At a glance
DJAN charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $485.6M in assets, the 8th largest of that group. Over the past year it returned +10.2% with distributions reinvested (S&P 500: +11.5%), 7th of those 8 funds; over three years it returned +14.3% a year. At its worst it fell 9.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 13 months after the low.
The short version
First Trust's FT Vest US Equity Deep Buffer ETF - January (DJAN) holds FLEX options on the SPDR S&P 500 ETF Trust (SPY), not stocks. In each outcome period of about a year, starting each January, it aims to absorb SPY price losses between -5% and -30%. In return, gains are capped: the cap was 12.11% before fees for the period ended January 16, 2026. It charges 0.85% a year and pays no distributions.
Price history
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DJAN +10.2% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| DJAN official prospectus, to Dec 31, 2024 | — | +13.30% | — | — | — | +6.87% |
| DJAN price data to Oct 27, 2026 | +8.2% | +10.2% | +14.3% | +7.9% | — | +8.1% |
- Over the year to Oct 27, 2026, DJAN returned +10.2%, 7th of 8 among similar funds.
- Its 5-year annualized return was +7.9%.
- Its worst full calendar year was 2022 (-5.7%); its best was 2023 (+13.8%).
- The deepest fall in its price history was 9.6% (Mar 29, 2022 to Jun 16, 2022), recovered by Jul 17, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.2% | — |
| 2025 | +11.1% | — |
| 2024 | +13.1% | +13.30% |
| 2023 | +13.8% | +13.63% |
| 2022 | -5.7% | -5.92% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 7.5% over that stretch · deepest drop along the way 9.6%, back to its old high 13 months after the low |
What's inside
As of Aug 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $3.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.04%, +0.59%, +1.49%.
How it works
DJAN does not pick stocks. It puts substantially all of its assets into FLEX options on SPY, which owns the stocks in the S&P 500 Index. FLEX options are option contracts that trade on an exchange but let the buyer set terms like the strike price and expiration date. As of August 31, 2026, 16 option positions made up 99.46% of net assets and cash was 0.61%. Vest Financial is the sub-advisor. The fund's returns follow SPY's price only, not its dividends.
For the period from January 21, 2025 to January 16, 2026, the options were set up to work like this. If SPY rose, the fund aimed to match the gain up to a 12.11% cap (11.26% after fees). Shareholders took the first 5% of any SPY loss. Losses from -5% to -30% were absorbed, so a 30% SPY drop meant roughly a 5% fund loss before fees. Past -30%, the fund loses 25 points less than SPY, with a maximum loss of about 75%.
Each January the fund resets with new options. The buffer stays the same, but the cap changes with market conditions. About a week before each period ends, the fund's website posts an expected cap range. Buying after the period starts, or selling before it ends, can give results very different from these targets.
What it really costs
- DJAN charges 0.85% a year, versus an average of 0.86% for the similar funds below (3rd of 8, cheapest first).
Structure and tax notes
- Organized as a unit investment trust: it cannot lend out its securities or reinvest dividends between payouts, which can create a small drag versus similar open-end ETFs.
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
In a retirement portfolio
It trades some stock-market upside for a buffer against moderate S&P 500 losses, which has kept its swings well below the market's.
DJAN launched in January 2021, so it has no record from the 2008 crisis or the 2020 COVID crash. During the 2022 bear market, while the market fell from its January peak to its October low, DJAN lost 7.5%. Its deepest drop was 9.6%, from March 29 to June 16, 2022. It took about 13 months to recover, by July 17, 2023. Its worst calendar year was 2022, at -5.92%. The buffer pays off fully only at the end of a period, so someone who sells in the middle of a slump may get less protection. The fund pays no distributions, so it can't supply income. It costs 0.85% a year, close to the 0.86% average for similar buffer funds. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 price exposure with losses from -5% to -30% absorbed over each annual period, and who accept capped gains.
- People who value smaller swings: as of October 27, 2026, its one-year volatility was 5.6% and its beta was 0.42.
- Buyers who can buy near the January reset and hold for the full period of about a year to get the intended outcome.
Look elsewhere if
- Income seekers: DJAN has recorded no distributions, and its returns leave out the dividends SPY pays.
- Investors chasing full market gains: its 3-year annualized return of 14.3% ranked 7th of 8 similar buffer funds as of October 27, 2026.
- Investors who don't want to time a purchase around one reset date may compare the laddered BUFD, though it charges 0.95%.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| DJAN this fund | 0.85% | $485.6M | +10.2% | +14.3% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Does DJAN pay dividends?
No. No distributions have been recorded for DJAN. The fund holds options on the SPDR S&P 500 ETF Trust (SPY), not SPY shares, and its returns follow SPY's price only. SPY's dividends are not passed through. This is a hidden cost of the buffer approach compared with owning an S&P 500 fund directly, so DJAN can't serve as an income source in a retirement portfolio.
How does the DJAN deep buffer work?
Over each outcome period of about a year, DJAN's options aim to absorb SPY price losses between -5% and -30%. The holder takes the first 5% of any loss. A 30% SPY drop would mean about a 5% fund loss before fees. After fees, the buffer range was -5.85% to -30.85% for the period ended January 16, 2026. Past a 30% drop, the fund loses 25 points less than SPY.
What is DJAN's upside cap?
For the period from January 21, 2025 to January 16, 2026, the cap was 12.11% before fees and 11.26% after fees. The cap resets every January when the fund buys new options, and it moves with market conditions, so it is unlikely to stay the same from year to year. About a week before each period ends, the fund's website posts an expected range for the next cap.
DJAN vs BUFD: what's the difference?
Both are First Trust deep buffer funds run with sub-advisor Vest Financial. DJAN resets once a year in January. BUFD is laddered: as its name suggests, it spreads money across buffer funds with different start dates. BUFD charges 0.95% a year, compared with DJAN's 0.85%. As of October 27, 2026, BUFD returned 9.5% over one year and 13.9% a year over three years. DJAN returned 10.2% and 14.3%.
Can you lose money in DJAN?
Yes. Holders take the first 5% of any SPY loss in each period, plus losses beyond 30%, with a maximum loss of about 75% before fees. Buying after a period starts or selling before it ends can change the outcome a lot. The fund also carries options and counterparty risks. Its deepest drop was 9.6%, from March 29 to June 16, 2022, and it recovered by July 17, 2023.