At a glance
FJAN charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $1.47B in assets, the 3rd largest of that group. Over the past year it returned +12.3% with distributions reinvested (S&P 500: +11.5%), 3rd of those 8 funds; over three years it returned +17.4% a year. At its worst it fell 13.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months after the low.
The short version
FT Vest US Equity Buffer ETF – January (FJAN) holds FLEX options on the SPDR S&P 500 ETF Trust (SPY). The options aim to give SPY's price return up to a cap, with a buffer against the first 10% of losses over each one-year period that starts in January. In exchange, it gives up SPY's dividends and any gains above the cap. Its 0.85% expense ratio is close to the 0.86% average of similar buffer funds.
Price history
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FJAN +12.3% 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 | |
|---|---|---|---|---|---|---|
| FJAN official prospectus, to Dec 31, 2024 | — | +15.43% | — | — | — | +11.30% |
| FJAN price data to Oct 27, 2026 | +10.2% | +12.3% | +17.4% | +11.1% | — | +11.6% |
- Over the year to Oct 27, 2026, FJAN returned +12.3%, 3rd of 8 among similar funds.
- Its 5-year annualized return was +11.1%.
- Its worst full calendar year was 2022 (-4.0%); its best was 2023 (+21.6%).
- The deepest fall in its price history was 13.6% (Mar 29, 2022 to Jun 16, 2022), recovered by Apr 28, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.2% | — |
| 2025 | +12.7% | — |
| 2024 | +15.2% | +15.43% |
| 2023 | +21.6% | +21.35% |
| 2022 | -4.0% | -4.01% |
| 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 10.6% over that stretch · deepest drop along the way 13.6%, back to its old high 10.4 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 $44.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.13%, +0.60%, +1.79%.
How it works
FJAN does not own stocks directly. It puts substantially all of its assets in FLEX Options, which are customized option contracts traded on an exchange, linked to the SPDR S&P 500 ETF Trust (SPY). SPY is a unit investment trust that holds the stocks in the S&P 500 Index. First Trust Advisors runs the fund, and Vest Financial LLC is the sub-advisor. As of August 31, 2026, the fund held 16 option positions making up 99.46% of assets, with 0.61% in cash.
The options are set up to produce a fixed outcome over a roughly one-year "target outcome period." For the period from January 21, 2025 to January 16, 2026, the fund sought SPY's price gain up to a cap of 14.16%, plus protection against the first 10% of SPY losses. After fees, those figures were 13.31% and 9.15%. If SPY falls more than 10%, the fund takes the extra losses one for one. Returns do not include SPY's dividends.
Each January the fund resets with new options. The 10% buffer stays the same, but the cap changes with market conditions. The stated outcomes apply only to shareholders who buy on the first day of a period and hold until it ends. Buying partway through can mean a very different cap and buffer. During the period, the share price may also move less than SPY.
What it really costs
- FJAN 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 losses and has moved about half as much as the market.
FJAN could provide stock exposure with a smoother ride. As of October 27, 2026, its one-year volatility was 7.3% and its beta was 0.56, so it moved roughly half as much as the market. It launched in January 2021, so it has no record from the 2008 or 2020 crashes. In the 2022 bear market it fell 10.6%. Its deepest drop was 13.6%, from March to June 2022, and it took about 10 months to recover, in April 2023. Even so, it lost only about 4% in calendar 2022. The gap matters: the buffer is measured over a full period, so someone forced to sell partway through a bad year may get less protection. The fund paid no distributions, so any income would have to come from selling shares. Its 0.85% fee is far above that of a plain S&P 500 index fund. Past results don't predict the future, 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 exposure with a buffer against the first 10% of losses each January-to-January period, and who accept capped gains.
- People who can buy near the January reset and hold for the full year, when the cap and buffer work as designed.
- Those wanting less volatility: one-year volatility was 7.3% and beta was 0.56 as of October 27, 2026.
Look elsewhere if
- Income seekers: the fund has recorded no distributions, and its returns leave out SPY's dividends.
- Investors who want full market gains: the cap for the period ending January 16, 2026 was 14.16% before fees.
- Cost-focused buyers: FJAN's 0.85% expense ratio is higher than the 0.79% charged by Innovator's January buffer fund, PJAN.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| FJAN this fund | 0.85% | $1.47B | +12.3% | +17.4% |
| 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% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
| FJUL FT Vest U.S. Equity Buffer ETF - July | 0.85% | $1.29B | +11.2% | +18.2% |
Questions investors ask
Does FJAN pay dividends?
No. The fund has recorded no distributions. FJAN holds FLEX options on the SPDR S&P 500 ETF Trust (SPY), not the stocks themselves. Its returns track SPY's price, not SPY's dividends. Over time, that means you miss the income a regular S&P 500 fund pays out. Anyone who needs cash from FJAN would have to sell shares.
How does the FJAN buffer work?
FJAN uses options to absorb the first 10% of SPY's losses over a one-year period that runs from January to January. For the period from January 21, 2025 to January 16, 2026, gains were capped at 14.16% before fees. After fees, the cap was 13.31% and the buffer 9.15%. If SPY falls more than 10%, the fund takes the extra losses one for one. The buffer stays the same each year, but the cap resets.
What happens if I buy FJAN in the middle of the year?
Your results may be very different from the stated cap and buffer. Both are set against prices on the first day of each period. If you buy after SPY has risen, you may have less upside left before the cap and less buffer below. If you buy after a drop, the picture changes the other way. The fund's website shows how much cap and buffer are left. The prospectus says the outcomes apply only to holders who stay for the full period.
FJAN vs PJAN: what's the difference?
Both are January buffer ETFs built on the S&P 500, but different firms run them. FJAN comes from First Trust and Vest. PJAN is Innovator's U.S. Equity Power Buffer ETF – January. PJAN charges a 0.79% expense ratio, compared with 0.85% for FJAN. As of October 27, 2026, FJAN returned 12.3% over one year and 17.4% a year over three years. PJAN returned 10.5% and 14.8%. The two funds' caps and buffers can differ, so compare their terms before choosing.
How did FJAN do in the 2022 bear market?
It lost less than the broad market but was not spared. FJAN fell 10.6% during the 2022 bear market. Its deepest drop was 13.6%, from March 29 to June 16, 2022, and it recovered by April 28, 2023, about 10 months later. Its worst quarter was a 10.79% loss in the three months ending June 30, 2022. For the full 2022 calendar year, the prospectus reports a 4.01% loss.