video three times. Panzer may be using bait and switch as it clearly can be seen and used by Mr. Mustache in the video. and it's not some old video. IT IS A PANZER VIDEO not some guy who thinks he is a tech that does "unboxings" for content. I ordered one and now I'm confused. betting there is no robust locking button on mine! The price should be the give away. to affordable. no matter. Panzer should clarify this with Optics techs and listers, it's not fair to Optics either.