At a glance
DJUL charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $481.6M in assets, the 8th largest of that group. Over the past year it returned +9.2% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +15.7% a year. At its worst it fell 12.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months after the low.
The short version
FT Vest U.S. Equity Deep Buffer ETF – July (DJUL) is a First Trust fund that holds FLEX options on the SPDR S&P 500 ETF Trust (SPY) instead of stocks. Over each roughly one-year period starting in July, it aims to absorb SPY price losses between -5% and -30%. In exchange, it caps gains: the cap was 11.97% before fees for July 2025 to July 2026. It charges 0.85% a year and pays no dividends.
Price history
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DJUL +9.2% 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 | |
|---|---|---|---|---|---|---|
| DJUL official prospectus, to Dec 31, 2024 | — | +15.21% | — | — | — | +7.67% |
| DJUL price data to Oct 27, 2026 | +8.4% | +9.2% | +15.7% | +9.2% | — | +8.8% |
- Over the year to Oct 27, 2026, DJUL returned +9.2%, 8th of 8 among similar funds.
- Its 5-year annualized return was +9.2%.
- Its worst full calendar year was 2022 (-8.3%); its best was 2023 (+18.1%).
- The deepest fall in its price history was 12.5% (Jan 4, 2022 to Oct 12, 2022), recovered by Jun 9, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.4% | — |
| 2025 | +13.3% | — |
| 2024 | +15.0% | +15.21% |
| 2023 | +18.1% | +17.98% |
| 2022 | -8.3% | -8.41% |
| 2021 | — | +6.23% |
| 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 12.5% over that stretch · deepest drop along the way 12.5%, back to its old high 7.9 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 added a net $67.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.54%, +0.66%, +1.47%.
How it works
DJUL does not pick stocks. Under normal conditions it puts substantially all of its assets into FLEX Options. These are exchange-traded option contracts with customized strike prices and expiration dates. They reference the SPDR S&P 500 ETF Trust (SPY), a unit investment trust that holds the stocks in the S&P 500 Index. Vest Financial is the sub-advisor. As of August 31, 2026, the fund held 12 option positions worth about 99% of assets, plus about 1% cash. The largest, a SPY call option with a $7.42 strike price, made up about 93.5%.
The options are combined to produce set outcomes for someone who holds for a full Target Outcome Period of about one year. Gains match SPY's price return up to a cap. The fund bears the first 5% of losses and is designed to absorb SPY losses from -5% to -30%. If SPY falls further, the fund loses 25 percentage points less than SPY, with a maximum loss of about 75%. For July 21, 2025 to July 17, 2026, the cap was 11.97% before fees, or 11.12% after them. SPY's dividends are not included.
Each July the fund resets into new options. The buffer stays the same, but the cap changes with market conditions. Investing in the middle of a period, or exiting early, can give very different results. The fund may create and redeem shares for cash, which can make it less tax-efficient.
What it really costs
- DJUL 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
DJUL trades much of the stock market's upside for a large buffer against losses between -5% and -30% over each yearly period.
DJUL could soften drops in the stock side of a portfolio. It launched in July 2020, so it has no record from 2008 or the 2020 crash. In the 2022 bear market it fell 12.5% from January 4 to October 12. It got back to that peak by June 9, 2023, about 7.9 months after the low. Its worst calendar year was 2022, at -8.41%. As of October 27, 2026, its one-year beta (a measure of how much it moves with the market) was 0.39. For someone drawing money in a bad year, smaller drops help. But the first 5% of each period's loss is not buffered, and the fund pays no distributions, so any cash has to come from selling shares. It costs 0.85% a year, close to the 0.86% peer average. Past results don't predict future returns, 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 SPY losses between -5% and -30% buffered, and who accept a cap on gains that resets each July.
- Holders who can invest near the July reset and stay for the full period of about one year, when the cap and buffer work as designed.
- Retirees who want a smoother ride: one-year volatility was 5.3% and beta 0.39 as of October 27, 2026.
Look elsewhere if
- Anyone who needs income: DJUL has recorded no distributions, and its returns leave out SPY's dividends.
- Investors who want the stock market's full upside: the July 2025–July 2026 cap was 11.97% before fees, and gains above the cap are lost.
- Those who would rather not time when they invest. Laddered funds such as BUFD (0.95% a year) spread their resets across the year.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| DJUL this fund | 0.85% | $481.6M | +9.2% | +15.7% |
| 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 DJUL pay dividends?
No. DJUL has recorded no distributions. It holds FLEX options on the SPDR S&P 500 ETF Trust (SPY), not the stocks themselves. Its prospectus says the fund's performance will not reflect the dividends SPY pays. Its outcomes track SPY's price return only. Investors who need regular cash from this holding would have to sell shares, which is different from collecting dividends from a stock or bond fund.
How does the DJUL deep buffer work?
Over each period of about one year, DJUL's options are designed to take on SPY price losses between -5% and -30%. The investor bears the first 5% of losses. If SPY falls 30%, the fund aims to lose about 5% before fees. Beyond that, it loses 25 percentage points less than SPY, with a maximum loss of about 75%. After fees, the buffer for July 2025 to July 2026 ran from -5.85% to -30.85%. These results apply only to shares held for the whole period.
What happens to DJUL after July 17, 2026?
The fund does not close. On July 17, 2026, it rolled into a new Target Outcome Period with a new set of FLEX options. The buffer stays at -5% to -30%, but a new cap is set based on market conditions when the period starts. The prospectus filed December 29, 2025, gives only the 11.97% cap for July 2025 to July 2026. About a week before each reset, First Trust's website shows an expected cap range.
DJUL vs BUFD: what's the difference?
Both are First Trust deep buffer funds. DJUL resets once a year in July. BUFD, the FT Vest Laddered Deep Buffer ETF, is laddered, meaning it spreads its exposure across funds that reset at different times of year, so the date you invest matters less. DJUL costs 0.85% a year versus 0.95% for BUFD. As of October 27, 2026, DJUL returned 9.2% over one year and 15.7% a year over three years, versus 9.5% and 13.9% for BUFD. BUFD is much larger.
Is DJUL good for retirement?
It may suit retirees who want stock exposure with smaller swings, but it has trade-offs. Its worst calendar year was 2022, at -8.41%. Its deepest drop was 12.5%, which it recovered by June 9, 2023. It returned 15.21% in 2024 and 7.67% a year from launch through December 31, 2024. Its gains are capped, it pays no income, and it costs 0.85% a year. Results also depend on when you invest relative to the July reset.