At a glance
FJUL charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $1.29B in assets, the 7th largest of that group. Over the past year it returned +11.2% with distributions reinvested (S&P 500: +11.5%), 6th of those 8 funds; over three years it returned +18.2% a year. At its worst it fell 12.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months after the low.
The short version
FT Vest U.S. Equity Buffer ETF - July (FJUL) holds FLEX options on the SPDR S&P 500 ETF Trust (SPY). Over one-year periods that reset each July, it aims to deliver SPY's price return up to a cap, with a buffer against the first 10% of losses. In return for that cushion, holders give 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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FJUL +11.2% 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 | |
|---|---|---|---|---|---|---|
| FJUL official prospectus, to Dec 31, 2024 | — | +17.73% | — | — | — | +11.44% |
| FJUL price data to Oct 27, 2026 | +10.3% | +11.2% | +18.2% | +11.5% | — | +11.4% |
- Over the year to Oct 27, 2026, FJUL returned +11.2%, 6th of 8 among similar funds.
- Its 5-year annualized return was +11.5%.
- Its worst full calendar year was 2022 (-6.3%); its best was 2023 (+21.3%).
- The deepest fall in its price history was 13.1% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 12, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.3% | — |
| 2025 | +14.2% | — |
| 2024 | +17.6% | +17.73% |
| 2023 | +21.3% | +21.23% |
| 2022 | -6.3% | -6.38% |
| 2021 | — | +11.02% |
| 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 11.8% over that stretch · deepest drop along the way 12.4%, back to its old high 11 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 $73.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.62%, +0.89%, +1.80%.
How it works
First Trust Advisors runs the fund, and Vest Financial picks the options as sub-adviser. Nobody picks stocks. Instead, almost all of the money goes into FLEX Options that reference SPY. These are exchange-traded options whose strike prices and expiration dates can be customized. SPY itself is a unit investment trust that holds the stocks in the S&P 500 Index. As of August 31, 2026, 12 option positions made up about 99% of assets. The largest, about 95%, was a SPY call option with a very low strike price, which moves much like SPY itself. Smaller put positions supplied the downside cushion.
Each "target outcome period" lasts about a year. For the period from July 21, 2025 through July 17, 2026, the cap was 14.55% and the buffer covered the first 10% of SPY losses, before fees. After fees, those figures were 13.70% and 9.15%. If SPY falls more than 10% in a period, the fund takes the extra losses one for one. Returns follow SPY's price only, not its dividends.
When a period ends, the fund buys a new set of options. The buffer stays at 10%, but the cap is reset based on market conditions and usually changes. The fund's website posts an expected cap range about a week before each reset. Investors who buy after a period starts, or sell before it ends, may get results very different from the stated cap and buffer.
What it really costs
- FJUL 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 keeps S&P 500 price exposure while using options to cushion the first 10% of losses in each yearly period, with gains capped in return.
FJUL may soften stock declines for retirees who still want S&P 500 exposure. In the 2022 bear market, it fell 12.4% from January 3 to June 16, 2022, and took 11 months to recover, by May 18, 2023. Its 2022 calendar-year loss was 6.38%, its worst year. Its deepest drop was 13.1%, from February 19 to April 8, 2025. It recovered in about two months. The fund launched in July 2020, so it has no record from 2008 or the 2020 crash. The buffer fully applies only to shares held for a whole period, so selling during a slump may give less protection. The fund paid no distributions, so it is not an income source. It costs 0.85% a year and gives up SPY's dividends. 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 a 10% downside buffer each year and accept a cap on gains (14.55% for the period ending July 2026).
- People who can buy near the July reset and hold for the full one-year outcome period, when the cap and buffer work as designed.
- Retirees who value a smoother ride: one-year volatility was 6.7% and beta was 0.5 as of October 27, 2026.
Look elsewhere if
- Income seekers: FJUL paid no distributions, and its returns leave out the dividends SPY pays.
- Investors who want all of the S&P 500's upside, since gains above each period's cap are given up.
- Buyers who can't time purchases to the reset date may prefer a laddered fund such as BUFR, which costs 0.95%.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| FJUL this fund | 0.85% | $1.29B | +11.2% | +18.2% |
| 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 FJUL pay dividends?
No. The fund recorded no distributions. It holds options on the SPDR S&P 500 ETF Trust (SPY), not the stocks themselves, and its returns follow SPY's price only. The dividends SPY pays are not passed through. Over time, that is a real cost compared with owning an S&P 500 fund directly. It also means FJUL is not a source of regular cash for anyone drawing income from a portfolio.
What is the FJUL cap and buffer?
For the outcome period from July 21, 2025 through July 17, 2026, the cap was 14.55% and the buffer covered the first 10% of SPY losses, before fees. After the fund's fees, those figures were 13.70% and 9.15%. If SPY falls more than 10%, the fund takes further losses one for one. The buffer stays at 10% each period, but the cap is reset every July based on market conditions.
What's the difference between FJUL and BUFR?
Both are First Trust buffer funds tied to the S&P 500, but they are built differently. FJUL runs a single one-year outcome period that resets each July. BUFR is a laddered fund that spreads money across buffer funds with different reset months. BUFR costs 0.95%, versus 0.85% for FJUL. As of October 27, 2026, BUFR returned 11.6% over one year and 16.8% a year over three years. FJUL returned 11.2% and 18.2%. FDEC, FJAN and FFEB use FJUL's same approach with other start months.
What happens if I buy FJUL in the middle of the outcome period?
Your results may differ a lot from the stated cap and buffer. Those levels are set against prices on the first day of each period. If the fund has already gained, less room may be left below the cap. If it has already fallen, part of the buffer may be used up, or there may be extra room to recover. The fund's shares tend to move in the same direction as SPY during a period, but not always by the same amount.
How did FJUL do in the 2022 bear market?
It lost less than its worst-case drop suggests, but it still lost money. FJUL fell 12.4% from January 3 to June 16, 2022, and recovered by May 18, 2023, about 11 months later. For the full 2022 calendar year, its SEC-reported return was -6.38%. That was its only losing year from 2021 through 2024. In 2023, it gained 21.23%, though the cap limits gains in strong years.